Finance & Law
Tennis Australia hit by A$100m net loss
The cost of staging the delayed 2021 Australian Open has seen Tennis Australia post a loss of A$100.02m (€62.3m/$70.4m) over a 15-month period in its latest set of financial results.
Tokyo Olympics total cost ‘less than expected’ as labour costs cut
The total cost of the postponed 2020 summer Olympic and Paralympic Games in Tokyo could be lower than ¥1.5tn (€11.7bn/$13.3bn) as the absence of spectators helped to cut costs, according to a new report.
IMG acquires tennis’ Madrid Open, golf’s Spanish Open
The IMG agency has added to its tennis portfolio through an agreement to acquire the Mutua Madrid Open, a leading event on both the men’s ATP Tour and women’s WTA Tour.
Churchill Downs ‘explores’ $1.5bn sale of betting arm TwinSpires
Churchill Downs is reportedly exploring a sale of its sports betting arm TwinSpires Racing in a deal which could fetch $1.5bn (€1.3bn).
49ers ‘poised’ to take full control of Leeds United in £400m deal by 2024
The National Football League’s San Francisco 49ers reportedly have an agreement in place to take total control of Premier League club Leeds United in a deal worth more than £400m ($530m).
Discovery ‘in the mix’ with BT Sport ‘joint venture’ proposal
US media group Discovery is in talks to form a joint venture with BT concerning the UK telco’s BT Sport arm, according to reports.
Sporting and FC Porto among eight clubs hit with FFP punishments
Portuguese Primeira Liga giants Sporting and FC Porto are among six clubs who have been threatened with bans from European competition as part of the latest raft of Financial Fair Play sanctions issued…
777 Partners’ Juan Arciniegas on building a global sports investment portfolio
In this week’s episode, podcast co-hosts Eric Fisher and Chris Russo interview 777 Partners managing director Juan Arciniegas. Fisher and Russo also discuss Major League Baseball’s lockout of the MLB Players Association, Sinclair Broadcast Group’s new digital rights deal with the National Hockey League, and the $840m funding round for India-based fantasy sports platform Dream Sports.
Nent hit by sudden passing of CFO Catrina
Gabriel Catrina, chief financial officer at Nordic Entertainment (Nent) Group, has died suddenly after a short illness
Disgraced former World Athletics chief Diack dies at 88
Lamine Diack, the controversial former president of World Athletics, has died at the age of 88
Madrid court sides with RFEF again over LaLiga’s Miami game
A Madrid court has once again sided with the Spanish Football Federation (RFEF) over the governing body’s decision not to authorise a LaLiga match between Girona and Barcelona in the US city of Miami b…
Cavalor rides on with FEI as federation ups digital activation support
The International Equestrian Federation (FEI) has extended its Official Nutrition Partner agreement with equine nutrition brand Cavalor for a further five years
Rebels’ ‘JP Morgan-backed’ investment plan for Spanish football ‘to be put forward’
Real Madrid president Florentino Pérez is set to put forward a proposal backed by US-based financial services company JP Morgan as an alternative to the LaLiga Impulso venture between the organising body …
CVC-backed LaLiga Impulso to deliver €1.99bn investment following adjustment
LaLiga Impulso, the venture between the organising body of the top two divisions of Spanish club football and private equity firm CVC Capital Partners, has moved a step closer to being formally launched,…
Richard Petty Motorsports to sell majority interest to GMS Racing
Leading American stock car racing team Richard Petty Motorsports has sold a majority interest in the company to GMS Racing, in a deal which includes two Nascar Cup Series charters.
French football wants bigger share of ‘Big 5’s’ capped solidarity payments
French football authorities have called for a greater share of the solidarity payments to French clubs who do not compete in Uefa club competitions during the 2021-24 cycle
Glazer’s Lancer Capital moves into cricket with UAE T20 League franchise
Lancer Capital, the US investment group chaired by Avram Glazer, has made its first foray into cricket by acquiring a franchise in the new UAE T20 League