Finance & Law
Tokyo delay to cost IOC ‘several hundred million dollars’
International Olympic Committee president Thomas Bach has said the organisation would face extra costs of "several hundred million dollars" due to the postponement of Tokyo 2020
XFL files for Chapter 11 bankruptcy after suspending operations
The XFL has filed for Chapter 11 bankruptcy protection, making the move on the first business day after the spring-season American football league suspended operations and fired virtually all its staff
Switzerland’s most successful football club gets Asian ownership
Another Asia-based investor has bought into European football, with Hong Kong-based Champion Union HK Holdings snapping up 90 per cent of the shares in Swiss team Grasshopper Club Zurich
Father of Williams driver issues loan for team
A company owned by the father of Formula One driver Nicholas Latifi has agreed to provide a loan to the Williams F1 team
US Olympic governing bodies to seek governmental financial aid
US Olympic governing bodies will look to secure financial aid from the federal government following the postponement of the 2020 Tokyo Summer Games and effects of the Covid-19 pandemic
Swiss prosecutors to drop corruption charge against Blatter
Federal prosecutors in Switzerland plan to drop one of two corruption cases against former Fifa president Sepp Blatter.
DFL appoints bank for private equity bridging loan proposals
German Football League (DFL) chief executive Christian Seifert has said that the governing body of the top two divisions of the domestic game is in talks over a potential bridging loan, adding that it…
UCI unveils cost-cutting measures, warns of Olympic revenue reduction
The UCI, the governing body for cycling, has decided to furlough its workforce to lessen the economic impact of the Covid-19 pandemic
IPC faces up to cash flow issues after Paralympics postponement
The International Paralympic Committee (IPC) has admitted it faces a cash flow problem in the wake of the postponement of the 2020 summer Paralympic Games, but has maintained it won’t turn to the International O…
Foxtel lays off sports staff
Australian pay-television broadcaster Foxtel yesterday announced it was laying off 200 staff and furloughing 140 more until the end of June, with chief executive Patrick Delany calling this week the "toughest…
Tampa Bay Buccaneers’ uniform redesign leads to merchandise sales spike
The National Football League’s Tampa Bay Buccaneers are continuing to reap the commercial rewards of the arrival of superstar quarterback Tom Brady.
Aser becomes Otro shareholder in tie-up with US investment fund
Global sports investment company Aser Ventures, the ownership group behind English football side Leeds United and international sports broadcaster Eleven Sports, has entered into a ‘strategic partnership’ wit…
South Korean football clubs running into financial trouble
Korean football clubs are facing dangerous financial problems due to the suspension of their season, the Yonhap News Agency has reported
Formula 1 bosses take pay cut and furlough staff as teams discuss further cost cap
Formula One Management, the body that runs Formula 1, has furloughed some of its staff while senior executives have agreed to take a reduction in their salaries
Lega Serie A wage cuts proposal met with scorn from players’ union
Lega Serie A, organising body of the top division of Italian club football, has voted unanimously to recommend that clubs impose wage cuts of between two and four months’ pay on playing and coaching s…
Ironman’s new investors will focus on content and virtual racing to unlock value
Ben Cronin looks at Advance Publications and Orkila Capital's recent acquisition of Ironman, and how it will be looking to capitalize on the event despite much of the audience and participants of the mass participation series being under lockdown.
Liverpool change tack as coronavirus cost-cutting continues
More sports organisations and athletes around the world are cutting pay and introducing other cost-saving measures as the economic impact of the coronavirus bites
Globo treating rights fee decisions on case-by-case basis
Brazilian commercial broadcaster Globo has sought to alleviate panic in the domestic football industry amid its decision to suspend payments for certain rights deals, stating its move will not affect clubs…