Finance & Law

The much-hyped Indian Super League (ISL) took another major step towards its launch on Sunday as the likes of Spanish Liga club Atletico Madrid, cricket legends Sachin Tendulkar (pictured) and Sourav Ganguly and Bollywood stars were confirmed as owners of the eight teams that will compete in the new football competition.

NBA basketball franchise the Indiana Pacers are set to remain in Indianapolis after a deal worth a reported $160m (€116.1m) was agreed to keep the team in the city.

Tom Ricketts, owner of MLB baseball outfit the Chicago Cubs, has said the franchise is considering selling minority shares in the team in order to help finance a $500m (€362.8m) renovation of its Wrigley Field ballpark.

The New Zealand Rugby Union (NZRU), the governing body of rugby union in the country, has posted a NZ$2.9m (€1.8m/$2.5m) profit for the 2013 financial year to boost its cash reserves by more than $13m to $63.7m.

The advisory board of Bayern Munich has proposed Karl Hopfner as the new president of the German Bundesliga top-tier football club.

Uli Hoeness, president of German Bundesliga football club Bayern Munich, has been sentenced to three-and-a-half years in prison for tax evasion.

Uli Hoeness, president of German Bundesliga football club Bayern Munich, today (Monday) admitted to evading millions of euros in taxes through an undeclared Swiss bank account as his high-profile trial commenced at Munich’s state court.

Norges Bank, which manages Norway’s $850bn (€620bn) sovereign wealth fund, has been told by the country’s politicians to answer questions on its acquisition of a stake in the Formula One motor racing series in May 2012.

Liverpool managing director Ian Ayre has hailed the English Premier League club’s progress off the pitch despite posting a net loss of £49.9m (€60.6m/$83.4m) for the 2012-13 financial year.

IMG-Reliance, commercial and marketing partner of the All India Football Federation (AIFF), has launched a tender process for acquisition of franchises for the delayed Indian Super League (ISL) project.

The 2014 Laureus World Sports Awards will take place in Kuala Lumpur, Malaysia on March 26, following the cancellation of the planned event in Rio de Janeiro, Brazil.

English Premier League football clubs were again the biggest spenders in the January European transfer window with their £130m (€157.4m/$213.5m) outlay helping to set a new record level of spending across the 2013-14 campaign.

A quarter-final clash in Spain’s leading club cup competition, the Copa del Rey, came to an abrupt conclusion yesterday (Thursday) evening after Racing Santander footballers refused to play against Real Sociedad in protest at the non-payment of their wages.

English Premier League football club Everton has announced a net profit of £1.6m (€1.9m/$2.6m) for the 2012-13 season, with the financial results signifying a £10.7m upswing in comparison with the previous year’s figures.

The Yota Devices has acquired a minority stake in Lotus as part of an agreement that will guarantee the smartphone manufacturer branding exposure on the Formula One team’s cars.

Barcelona has confirmed that the deal to sign Brazilian superstar Neymar cost the Spanish Liga club €86.2m ($117.2m) – nearly €30m more than originally disclosed.