SBD Global/April 23, 2013/Finance

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  • Australian Rugby Union Narrows Losses Thanks To A$21M Increase In Revenue

    The Australian Rugby Union said at its annual general meeting in Sydney that it posted a loss of A$8.3M in '12 due to higher expenses "despite a surge in revenue from the previous year," according to EUROSPORT. The loss narrowed by A$2.3M from the last year as total revenues rose by A$21M from '11 to A$96.6M. Gross expenditure increased by A$17.2M as a higher currency also impacted the results. ARU Chair Michael Hawker said, "While revenues were higher than the previous year, so was expenditure, which was primarily due to our continued investment in the game." Revenue "was boosted by a rise in sponsorship money while higher match day returns due to the increased domestic Test fixtures also contributed to the growth" (EUROSPORT, 4/22).

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  • Singapore's Horseracing Scene Making Slow Comeback From Brink Of Extinction

    Singapore’s "once moribund horseracing scene is staging a comeback," according to Jeremy Grant of the FINANCIAL TIMES. For years, attendance at Singapore’s only racecourse "was thin as punters were put off by modest prize money and the low quality of the race horses." The arrival of casinos in Singapore "dealt a further blow." However, efforts by the Singapore Turf Club to attract top-flight breeders and trainers "have started to pay off." Racehorse ownership is "growing as Singapore’s low-tax environment and thriving financial sector has created a new class of wealthy individuals with plenty of disposable income." Int'l Racing Bureau Managing Dir Alastair Donald said, "The racing is definitely on the up in terms of its quality and acceptance." Premier Racing Partnerships Managing Dir Wade Burridge, whose firm offers part-ownership in race horses, said that by gradually increasing prize money and focusing on better quality horses, Singapore "is now back in the game." Burridge: "Customer confidence has come back and it’s one of the cleanest racing businesses in the world" (FT, 4/22).

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  • Swiss Second-Tier AC Bellinzona To File For Bankruptcy With Debt Of $9.1M

    Swiss second-tier football club AC Bellinzona "has to file for bankruptcy after administrator Marco Ambrosini denied a request for a two week extension," according to the NEUE ZÜRCHER ZEITUNG. The lawyers of club President Gabriele Giulini requested an extension until May 2 to give the club time to come up with financial rehabilitation plans. The request was denied and with debt of CHF8.5M ($9.1M) opening insolvency proceedings is the only remaining option for the 109-year-old club. However, various local media outlets reported that the current second-placed team in the Challenge League "will appeal the decision" (NZZ, 4/22).

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  • Judge Tells Spanish Football Club It Must Reach Agreement With Its Creditors

    A judge has advised La Liga side Deportivo La Coruña about the threat of liquidation if an agreement regarding €9M ($11.74M) -- plus IVA tax -- in broadcast rights is not reached with its creditors, according to EL CONFIDENCIAL. Deportivo only has €1.5M ($1.96M) available, making an agreement on the club's TV revenue "indispensable" if Deportivo wants to continue its activity. The club's three creditors are Spain's Tributary Agency, Novagalicia Bank and Gallego Bank (EL CONFIDENCIAL, 4/22).

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  • Nike Indonesia Dir Discusses Possible Manufacturing Growth With Industry Minister

    Nike Indonesia President Dir Jeff Perkins met with Indonesian Industry Minister M.S. Hidayat on Friday "to discuss the possibilities of making Indonesia the biggest manufacturing base for the company," according to INVESTOR DAILY. Hidayat: "Basically, Jeff Perkins was pretty happy with [Nike's] investment here." Hidayat said that "Nike is committed to invest more in Southeast Asia's largest economy." Hidayat said that Nike Indonesia "has cooperated with 38 contract factories that employ around 175,000 workers," making Indonesia among the largest manufacturing base for Nike products, apart from China and Vietnam. However, Perkins also raised several issues on the investment climate, especially in regard "to the country's labor condition." Different administrations in Indonesia "raised the minimum regional wage as a response" (INVESTOR DAILY, 4/22).

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