SBD Global/August 5, 2013/Finance

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  • Barcelona Will Make $12M From Preseason Friendlies, Including $8M In Asia

    Barcelona will pocket a total of €9M ($12M) this preseason, including €6M ($8M) from its preseason tour of Asia and another €3M ($4M) from the club's other preseason friendlies, according to Joan Doménech of EL PERIODICO. The club's trip to Israel and Palestine, however, "had no economic motivation, as it was done in the interest of promoting peace in the conflicted region." Barcelona Economic VP Javier Faus said, "We want to explain that sports and children can lay down bridges in all villages. We are the first club in the world for Palestinians and Israelis." Barcelona will receive €3M apiece from its two games in Thailand and Malaysia, while "the other €3M the club will receive this preseason will come from proceeds from games played in Munich, Oslo, Norway and Gdansk, Poland" (EL PERIODICO, 8/3).

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  • Bradford Bulls Owner Omar Khan Injects $1.4M Into Club To Pay Wage Bills

    English Super League rugby club Bradford Bulls Owner Omar Khan has released £900,000 ($1.4M) from his property portfolio "to bankroll the cash-strapped club and enable it to pay players’ and staff’s delayed wages," according to Hannah Postles of the TELEGRAPH & ARGUS. Khan, who was this week forced to insist that the club was not on the brink of a second financial meltdown in 12 months, confirmed that "he will plough funds secured by releasing equity in his assets to meet the overdue wage bill, which had been due to be paid 'on or around the 28th.'" A "temporary funding issue" meant the team could not pay players and staff until Thursday. Khan said that an issue with his bank had caused the delay and insisted releasing equity in his properties was "not an issue" (TELEGRAPH & ARGUS, 8/2). The PA's Andy Hampson reported the Rugby Football League -- which last year bought Bradford's Odsal ground -- "is confident Bradford are not heading for another financial crisis." RFL Licensing & Standards Dir Blake Solly said, "This financial injection will give the Bulls funding that is much needed and will provide them with reserves of cash that gives a platform to build on" (PA, 8/2).

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  • Setback For Ecclestone After FOG, CVC Ordered To Release F1 Sale Documents

    F1 CEO Bernie Ecclestone’s "legal problems deepened after Formula One Group and owners CVC were ordered by a London court to release hundreds of documents relating to the sale of the motor racing series seven years ago, amid claims it was undervalued," according to Roger Blitz of the FINANCIAL TIMES. Ecclestone and other defendants "face a claim from German media group Constantin Medien for damages of at least $171M." Ecclestone's legal team "must now prepare for the Constantin Medien court case," which has been set for Oct. 28 and is scheduled to last six weeks. Ecclestone "is expected to be called as a witness," along with F1 CFO Duncan Llowarch. Among the documents the judge ordered CVC to disclose "are due diligence reports on F1 at the time of the sale and the refinancing; appendages to the disclosure letter from Mr. Ecclestone to CVC at the time of the transaction relating to F1 revenue streams; CVC’s loan application to RBS relating to its purchase; investment committee minutes; financial models it relied upon for its offer; and a Deloitte tax report prepared for CVC at the time of refinancing." The judge said that FOG "had to disclose in-house financial models projecting revenues and costs, a memorandum of understanding signed by F1 teams that committed them to F1 until 2012, documents relating to the purchase of sponsorship and hospitality businesses; and documents relating to the addition of a race in Abu Dhabi to the F1 calendar" (FT, 8/4).

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  • Sports Drink Maker Science In Sport Will Debut On London Junior Market This Week

  • Grassroots Sport Contributes $18B A Year To The United Kingdom's Economy

    Sport’s contribution to the English economy was revealed to be £20.3B ($31B) a year, with grassroots sport responsible for well over half of this total. The study, which was commissioned by Sport England, shows that the growth in sport has outstripped the English economy as a whole -- and the sector was resilient when the recession struck. The research puts sport within the top 15 industry sectors in England, having a bigger impact on the economy than telecom services, car sales and repairs, insurance and accounting. Of sport's contribution, £11.78B ($18B) comes from people playing sport and related expenditure such as sports equipment and coaching, while £8.5B ($13B) comes from people’s consumption of sport such as watching elite sport live or on TV, sports-related TV subscriptions and sports gambling. More than 440,000 people have sport-related jobs, accounting for 2.3% of all employment. Sport England Chair Nick Bitel said, "This report show that as well as improving the lives of millions of people grassroots sport is also having a huge impact on our economy. Put alongside the enormous value of the health benefits that sport delivers, it’s hard to overstate the sector’s contribution to our country" (Sport England).

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