SBD Global/August 16, 2013/Finance

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  • Brazilian Newspaper Estadão Claims Brazil Diverted $10.9M To Barcelona President

    Part of the money paid to the Brazilian Football Confederation (CBF) by "worldwide national teams to play against Brazil in friendlies was deposited in U.S. bank accounts registered to Barcelona President Sandro Rosell," according to Fernando Kallás of AS. The accusation "comes from Brazilian newspaper Estadão, which claims to have exclusive access to documents and sources that show the practice occurred during the management of former CBF President Ricardo Teixeira." Brazil charges at least $1M for every friendly and the "owner of the rights for these games is, since '06, Int'l Sports Events, which is headquartered in the Cayman Islands." ISE "deposited $10.9M from 24 Brazil friendlies into Uptrend Development LLC, headquartered in the U.S., which is registered under the name of Alexandre R. Feliu," Rosell's full name. Rosell, a former Nike representative in Brazil and "a friend of Teixeira's, is under investigation by Brazilian authorities for fraud." Rosell "could face eight years in prison for forgery and for benefiting economically from contracts without adjudication for promoting a friendly between Brazil and Portugal in '08" (AS, 8/15).

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  • Leeds United Owner Quietly Sells Off More Than Half Its Stake In Club

    Dubai-based investment firm GFH Capital, which bought League Championship side Leeds United in December, "sold more than half of its 100 percent holding less than six months later," according to de Sa'Pinto & French of REUTERS. GFH Capital, a subsidiary of Bahraini Gulf Finance House, offloaded a 10% stake to Bahrain-based Int'l Investment Bank earlier this year. Its second quarter financial statement showed that "it had now sold a total of more than half the shares." The statement "did not say who the buyer was," specifying only that it had made a gain of $776,000 on the sale and was "now deconsolidating Leeds results from its own." GFH "could not be reached for comment on Thursday." The company paid £52M ($80.4M) last year to buy Leeds from previous Owner Ken Bates (REUTERS, 8/15).

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