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SBD Global/November 20, 2013/FinancePrint All
Plans for a stock market flotation of F1 "remain stalled" as CEO Bernie Ecclestone "faces legal action that could break his long grip on the sport," according to Keith Weir of REUTERS. Private equity fund CVC said that a flotation "was still its aim, but ruled out any action in the short term to revive plans for a listing." CVC co-Chair Donald Mackenzie said, "One day we'd like to float the company. We've got no plans to do that in the imminent future." CVC has a 35.5% stake in F1 "having sold down its holding" from 63% last year. CVC put off plans to float F1 in Singapore in the middle of last year "because of market turmoil." Instead, it "brought in new investors" in the form of U.S. investment groups Blackrock and Waddell & Reed, along with Norway's Norges Bank, in deals that "gave the business an enterprise value" of $9.1B (REUTERS, 11/19).
Unfavorable sporting results "continue to weigh on Paddy Power," prompting the bookmaker to lower forecasts for operating profit on Tuesday, according to Roger Blitz of the FINANCIAL TIMES. The Dublin-based group, already feeling the effects of Andy Murray’s Wimbledon triumph and other results on its first-half performance, said that the bad run "continued with Champions League football and the Australian spring racing carnival." Concerns about poor sports results "forced Ladbrokes to issue a statement last week to say it was on track to meet forecasts." Paddy Power said gross win, the amount it retains after paying out on winnings, was €10M ($13.5M) below expectations (FT, 11/19).
Bundesliga club Werder Bremen "continues to be in the red" and reported a loss of €7.9M ($10.7M) for the '12-13 fiscal year, according to SPIEGEL ONLINE. However, Bremen Sport Dir Thomas Eichin said that the club "is on the right path." In the previous season, the club reported a record loss of €13.9M. Werder Bremen generated revenue of €87.9M ($118.9M) during the '12-13 season.The club's capital, which "consists largely of retained earnings from previous years," was €16.5M ($22.3M) on the due date. Bremen Managing Dir Klaus Filbry said, "We consequently have reduced our player payroll and at the same time invested in the quality of the team" (SPIEGEL ONLINE, 11/18).