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Finance Notes: U.K. Tax Swipe Gives Top Footballers Kick In The Testimonials

Britain's best-paid footballers "might soon find their wallets a little lighter after George Osborne carried out a stealth swipe of the cash they earn from testimonial matches." Testimonials are held by sports clubs to honor long-serving players: they are "non-competitive and the clubs' biggest names past and present often play." All the proceeds "go to the footballers themselves." In the case of Premier League players, "they can net more than" £1M ($1.5M). From early '17, footballers, rugby players, cricketers and other sports stars will "pay income tax on the money that such matches and events raise." Announcing plans to implement the change on Wednesday, the Treasury said that it would "simplify" the tax situation in the sporting world (FINANCIAL TIMES, 11/27). ... Chinese football club Guangzhou Evergrande Taobao is "seeking to raise" as much as $400M by issuing up to 66.2 million shares on China's "little known" National Equities Exchange and Quotations (NEEQ) market. When it listed on the exchange earlier this month, the 375 million shares in issue at 40 yuan ($6.26) each "gave it a notional market capitalization of a jaw-dropping" $2.35B -- putting it in a similar league to N.Y. Stock Exchange-listed ManU, which is worth $3B. Shenzhen Grandland Decoration Group said Thursday it would buy 3.75 million shares in the fundraising, "giving it just under 1 percent of the club" (AFP, 11/28).

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