SBD Global/January 11, 2017/Finance

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  • Yao Ming's Yao Capital Becomes Latest Formula E Investor

    Formula E kicked off its thrid season in Hong Kong in October.

    Formula E is receiving further investment after it was revealed that Yao Capital has become the latest shareholder in the electric racing circuit. Yao Capital, which was founded by former NBA player Yao Ming and a number of other Chinese investors last January, has acquired an undisclosed stake in the FIA-sanctioned racing series. The announcement comes only days after Miami-based Motorsport Network secured a stake in the series. Yao Capital said in a statement, "Yao Capital has officially become a shareholder of Formula E. FE is a young and fast growing international electric car racing championship." The company also stated that Formula E's characteristics of sustainable racing in the heart of cities attracts a young demographic. In addition, Formula E's biggest shareholder Liberty Global and Yao Capital are co-investors in kickboxing promoter Glory Sports. Formula E, which launched on the streets of Beijing in '14, currently has no event on the Chinese mainland. However, the series kicked off its current season with the inaugural Hong Kong ePrix. The championship currently features one Chinese team, Techeetah. Formula E did not respond to a request for comment from SBD Global.

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  • French Government Study Finds Euro 2016 Generated More Than €1B

    A study commissioned by the French government revealed that Euro 2016, which officially cost less than €200M of public money, had an economic impact of €1.2B on the host country, making the tournament a “very lucrative event,” according to Edouard Pflimlin of LE MONDE. The government spent €24M to “assure public security, in particular the fan zones in June and July, double the budgeted amount due to the increased risk of a terrorist attack.” Close to €160M of public money “was invested in the construction and renovation” of 11 stadiums between ’11 and ’16. The rest was provided by private funds and tournament organizer UEFA. Overall the event had a financial impact of €625.8M from tourism and €596M from “organizational expenditures.” The study showed that “613,000 foreign spectators traveled to France for the event,” spending an average of €154 per day and staying 7.9 days in the country (LE MONDE, 1/10). The AP reported the study said that hosting Euro 2016 also generated €74.3M in "extra fiscal revenue for the state." With France also bidding for the 2024 Olympics, Sports Minister Patrick Kanner said that hosting big sporting events is "an opportunity." A study by the same institute estimates that hosting the Olympics in Paris could generate €10.7B ($11.3B) "in economic benefits and create more than 250,000 jobs in the French capital region" (AP, 1/10).

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  • League Two Side Notts County Takeover Being Held Up Over £1M Loan Dispute

    Alan Hardy's proposed takeover of League Two side Notts County is "being delayed because of a dispute" over who pays a £1M ($1.2M) loan, according to the BBC. Nottingham businessman Hardy had been "expected to complete the purchase" of the club on Monday. But the deal is "being held up after it emerged the Haydn Green estate is owed a seven-figure sum." Lawyers for Hardy and outgoing Owner Ray Trew "spent most of Monday trying to find a solution without success" (BBC, 1/10).

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