The 145th Open championship at Royal Troon delivered more than £110M "worth of benefit to Scotland, an independent study has found." The tournament attracted 173,000 spectators to the Ayrshire coastline in '16. It delivered an economic impact of more than £64M, according to the study compiled by Sheffield Hallam University's sport industry research center. There was an additional £46M in destination marketing benefit "thanks to the exposure afforded to Scotland from the Championship, which was broadcast on television in 193 territories to more than 600 million households worldwide" (SCOTSMAN, 1/27).
Former Formula 1 CEO Bernie Ecclestone and German bank BayernLB settled litigation brought in London's High Court connected to the sale of the bank's F1 stake to private equity group CVC. The 86-year-old billionaire had been "gearing up for a second legal battle" after he filed a High Court lawsuit against BLB asking a judge to make a declaration that he had no liability to the German bank. BLB countersued Ecclestone and was seeking damages from him in connection to the share sale. A trial had been scheduled to start in June. However, on Friday the High Court heard that BLB entered into a confidential settlement with Ecclestone in mid-December (FINANCIAL TIMES, 1/27).
The "world's largest bicycle manufacturer by volume has set up in Manchester," opening a £2M ($2.5M) design center in the home of British Cycling. Hero Cycles chose the northern English city "over some of the world's most bike-friendly ones," including Amsterdam, Copenhagen and Berlin. Hero Cycles Chair and Managing Dir Pankaj Munjal "pointed to Manchester's history of innovation" and its "large student population" as factors that contributed to the decision. Munjal said that the prospect of the U.K. leaving the EU "did not worry him." Munjal: "Brexit or no Brexit we still have strong brands" (FT, 1/28).
