Formula 1 revealed that it put aside $14.8M to "cover charges relating to a former race in India after the country's supreme court ruled that taxes should have been deducted" from the $51.4M in hosting fees that it received. The Indian GP was entirely funded by Indian conglomerate Jaypee Group. F1 race promotion agreements state that the fees "should be paid free of all taxes." However, the authorities in India "expected tax to be paid anyway and prevented Jaypee from paying the fees" (FORBES, 7/12).
EPL side Leicester City Owner King Power has been "accused of multimillion-pound corruption in the operation of its business in Thailand." The company, owned and run by Leicester Chair Vichai Srivaddhanaprabha and his son, Aiyawatt, is "alleged to have corruptly short-changed the Thai government of its agreed share from the company’s lucrative duty free franchise at Bangkok’s Suvarnabhumi airport" (London GUARDIAN, 7/12).
The Australian Football League side Melbourne Demons' "on-field resurgence this season will reflect significantly" on its business, with a "healthy" A$1M ($770,000) profit within reach. Club CEO Peter Jackson said that the club "was on target" to achieve its initial forecast, which would be a fourth straight profit in the four full years under his management. Jackson took over Melbourne in April '13 after the club posted an operating loss of A$1.7M (THE AUSTRALIAN, 7/13).
Apollo Global Management "agreed to purchase" ClubCorp, which owns more than 200 golf and country clubs, for $1.1B. The deal is "expected to close by the final three months of the year." Dallas-based ClubCorp, founded in '57, operates in 28 states and Washington, DC, as well as in China and Mexico. It also "owns sports and business clubs, with a combined total of 430,000 members" (AP, 7/11).
