Menu
Finance

Finance Notes: Scottish Premiership Side Heart Of Midlothian Announces £2.3M Profit

Scottish Premiership side Heart of Midlothian announced a profit of £2.3M ($3M) and a rising turnover of £1.3M ($1.7M) -- even though it spent £6.9M ($9.1M) on redeveloping Tynecastle Park. The club's annual accounts also revealed a "mystery benefactor bankrolled" it "to the tune of" £2.5M ($3.3M) (Scotland DAILY RECORD, 11/20).

Scottish Premiership side Hibernian recorded a loss of £277,000 last season, its annual accounts revealed. The side won the Scottish Championship and reached the Scottish Cup semifinals but "could not break even" in the 12 months to June 30. However, the club announced its highest turnover figures since '13 at £7.7M, while its cash balances were up £1M to £3.5M at the end of the year "after a boost in season ticket sales" (DAILY RECORD, 11/20).

Racing Victoria recorded a total profit for the financial year of A$9.2M ($6.9M) -- a "hefty drop" on the A$28M recorded a year earlier. However, RV's management said that the headline figure "masks" what it described as a "trend of positive results" in recent years and that '16-17 showed "healthy growth in revenue, wagering, prize money and participation." The "hefty downturn" in profit was reportedly due to "increased investment" in prize money, media rights aggregation and club funding (SYDNEY MORNING HERALD, 11/20).

Online revenues at bookmaker William Hill are "more than offsetting a decline in wagers being made in its high street shops" as the betting industry prepares for an "anticipated crackdown" on fixed-odds betting terminals. The company's online revenues climbed 6% in the 17 weeks to Oct. 21, following a 13% increase in the amount wagered, pushing its total group revenues up 4%. CEO Philip Bowcock said that William Hill "was on track to meet market expectations for the year" (London TELEGRAPH, 11/20).

SBJ Morning Buzzcast: March 18, 2024

Sports Business Awards nominees unveiled; NWSL's historic opening weekend and takeaways from CFP deal

ESPN’s Jay Bilas, BTN’s Meghan McKeown, and a deep dive into AppleTV+’s The Dynasty

On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

Learn more about your ad choices. Visit megaphone.fm/adchoices

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2017/11/21/Finance/Notes.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2017/11/21/Finance/Notes.aspx

CLOSE