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Cho Yang-Ho Named New Head Of 2018 PyeongChang Organizing Committee

Published in SportsBusiness Daily Global on 08 / 01 / 14

South Korean businessman Cho Yang-ho, who led PyeongChang's successful bid for the 2018 Winter Olympics, "has been named as the new president of the organizing committee" for the Games, according to REUTERS. Cho said, "I have decided to take up this position to keep the promise I made with the Inter...

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Analysts Expect ManU Shares To Rise

Manchester United Plc (MANU)'s stock "will increase to $17 over the next year, $3 above the price at which the shares started trading last month," according to Tariq Panja of BLOOMBERG. Analyst reports showed that "at least five securities firms began coverage" of the record 19-time English football ...

Tags: Finance, United Kingdom, North America

Weder Bremen Generated A Loss In '11

Bundesliga club Werder Bremen generated a considerable loss during the '11-12 season, according to the WESER KURIER. Werder Bremen Board Chair Willi Lemke said, "The numbers for the '11-12 fiscal year were clearly in the red. But due to a wise budget structure we are able to cope with it." The club' ...

Tags: Finance, Europe

ManU Shares Gain Structured Investors

Investors are "buying structured products that profit on gains" in shares of ManU following the EPL club’s IPO, according to Alastair Marsh of the FINANCIAL TIMES. Royal Bank of Scotland issued eight "mini futures" since the club’s U.S. stock issue on Aug. 9. The securities were priced i ...

Tags: Finance, United Kingdom

JJB Warns Shares May Be 'Worthless'

JJB Sports has put itself up for sale and warned its shares may be worthless after "the struggling retailer failed to secure a fresh funding injection from investors," according to Jennifer Thompson of the FINANCIAL TIMES. JJB shares immediately fell 71% to $0.67 per share. The news "raises question ...

Tags: Finance, United Kingdom

Finance Notes

Sports media company Perform Group posted a first-half pre-tax profit, after Euro 2012 "helped buoy licence fees and advertising sales," according to Mark Wembridge of the FINANCIAL TIMES. Perform, which buys the online rights to TV sports coverage and repackages it for bookmakers, news providers an ...

Tags: Finance, United Kingdom

Yao Moves Into Private Equity

Former NBA player Yao Ming is moving into an "unfamiliar arena," the private equity arena, following reports he has bought and rebranded Chinese firm Chongqing Yufu Assets Management Group, according to Sonja Cheung of the WALL STREET JOURNAL. He is not the first celebrity to move into the private e ...

Tags: Finance, China

Golfer Sells Shares In Himself

Golfer Alexander Björk is "aiming to become the first in the world to sell shares in himself" to fund his ambition of joining the top flight European Tour, according to Patrick Lannin of REUTERS. The Swede currently plays on the Nordea Tour and "is the guinea pig for finance company Trade in Sp ...

Tags: Europe, Finance

Olympics Fiasco Costs G4S $79M

Security firm G4S CEO Nick Buckles said he is "deeply disappointed" by his company's Olympic security failure, as he revealed a £50M ($79M) hit from the fiasco forced profits down 60%, according to Andrew Trotman of the London TELEGRAPH. The group, which failed to recruit enough staff to cover ...

Tags: Finance, United Kingdom

Billabong Vows To Boost Profitability

Australian clothing retailer Billabong outlined a plan to boost profitability after reporting an annual loss, and added that U.S.-based private equity firm TPG "had started due diligence on the company," according to Gavin Lower of the WALL STREET JOURNAL. Billabong reported a A$275M (US$287M) net l ...

Tags: Finance, Australia

Debt Becoming Theme In Euro Football

ManU's decision to go public on the N.Y. Stock Exchange is another reminder that the financial foundation of European football remains "in desperate need of repair," according to Kevin Baxter of the L.A. TIMES. The problem is the cost of players. And while ManU and club Owner Malcolm Glazer "have ex ...

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