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F1 Singapore IPO On Track Despite Legal Issues Of CEO Bernie Ecclestone05 / 20 / 13A source close to private equity firm CVC Capital said that the company is targeting a $12B market capitalization for F1 "in its planned flotation on the Singapore stock exchange," according to Sylt & Reid of the London GUARDIAN. The initial public offering (IPO) of F1 "is on track to take place... |
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Betfair Retreats From Germany
Online gambling group Betfair "has withdrawn its online sports betting exchange in Germany, blaming the country's gambling tax regime for making its main product unviable," according to Simon Goodley of the London GUARDIAN's Market Forces Live Blog. The company "has been arguing with German tax au ...
Tags: Finance, United Kingdom
Sevilla To Show Loss For '11-12
La Liga club Sevilla will present at its next shareholder meeting losses of €15M ($19.1M), according to Curro Tello of MUNDO DEPORTIVO. The meeting, scheduled for Dec. 5, will mark the first time that Sevilla President José María del Nido presents negative numbers since he arrived ...
German Pro Leagues Generate $452M
Germany's professional sports leagues have generated their highest combined revenue in the last five years during the '11-12 season. This is the result of a Deloitte study called "Finanzreport deutscher Profisportligen [Financial ReportGerman Professional Sports Leagues]," which takes a look at prof ...
Nike Nears Cole Haan Sale
Nike is in “final negotiations to sell its Cole Haan handbag and shoe brand to private equity firm Apax Partners, in a deal that could fetch around $500 million,” according to sources cited by Kim & Oran of REUTERS. Sources said that London-based Apax has “teamed up with former ...
Tags: North America, Finance
Werder Bremen Reveals $17.8M In Losses
Bundesliga club SV Werder Bremen lost €13.9M ($17.8M) during the '11-12 fiscal year the club revealed Monday, according to Matiszick & Dorow of the WESER KURIER. However, the club's management is "not too worried about this number as it has enough equity to balance the losses, and it a ...
Jockeys' Claim Could Rock Aussie Racing
The racing industry "is set to be hit this week by a multimillion-dollar superannuation claim from jockeys that could stretch back as far as 20 years," according to Chris Roots of the SYDNEY MORNING HERALD. Fairfax Media understands the Australian Jockeys' Association "wants the legislated 9% supera ...
Paris To End PSG Subsidy
Paris City Hall will end its annual subsidy to Ligue 1 Paris St. Germain, according to Boris Cassel of LE PARISIEN. In a memo that will be presented in a meeting scheduled for Nov. 12 at the Council of Paris, the city will reveal the news. Le Parisien was able to obtain a copy of the memo, and the f ...
Mercedes To Increase F1 Team Budget
After three more or less successful seasons in F1, Mercedes "reportedly plans to increase the budget of its F1 team by about 30% in '13," according to AUTO BILD. Newly appointed non-exec Chair of the team’s board of directors Niki Lauda "has reportedly convinced company management that su ...
F1 IPO 'Unlikely' Before 2014
F1 CEO Bernie Ecclestone revealed that F1 is "unlikely to float on the stock market" before '14, according to Alan Baldwin of REUTERS. In the paddock at the Abu Dhabi Grand Prix, Ecclestone said, "The market's going to take a little bit of settling down, I think. I think we ought to forget about it ...
Tags: Finance, Middle East
Alemannia Aachen Avoided Bankruptcy
German 3rd League club Alemannia Aachen "has avoided bankruptcy for the time being," according to the DPA. The club revealed Wednesday that somebody "from within the club" stepped up as a financial backer. The club has a reported deficit of €3.9M ($5.1M), which means it had to find €2M ($2 ...
