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National Rugby League Side Gold Coast Titans Fined $263,000 For Salary Cap Breach

Published in SportsBusiness Daily Global on 10 / 24 / 14

National Rugby League side Gold Coast has been fined A$300,000 ($263,000) "and hit with a suspended penalty of four competition points over a salary cap breach in regard to former playmaker Scott Prince," according to the AAP. Prince left the Titans at the end of '12 and the penalty "was issued aft...

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Tags: Leagues and Governing Bodies, Australia

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Li Ning Brand Reveals 2013 Financials

Chinese sportswear brand Li Ning announced its financial results for the year ended Dec. 31. Revenue amounted to $941M, representing a year-on-year decrease of 12.8%, mainly due to the resizing of the retail network, inventory clearance and sell-in related to the Channel Revival Plan. Gross profit w ...

Tags: Finance, Asia

FIFA Reports $72M Profit In 2013

FIFA has "increased its cash pile" to $1.4B after making a profit again last year, "justifying the sum as a safety net should a World Cup have to be cancelled," according to Keith Weir of REUTERS. Income from TV rights and marketing deals ahead of this year's World Cup in Brazil "helped to drive up ...

Tags: Finance

Argentine Tax Agency Head Meets Blatter

Argentina tax agency head Ricardo Echegaray met with FIFA President Sepp Blatter to tell him how football teams "are evading taxes" in the $3.7B player trading market, according to Panja & Duff of BLOOMBERG. Echegaray has traveled to the football ruling body’s headquarters in Zurich to inf ...

Tags: Finance, South America

Spanish Sports To Receive Larger Grants

Spain's Superior Sports Council (CSD) on Tuesday made public the "amount of money it will provide in provisional grants to Spain's sports federations" in '14, according to EL CONFIDENCIAL. The CSD's contribution is rising to €38.1M ($52.9M) from €34.1M a year ago. The quantity allocated in ...

Tags: Finance, Europe

Schalke Releases Financial Results For '13

Bundesliga club FC Schalke "has released its financial results for the ’13 fiscal year in which it generated the second-highest revenue in club history," according to the SID. The club reported revenue of €206.8M for the year ending Dec. 31. In comparison to last year, Schalke was able to ...

Tags: Finance, Europe

Rostock Sets Foundation For Debt Relief

German 3rd League football club Hansa Rostock “has, together with its creditors, launched a financial recovery concept,” according to 3-LIGA. The club’s total debt, which currently stands at €30M ($41.7M), “will be drastically reduced.” The reduction "is based on a ...

Tags: Finance, Europe

English Football's Financial Rules Scrutinized

EPL CEO Richard Scudamore said that the "top two tiers of English football are in discussions aimed at establishing 'proportionate linkage' between their respective sets of financial sustainability rules," according to David Owen of INSIDE WORLD FOOTBALL. Little "more than a week after one club, Que ...

Tags: Finance, United Kingdom

Celaya Execs Vow To Clear Debt To Players

Mexican second division side Celaya President Alejandro Márquez and Celaya execs "admitted that the club's players are owed payments, but claimed they are owed less than two months' salary," according to Ricardo Magallán of LA AFICION. Celaya's players "were photographed with their fac ...

Tags: Finance, North America

Germany's Elite Sports Get Funding Boost

German Interior Minister Thomas de Maiziere has announced that "elite sports funding will be increased" by €8M ($11M), according to SPORT1. However, last year officials calculated that elite sports " would need a funding increase " of €38M ($53M) to continue competing at a top level. Despi ...

Tags: Finance, Europe

Seven Spanish Clubs Face EU Investigation

The European Union "has made formal accusation" against seven Spanish clubs -- La Liga sides Real Madrid, Barcelona, Athletic Bilbao, Valencia, Elche and Osasuna and second division side Hércules -- in "three separate articles published earlier this month in their official journal," according ...

Tags: Europe, Finance

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