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German Prosecutors Reveal F1's Bernie Ecclestone Was Blackmailed On Eve Of Trial

04 / 24 / 14

German prosecutors "have made the startling revelation" that they believe F1 CEO Bernie Ecclestone "was blackmailed by former banker Gerhard Gribkowsky," according to Christian Sylt for FORBES. The revelation is surprising "because it reflects Mr Ecclestone’s defence to charges issued by the s...

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Tags: Finance, Europe

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05/22/13
SAFA Owes Second Division $500K

The South African FA "allegedly owes second division clubs" close to R5M ($524,000) for the '12-13 season, according to Sello Rabothata of SOWETAN LIVE. Though it "has been at pains to tell all and sundry that it is in a healthy financial position," the association owes all 144 second division clubs ...

Tags: Africa, Finance

05/22/13
Finance Notes

New Fiji Rugby Union Chair Filimone Waqabaca said Tuesday that "he was determined to clean up the organisation's finances" after it posted a FJ$600,000 ($325,000) loss last year. Waqabaca, a permanent finance secretary in the South Pacific nation's military-led government, "was elected FRU chairman ...

Tags: Finance

05/21/13
Business Rates Are Lord's Next Big Test

London's Lord's Cricket Ground owners are "fighting a battle over business rate increases described as 'just not cricket,'" according to Dominic Walsh of the LONDON TIMES. The home of the Marylebone Cricket Club is one of four of the six Test match venues for this summer’s series against New Z ...

Tags: Finance, United Kingdom

05/21/13
Nottingham In Talks With New Backers

Financially-troubled Championship side Nottingham Rugby is "in discussions with two potential new owners," according to the BBC. Nottingham Rugby Chair Alistair Bow also revealed that club directors helped finance the £250,000 ($382,000) shortfall "needed to finish their last campaign." Howeve ...

Tags: Finance, United Kingdom

05/20/13
F1 IPO On Track Despite Legal Issues

A 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 ...

Tags: Finance, Europe, Asia

05/17/13
'Fergie Factor' Worth $1.5B

The "Fergie factor" gave the city of Manchester's economy a boost worth more than £1B ($1.5B) during his 26 years at the club, according to Adam Jupp of the MANCHESTER EVENING NEWS. Experts have calculated the extent to which the success outgoing Manager Alex Ferguson brought to the ...

Tags: Finance, United Kingdom

05/17/13
Seven F1 Teams Can't Afford New Engines

Seven of the 11 F1 teams "are reportedly unable to afford the new engines for the '14 season," according to Helmut Uhl of BILD. Besides the top four teams, Red Bull, Ferrari, McLaren and Mercedes, "the rest of the field is in financial trouble." The three engine suppliers, Mercedes, Ferrari and Rena ...

Tags: Finance, Europe

05/16/13
U.K. Tax Authority Targets Coaches

U.K. tax authority HMRC "has opened a new front in the battle to collect" the £32B ($49B) in tax it estimates goes unpaid in Britain every year -- pursuing football coaches, according to David Conn of the London GUARDIAN. HMRC has written to 3,300 coaches understood to have a UEFA level qualif ...

Tags: Finance, United Kingdom

05/16/13
Finance Notes

Brown Shoe Company has announced that it is selling Avia, its brand of running, walking and fitness-oriented footwear, along with Nevados, an outdoor shoe brand, to Galaxy Brand Holdings for $74M ( ISPO ). ... Bike manufacturer Specialized and Invista, the brand owner of Coolmax and Lycra, joined fo ...

Tags: Finance

05/15/13
Puma Cuts Full-Year Profit Forecast

Germany-based sportswear brand Puma "cut its revenue and profit forecasts for this year after reporting first-quarter earnings that trailed analysts’ estimates," according to Andrew Roberts of BLOOMBERG. Europe’s second-largest maker of sporting goods "now expects a low-to-mid-single dig ...

Tags: Finance, Europe

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