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In Grip Of Youth Movement, FIA Looks To Makes F1 Cars Harder To Drive

Published in SportsBusiness Daily Global on 09 / 30 / 14

The FIA is "examining ways of making F1 cars harder to drive," according to Kevin Eason of the LONDON TIMES. As 17-year-old Max Verstappen prepares to make his F1 debut in Friday's free practice ahead of the Japanese Grand Prix, the racing organization is afraid his appearance "will underline fearsw...

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Tags: Leagues and Governing Bodies, Europe

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Valencia To Make Interest Payments

Spanish bank Bankia has demanded that La Liga side Valencia's majority shareholder VCF Foundation and its guarantor, the Valencian government, "complete a payment" of €4.8M ($6.4M) in interest from a loan the VCF Foundation received in '09 for €81M ($108M), according to the EP. The VCF Fou ...

Tags: Europe, Finance

Flushing Meadows Ups Financial Ante

Two years ago, U.S. Open tournament referee Brian Earley’s "controversial decision to send some of the sport’s biggest names out to play on courts which they thought were dangerous set in train a sequence of events for which the Grand Slam tournaments are literally still paying," accordi ...

Tags: Finance, North America

Waddell & Reed Invest In COTA Racetrack

The N.Y.-listed fund manager which owns the second-largest stake in F1 "has invested in Circuit of the Americas," the Texas race track which is home to the U.S. Grand Prix, according to Sylt & Reid of the London TELEGRAPH. The move by Waddell & Reed gives F1 closer links to the U.S. where "i ...

Tags: Finance, North America

Legacy Fears Cloud Brazil World Cup

When Brazil was awarded the right to host the 2014 World Cup, the country's then Sports Minister "promised that not a penny of taxpayers' money would be spent on building and refurbishing stadiums," according to Andrew Downie of AL JAZEERA. However, with only half of the venues ready, "spending on t ...

Tags: Finance, Brazil

Economic Crisis Takes Toll On La Liga

La Liga side Málaga has "come to symbolise the excesses of Spanish club football like few others," according to Tobias Buck of the FINANCIAL TIMES. At one point last season, "the cash-strapped club was unable to pay players' salaries." UEFA found Málaga's finances were in such di ...

Tags: Finance, Europe

Dortmund Announces Record Profit

Bundesliga club Borussia Dortmund "has generated record revenue" of €305M ($408M) and "record profit during the past fiscal year," according to BILD. The club generated a profit of €53.3M ($71M) during the '11-12 fiscal year. It "is the highest profit of a club in the history of the Bundes ...

Tags: Finance, Europe

Salary Boost To Keep All Blacks At Home

A NZ$1.8M ($1.4M) boost in salaries for the New Zealand All Blacks "will help retain leading players over the next three years," according to Liam Napier of FAIRFAX NZ NEWS. The "early Christmas present" could see the salaries of key players such as All Blacks captain Richie McCaw and ...

Tags: Finance, Asia

Korea To Add 40,000 Jobs In Sport

Korea's Culture, Sports & Tourism Ministry said Thursday that "it had set a goal of adding 40,000 more jobs in the country's sports sector," according to Lee Woo-young of the KOREA HERALD. The ministry has drawn up strategies to expand the sports market from 37T won ($32B) this year to 53T ($47B ...

Tags: Finance, Asia

Finance Notes

Kishore Biyani's Future Lifestyle Fashion has struck a deal with Iconix Lifestyle, a joint venture between the Iconix Brand Group and Reliance Brands, "to open stores for British sportswear brand Umbro." Reliance Brands, a unit of billionaire Mukesh Ambani's Reliance Industries (RIL), controls ...

Tags: Finance

NRL To Probe Cronulla Account Claim

National Rugby League CEO Dave Smith asked the league's integrity unit "to investigate claims of a 'high performance unit' bank account operated by Cronulla coach Shane Flanagan," according to the AAP. Flanagan has reportedly said that the account was used to "buy gym equipment -- with money raised ...

Tags: Australia, Finance

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