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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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MAS Holdings Building Sri Lanka Factories

Hundreds of former Tamil Tigers -- the defeated Sri Lankan rebel army -- are "moving into a peaceful trade, swapping a history of bombs and guns for bras and football shirts," according to James Crabtree of the FINANCIAL TIMES. In a sign of "long-awaited economic reconstruction" following the "bruta ...

Tags: Asia, Finance

Bill Endangers Rio's World Cup, Olympics

A new bill passed by the Brazilian Congress, which would share out oil revenues amongst the country's 27 states, "could compromise" the state of Rio de Janeiro's ability to host the mega sporting events coming up in the next few years, according to Viana, Sorosini & Barros of GLOBO. The bill sti ...

Tags: Brazil, Finance

Adidas Reduces Forecast For '13

Adidas "has trimmed its '12 sales forecast amid a continuing sales slump at Reebok, whose sales have fallen sharply for a second quarter," according to Victoria Bryan of REUTERS. The world's second-largest sportswear group after U.S. rival Nike said on Thursday that "it now expected '12 sales to ris ...

Tags: Finance, Europe, Adidas

AEAT Seizes Revenue From Clubs

Spanish tax agency AEAT "has recouped €132.9M ($169.5M)" from several clubs in Spain's top two football divisions since the start of the year, according to the EFE. According to AEAT officials, Spanish clubs still owe the agency around €700M ($892.8M). The strategy for the AEAT in relation ...

Tags: La Liga, Finance, Europe

Hearts Have Tax Debt Of $719,000

Scottish Premier League club Heart of Midlothian FC "could become the second Scottish club to go to the wall this year" after it warned fans that it "might not survive the month in the wake of a winding-up order over a tax bill of almost £450,000 ($719,000)," according to Neil Gardner of the L ...

Tags: Finance, United Kingdom

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Online gambling group Betfair "has withdrawn its online sports betting exchange in Germany, blaming the country's gambling tax regime for making its main product unviable," according to Simon Goodley of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 ...

Tags: Europe, La Liga, Finance

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 ...

Tags: Finance, Europe

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 ...

Tags: Finance, Europe

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