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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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Bilbao's Financial Assistance Canceled

Biscay, Spain General Councilor José Luis Bilbao has announced "the end of the Biscay government giving subsidies to professional sports clubs in the territory," including La Liga Athletic Bilbao, according to the EFE. Bilbao argued that "there are other priorities" in the current economic si ...

Tags: Finance, Europe

Billabong Rejects Refinancing Offer

Australian surfwear retailer Billabong Int'l said that "it has rejected a rival refinancing proposal" from lenders Centerbridge Partners and Oaktree Capital Management because "they submitted their bid too late," according to Gillian Tan of the WALL STREET JOURNAL. The company "has already agreed to ...

Tags: Finance, Australia

Sports Direct Staff To Share Bonus

Thousands of employees at Sports Direct are set to share a £140M ($213M) bonus pool after the sporting goods retailer reported a 40% rise in full-year pre-tax profit, boosted by last summer's London Games and Euro 2012, according to Saigol & Foy of the FINANCIAL TIMES. Around 2,000 employe ...

Tags: Finance, United Kingdom

CSKA Sofia To Be Publicly Quoted Club

Bulgaria's "most successful football club CSKA Sofia looks set to open a new chapter in its illustrious history and become a public company," according to Alexander Krassimirov of INSIDE WORLD FOOTBALL. The decision to make a public offering of the club's share was announced by Red Champions group r ...

Tags: Finance, Europe

Messi 'Relaxed' Amid Tax Accusations

Lionel Messi insisted on Wednesday that he "understood nothing about tax," according to FOOTBALL ESPANA. Messi "was hit by tax fraud allegations last month but defended himself when questioned" following a practice. Messi: "I am relaxed and distance myself from all that. My father and I have advis ...

Tags: Finance, Europe

China Losing Shoe Orders To SE Asia

The Asia Footwear Association said that Chinese shoe manufacturers have lost 30% of orders to factories in Southeast Asia since '08 "due to the increase in manufacturing costs," according to Liu Xiaozhuo of CHINA DAILY. AFA Secretary General Li Peng said that China's labor costs "have increased rapi ...

Tags: Finance, Asia

J.League Sees Revenue Growth

The 18 clubs in the J1 top tier of Japan’s Professional Football League increased revenue by 8% to an average of 3.15B yen ($31.5M) in '12, even as money distributed by the J.League itself fell slightly. J.League spokesperson Yasunori Fujiwara told SBD Global, "Income declined a little from lo ...

Tags: Finance, Japan

Stuttgart Tries To Close Financial Gap

Bundesliga club VfB Stuttgart "has to compensate the partial withdrawal of exclusive partner energy provider EnBW," according to Thomas Näher of the STUTTGARTER ZEITUNG. Club Marketing Dir Jochen Röttgermann "has brushed up the club's sponsorship pool through a large-scale offensive." Howe ...

Tags: Finance, Europe

Debt Of Ligue 1 Teams On The Rise

French football "is still in the red as all Ligue 1 clubs saw its debt increase at the end of last year, compared to the previous season," according to SPORTS. Ligue 1 "continues to show negative financial results." French newspaper Les Echos, which got its hand on the provisional accounts of the Pr ...

Tags: Finance, Europe

Real Madrid Most Valuable Sports Team

Real Madrid "is now the world’s most valuable sports franchise," worth $3.3B, surpassing former No. 1 ManU, according to Kurt Badenhausen of FORBES. Los Blancos "have the highest revenues of any team in sports" ($650M during the '11-12 season), and revenues are up 62% over the last three ...

Tags: Finance, Europe, North America

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