Marketplace Roundup
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Manchester United's Financial
Future "Looks Far From Rosy" |
In London, Bowers & Moya reported lenders to F1 and EPL club Manchester United "have been selling on loans taken out by the two businesses at deeply distressed prices as they grow concerned about the ability of heavily indebted companies to meet interest payments through a recession." ManU's "financial future looks far from rosy," as the club's "senior (high priority) debt is now being traded at 70p in the pound." Discussions about refinancing loans "through securitisation of future gate receipts have been shelved, as the market for such products has in effect closed." Meanwhile, F1 debt investors "have even deeper concerns." Senior debt "issued to fund private equity firm CVC Capital's 2006 takeover of the sport's commercial rights is trading at 51p in the pound" (London OBSERVER, 3/15).
JUST DO IT: In N.Y., Phil Mushnick reports Golf Channel's "The Haney Project," which documents golf instructor Hank Haney attempting to correct the golf swing of TNT's Charles Barkley, "seems suspiciously heavy on commercialization," and though the net said that the show has "'no formal' tie-in, episodes reek of Nike." Barkley and Haney "wear Nike logos; Barkley even sits on a bench embossed with a Nike logo." Golfer Tiger Woods also "appears in Nike logos." Mushnick: "And, look -- here comes CBS's David Feherty, flashing Nike logos. Hmmm" (N.Y. POST, 3/16).
ROUNDUP: Sybase is using text messages to communicate with fans attending the LPGA tournament it title sponsors May 14-17 in northern New Jersey. Fans who text “LPGA” to 792273 (Sybase) will receive a promotional code redeemable for two free tickets at sybaseclassic.com. The sponsor will also provide tournament information via text message leading up to the event, as well as leaderboard updates during competition (Jon Show, SportsBusiness Journal)....About.com yesterday ran a full-page ad in the N.Y. Times featuring Knicks G Nate Robinson under the header, "Here To Help You Grow Your Game." The ad also promoted a Nate The Great Fan Pack that includes four tickets, four meals and four gifts for $99 (THE DAILY).
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