Global Eleven Sues Swiss Sports Marketer Kentaro After Football Investment Fails
Football investment fund Global Eleven, whose backers include the son of an Italian count, sued Swiss sports marketer Kentaro, saying that "it failed to return profits from matches played by five-time world champion Brazil," according to Tariq Panja of BLOOMBERG. Global Eleven Administrator Nick Hoskins, a lawyer with Bermuda-based Wakefield Quin said, "The company is currently in litigation with Kentaro for breach of contract and for non-payment of amounts due and ongoing under those contracts. Until this matter is resolved, it isn't possible to comment any further." Global Eleven raised as much as $20M "to invest in marketing rights for exhibition games played by Brazil that Kentaro held until last year." Two people familiar with the matter said that Global Eleven's suit seeks about $8M in damages. Most of the claim is linked to Brazil's exhibition games, "which Kentaro began promoting" in '06. Kentaro COO Jonathan Hill and company spokesman Johannes Berendt "declined to comment" (BLOOMBERG, 5/7).