Finance Notes: Spanish Swimming Federation Presents Losses Of $661,500

The Spanish Swimming Federation (RFEN) sacked Dir Eugenio Bermúdez after presenting losses of nearly €600,000 ($661,500). At a meeting in late December, some RFEN execs "complained over directors not fulfilling the viability plan set out" by Spain's Superior Sports Council (CSD) and "increasing the debt." In October, the RFEN had €200,000 ($220,500) in its accounts. It is suspected that "poor management and and errors calculating broadcasting (streaming) from competitions have been part of this change" (AS, 3/5). ... Betfair "shrugged off new gambling tax rules" in the U.K. as it raised expectations for full-year profits by 15% "on the back of a doubling in mobile gaming revenues." Shares in the online gambling group jumped 15.9% to £20.70 ($31.54) in morning London trading as CEO Breon Corcoran said he would "continue to plough money into marketing and developing new products" (FINANCIAL TIMES, 3/5).