Thai duty-free operator King Power Int'l Group "has bought a controlling stake in the Thai unit of budget carrier AirAsia" for 7.9B baht ($224.5M), "amid speculation of uncertainty surrounding the future renewal of the company’s retail business concessions."
The acquisition "represents a new direction" for King Power Founder Vichai Srivaddhanaprabha, whose Leicester City became England’s Premier League champions in May. Vichai: "This is about wealth. We decided to invest now because both companies are currently enjoying high growth and this should be a good opportunity to highlight the two companies’ strengths, as the synergy will further drive growth while helping us better respond to travelers’ demand" (WALL STREET JOURNAL, 6/14).
Former world No. 1 Maria Sharapova "is set to lose out on tens of million of combined earnings from her career on and off the tennis court." The losses could stretch to upwards of $50M if the Court of Arbitration for Sport "does not reduce her sentence." Sharapova "will miss the rest of play this season, the Rio Olympics, as well as play next season." Sandwiched in that schedule are major tournaments such as Wimbledon and the U.S. Open. However, "the bulk of her earnings come from sponsorship deals with several companies" (VAVEL, 6/14).
