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Volume 6 No. 211

Finance

The Indian Premier League is going to be "even bigger" next year as the eight franchises will end up spending between Rs 480 crore ($72.2M) and Rs 640 crore ($96.2M) on players alone, according to Gaurav Laghate of the ECONOMIC TIMES. The IPL Governing Council "upped the player cap for the franchises for the next three years." The franchises are now allowed to spend up to Rs 80 crore ($12M) in '18, compared to Rs 66 crore ($9.9M) in '17. The franchises will be allowed to shell out Rs 82 crore ($12.3M) in '19 and Rs 85 crore ($12.8M) in '20. Franchises will have to spend a minimum of 75% of the salary cap for each season. As part of the player retention policy, franchises "have been allowed to secure a maximum of five players" through a combination of pre-auction retention and Right to Match cards. The governing council decided that the player pool available for the Chennai Super Kings and Rajasthan Royals, which are returning after a two-year ban, will be the players who played for them in '15 and who were part of the Rising Pune Super Giants and Gujarat Lions in '17 (ET, 12/6).

The Jockey Club extended its £25M ($33.5M) racecourse bond, first issued in '13 to "help fund its major development at Cheltenham racecourse," according to Bill Wilson of the BBC. Its decision to offer a rollover on the bond issue has seen 96% of original investors choose to retain more than £23.6M ($31.6M) invested in the product. The bond provides quarterly cash interest payments at a rate of 4.75%. Another 3% return comes in the form of Rewards4Racing points, "which can be used on things like tickets and hospitality." The money raised by the original bond was used as capital toward "the state-of-the-art development of Cheltenham Racecourse," including the creation of the Princess Royal Stand. Earlier this year, the Jockey Club announced a record annual turnover of £191.5M in '16, "up 4.5% on a year earlier" (BBC, 12/6).

Andy Murray "backed two more early-stage businesses as part of his strategic relationship with Seedrs." Murray invested "undisclosed amounts" into U.K. tech companies GoodBox and ZoomDoc. He said, "These two businesses provide innovative, much needed solutions" (BDAILY, 12/6).

DeNA Corp. will become the new owner of B.League club Toshiba Brave Thunders, starting with the '18-19 season. The team is currently owned by Toshiba Corp. The ownership change for the "traditional powerhouse" was approved in a league board meeting (JAPAN TIMES, 12/6).