Former Super League side Salford Red Devils Owner Marwan Koukash "agreed to write off debt owed to him by the club." The move comes after the club announced it looks "increasingly vulnerable" since Koukash handed control to a community trust in '17. Salford Dir Andrew Rosler added that the deal is "conditional on the club self-financing during this season and next" (BBC, 5/23).
Saudi Arabia Crown Prince Mohammed bin Salman will "cover all external debts" owed by Saudi Professional League clubs, according to an announcement by the General Sports Authority and Saudi Arabia Football Federation. Bin Salman will reportedly provide $340M, "which will be sufficient to clear outstanding debts and enable clubs to invest" ahead of the '18-19 season (INSIDE WORLD FOOTBALL, 5/23).
An inspection of Premier League club Newcastle United's '16-17 financial accounts revealed the club spent nearly £1.3M at equipment store Sports Direct and at Owner Mike Ashley's other companies. The retailer is "already a heavy presence" at St. James' Park -- the stadium is "emblazoned with its name and was even rebranded, albeit for a brief period, the Sports Direct Arena." Ashley "also kept it in the family when it came to matchday hospitality," with £77,951 spent on his "nearest and dearest" (BBC, 5/23).
Esports company aXiomatic raised $25M in a series B funding round, according to a document filed with the U.S. Securities & Exchange Commission on April 11. Leading the round was Bruce Karsh, an exec board member for the NBA Golden State Warriors. He is also the co-founder and president of Oaktree Capital Management (THE ESPORTS OBSERVER, 5/23).
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