Anta Sports puts ultimate buy rating on itself 17 Jan 2020 After outrunning short-sellers, the Chinese apparel giant is issuing 1 bln euros of convertible debt that pays nothing and can’t be swapped for equity until shares rise 40%. Strong take-up will signal confidence Anta can repeat its success reviving Fila with Finland’s Amer.
NBA legend’s globalization lesson still unfinished 2 Jan 2020 David Stern, who died on Jan. 1, revamped a flailing U.S. basketball league by turning athletes into billion-dollar brands. The star system he created as commissioner is a slam dunk, but the spirit of cross-border openness that helped the NBA go global has lost some bounce.
Soccer giant will field Chinese star to kick sales 30 Dec 2019 Super-clubs like Manchester United and Real Madrid need new revenue streams as growth from the traditional pay-TV cash cow slows. In 2020, a top team will look to boost merchandise and sponsorships in a huge market by fielding a sub-par Middle Kingdom athlete.
Tokyo brings home the Olympic gold in 2020 24 Dec 2019 Cities are often saddled with debt from hosting the games, and mismanagement has stretched from Montreal to Rio. Japan is setting new positive standards in sponsorship and sustainability, making medals from used phones. Add on short-term stimulus, and it can top the host podium.
Man City adds scrappy player to financial roster 27 Nov 2019 Silver Lake is buying about 10% of the Premier League club's owner, valuing the global soccer conglomerate at an eye-popping $4.8 bln. Victory on the pitch won’t be enough to satisfy the buyout shop’s investment goals. That may take winning in streaming, e-sports and even China.
Viewsroom: General Motors strike runs on hot air 10 Oct 2019 Workers downed tools over three weeks ago, despite last-minute concessions by the U.S. carmaker. Job-security fears are a sticking point. So is the union’s need to prove its worth after a kickbacks scandal. Plus: U.S. basketball plays smart defense on China’s Hong Kong backlash.
China’s shot at NBA draws political foul 9 Oct 2019 State TV won't screen preseason games in the country after boss Adam Silver backed a manager who supported Hong Kong protesters. The basketball association has put its $4 bln business and partners at risk, but it is pushing back anyway. It can become a rallying point for others.
“South Park” makes an anti-diplomat out of Viacom 8 Oct 2019 The animated series is banned in China after it poked fun at Hollywood’s willingness to self-censor. Owner Viacom’s business in the PRC makes it vulnerable to reprisals. For now, it can enjoy the soft power that comes from being one of few U.S. brands prepared to speak its mind.
College football learns to play by market rules 3 Oct 2019 Young U.S. athletes generate $1 bln in revenue for their governing body – yet their rewards are tightly capped. When demand is high and the supply of elite talent low, as in football, something has to give. A new California law is a nod to what other industries realized long ago.
Li Ning’s sprint easily confused for a marathon 19 Sep 2019 The $7 bln Chinese sportswear maker’s shares have nearly tripled this year and now fetch a higher valuation multiple than Nike, Adidas and Anta. A new co-CEO from Uniqlo may help build on the turnaround. Fierce competition and an economic slowdown, however, will slow the pace.
Tencent e-sports stars would play better as a team 23 Aug 2019 Shares in China’s DouYu have crashed since its first results as a U.S.-listed company. Video-game streaming rival Huya is gaining users faster, spends less on sales, and is not as reliant on top gamers. For Tencent, a big investor in both, it’s a new reason to push for a merger.
The Exchange: Soccer gets smart 30 Jul 2019 It’s summer, which means top teams like Barcelona and Manchester United are brandishing their cheque books in the player-transfer market. But the way soccer clubs choose their stars and fund the purchases is changing. Researcher Sophie Tomlinson and financier Jason Traub explain.
Chinese IPOs get a red card from foreign investors 26 Jul 2019 Wanda Sports raised $190 mln in a downsized New York listing, following DouYu and other companies that have shelved or valued offers cheaply due to poor demand. The U.S.-China trade war is making buyers wary of mainland issuers, and better returns can be found elsewhere.
China’s Topsports takes eye off e-commerce ball 17 Jul 2019 Two years after a $6.8 bln buyout of Belle, the shoe retailer has unveiled IPO plans for its athletic-wear chain. A Beijing-backed fitness push should help sustain sales growth. A dependence on Nike and Adidas is a worry, though, as is the lack of emphasis on its online strategy.
Anta outruns short-sellers at surprising pace 9 Jul 2019 The $18 bln Chinese athletic-gear maker is under attack again, this time from Muddy Waters, which accuses it of fraudulently inflating profit margins. Despite an abundance of doubters, the stock is up a third this year. Resisting scepticism may be a less challenging sport.
U.S. soccer’s unsporting pay is an own goal 8 Jul 2019 The American women’s team that clinched the World Cup title on Sunday is fighting for equal wages. As with similar battles playing out in the corporate world, arguments about metrics and comparability cloud a simple point: closing the pay gap is good for long-term profit.
Wanda’s Ironman IPO could lose a little weight 4 Jul 2019 The triathlon-to-soccer arm of tycoon Wang Jianlin’s empire plans a $500 mln U.S. listing. China's legions of fans and the prospect of the 2022 Olympics in Beijing will be a draw. But a share sale eases only some of its debt load; less burdened rivals may beat it to the finish.
India’s bling cricket league reflects rich reality 10 May 2019 All eight teams in the country’s top tier are turning a profit. Shared revenue, salary caps and room to expand combine for a winning pitch. That makes it easier for tycoons like Mukesh Ambani and Saijan Jindal to justify ownership through their flagship conglomerates.
Liverpool beats peers for soccer heroics and ROICs 8 May 2019 Overturning a three-goal deficit against Barcelona in the Champions League is one of English soccer’s biggest triumphs. Jurgen Klopp’s side also bests domestic rivals on returns on invested capital. Savvy player sales are key, but bigger sponsorships would be more sustainable.
Europe soccer investors just as irrational as fans 17 Apr 2019 Juventus lost 270 mln euros of market value after the Italian club’s surprise exit from the UEFA Champions League. Victorious Dutch rival Ajax gained just a tenth of that amount. Television revenue alone does not explain the swing. Shareholders, like supporters, are overreacting.