Sports

Vacant arenas fortify TV’s financial grip on sport

28 May 2020

When games restart, distancing rules will mean emptier soccer and baseball stadiums. Sports which rely less on live crowds, like golf or Formula 1, may benefit. More home viewers should further boost the value of media rights, already worth $51 bln, and offset lost ticket sales.

Corona Capital: Hockey, HBO, Minority businesses

27 May 2020

Concise views on the pandemic’s corporate and financial fallout: A plan to get pucks back on the ice offers a sporting template. Meanwhile, HBO’s streaming service may have missed its moment, and a survey shows minority-owned businesses have mixed feelings about life after Covid.

Review: Michael Jordan marks capitalism’s end, too

22 May 2020

ESPN’s documentary “The Last Dance” explores the basketball legend who defined the 1990s and the modern sports industry. He personifies U.S. business – with his intense competitiveness and bullying. He’s a reminder of when U.S. dominance looked like a slam dunk.

Soccer stars’ wallets will carry the Covid burden

21 May 2020

England’s top league wants to follow Germany by restarting games. That would help teams minimise lost sales, which may be up to $1.3 bln. Still, the world’s biggest sport will be far less lucrative after the virus. Player wage cuts may be the only way to ensure clubs’ viability.

Corona Capital: Car racing, Royal Mail

15 May 2020

Concise views on the pandemic’s corporate and financial fallout: NASCAR is gearing up for a comeback; Royal Mail CEO delivers good news by departing.

Cable networks risk post-virus vicious cycle

7 May 2020

Live sports are a big reason Americans tolerate pricey pay-TV packages. The lack of games is an excuse to cut the cord. Yet the NFL and others will want more for broadcast rights to make up for empty seats. That could push cable bills higher, and more subscribers toward the exit.

Corona Capital: Payments M&A brawl, Endeavor

7 May 2020

Concise views on the pandemic’s corporate and financial fallout: Payments firm Wex’s attempt to ditch a double deal for two UK rivals will face legal pushback and perhaps Elliott Management’s ire. Talent agency Endeavor’s 2018 Epic Games investment is starting to come in handy.

Pandemic stalls Ferrari’s Formula 1 turboboost

4 May 2020

Bans on mass events are disrupting this year’s racing season. That’s bad for the luxury carmaker, which in 2019 made 14% of its revenue from Grand Prix events and branding. While the core auto business should hold up, a lack of action on the tracks leaves growth in the slow lane.

Corona Capital: Baseball and robo-taxis

4 May 2020

Concise views on the pandemic’s corporate and financial fallout. Taiwan hits on a way to please baseball fans, with the help of some people-shaped placards. Meanwhile, chipmaker Intel finds a deal amid a crisis.

NFL draft is an anti-capitalist oddity to treasure

23 April 2020

The three-day sign-up of rookie players gives first dibs to the weakest teams to ensure all get a shot at success. It’s the opposite of laissez-faire, yet also entirely American – and makes the unhelpful adherence to market forces in areas like healthcare all the more illogical.

Corona Capital: Merger bans, Moelis, Domino’s Pizza

23 April 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. politicians plan a curb on opportunistic M&A, advisory boutique Moelis cuts its dividend, and Domino's delivers.

Corona Capital: Extended Stay, Victoria’s Secret

22 April 2020

Concise views on the pandemic’s corporate and financial fallout: Blackstone checks back into one of its favorite old haunts, hotel chain Extended Stay; while another private-equity shop, Sycamore, tries to dump its proposed investment in lingerie seller Victoria’s Secret.

Corona Capital: American football fail

14 April 2020

Concise views on the pandemic’s corporate and financial fallout: The NFL has better finances and sturdier supporters than the XFL, which just filed for bankruptcy right after its reboot. But the Super Bowl operator’s future also rests on coronavirus-induced physical distancing.

Corona Capital: Banking bonuses, Local TV M&A

30 March 2020

Concise views on the pandemic’s corporate and financial fallout: BBVA’s ditched bonuses pressure peers; local TV deal has more than one struggle.

Corona Capital: India on lockdown

24 March 2020

Concise views on the pandemic’s corporate and financial fallout: India's prime minister, Narendra Modi, tells 1.3 billion people to stay at home as the country grapples with the early stages of an outbreak.

World will be ready for some 2021 Olympic spirit

24 March 2020

It’s likely the Summer Games won’t go on as planned in Tokyo. Cancelling would be a defeat, but rescheduling for next year a symbol of resilience. By then, an economic recovery should hopefully be under way and global audiences will be drawn more than ever to the Olympic flame.

Ironman sale threatens Chinese owner’s endurance

10 March 2020

Wanda Sports had lost 70% of its value since going public last July, hurt by disappointing results and debt concerns. It may now offload the division that houses the crown-jewel triathlon. Parting with such a big part of the IPO pitch hardly inspires confidence about the rest.

Japan can handle Olympic defeat

3 March 2020

The flame is set to be lit as planned in Tokyo in late July, but the coronavirus casts fresh doubt each day. An economic uplift worth some $280 bln was anticipated. The bulk of it is already booked, though. And the country has plenty of tourism momentum on which to build.

Penn National can cover its $1.3 bln spread

19 February 2020

That’s how much the casino company’s market value jumped after it said it was buying a $163 mln stake in online sports and media firm Barstool Sports. Young gamblers are a hot commodity, but they are difficult for traditional casino operators to reach. Fliers are worth a try.

Hong Kong bankers drop-kicked while they’re down

14 February 2020

The city’s World Rugby Sevens leg has been postponed six months because of the coronavirus. Sponsor HSBC and its rivals typically schmooze clients and cut loose at the big event. Its absence in the April diary will be a grim reminder of the tough year ahead in Asian finance.