Motor-racing deal faces quick antitrust pitstop 11 Apr 2024 F1 owner Liberty Media is doubling down on sports broadcasting rights with its $4.5 bln buy of MotoGP’s parent. CVC’s 2006 attempt to own both racing series got an EU antitrust black flag. The rise of streaming channels means mogul John Malone will have an easier ride this time.
Adidas catch-up remains off the necessary pace 13 Mar 2024 The $37 bln sneaker maker is emerging from its Yeezy trainer crisis. CEO Bjorn Gulden’s focus on fashionable trainers is helping to grow sales. But given the ropey economic outlook, which is hitting rival Nike, investors don’t yet look convinced he can deliver on his ambitions.
Capital Calls: Temu’s spending 12 Feb 2024 Concise views on global finance: The Chinese shopping app’s Super Bowl commercial is part of a broader effort to win market share. It’ll help companies like Meta, but Temu now has a chance to muscle in on Amazon’s turf and force the e-commerce giant to compete.
PGA political golf drama is Saudi’s Trump card 12 Feb 2024 Senators accused former Citi banker Michael Klein and other consultants of siding with PIF over an agreement with the PGA and its investments in the US. While the golf tie-up remains in flux, political scrutiny is intensifying. A delay could work in the Saudis' favor.
Taylor Swift offers masterclass in animal spirits 9 Feb 2024 The pop megastar finds herself in the middle of multiple fierce contests, from the Super Bowl to streaming to the US presidential election. Competition works wonders for asset prices, and Swift is no exception. The question is whether she can reliably pick a winner.
China’s challenges come dressed in sportswear 5 Jan 2024 Li Ning, which sells athletic goods and leisure wear, was the worst-performing Hong Kong blue chip in 2023. A real-estate play bombed while cost-conscious shoppers are switching back to cheap local brands and foreign rivals like Nike. The retailer reflects its country’s woes.
Man Utd deal is messy substitute at trophy price 27 Dec 2023 Tycoon Jim Ratcliffe’s purchase of a 25% stake values the British club at a hefty $6.2 bln. That still leaves him running behind the Glazer family with no easy path to control. A fuzzy turnaround plan means the Red Devils’ fortunes on the pitch may not recover soon either.
Baseball star’s payday channels Goldman’s Gus Levy 12 Dec 2023 Shohei Ohtani is deferring 97% of his $700 mln deal with the Dodgers and will cash checks until 2043. The structure gives the team co-owned by Guggenheim’s CEO financial wiggle room. This aspect of Moneyball embraces a long-term greedy ethos that’s extreme even for Wall Street.
Soccer will inch towards financial rationality 8 Dec 2023 TV income is stagnating or shrinking in the big European leagues, and regulatory limits on clubs’ spending will soon bite. Chelsea, Man United and others must either do a much better job at monetising their vast global fanbases, or finally clamp down on player salaries.
NCAA gets B for paying jocks; for an A, drop the C 6 Dec 2023 The National Collegiate Athletic Association’s plan to uncap amateur earnings while attending school is a long-overdue change for good. Its blueprint has flaws, however, and keeps control in the hands of a few. A good next step would be to separate sports from higher education.
Saudi’s Indian cricket play works for both sides 30 Nov 2023 The kingdom is looking to invest as much as $5 bln in the Indian Premier League. In this Viewsroom podcast, Breakingviews columnists discuss what it means for the sport and how it sizes up against Riyadh’s growing global sporting ambitions.
With Saudi, India can push new cricket boundaries 20 Nov 2023 India is on course to dominate the sport despite its defeat in the cricket World Cup final at the weekend. The kingdom has discussed a deal valuing the Indian Premier League at $30 bln, per Bloomberg. It’s a wise departure from Riyadh’s heavy-handed approach to sports investing.
WWE McMahon’s slugfest loss is shareholder win 13 Nov 2023 The person behind the professional wrestling firm is selling shares just after it merged with Endeavor’s UFC. That could be a precursor to him bowing to Hollywood mogul Ari Emanuel. McMahon may feel it’s anticlimactic. But giving investors clarity on leadership is a victory.
Sports teams’ trophy status boosts private equity 10 Oct 2023 A stake sale could value the NBA’s Golden State Warriors at $7 bln, making it one of the world’s most valuable teams. Billionaires’ scramble for trophy assets is pumping up price tags. That makes sports one of the safest bets around for buyout shops taking a piece of the action.
UFC’s Saudi challenge may be less than a body blow 22 Sep 2023 After its WWE merger, the mixed martial arts promoter’s $15 bln parent TKO faces a smack from Saudi-backed PFL. But the latter is targeted more at non-US fans, a lesser market for UFC. Saudi may also struggle to scale up enough to deliver the knockout blow it managed with golf.
Saudi binge is fiscal free kick for European clubs 18 Aug 2023 The Kingdom’s top league has spent some 600 mln euros this year buying star soccer players, like striker Neymar. The boom in transfers helps Europe’s teams meet new wage rules. It could be an own goal, but Saudi’s dream of becoming a football powerhouse looks like a distant risk.
Capital Calls: FC Barcelona’s $1 bln SPAC deal 11 Aug 2023 Concise views on global finance: The Spanish soccer club is merging its media arm with a blank-check firm. Pinning its value on the franchise’s social-media followers is worthy of a red card.
Saudi Mbappé bid even less rational than it looks 25 Jul 2023 State-owned Al Hilal offered $1.1 bln in fees and pay for soccer star Kylian Mbappé, reports say. Spain’s LaLiga gets less in international broadcast revenue a year. Saudi’s nascent league would gain, but the data doesn’t suggest either it or “sportswashing” overall will work.
Capital Calls: AMC’s meme investor backlash 18 Jul 2023 Concise views on global finance: A new lawsuit looking to force a shareholder meeting adds to growing antagonism between $2 bln movie theater chain AMC and the retail investors who buoyed its business during the pandemic. For boss Adam Aron, meme stock stardom comes at a cost.
Saudi golf shot plays through CFIUS hazards 14 Jul 2023 US lawmakers grilled PGA bosses about the deal they struck with the kingdom’s rival upstart. AT&T’s former CEO also quit a board in protest. Despite the concerns, Riyadh already owns stakes in EV-maker Lucid, video-game maker Scopely and more. Its soft-power game is strong.