Sports Business

Capital Calls: Online fashion retail

15 Jul 2021

Concise views on global finance: The return of old customer habits and muted demand as the pandemic lingers could reverse the recent stellar run of the likes of ASOS.

Numerate faithful put stock in an England victory

9 Jul 2021

Goldman Sachs says the Three Lions will beat Italy in Sunday’s Euro 2020 final. Before that, it reckoned Spain would beat Italy, and Belgium would win the whole thing. One side benefit of an English win is that forecasters might keep being allowed to get it entertainingly wrong.

Capital Calls: Teneo manages its own crisis

29 Jun 2021

Concise views on global finance: Declan Kelly, the PR firm’s chair and CEO, has quit after allegations of drunken behavior. Bad behavior is an underappreciated risk in people businesses.

Indian cricket bowls toward financial big leagues

25 Jun 2021

RedBird Capital, backer of baseball’s Red Sox, is buying into the Rajasthan Royals, valuing the team at up to $300 mln. That puts it within reach of the top 30 European soccer clubs. The deal spotlights the Indian Premier League’s lucrative American-style commercial potential.

Capital Calls: Infrastructure, Doximity, Deliveroo

24 Jun 2021

Concise views on global finance: President Biden’s $1 trln bipartisan plan for U.S. infrastructure is a feat of political engineering. Meanwhile, medical-themed social network Doximity finds riches in niches, and UK delivery outfit Deliveroo serves up a favorable court ruling.

UFC has to earn its valuation belt

4 Jun 2021

The mixed martial arts powerhouse was valued at nearly $10 billion in deals struck alongside owner Endeavor’s IPO. That’s in line with big-talking UFC boss Dana White’s assessment. It’s a lot pricier than rival sports franchises, though. It could take some big hits to justify it.

Capital Calls: AMC craziness, Pro lacrosse

2 Jun 2021

Concise views on global finance: The movie-theater chain raised $230 million from a hedge fund, which promptly sold the shares at a profit; New England Patriots owner Robert Kraft and Alibaba's Joe Tsai are betting on the latest U.S. effort to professionalize the preppy sport.

End the Olympics once and for all

2 Jun 2021

The Tokyo games are a Covid calamity. Beijing as 2022 host is turning into a bitter referendum over human rights. Pierre de Coubertin’s noble mission has been corrupted, distorting sports and urban economies. Sponsors and athletes have other options. Pass the torch elsewhere.

Capital Calls: Apollo, Microsoft

20 May 2021

Concise views on global finance: The second of the asset manager’s three founders moves on; the software firm is pulling the plug on Internet Explorer.

Knicks owners flirt with Humpty-Dumpty capitalism

13 May 2021

Shares of Madison Square Garden and its sister sports networks took a beating as the family controlling them plans to smush them back together. Returning to a conglomerate structure may benefit the empire-building Dolans, if not shareholders. Entrenched ownership has its price.

Capital Calls: Amazon EU tax win, Scooter SPAC

21 Jan 2022

Concise views on global finance: Jeff Bezos’s e-commerce giant wins a victory over the European Union, but the battle has already moved on; Bird’s $2.3 billion price tag is relatively high but less pie-in-the-sky than some recent deals.

Soccer’s U.S. owners stuck relying on golden goal

29 Apr 2021

The aborted Super League was a way for Manchester United, Liverpool and Arsenal’s American proprietors to control player wages. They now lack a clear alternative for boosting earnings. To sell out profitably, they’ll have to find buyers more focused on glory than the bottom line.

Viewsroom: The Super League’s short, unhappy life

22 Apr 2021

The richest European soccer clubs, including Juventus and Real Madrid, swiftly aborted plans to create a breakaway competition. But as Liam Proud and Peter Thal Larsen explain, the financial appeal of a U.S.-style sporting cartel remains irresistible. Plus, Huarong’s woes.

Anta bets Chinese shopping nationalism won’t last

22 Apr 2021

The controlling shareholder of the sportswear company will pocket $1.5 bln from a 30% share rally after consumers threatened boycotts of Western brands critical of Beijing’s Xinjiang policy. It’s smart timing by struggling Anta; patriotic outrage is a fickle sales driver.

Soccer’s Super League zombie will rise before long

21 Apr 2021

The breakaway competition is on life support after six English teams pulled out. Yet the financial logic of a U.S.-style sporting cartel remains irresistible for the owners of clubs like Real Madrid and Manchester United. Barring a regulatory crackdown, the idea will return.

Soccer Super League plan starts one goal down

19 Apr 2021

There’s financial logic to the JPMorgan-backed breakaway of 12 clubs including $3 bln Manchester United. But unlike past soccer upheavals, the pan-European competition would supplement rather than replace existing revenue. That gives its many opponents strong bargaining power.

Capital Calls: Elon Musk, LeBron James

1 Apr 2021

Concise views on global finance in the Covid-19 era: Endeavor, Ari Emanuel’s entertainment group, is hoping the Tesla boss’s stardust will help a second attempt at an IPO; the basketball star’s stake in the Red Sox is a foil to Steve Cohen’s Mets deal.

IPO laggards pay price for predecessors’ chutzpah

30 Mar 2021

Miner GV Gold, defence firm Leonardo DRS and soccer team Club Brugge shelved their listings. Investors have been stung by the poor performance of a wave of richly valued tech floats earlier this year. With the pipeline still full, hopeful issuers will now have to offer bargains.

Capital Calls: Elon Musk, AstraZeneca

15 Mar 2021

Concise views on global finance in the Covid-19 era: The electric-vehicle maker’s jocular new title of “Technoking of Tesla” tests the theory that deeds matter more than words; fears over the drugmaker’s vaccine risk further delaying the re-opening of Europe’s economy.

Capital Calls: McKinsey, Celebrity SPACs

10 Mar 2021

Concise views on global finance in the Covid-19 era: McKinsey’s new boss isn’t new enough; the SEC tells investors to be careful of celebrities bearing SPACs.