Sports

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.

Man United sale heads into messy added time

15 Jun 2023

The Premier League soccer club is in the final stages of a tense bidding war. In this Viewsroom podcast, Breakingviews columnists debate the merits of offers from a Qatari suitor and chemicals tycoon Jim Ratcliffe, and what options minority investors face if they are shut out.

Man United takeover drama may end up in court

9 Jun 2023

The $3 bln soccer giant is up for sale. Hedge funds are preparing to fight any attempt by the controlling Glazer family to exclude minority investors from a deal. The club’s relatively low valuation, compared with recent takeovers, suggests a high chance of that happening.

Golf’s Saudi surrender is par for the course

7 Jun 2023

The sport’s main US and European tours are linking their commercial arms with Riyadh-run LIV Golf. Saudi gets the smaller stake despite being the only partner to put in cash. But as it has shown by splashing out on other sports, the chance to polish its image is more valuable.

Capital Calls: Amazon, Aramco

9 May 2023

Concise views on global finance: Rising costs and cautious consumers are driving the e-commerce giant to sell goods through mobile games and push incentives; the $2 trillion Saudi oil company’s new dividend policy is one way to interest investors in future share sales. 

Man U sale rejig will perturb other soccer sellers

19 Apr 2023

The Glazers want to sell the Red Devils for $7 bln, but may have to settle for a stake sale to private equity instead. That raises the question of whether club valuations have peaked. If so, the likes of Man City’s Silver Lake may find it harder to secure a lucrative exit.

James Murdoch’s cut-size India deal has some logic

14 Apr 2023

Rupert Murdoch’s son and ex-Disney executive Uday Shankar are pumping $530 mln into a cricket-rights owning joint venture with Reliance Industries, a third of the original amount. India’s streaming war may be heating up, but both sides had good reasons for a rethink.

WWE and UFC merger mania is quite the production

6 Apr 2023

The wrestling heavyweight has agreed to merge with Endeavor’s mixed martial arts franchise in a $21 bln deal. In this Viewsroom episode, Breakingviews columnists discuss why the transaction makes sense strategically, but the financial logic is contorted.

WWE-UFC headlock relies on financial theatrics

3 Apr 2023

Combining the producers of wrestling and mixed martial arts is set to create a new $21 bln company. Grappler-in-chief Vince McMahon gets a richer valuation on paper than partner Endeavor’s outfit. This storyline, including potential synergies, leaves a lot to the imagination.

Capital Calls: Nike, Stablecoins, Meme stocks

22 Mar 2023

Concise views on global finance: The Air Jordan maker grew quarterly revenue 14% despite inventory woes and China’s slow reopening; diverging demand for Circle and Tether cryptocurrencies raises questions about how investors are assessing risk; and GameStop’s shares surged 40%.

Kanye West blunder puts Adidas in play

15 Mar 2023

The $28 bln sportswear maker is battling to restore its image after ditching a lucrative but dubious alliance with the musician. That requires CEO Bjorn Gulden to splurge on marketing, hitting dividends and margins. Adidas’s depressed valuation may soon catch the eye of rivals.