Sports

The Exchange: Riding the high-tech fitness boom

4 Jan 2022

Signa Sports United is a network of web shops and fulfilment systems for cycling, team sports and outdoor kit. Its CEO Stephan Zoll speaks to Dasha Afanasieva about going public through a Ron Burkle-backed SPAC, and how punters are spending big on sophisticated bikes and rackets.

Viewsroom: Some of our 2022 predictions, Part One

23 Dec 2021

Look for an end to the cult of revenue and another milestone for Microsoft. As net-zero efforts falter, investors ready a Plan B. Riyadh becomes strangely appealing. The World Cup pays dividends for the Gulf. And chips become Taiwan’s green calling card. Our columnists explain.

Qatar’s World Cup will pay Gulf-wide dividends

22 Dec 2021

After an awful lead-in, expectations for soccer’s showcase event in 2022 are low. Even so, the tiny emirate’s status will likely benefit. Provided Covid-19 is under control, the jamboree should also boost a regional economic recovery that has lagged other parts of the globe.

Capital Calls: 3M is a banker’s idea of no fun

15 Dec 2021

Concise views on global finance: The industrial giant has paid investment bankers 95% less in fees than General Electric. The company may have a hard time getting Wall Street’s best advice, even though deals might not help it.

Women’s Tennis models real China ESG

2 Dec 2021

The association is halting lucrative tournaments in the country after local star Peng Shuai went missing following sexual assault claims. Western companies generally exempt China from espoused social values. The weak track record makes it hard to see many following the WTA lead.

Japanese golf buyout plays like a long par-4

22 Nov 2021

SoftBank-backed Fortress is paying $3.5 bln for Accordia’s collection of courses. The sport’s Covid-19 resurgence probably isn’t sustainable, so a valuation of over 10 times EBITDA adds some hazards. A few solid strategic shots, however, could make the investment green reachable.

Capital Calls: Canada Goose’s extra insulation

5 Nov 2021

Concise views on global finance: Shares in the winter-jacket firm flew up over 16% after the company reported a 40% rise in sales, but the company’s valuation still has some extra padding.

China’s Li Ning risks running too far off trail

29 Oct 2021

The $28 bln sportswear maker is raising $1.3 bln to capitalise on a stock rally partly fuelled by nationalistic Gen Z. International expansion and brand-building are among the targeted uses for the money. It might get more bang for the buck by beefing up a small R&D budget.

CVC bets Indian cricket will set richer boundaries

26 Oct 2021

The buyout fund beat a billionaire banker and tycoon for one of two new Indian Premier League franchises, which sold for a combined $1.7 bln. Its bid stacks up providing hype about the upcoming auction of media rights, held by Disney, is realised. A longer season will help too.

Capital Calls: Fantasy-sports group M&A flop

26 Oct 2021

Concise views on global finance: DraftKings has walked away from Entain but the UK target may still attract interest.

Newcastle bid suits Saudi more than UK soccer

7 Oct 2021

A consortium led by the kingdom’s Public Investment Fund may buy the northeastern club for 305 mln pounds. Saudi Arabia gets a storied team for a low price, and cheap PR. Yet having another deep-pocketed sovereign backer will further distort competition in British soccer.

Capital Calls: Facebook, TeamViewer, Audio M&A

6 Oct 2021

Concise views on global finance: Whistleblower Frances Haugen’s polished rollout is a warning for Big Tech; the video software specialist’s 25% share price fall shows the perils of growth stocks; hearing aid group GN snaps up headset maker SteelSeries for $1.3 bln.

Viewsroom: Bitcoin, El Salvador and Roger Federer

9 Sep 2021

As the Central American country adopts the cryptocurrency as a coin of the realm, Richard Beales and Gina Chon discuss the merits of stablecoins and the scramble by regulators to catch up with the market. Karen Kwok takes a slice at Roger Federer-backed running shoe outfit On.

Capital Calls: AMC, German pet retailer

8 Sep 2021

Concise views on global finance: The movie theater chain enjoyed bumper Labor Day attendance; a trio of private equity suitors are circling Zooplus.

Viewsroom: Scoring Ronaldo’s return to Man Utd

2 Sep 2021

Shareholders cheered the prolific Portuguese striker’s surprise decision to rejoin his former club in England. His three-year stint at Juventus, though, was hardly a clear financial victory. Plus: An $80 bln IPO valuation for electric-truck maker Rivian would be too racy.

Man Utd investors lose heads over Ronaldo signing

30 Aug 2021

The soccer club’s shareholders hailed the Portuguese striker’s return by adding $165 mln to its market value. The 36-year-old brings goals and commercial clout, but he also left former club Juventus with a higher wage bill. Investors are unlikely to share in his success.

Capital Calls: UK engineer bidding war, Inflation

11 Aug 2021

Concise views on global finance: U.S. aerospace group TransDigm tries to elbow out rival Parker-Hannifin with a $9.7 bln bid for Meggitt; predicting U.S. consumer prices is proving tricky.

Reheated CVC soccer plan faces better Spanish odds

5 Aug 2021

The sporty buyout fund wants to invest 2.7 bln euros in La Liga, mirroring a proposal that flopped in Italy’s Serie A. At just over 10 times commercial revenue, the higher-flying Spanish league’s valuation is lower. Yet the latest deal’s chances of finding the net look safer.

Viewsroom: Olympic blunders and Robinhood’s IPO

22 Jul 2021

The Tokyo games are struggling with rising Covid-19 infections, corporations pulling out, an unenthused Japanese public and now a bad Holocaust joke. Pete Sweeney and Rob Cox discuss. Meantime, John Foley says Robinhood resembles E*Trade 20 years ago – in good and bad ways.

Capital Calls: Twitter, Domino’s Pizza

22 Jul 2021

Concise views on global finance: Jack Dorsey’s social network reported a 74% bump in revenue despite a slowdown in adding new users; meanwhile, Domino’s Pizza shows one thing that hasn’t abated in 2021 is customers’ love of takeout pies.