McLaren boss says operating costs now ‘break even’ following fundraising and redundancies, and downplays second wave fears October 19, 2020 McLaren CEO Mike Flewitt has described his “horrible” 2020 in an exclusive interview with City A.M., but says he is “cautiously optimistic” despite the second wave of coronavirus. Flewitt was forced to make 1,200 redundancies – almost a quarter of the company’s 4,000-strong workforce – and carry out a sale and lease-back of the McLaren [...]
Sir Keir Starmer backs return of Arsenal mascot Gunnersaurus October 7, 2020 Sir Keir Starmer has thrown his weight behind sacked Arsenal mascot Gunnersaurus and called for his return to the club. A spokesperson for Starmer, an Arsenal season ticket holder, said today that the Labour leader was “disappointed” by the club’s decision to axe its iconic mascot and the man who plays him – Jerry Quy. [...]
Shot in the arm for e-sports market as David Beckham-backed enterprise is UK’s first to float October 2, 2020 David Beckham’s e-sports company Guild Esports started trading on the London Stock Exchange today. The firm, which trades under the ticker GILD, is the first major e-sports company to go public in the UK. Guild Esports said earlier this week that its oversubscribed offering of 250m shares was priced at 8 pence per ordinary share. [...]
Prem clubs ‘trade deficit’ hits £781m as critics of Covid-19 response mount September 29, 2020 Premier League clubs spent £781m more on bringing players into the league in 2019/20 than they received for selling players abroad, a new report reveals. The twenty top English clubs spent a record £1.61bn in the season just gone on incoming players from other leagues, but clubs brought in only £829m. Read more: Real and [...]
Saudi Arabian takeover of Newcastle United off as bid withdrawn July 30, 2020 The Saudi Arabia-backed bid to takeover Newcastle United football club has been withdrawn this afternoon. A consortium made up of the Gulf state’s Public Investment Fund, PCP Capital Partners and the Reuben brothers had reportedly made a £300m bid to businessman Mike Ashley for the Premier League team. In a statement, the group said: “With [...]
Manchester United revenue drops almost £30m due to Covid-19 May 21, 2020 Manchester United today said its revenue fell by almost £30m in the third quarter after the football season was brought to a halt due to the Covid-19 pandemic. The New York-listed football club reported total revenue of £123.7m in the three months to the end of March, down from £152.1m in the same period last [...]
Coronavirus crisis set to wipe $17bn off sports sponsorship market May 18, 2020 Global sports sponsorship revenue will fall by $17.2bn (£14.1bn) this year as a result of the coronavirus pandemic, new forecasts have revealed. Total spend is expected to reach just $28.9bn in 2020 — a 37 per cent fall year on year — as scores of live sporting events have been scrapped and businesses look to [...]
BeIN Sports urges Premier League to block Saudi bid for Newcastle April 22, 2020 Broadcasting giant BeIN Media has urged the Premier League to block a proposed £300m Saudi takeover of Newcastle United amid concerns about “industrial scale” piracy. Newcastle owner Mike Ashley is said to be on the brink of accepting a takeover offer from a consortium backed by Saudi Arabia’s sovereign wealth fund. However, the chief executive [...]
Coronavirus cancellations set to cost global sports industry $62bn April 20, 2020 The global sports industry is set to miss out on almost $62bn (£50bn) of revenue this year as almost half of all sports events are scrapped due to the coronavirus outbreak. The sector is forecast to generate $73.7bn of revenue in 2020 — roughly 45 per cent lower than the $135bn projected before the pandemic, [...]
Forget finishing the current seasons; this is a time for sport to ponder far bigger questions March 25, 2020 The now globally iconic slogan “Keep Calm and Carry On” was originally used on a 1939 British motivational poster, during the country’s preparations for World War II. With Covid-19’s outbreak and spread across Eurasia, much of British sport has appeared intent on summoning the spirit of this old poster. From the Cheltenham Festival to Champions [...]