Finance News Articles

UK Sport reveals record investment - 18 Dec 2012

UK Sport has revealed its goal for Rio 2016, to become the first host nation in recent history to win more medals at the next summer Olympic and Paralympic Games, and will invest a record £347m into elite sports in order to do so. read more

Man City reveals drop in losses - 17 Dec 2012

Manchester City has released its Annual Report for the 2011/12 season revealing that the club’s annual losses more than halved compared to the previous season and that the club’s revenues broke the £200m threshold for the first time. read more

Portsmouth FC risk liquidation - 13 Dec 2012

Trevor Birch, Portsmouth FC’s administrator, has warned that the club faces the risk of liquidation as the matter is taken to the Royal Courts of Justice.  read more

FL reiterates Pompey point deduction - 11 Dec 2012

The Football League has reaffirmed its intention to dock Portsmouth Football Club 10 points when they come out of administration, although the Pompey Supporters' Trust, who are currently in the process of a takeover bid, have revealed that the decision was always expected. read more

Sports Revolution secures new funding - 05 Dec 2012

International fund management business, Sustainable Technology Investments Ltd, has acquired a minority stake in the sports media and marketing group, Sports Revolution, to help fund sports stadia infrastructure projects. read more

UEFA in Champions League talks - 29 Nov 2012

Michael Platini, the UEFA president, has announced that Europe’s football governing body is in the process of discussing the future of the Europa League, which could be scrapped in favour of an expanded Champions League.  read more

GFH Capital Limited buy Leeds United - 22 Nov 2012

Championship team Leeds United have been taken over by a Middle East-based private equity group, GFH Capital Limited. The firm is now in a one month transitional period and will become 100% shareholder once the takeover has been approved by the Football League which is expected to be a formality.  read more

Pompey Supporters’ Trust sign deal - 16 Nov 2012

The Pompey Supporters’ trust is one step closer to taking over Portsmouth FC before Christmas, after signing a conditional agreement with PFK, the club’s administrators.  read more

Manchester United reduce debt to £359.7m - 15 Nov 2012

Manchester United has announced its financial results for its first financial quarter ending on 30th September revealing that the club’s debt has fallen to £359.7m. read more

RFU puts loss down to lack of games - 14 Nov 2012

The RFU has announced its financial details for the year ending 30th June 2012, revealing a £6.3m loss due to fewer matches played at Twickenham. The Rugby World Cup 2011, held in New Zealand, meant England were unable to play as many home matches.  read more

Chelsea FC reveal £1.4m profit - 12 Nov 2012

Chelsea Football club have announced their financial details for the year ending on 30th June, revealing a profit of £1.4m. It is the first time the club has made a profit since owner Roman Abramovich took over in 2003.  read more

Australian firm to sue UCI - 05 Nov 2012

Australian clothing firm SKINS are threatening to sue the world cycling governing body UCI for up to £1.25m - claiming that the organisation did not do enough to stop doping in the sport. read more

Basketball team thrown out League - 31 Oct 2012

Cheshire Jets have been thrown out of the British Basketball League because of their financial problems, despite new owner Hadyn Cook’s best efforts, having saved the club from going out of existence last month. read more

Nike sells Umbro to Iconix Brand Group - 26 Oct 2012

Nike Inc has announced that it has reached an agreement to sell Umbro to Iconix Brand Group in a $225 million deal. The sports brand announced in May that it would be selling off Umbro to focus on driving growth through its namesake, having acquired the brand in 2008. It also announced that it would be selling other athletic brands Jor… read more

FA launches Women’s Football plan - 25 Oct 2012

The Football Association has launched a new five-year strategy with the aim to make women’s football the second most played sport in the country.  read more

London 2012 delivered under budget - 24 Oct 2012

The London 2012 Olympic and Paralympic Games have been delivered under budget, according to government reports indicating that the combined cost of the two events came in at £8.92bn - £377m less than the budgeted £9.29bn. read more

Jockey Club welcomes new Levy deal - 24 Oct 2012

Simon Bazalgette, group chief executive of The Jockey Club, has confirmed that a deal has been reached between the racing and betting industries for the 52nd Levy Scheme, with the deal estimated to generate £72.9m for British racing.  read more

GB Athletes discover funding fate - 16 Oct 2012

UKA has released the names of athletes who will be receiving support from the World Class Performance Programme for 2013, with a number of Olympic and Paralympic performers elevated to top level funding following successful Games performances. read more

Euro clubs pass shirt sponsor landmark - 09 Oct 2012

Clubs of the six major European leagues are for the first time earning more than €500m in shirt sponsoring this season, according to a new study. read more

Aussie Open prize boost pleases players - 04 Oct 2012

Tennis players have welcomed the news that prize money for the Australian Open will rise by Aus$4m (£2.53m), but Novak Djokovic was warned that the fight for a greater share of revenues is not over, as lower-ranked players continue to struggle paying their own way. read more

Welsh Rugby reveals record turnover - 01 Oct 2012

The Welsh Rugby Union recorded its highest ever turnover last year, after the governing body released its annual report on Monday, confirming income of £63m in the Grand Slam year. read more

Arsenal CEO backs safe financial approach - 28 Sep 2012

Arsenal Football Club has announced it has doubled its profits for the financial year ending May 2012, thanks in large to the sale of star players such as Cesc Fabregas and Samir Nasri – and Arsenal chief executive Ivan Gazidis has insisted the club will continue to follow a financially responsible strategy. read more

BT arrival a ‘threat and an opportunity’ for BBC - 27 Sep 2012

Speaking at the Nolan Partners Sport Industry Breakfast Club on Tuesday morning, Barbara Slater, BBC’s Director of Sport, said that the introduction of BT into the sport rights field represented both ‘a threat and an opportunity’ to the BBC, with the possibility of collaborations and partnerships offset against more competition for top-clas… read more

Man United announces drop in total revenue - 19 Sep 2012

Manchester United has announced a drop in total revenue of 3.3% for the year ending June 30 2012.  read more

IMG acquires stake in Sports New Media - 18 Sep 2012

IMG, the global sports, fashion and media company, has acquired a minority equity stake in Sports New Media. Based in London, SNM manages, moderates and monetises social media on behalf of their sporting clients, including athletes, associations and brands.  read more

BT announces Premiership Rugby partnership - 13 Sep 2012

Premiership Rugby has announced a new four-year broadcasting agreement with BT, worth a reported £152m, with the telecoms firm securing exclusive live broadcast rights to Aviva Premier Rugby and the JP Morgan Asset Management Sevens from the 2013/14 season. read more

Win takes Tiger past $100m mark - 04 Sep 2012

After finishing third in the Deutsche Bank Championship on Monday, Tiger Woods made golfing history by becoming the first golfer to pass the $100m mark for career earnings on the PGA Tour. read more

Transfer spending on rise throughout Europe - 03 Sep 2012

Following the close of the window on Friday night, Deloitte has revealed that spending in the summer transfer market has increased year-on-year in the Premier League, as well as France’s Ligue 1 and Germany’s 1.Bundesliga, according to analysis by the business advisory firm, although Italy’s Serie A and Spain’s Primera Division have seen spendin… read more

Pompey legends back bid to save club - 28 Aug 2012

Portsmouth FC legends Paul Merson and Steve Claridge have declared their support for the Pompey Supporters’ Trust, as they look to become successful in taking over the club. read more

RFU Championship funding structure unveiled - 22 Aug 2012

The revised RFU Championship funding structure has been unveiled at the 2012/13 season launch, following consultation with the clubs.  read more

IMG to produce Channel 4 racing - 14 Aug 2012

IMG Sports Media has signed a new deal to become the exclusive production partner of Channel 4 for its future racing broadcasts. read more

Man Utd cuts stock float value - 10 Aug 2012

19-time Premier League champions Manchester United have been forced to cut the value of its upcoming share flotation in New York, and will now sell shares at $14 each – significantly lower then the $16-$20 range the football club announced last month. read more

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