Finance

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Lancashire announces record-breaking pre-Covid financial results

Lancashire Cricket Club has announced its best-ever financial report up to the year ending 31st December 2019. 

The club says its earnings before interest, taxes, depreciation and amortisation (£7.6 million) is the highest ever of any First Class County, and it has also reported record turnover of £34 million and net profit of £5 million - new high watermarks in the club’s history.

City Football Group add Belgian club to portfolio

City Football Group (CFG) has acquired Belgian football club Lommel SK, becoming the ninth club owned by the group.

The Belgian second division side joins the likes of Manchester City, New York City FC, Melbourne City, and Yokohama F Marinos, and extends CFG’s presence in Europe.

The group says its focus is on developing clubs, academies and players and has pointed to Lommel’s strong academy and focus on youth development. 

Sport England announces £195m funding for the sector

Sport England has announced it will make £195 million worth of funding available for the sport and physical activity sector during the coronavirus pandemic.

The organisation says the new package comes as it has offered ‘major flexibilities’ to those who currently receive funding – including the ability to change timings, key performance indicators, targets and conditions, and redirect money to new activity in response to coronavirus.

Wanda to sell IRONMAN to Advance

American media company Advance Publications has reached an agreement with Wanda to acquire The IRONMAN Group in a deal which values the group at $730 million.

Includes IRONMAN and IRONMAN 70.3 triathlons, the Rock 'n' Roll Marathon Series, and the Epic Series of mountain biking races, among other events, The IRONMAN Group operates 235 events in more than 50 countries, across triathlon, running, trail running, cycling and mountain biking. 

Chiliz to launch Socios crypto-to-fiat debit card

Blockchain-based fan engagement company Chiliz has unveiled its new Socios ID product - a know-your-customer identity tool to provide Socios.com users with a unique global ID number that can be used to redeem rewards and other benefits across it's roster of sports teams, including Juventus, Barcelona, Paris Saint-Germain and West Ham United.

The ID is customised based on the number of in-app coins ($CHZ) owned by the user, which will in turn give the owner access to loyalty-based rewards.

Sony invests in production company Whisper

Sony Pictures Television (SPT) has invested in The Whisper Group, the broadcast production agency set up by David Coulthard, Jake Humphrey and Sunil Patel in 2010.

The Group, which comprises live sport production company Whisper, Chapter 3 Graphics and East Media, has numerous interests in sport, providing coverage of NFL, the Paralympics, Formula One, SailGP, Women’s Super League, International Cricket and W Series, amongst others.

The move brings an end to Channel 4’s Indie Growth Fund involvement with Whisper, after it had taken a minority stake in the company in 2015.

Spartan acquires Tough Mudder UK

Extreme wellness and endurance brand Spartan has acquired the business and assets of Tough Mudder UK, the obstacle course race (OCR) brand which had entered administration in January 2020.

As per the deal, the Tough Mudder UK business will operate as OCR UK Holdings Limited, a wholly owned subsidiary of Spartan, while Tough Mudder UK’s employees will remain at work ahead of the 2020 Tough Mudder season which begins in London’s Finsbury Park on 17th April.

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