Finance

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FA question Luton over money to agents

Investigators from the FA spent several hours at the Kenilworth Road home of Luton Town FC, talking to club directors and employees, in an attempt to test the club’s compliance with transfer regulations.

The club’s former chairman Bill Tomlins previously admitted breaking the rules regarding payment to agents.

Investigators are now looking at the possibility that the club may be in breach of two serious rules.

The FA will not make any statement until the compliance team has finalised its report in relation to a total of eight transfers.

London 2012 cost due to lack of 'homework'

The government's handling of the Olympic bid has been criticised by the head of the ODA. The escalating cost of the London Olympics is due to a lack of ‘homework’ before the bid was made, says the chairman of the body responsible for delivering the Games.

Sir Roy McNulty, the acting chairman of the Olympic Delivery Authority said that planning had not been done ‘deeply enough at the beginning’, an error that resulted in estimates for the cost of London 2012 rising from £2.375billion to the current £9.3billion.

Owen to be 'next Bosman'

Football’s club v country row is set to escalate further if as expected Newcastle challenge the FA’s selection of Michael Owen for England’s next match.

According to press reports over the weekend, Newcastle are set to launch what could be the most important lawsuit in football since the Bosman case.

The club is already frustrated by the FA’s refusal to pay up to £6million in compensation for the loss of Owen this season due to his injury on England World Cup duty.

Money ruining Premiership, says Chairman

The Premiership has a money problem according to one prominent football chairman.

The disparity in wealth between the top four clubs in the country and the rest has made the league predictable and risks boring fans says David Whelan, chairman of Wigan and founder of JJB Sports.

"If we all got £35-40million, rather than some clubs £25million or £30million, and the top clubs £50million or £60million, we could afford better players,” Whelan told BBC Five Live over the weekend.

Northern Racing hit by takeover valuation

UK racecourse operator Northern Racing has received a takeover offer from an unnamed bidder which values the company at £70m – a figure well below the firm’s estimations of its worth.

The exclusive talks revealed that Northern Racing was worth a ‘price of no more than 200p per share’ – a valuation some £15m below predictions and prompting the company’s shares to take a tumble.

The Staffordshire-based company owns nine racecourses in the north of the country including Chepstow and Newcastle.

US duo finalise Liverpool stakeholding

George Gillett and Tom Hicks have completed their takeover of FA Premier League club Liverpool with the final deal giving the US entrepreneurs 98.6% of the shareholding.

The Americans had gained unconditional control of the club by passing the 80% share threshold and the new mark brings their takeover to a conclusion.

Under Stock Exchange rules, the remaining shares can now be purchased compulsorily. The new owners will now seek to re-register the club as a private limited company.

LTA increases centre funding

The Lawn Tennis Association has increased the financial support it gives its high performance centres, enhancing the backing of its technical programmes for up and coming players.

The move is part of the organisation’s new strategy for the sport as outlined in its forwad-looking ‘Blueprint for British Tennis’ manifesto.

FIFA registers profit hike off back of World Cup

Buoyed from the success of last year’s World Cup in Germany, world football governing body FIFA has unveiled its latest set of financial figures, reporting a rise in profit to CHF 303 million (£127m) for the twelve months of 2006.

The latest accounts, drawn up in accordance with International Financial Reporting Standards (IFRS), revealed that FIFA recorded income of CHF 912m (£383m) against outgoings of CHF 609m (£256m).

Red Bull's F1 ties questioned as UK chief quits

Harry Drnec, the managing director of Red Bull UK, is leaving the company – an announcement that has led to speculation that the energy drink brand may review its significant investment in Formula One.

The 60-year old Drnec, who is leaving the company on 1st May to pursue independent business interests after 12 years in the position, is a renowned F1 fan and is known to have led the way in pushing Red Bull’s involvement in the sport.

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