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.
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
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
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.
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).
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
Mayor of London Ken Livingstone has reaffirmed his statement that Londoners will
not pay any further increase on council tax despite the government’s revised
2012 Olympic budget including an extra £300m contribution from the Mayor’s
Livingstone stated that he will not increase the current 38p a week rise on
council tax laid out in the original Olympic budget and that the extra funds
would come from ‘within the Greater London Authority group’.
The government has finally responded to growing pressure and unveiled its
revised budget for the London 2012 Olympics with Culture Secretary Tessa Jowell
revealing to the House of Commons that the cost of the Games has risen to
The new budget, marginally under the £10bn predicted by media speculation, is
an increase of three times the original estimation of the funds needed to stage
the 2012 Olympics.
The Cricket World Cup, which began this week in the Caribbean, is expected to
line the coffers of the International Cricket Council to the tune of $239m in
According to the ICC, revenues derived from sponsorship, media rights,
ticketing and merchandising will amount to the $239m figure, making the 2007
World Cup one of the most profitable in the organisation’s history.
The monies are set to be distributed amongst all of the cricket-playing
nations with a large bulk of the funds set to be used by the ICC to further grow
the game in developing countries.
US entrepreneurs George Gillett and Tom Hicks have completed their takeover of FA Premier League club Liverpool.
The US businessmen had given shareholders until Monday to respond to the offer of £5,000 per share but the pair comfortably reached the 75 percent required to put the deal through.
A statement to the Stock Exchange said the duo ‘received valid acceptances in respect of approximately 80.7% of Liverpool's issued share capital’.
Construction work on the club's new 60,000-seater stadium in Stanley Park is set to start imminently.
Coca-Cola Championship side Coventry City has emerged as the latest British
football club to hold takeover talks with US backers.
The club has announced that is has signed ‘non-binding heads of agreement’
with Manhattan Sports Capital Partners – a financial investment that, should it
get the green light, it is hoped will propel Coventry City back into the FA
The US consortium is in the early stages of due diligence, but the club said
'it will not be possible for some time to be sure if the deal will go ahead'.
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