Finance

Show within Informer: 

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.

Livingstone: No tax increase for Londoners

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 office.

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’.

London 2012 unveils new £9.35bn budget

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 £9.35bn.

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.

CWC 2007 to make $239m profit

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 profit.

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 duo complete Liverpool takeover

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.

Coventry City latest target for US investors

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 Premier League.

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'.

Pages

Subscribe to RSS - Finance