Premier League champions Chelsea have unveiled losses of £80.2m for the
financial year to the end of June 2006 although the debt has been cut by 42.9
percent from the previous 12 month period.
The figures are the lowest level of debt that the club has reported since
Russian owner Roman Abramovich took over three years ago and keeps Chelsea on
track for its break even target of the 2009/10 season.
‘These figures demonstrate the business is moving in the right direction,’
said Chelsea chief executive Peter Kenyon.
Boxing and basketball are set for improved funding after reaching an agreement
with UK Sport as to how the respective Olympic sports are managed.
As part of a strict overhaul of the funding regime for Olympic sports
undertaken by UK Sport, boxing and basketball will now receive financial aid
from the organisation in a bid to match medal expectations for the 2012 Games.
The two sports had previously had funding withheld over concerns about the
way they were run by their respective national associations.
ITV may finally have found a bidder for its 10 percent stakeholding in Arsenal
after Stan Kroenke, the US billionaire owner of soccer club the Denver Rapids,
was linked to a bid.
Kroenke, who would be the latest in an increasingly long line of US investors
in FA Premier League clubs, was pencilled in as a potential bidder after the
Denver Rapids announced a partnership last week with Arsenal based on sharing
marketing know-how and collaborations on training and coaching methods.
After weeks of media speculation over rising costs of the London 2012 Olympics,
the International Olympic Committee has formally asked the Games organisers to
clarify the funding plan.
While vocally supporting the London 2012 organisers, the IOC has asked that
the host city clarify its budget position to stave off fears that the costs are
spiralling out of control.
‘We have no doubt London will deliver on time but we need to have a clear
picture of it,’ said IOC executive director for Olympic Games Gilbert Felli.
Manchester United is dropping down the list of the world’s richest football
clubs according to the latest figures in the annual Deloitte Football Money
United, which headed the table for eight years before being overtaken by Real
Madrid last year, has now slipped further down the rankings to fourth trailing
Barcelona and Juventus.
Real Madrid retained its top spot with revenues rising to £202m from £186.2m
the year before.
US billionaire sport entrepreneurs George Gillett and Tom Hicks have finalised
their proposed £174m takeover bid for Liverpool including the purchase of the
9.99% stake in the club owned by commercial broadcaster ITV.
Gillett and Hicks, who own NHL ice hockey teams the Montreal Canadiens and
the Dallas Stars respectively, beat off competition from Dubai International
Capital to buy Liverpool.
The offer is worth £5,000 per share, valuing the club at £174.1m, which when
comprised with the club's £44.8m debt, increases the cash on the table to
Concerns over inflating costs continue to hound London 2012 organisers after
media reports claimed that the new revised budget to be released next month had
doubled from original estimations to £5.1bn.
The reports suggested that, according to a leaked document from the Olympic
Delivery Authority, the financing was way above the initial suggestions of the
The National Audit Office (NAO), the government’s watchdog for financial
affairs, has warned that the constant budgetary shifts for the London 2012
Olympics is a ‘major risk’ to the project’s success.
After evaluating the figures for London 2012, the NAO declared that more
public funding would be required to meet the rising budget and stated that the
‘worrying situation must be dealt with as a matter of urgency’.
Liverpool looks to have secured a takeover deal with American businessman George
Gillett following the collapse of the bid from Dubai International Capital
earlier this week.
Dubai International Capital had been expected to buy out Liverpool in a £450m
bid but following an increased last minute offer from Gillett the club backed
out of the deal on the table.
The Gillett offer is understood to be more lucrative for shareholders and
also includes a commitment to finance a new stadium, thus ruling out the
possibility of a ground-share with neighbours Everton.
Dubai International Capital’s £156m takeover bid for Premier League team
Liverpool has stalled after the club decided against giving the deal the green
Liverpool’s decision appears to have let US entrepreneur George Gillett back
into the frame after the businessman issued a last-minute revised offer at the
A final decision on both bids is expected to be made by the end of the week.
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