In a New Year’s message, London 2012 Olympic organisers have stated their
intention to resolve the fears over the escalating budget for the Games early in
London 2012 chairman Sebastian Coe and Olympic Delivery Authority chairman
Roy McNulty, issued a joint statement indicating that the issues of budgets and
funding would be resolved in the very near future.
Dubai International Capital, the investment firm bidding to takeover Liverpool
F.C., is planning to sell the FA Premier League club for an immense profit by
2014 according to a document leaked to the media.
According to the document, intended for circulation among possible investors
into the DIC consortium, the takeover is meant as a short-term acquisition and
sale process as opposed to any lengthy relationship.
A last-minute takeover deal to secure the future of Coca-Cola Championship team
Cardiff City FC has been signed although the identity of the investors remains
There were fears that the club could have been put into administration if a
deal was not done by the end of this week to sell former chairman Sam Hammam's
The £27m buyout of Hammam's majority shareholding is set to clear the
Bluebirds' debts and leave the club with a budget to strengthen the team, which
has undergone a slump in form after weeks at the top of the Championship.
Newcastle United have confirmed that a consortium backed by American group
Polygon are one of the parties that have approached the board about a possible
offer for the club.
Newcastle United chairman Freddy Shepherd revealed that the Polygon-backed St
James' Park Group Limited have made an approach and requested access to the
Shephard however insisted that the club board ‘have not accepted any
proposals for the company from any party’.
Lord Stevens’ report into illegal payments in Premiership football has been
revealed with 17 of the total 362 transfers investigated requiring further
analysis for wrongdoing.
The Premier League, through Lord Stevens, will now review the 17 outstanding
transfers, which have not been named, to find out the exact nature of the
illegalities although the league’s chief executive Richard Scudamore said that
the investigation had not been helped by a ‘small but significant number of
agents’ who would not co-operate.
Tote, the state-owned horse racing betting business, is to be sold off by the
government at a market value in the region of £400m.
The government has invited a consortium of racing interests together with
management and staff of the Tote itself, to make a final bid for the betting
The consortium consists of the Race Course Association, the Racehorse Owners
Association and the Racecourse Holdings Trust.
The consortium has been requested to submit its bid by January 26.
Lord Stevens’ report into corruption in football transfers among top flight
clubs is expected to be presented internally to a three-man Premier League
committee this week.
The report, which is expected to identify clubs and agents accused of taking
bungs in football transfers, will initially be reviewed by the committee who
will then decide whether any disciplinary proceedings will be taken.
Speaking publicly for the first time since quitting as head of the Olympic
Delivery Authority, Jack Lemley has accused the government of ignoring his
repeated warnings over spiralling costs for London 2012.
Lemley, who left the ODA in October, has labelled the financial estimates for
the construction projects for the Games as a ‘swamp’ and that ‘a blind man could
see’ the problems associated with the Olympic site.
The recent spate of foreign interest in FA Premier League clubs shows no sign of
abating with Liverpool on the verge of accepting a £450m takeover bid from a
According to media speculation, the Dubai International Capital group will be
allowed to press forward with the takeover this week although there is still
interest in the club from other parties including American billionaire George
The IOC’s watchdog body which is running the rule over the progress of London
2012 has dismissed recent criticism of the organising committee, stating it is
‘very happy’ with the progress so far.
The London 2012 organising committee has been under pressure in recent weeks
after Culture Secretary Tessa Jowell reported to the House of Commons that
construction costs for the Olympics had risen to £3.3bn.
However, IOC co-ordination commission chairman Denis Oswald told Olympics
executives there would be no ‘knee-jerk reactions’ to claims of spiralling
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