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Bahrain firm buys into McLaren F1

McLaren Formula One team has received a new backer after it was confirmed that Mumtalakat Holding Company – a Middle East investment firm wholly owned by the Kingdom of Bahrain – had agreed a deal to buy a 30% stake in the team.

Should the stakeholding by finalised, McLaren’s parent company DaimlerChrysler will still own 40% but the holdings of team boss Ron Dennis and TAG will be reduced to 15% each.

A statement from McLaren confirmed that the change in ownership would not affect the existing management team.

Stevens to reveal agent names to FA

Officials from Lord Stevens’ inquiry into football transfer corruption will today hand over to the FA the names of the eight agents who refused to take part in the investigation.

While the representatives of Stevens’ Quest organisation will reveal the agents’ names, the identity of those Premier League clubs which breached transfer rules will not be revealed.

It is the first meeting between the FA and Quest since Lord Stevens last month published the findings of his inquiry into illegal payments.

Flintoff files over £1m in earnings

Despite having just led his team to a 5-0 whitewash defeat in the Ashes, England’s acting cricket captain Andrew Flintoff has filed earnings of more than £1m in Companies House through his firm Freddie Flintoff Enterprises.

Freddie Flintoff Enterprises filed accounts at Companies House showing that it had £914,870 either at the bank or owed to it and another £110,828 invested.

Flintoff has sponsorship deals with a number of brands such as Volkswagen, Red Bull and Barclays Capital, in addition to the £300,000 a year that he is paid as a county and England player.

Polygon goes cold on Newcastle United

The St. James’ Park Group consortium, backed by US hedge fund Polygon, has stated it has ended talks regarding a takeover bid for Premier League club Newcastle United.

The group, which is one of a number of parties in takeover talks with Newcastle, issued a statement that it has no current intentions regarding a buyout although it reserved the right to make an offer or possible offer if circumstances changed.

Charlton reports £4.6m operating loss

Struggling Premier League club Charlton Athletic reported an operating loss of £4.6m in its latest annual financial report principally due to increased salaries.

The £4.6m loss for the 12 months to the end of June 2006 was a substantial downturn from the £4.7 operating profit the club recorded in 2005.

The loss of Charlton’s shirt sponsorship deal with now defunct sports retailer all:sports also had a significant impact on the club’s bottom line.

DIC looking for Liverpool sale by 2014

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.

Cardiff City secure last ditch takeover

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 unknown.

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 controlling stake.

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 confirms Polygon approach

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 club’s accounts.

Shephard however insisted that the club board ‘have not accepted any proposals for the company from any party’.

Stevens: 17 transfers need more investigation

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.


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