Finance

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SILVERSTONE OWNERS TRIGGER F1 BREAK CLAUSE

British Racing Drviers’ Club (BRDC), the owner of Silverstone, has triggered a break clause in the British Grand Prix contract, giving notice to leave its current deal in the next two years and leaving the future of the British Grand Prix uncertain. 

Silverstone signed a 17-year contract with former Formula 1 boss Bernie Ecclestone in 2009, paying £12m for the race in 2010 with a 5% annual escalator, and a break clause after 2019.

IRONMAN Acquires Competitor Group

IRONMAN has announced the acquisition of the Competitor Group Holdings (CGI), owner of Rock ‘n’ Roll Marathon, extending IRONMAN’s portfolio.

Since the first Rock ‘n’ Roll Marathon in 1998, CGI has expanded to host events across 22 major markets in the US and eight international races from the UK to China with more than 30 world-class events including the Rock 'n' Roll Marathon Series

Radrizzani completes Leeds takeover

Andrea Radrizzani has completed his takeover of Leeds United, following his purchase of 50% of the club in January.

The Italian businessman has now purchased the final 50% stake in the Championship club and ends Massimo Cellino’s three-year spell as the club’s owner.

Radrizzani will take Cellino’s role as chairman and, according to reports, he is looking to extend Garry Monk’s managerial contract with the club.

ICC increases Champions Trophy prize money

The International Cricket Council (ICC) has announced an increase in prize money for the 2017 Champions Trophy one-day international, which is to be hosted in England and Wales in June.

The prize money has increased by $500,000 and will now carry a total prize purse of $4.5m with the winner of the eight-team tournament taking home $2.2m. The runner-up of the tournament will receive $1.1m, with the other two semi-finalists receiving $90,000 each – all teams finishing last in each group will get $60,000.

The Jockey Club announces record annual results

The Jockey Club, which stages several events in British sport, such as the Randox Health Grand National, The Cheltenham Festival and The Investec Derby, has announced a record set of annual results, including the amount it put back into British Racing through prize money.

The Jockey Club delivered its eighth successive year of turnover growth to a record £191.5m in 2016, up by 4.5% year-on-year [2015: £183.3m].

Bath Rugby announces improved financial results

Bath Rugby has reported increased turnover and a 33% reduction in net loss for the 2015/16 financial year, as the club moves closer to its goal of becoming self-sustainable. 

The results for the year ending 30th June 2016 show a 15% growth in turnover to £16.9m (2015: £14.6m), and a 33% reduction in net loss for the financial year to £1.2m (2015: £1.8m), despite significant investment primarily in the playing squad.

Financial performance will improve again in the year to 30th June 2017, supporting continued investment particularly in the rugby department.

Spurs announces record revenue

Premier League side Tottenham Hotspur has revealed record revenues for the financial year up to 30th June 2016.

The results come off the back of the club’s best ever finish in the Premier League. The North London club saw revenues jump to £209.8m last season, up by 7% from the £196.4m in 2015.

The Club reached the round of 16 of the UEFA Europa League resulting in gate receipts and prize money of £18.7m and a jump in TV and media revenues to £94.8m helped the club secure the record revenues. The club’s pretax profit was also up to £33m from £9.4m the previous year.

Miller & Sported agree insurance partnership

Miller Insurance Services LLP has partnered with Sported, a charity and membership organisation supporting over 3,000 community sport clubs and youth groups across the UK.

Miller will provide interested Sported members with access to competitive and bespoke insurance policies, in addition to advice and recommendations from the team of sport insurance experts.

This service has been set up with the needs of Sported members in mind in order to make exploring coverage options as easy and hassle free as possible.

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