Finance

ManU reports losses, increased debt in early '21

Global / Friday, June 18, 2021
ManU's total revenue dropped by £21.7M ($30M) in the first three months of '21 and the club's net debt has increased to £443.5M ($612.4M), according to the latest set of financial results. United reported their latest set of figures for the period from January to March '21 with the club...

EPL clubs post historic combined losses in '19-20

Global / Tuesday, June 15, 2021
EPL clubs have recorded their "biggest collective pre-tax loss" in league history because of the coronavirus pandemic. Teams' collective pre-tax losses soared to just less than £1B ($1.4B) in the '19-20 season, according to Deloitte, "almost five times higher than the previous campaign." Clubs posted their first-ever collective fall in revenue,...

DraftKings shares fall after unfavorable report

Closing Bell / Tuesday, June 15, 2021
Shares of DraftKings fell "nearly 9%" in early morning trading today after a prominent research firm "accused the company of hiding alleged ties to illegal gaming operations." Hindenburg Research "claimed in a lengthy report that SBTech, a firm that DraftKings merged with when it went public last year, 'brings...

Upper Deck invests in NIL software Spry

Morning Buzz / Tuesday, June 15, 2021
Upper Deck has made an investment in Spry, the compliance software that assists collegiate athletic departments with name, image and likeness disclosure and education. Spry’s clients include Wake Forest and Oral Roberts. Upper Deck President Jason Masherah : “With years of experience handling athlete deals, we hope to...

DraftKings shares fall after unfavorable report

SBJ Newsletters / Tuesday, June 15, 2021
Shares of DraftKings were hit hard today after a prominent research firm accused the company of “hiding alleged ties to illegal gaming operations," CNN noted . Hindenburg Research "claimed in a lengthy report that SBTech , a firm...

Sources: RedBird looking to sell stake in OneTeam Partners

Daily / Monday, June 14, 2021
Private equity firm RedBird Capital "is shopping" its 40% stake in OneTeam Partners, the joint venture created with the NFLPA and MLBPA, less than 20 months after starting the company, according to sources cited by Daniel Kaplan of THE ATHLETIC. Redbird, which "hired PJT Partners to sell...

Sources: The Chernin Group raising $1B, eyeing new investments

Daily / Tuesday, June 8, 2021
The Chernin Group, which owns stakes in brands including The Athletic, Barstool Sports and Action Network, is "raising $1 billion to drive its third round of investments," according to sources cited by Sarah Fischer of AXIOS. It also is adding "three new partners as it looks to invest in...

SI publisher Maven buys sports outlet The Spun

Closing Bell / Monday, June 7, 2021
Sports Illustrated publisher Maven today announced that it has "reached a deal to buy New Jersey-based sports news website The Spun." The current plan is to "integrate The Spun into the Sports Illustrated website this year, but not immediately." The Spun co-Founder Matt Lombardi  "has been...

DaGrosa ends talks with Southampton, shifts focus

Global / Thursday, June 3, 2021
American businessman Joseph DaGrosa has pulled out of talks to buy EPL side Southampton after failing to agree to a price with the club’s majority owner, Gao Jisheng . Neither side in the negotiations has ever confirmed figures but it is understood they initially settled on a...

Endeavor's comeback fueled by sports properties, notably UFC

Daily / Thursday, June 3, 2021
Endeavor’s Q1 profits represent a "big reversal" from '20, when "many in Hollywood were openly questioning the company’s future," according to Wendy Lee of the L.A. TIMES. Some analysts had "expressed worries about the company’s heavy debt load," which was listed at $5.9B at the end of the...