Premier League clubs lost £600 million in season before virus, says report

first_imgPremier League clubs made a combined loss of £600 million in the 2018/19 season, even before suffering the financial pain of the coronavirus pandemic, a report revealed on Tuesday.Analysis from football finance experts Vysyble shows the 20 clubs in the English top-flight combined to post the huge loss despite record revenues of £5.15 billion ($6.6 billion)The financial impact of COVID-19 is set to have a huge impact on the Premier League, even if plans to complete the current season behind closed doors go smoothly. Premier League sides face paying a reported £330 million to broadcasters in rebates as matches could not be completed on schedule.An estimated £126 million could also be lost in matchday income from gate receipts and hospitality.”The COVID-19 virus is not the cause of football’s financial distress. It is merely the accelerant on what our data has very clearly and very correctly identified as a much longer-term problem,” said Vysyble director Roger Bell.”The 2018/19 numbers are a disturbing and profoundly worrying financial outcome from England’s senior football divisions and is symptomatic of the deeper issues with the overall financial model.” Wage costs for Premier League clubs have risen to £3.12 billion.Everton posted alarming losses of £111 million, while Chelsea’s failure to qualify for the Champions League saw the Blues lose £96 million.Yet the most worrying sign for the future financial health of the league may come from Tottenham.Spurs posted a league-high profit of £68.6 million for the 2018/19 season on the back of a run to the Champions League final.But the London club announced last week they had borrowed £175 million from the Bank of England. They fear they could lose £200 million over the next year due to the loss of matchday income, cancellation of non-football events such as NFL matches and concerts and rebates owed to broadcasters.”Our data has consistently demonstrated that football has been the master of its own misfortune with an over-reliance on TV revenues, staff cost-to-revenue ratios regularly in excess of safe operating limits (UEFA guidance recommends 70 per cent) and a failure to recognize key financial dynamics and trends,” added Bell.The economic outlook for the Championship is also bleak.Four Championship clubs have yet to release their full 2019 accounts, but the second tier of English football has so far combined for economic losses of £307 million.The final economic loss total for all 24 EFL Championship clubs is expected to be at least £350 million.center_img Topics :last_img read more

Women break through concrete ceiling amid rise in wealth creation via renovating and developing

first_imgRenovator and developer Simone Burke had a new kitchen and floor put in at her Sippy Downs investment house on the Sunshine Coast. Picture: Liam Kidston.ALMOST half of all property investors now were women, but many were still being short-changed out of millions because of the “blokey” nature of builders.Latest industry data showed that higher levels of working women, lone person and single parent households, divorce and longer lifespans were seeing almost as many females own property as males, 47 per cent according to the Property Council Australia.According to specialised female property investment advisory group Build in Common, the top five perceived main reasons why more women were not developing or renovating were “finding a builder, architect or tradespeople”; “lack of expertise or no previous experience”; “perceived as being too expensive”; “I don’t know where to start” and “not knowing if I can trust what a tradesperson tells me”.BIC co-founder and former commercial lawyer Pia Turcinov said women were capable of more than just painting and buying soft furnishings. “We want to help women project manage the trades for their renovation, or even have the confidence to co-ordinate an entire subdivision or commercial development.”The data showed that the top three projects being considered by women developers were kitchen renovation, new builds and subdivisions, with the top three calls for help being around budgeting guidelines, timeline examples of building projects and explaining what trades were needed for a project.Her fellow BIC co-founder and CEO of commercial construction firm Rodine Australia Justine Teggelove said techspeak impeded many women from building higher equity levels in real estate.“The construction sector is the most male dominated industry in the country. It has a jargon that often locks women out of the conversation,” she said.Demand for ways to break through that was so high BIC has created a toolkit to “designed to take the uncertainty out” of renovation and development projects.“A kitchen renovation can add significant value to a property, but if you outsource every aspect of the development you can easily over capitalise. Our toolkits will give women the confidence to optimise every improvement they make to their property.”The majority of women who were using the toolkits were in the 40s (40 per cent) followed by women in the 30s (25 per cent) and those in their 50s (21 per cent).Sunshine Coast resident Simone Burke was now mid-renovation for an investment property in which she “ripped up the floors and laid the vinyl planks herself”.When she first began developing and flipping properties, there was nothing available to break through the jargon of male tradies who made her feel like she was asking “dumb questions”.Ms Burke was influenced by her parents, who she said had made some really smart property purchases while she was growing up.She bought her first investment at 26 and was empowered by it. She did some basic cosmetic renovations on it, “even though I had no idea how’’.After meeting her husband and starting a family, the couple decided to put their money into property.Ms Burke said she started off with just small cosmetic renovation projects and tried to do as much as she could herself.“You have to be sensible with things like electrical and plumbing and always seek help from professionals.’’More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours agoShe would “absolutely’’ recommend property development to women.“Although feeling intimidated at first by the huge financial out lay, it has been really empowering,’’ she said.“This has encouraged me to continue on with further properties and take on more renovations on each one.’’ Top Tips for Renovating/Building/Developing: Have a plan Sit down and take stock of your current financial situation, so that you know exactly what your starting point is as far as your assets and liabilities go … The level of your risk exposure will affect not only your sleep cycle, but also likely timelines and levels of return. Understand the numbers Become financially literate. Know the terminology and what specifically to ask of your financial advisers … No question is a dumb one when it comes to your money and your property. Understand the players Research upfront who you are likely to be dealing with and in what context (financial advisers, banks, accountants, developers, real estate agents, lawyers, government agencies, and the list goes on). Know their roles. Back yourself to get started Map out a rough plan and understand the principles of the process. Don’t wait until you feel that you know it all. Embrace the fact that you may never feel completely ready. (Source: Build in Common)last_img read more

Newly-Formed GriegMaas JV Acquires Its Fourth Bulker

first_imgRecently-established dry bulk joint venture GriegMaas has purchased another Chinese-built Ultramax unit, according to shipbrokers.The vessel in question is the 2012-built GH Rough Habit and was purchased from Denmark-based Celsius Shipping for a reported price of USD 16.5 million.GriegMaas also bought GH Rough Habit’s sister vessel GH Frankel from Celsius Shipping in June this year.Established by Norwegian shipping company Grieg Star and Dutch investment management firm Maas Capital in December 2018, the joint venture has so far acquired four ships. The first two units, 58,000 dwt Supramaxes Star Athena and Star Eracle, were sold to GriegMaas in early January 2019.All four units were built by China’s Yangzhou Dayang Shipbuilding in 2012.G2 Ocean, a Gearbulk and Grieg Star joint venture, will be responsible for the commercial management of the vessels, while Grieg Star will provide corporate and ship management services to GriegMaas.Back in January this year, GriegMaas said it planned further expansion of the fleet in 2019 without specifying the number of ships it would aim to buy.“GriegMaas will further strengthen our position within the Supramax and Ultramax segments, and thus further strengthen G2 Ocean’s Bulk activities,” Camilla Grieg, Grieg Star CEO, said at the time.last_img read more

Obagoal ready for action as CSL players test negative

first_img Loading… Promoted ContentThe Best Cars Of All TimeWhich Country Is The Most Romantic In The World?2020 Tattoo Trends: Here’s What You’ll See This Year5 Of The World’s Most Unique Theme Parks9 Iconic Roles That Got Rejected By World Famous Actors10 Risky Jobs Some Women DoBest & Worst Celebrity Endorsed Games Ever MadeRevealed: 6 Hidden Secrets Of The Great Wall Of China6 Ridiculous Health Myths That Are Actually TrueCouples Who Celebrated Their Union In A Unique, Unforgettable WayWho Is The Most Powerful Woman On Earth?Big Actors Who Started Off With A Part In A Soap Opera Nigeria international and Shanghai Shenhua returnee striker Obafemi Martins is good to go as they begin season opener against Guangzou Evergrande on Saturday. Martins who made 40 appearances scoring 19 goals in his first ‘missionary’ sojourn at the club, was recently re-engaged in a €400,000 per week deal replacing compatriot Odion Ighalo who is currently enjoying his extended loan deal at the Old Trafford. The former Inter Milan, Newcastle, Levante, Wolfsburg, Rubin Kazan and Seattle Sounders forward was handed the No.17 on his second comingTwo matches have been slated for Saturday, Evergrande host visiting Shenhua in the first match while Wuhan Zall take on Qingdao Huanghai in the second match. The 16-team league has been grouped into Group A and B with eight teams per group.Meanwhile all Chinese Super League (CSL) players have reportedly tested negative for COVID-19 ahead of Saturday’s kick off. The campaign is returning after a five-month delay from the scheduled start, state news agency Xinhua reported.A total of 1,870 individuals from the tournament’s two hubs Suzhou near Shanghai and Dalian in the northeast of China have undergone medical checksNone of them tested positive for the disease that has caused havoc around the world, the report addedPlayers and officials from the 16 participating teams will be confined to their hotel and parts of the stadiums and tests will be conducted once a week during the tournament, it added.The CSL was originally scheduled to start on February 22 but was postponed due to the COVID-19 pandemic.Read AlsoShanghai Shenhua sign ‘Obagoal’ to replace Man Utd loaneeTeams will play a round robin with the top four qualifying for an eight-team ‘championship’ stage and the bottom four from each group going into a ‘relegation’ phase.FacebookTwitterWhatsAppEmail分享 last_img read more

Taylor becomes first Nevada driver to win Wild West IMCA Modified Shootout feature

first_imgWade Taylor led start to finish in winning the Friday Wild West IMCA Modified Shootout feature at Willamette Speedway. (Photo by Melissa Coker, Melissa’s Out On A Limb Photography)By Ben DeatherageLEBANON, Ore. (June 30) – Round seven of the Wild West IMCA Modified Shootout saw a sixth different feature winner.Wade Taylor became the first Nevada driver to win a series event and put his name on the Fast Shafts All-Star Invitational ballot as well Friday at Willamette Speedway.Taylor drew the pole and had the field covered from the start of the 35-lap main event. He took the $1,000 checkers ahead of Jesse Williamson and Bricen James.Cory Sample and John Campos rounded out the top five.Taylor is the 19th different driver to win a tour feature and the sixth different winner in series his­tory at Willamette.Feature results – 1. 8-Wade Taylor; 2. Jesse Williamson; 3. Bricen James; 4. Cory Sample; 5. John Campos; 6. Ethan Dotson; 7. Alex Stanford; 8. Collen Winebarger; 9. Brian Thompson; 10. Kellen Chadwick; 11. Lawrence O’Connor; 12. Nick Trenchard; 13. Grey Ferrando; 14. Brad Mar­tin; 15. Shaun Mayea; 16. Mark Wauge; 17. D.J. Shannon; 18. Preston Luckman; 19. Dustin Cady; 20. Brett James.last_img read more

Roberts dominates stout Modified field at Stuart

first_imgBy Josh ReynoldsSTUART, Iowa (June 1) – Nick Roberts was not to be denied in picking up the IMCA Modified win Friday at Stuart Speedway.Roberts led Clint Luellen and Josh Gilman on lap one, but the field was slowed the next time around for a caution. Roberts picked back up where he left off when the green flag came back out, slowly pulling away from Luellen and Gilman.Luellen work the high and low sides of the track as well as, using lap traffic to gain some on the leader, but Roberts was not to be denied on this night as he went on to take the win.Brandon Pruitt picked up a second straight IMCA Sunoco Stock Car victory and Adam Ayers repeated in the IMCA Sunoco Hobby Stocks.Chase Rudolf found his way to victory lane in the Karl Chevrolet Northern SportMods and Curtis Miller made it three straight in the Mach-1 Sport Compacts.Chuck Vanderheiden made a big announcement about an upcoming special at Stuart Speedway. Together with IMCA.TV, Stuart will host a rare Monday event. July 2 will see the IMCA Modifieds, Stock Cars and Northern SportMods in a nationwide pay per view event. Modifieds will pay $1,000 to win their Fast Shafts All-Star Invitational ballot qualifier along with having a $1,000 to win Dirt Dominator event after the features are over. Stock Cars and SportMods will be racing for $700 to win, and adult grandstand admission is going to be $5. This show will be for IMCA Speedway Motors Weekly Racing National, regional and state points but no track points.last_img read more

Police Blotter 04-03-2020

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SIGA, IOT announce partnership at Sports Integrity Week

first_imgLONDON: Sport Integrity Global Alliance (SIGA) and India On Track (IOT) have come together to help further the mission of keeping sport clean and fair.As part of the partnership, IOT will work with SIGA on various projects in India to help promote the spirit of integrity, educate young players and bring together key stakeholders from the Indian sports, to enable the creation of a robust integrity ecosystem in the country. The partnership between the two organizations was announced via the signing of a cooperation agreement at SIGA’s first Sports Integrity Week, taking place from September 7 to 11. IOT has also curated two sessions at the event, as part of Stage Asia, with one focussed on the building of a culture of integrity in emerging sports markets, while the other focused on the importance of education on integrity among young players. IANSAlso Watch: Special Trains from September 12: Here are the Detailslast_img read more

Magnificent Kohli follows in Tendulkar’s footsteps

first_imgBy Sudipto GangulyMUMBAI, India (Reuters) – India batsman Cheteshwar Pujara could have been forgiven for feeling more than a little aggrieved when his dismissal drew hearty cheers from his home crowd at the Wankhede Stadium on Saturday.Apparently unconcerned that India had lost an important wicket from the second ball of the third day of the fourth Test against England, the crowd roared as Pujara trudged back to the dressing room.Then, as a chant of “Koh-liiii! Kohli!” reverberated around the stadium and out across the Arabian Sea, India’s darling walked to the middle to take his guard.Not since Sachin Tendulkar retired in 2013 has an Indian cricketer commanded the adulation that Virat Kohli is currently enjoying, and few would argue that he is not deserving of it.The atmosphere at the Wankhede was reminiscent of the era when Tendulkar, a Mumbai native, used to walk out to bat at the same number four position.Kohli, as perhaps he must, dismisses comparison with the batting great but it is clear that they have a similar appetite for runs.During his career-high 235 in Mumbai, his third double-century of the year, the Delhi batsman became the first Indian since Rahul Dravid in 2011 to accumulate more than 1 000 Test runs in a year.His rich vein of form has not been restricted to the longest form of the game, however, and he is first batsman to average over 50 in all three formats as well as being the highest international run-scorer of 2016.Kohli’s single-minded drive for excellence also echoes Tendulkar, who assiduously refined his craft to accumulate over 34 000 runs and 100 centuries in a 24-year career.Like Tendulkar, Kohli has a near-flawless technique which helps him tackle pace and spin with equal ease and India look to him every time they hit choppy waters, as they did for two decades with the ‘Little Master’.And, like Tendulkar, Kohli is rapidly becoming a darling of corporations keen to associate their brands with a player whose expressive nature has touched a nerve with India’s youth.ENGLAND SETBACKAll was not quite as rosy couple of years back, however.Kohli had made his ODI debut as a 19-year-old and played his first Test three years later, starting on a path that would lead to 15 Test hundreds and 26 centuries in the 50-over format.Of his 13 Test centuries before the start of the ongoing series, however, only one had come against England, at Nagpur in 2012.And in the five-Test series in England in 2014, Kohli hit a trough, managing only 134 runs at an average of 13.4 with a high score of 39.“It made me realise what I need to improve in my game so I am pretty thankful to England for that,” Kohli recalled at the start of the current series against the English.“I have been a really improved cricketer from then on.”After his return from England, Kohli went knocking on Tendulkar’s door.“The best advice was not to read and look up things that are written about me,” Kohli told reporters after India took an unassailable 3-0 lead over England on Monday.“I am not joking or being sarcastic.The rewards have come since in a torrent of runs, no more so than over the last four Tests where he has scored 640 of them at an average of 128.CAPTAINCYOne point of difference with Tendulkar is Kohli’s success as a captain, a responsibility which hung heavily on the shoulders of the game’s most prolific run-scorer but has brought out the best in the younger batsman.Before replacing Mahendra Singh Dhoni as Test captain at the end of 2014, Kohli averaged just a shade above 41 but since then the number has shot up to 65.5.Five consecutive Test series victories for India and a firm grip on the number one Test ranking under his leadership have intensified his popularity.For Kohli, however, burying the ghosts of 2014 in a first series win over England in four attempts was clearly something special.“This series win is probably the sweetest of all we’ve won in the past 14-15 months,” Kohli said.“It couldn’t get any better, in the Wankhede you win 3-0 against a top quality side that have beaten us convincingly. It feels really good.“Fantastic, and that was the best advice I have got.”last_img read more

Badgers preparing for Border Battle

first_imgThe last time the Wisconsin women’s hockey team lost a game, it came at the hands of Border Battle rival Minnesota. Since Feb. 11, the Badgers have won 18 straight contests, including a 3-0 win in the national championship game over the Golden Gophers.This weekend, it will be Minnesota visiting the Kohl Center to try to derail the 6-0 Badgers.”I’m sure the girls are quite excited,” Badgers coach Mark Johnson said of his team’s undefeated start during his Monday press conference. “My big thing is to make improvements, not just every game, but every weekend; so it’s nice to be 6-0, but we’ve still got a long way to go in the season. It’ll be nice this weekend having Minnesota come in because we’ll get tested.”The Badgers came away with a pair of 3-2 road victories last weekend against Ohio State. On Friday the Badgers led 3-0 and had to hang for the 3-2 victory, and on Saturday the Badgers came back to win after being down 2-1.”I wanted them to come out hard, I wanted them to compete; we got a little comfortable on Friday,” Johnson said. “I also saw a lot of positive things.”Part of the Badgers’ Friday struggles may have stemmed from early morning exams taken by several of the team’s players. With exams taking place throughout last week, three Badger players had to take tests at 7:45 a.m. Friday at Ohio State’s academic facility.Badgers Learn from Early Season GamesThough they’ve won all six of their opening games, the Badgers have played against contrasting styles of play. Johnson believes that all of the team’s games this season have served as an opportunity for the Badgers, and especially the freshmen, to learn and grow as a team.”I liked our games against Quinnipiac; they played hard, they competed hard, and we became a team because of those two games. In our games last weekend against St. Cloud, we had to find a way to win and we did that,” Johnson said. “At Ohio State, to have our first road trip down there, to get challenged, we grow as a team.”The six games featured all kinds of contests, including a comeback victory, a blowout, and an overtime win. Lawler, Zaugg to Join Johnson at Four Nation’sThis week the announcement was made that leading scorer Jinelle Zaugg and Erika Lawler will both join Johnson on the USA team in the Four Nation’s Cup taking place Nov. 7-11 in Ontario, Canada.”It will expose [Zaugg and Lawler] to a higher level,” Johnson said. “It’ll be a good experience … they’ll become better because of it.”Johnson, who will coach the squad, is confident that his role in the tournament will not interfere with his responsibilities at Wisconsin.”My number one priority is the team at hand here at Wisconsin,” Johnson said. “The way the league is structured, we take that week off in November because we have so many players in our league that participate [in international competition]. My two assistant coaches will be able to handle the four days I’ll miss in practice.”Johnson will also coach the USA women’s national team later on this year.last_img read more