Chelsea Confident of Staying Within FFP Despite Financial Loss

Despite revealing a near £50million loss for the last financial year, Chelsea are still adamant that they will meet UEFA’s Financial Fair Play regulations.

The Europa League holders secured a record £255.8m turnover – the fourth successive year it has increased – despite the club’s elimination from the Champions League at the group stage last season.

Chelsea enjoyed a 19 per cent rise in commercial income from £67m to £79.6m as they won the Europa League, although a reduction in income from the success of winning the previous year’s Champions League contributed to the £49.4m loss. 

Despite that, Jose Mourinho’s side will satisfy FFP regulations as the two-year monitoring period includes the £1.4m profit made in the 2011/12 season.

The Blues also see around £15m knocked off their overall loss in add backs, which includes infrastructure costs, youth development costs and charitable donations amongst other outgoings.

That brings Chelsea’s losses for the period to approximately £34m, falling under the FFP threshold of £37.5m.

Chelsea chairman Bruce Buck said: “From the very beginning of the current ownership of Chelsea, a long-term objective was financial sustainability, and the subsequent implementation of Financial Fair Play by UEFA and by the Premier League has brought that to the top of the agenda for football clubs.

“We are pleased therefore that we will meet the stipulations set down by UEFA in their first assessment period, and by our own analysis we are progressing from a commercial viewpoint as well as continuing to add trophies to our collection, which we never lose sight of as our most important goal.”

The next financial year’s results will be boosted by, amongst other things, a new 10-year kit deal worth £300m.

Chief executive Ron Gourlay added: “For Chelsea to achieve a record level of turnover despite our first group-stage elimination from the Champions League shows we have structured our business and are growing in the correct way for long-term stability.

“Our philosophy is we build upon success on the pitch and although in these financial results we haven’t repeated the sizeable profits made the previous year from player transfers, we believe the age profile of the existing squad means we will benefit from that investment for many years to come.

“A successful team builds awareness around the world and our increased commercial revenues in 2012/13 and new or extended partnership deals demonstrate we are working hard to capitalise on that.”

{jcomments on}

Blues Appoints Former Hamilton Mayor as New CEO

Super Rugby team Blues have appointed former Hamilton mayor Michael Redman as their new CEO replacing Andy Dalton. 

The Blues were forced to rethink their CEO position after Fairfax Media revealed Breakers boss Richard Clarke knocked back the job to remain with the three-time ANBL champion basketball franchise.

Redman has faced controversy in the past. As mayor and later CEO of the Hamilton City Council he was made a scapegoat for the $32 million blowout of the failed V8 Supercars street race. He was not helped by V8 promoters who went broke during the recession, owing local businesses and the city millions of dollars.

After the 56-page audit findings in 2011 were heavily critical of his role in the V8s saga, Redman was then forced to abruptly resign as head of Auckland council’s Tourism, Events and Economic Development agency – ATEED.

Despite those concerns, it is understood the 47-year-old was considered a standout candidate who also has a background in sports. He was a founder and director of the Breakers, but sold his interest in the club after being elected mayor of Hamilton. He also served seven years on the board of the Northern Districts Cricket Association, eventually becoming deputy chairman.

“The Blues are such an important part of this region’s identity and having moved into a new era with the private equity partnership, this is a fantastic opportunity to be part of the Blues future direction,” Redman said.

Blues chairman Tony Carter said Redman’s business leadership experience is one of the strengths he brings to the position.

“Michael’s leadership experience along with his marketing strength and ability to work constructively with a number of different stakeholders made him an ideal choice as CEO,” Carter said.

“He is an accomplished leader in both the private and public sectors and this will be highly valuable for the Blues in the development of our organisation.”

Impact34 Selected to Help with Poznan’s Bid for 2018 Youth Olympics

The city of Pozna? has chosen leading sports marketing agency Impact34, erectile part of Porta Communications Plc, buy to assist with the city’s bid for the 2018 Youth Olympics.

With offices in Istanbul and London Impact34 offers expert advice within the sports and entertainment industry. 

Pozna? was one of the host cities for the successful UEFA EURO 2012 and has hosted several major international events featuring Olympic discipline sports. These include the 2009 FISA World Rowing Championships and the ICF Canoe World Sprint Championships in 2010.

Previously Pozna? made a bid for the 2014 Youth Olympics, and narrowly lost out to Nanjing with an innovative bid that was widely praised by IOC members. Pozna? and the Polish Olympic Committee are determined to continue the sporting legacy and prove their commitment to the Olympic Movement with a second bid for the prestigious 2018 Youth Olympics.

Impact34 CEO, Bettina Kuperman commented; “We are delighted to have been chosen by Pozna? to help deliver their 2018 Youth Olympic bid to the IOC. We have seen the great development of the city in the last few years. The success from hosting major events such as the UEFA EURO 2012 has shown the world that Pozna? and Poland can stage and deliver world class major events. The city is committed to developing sport and hosting major international events. Pozna? offers great sporting and transport infrastructure and by hosting this great event Poland would also confirm its well deserved place in Olympic history.”

AITA Resolves Olympic Selection Crisis

The All India Tennis Association (AITA) has resolved found its Olympic team selection crisis by opting to send two doubles team to the London 2012.

The AITA will pair Leander Paes with Vishnu Vardhan and Mahesh Bhupathi with Rohan Bopanna. Bhupathi and Bopanna both “adamantly refused” to partner with 39-year-old Vardhan.

AITA President Anil Khanna said, “This decision is unfair to India No. 1 [Paes]. AITA holds Leander in very high esteem. We are confident that Leander won’t disappoint us as he has done yeoman’s service to the game.”

{jcomments on}

Blatter Reveals FIFA Reserves of USD1.2bn

Sepp Blatter, the president of world soccer’s governing body FIFA, says that the organisation has reserves of US$1.2bn after last year’s successful World Cup in South Africa.

Blatter told African football administrators that the financial results has increased from those of the previous 2006 World Cup hosted by Germany. He said more details of its success will be published next week in FIFA’s annual report.

The figure has seen a rise of $140m after FIFA began the World Cup year with reserves of $1.06bn.

Blatter was opening the Confederation of African Football assembly where he said the continent should be proud of organising the World Cup and said it had helped Africa gain pride and confidence.

Phoenix Suns Extends Partnership with Flagship English Radio Station

NBA franchise Phoenix Suns have signed a new multi-year agreement with Arizona Sports 98.7 FM that will continue Arizona Sports’ position as the Suns flagship English radio station.

As part of the new agreement, arthritis the Suns and Arizona Sports 98.7 FM will expand their collaborative programming efforts to include a postgame show that will also air on the Suns’ new digital streaming network, RISE, viewable on both Suns.com and the team’s mobile app. The show will air one hour after the conclusion of each Suns game.

The 2014-15 season will mark the start of the 39th consecutive season that Arizona Sports will broadcast Suns basketball.

“There’s no better example of a true partnership than our ongoing relationship with Arizona Sports and the Bonneville family,” said Suns president, Jason Rowley. “For 39 years, our fans have known where to tune in to the ‘Voice of the Suns’ Al McCoy on game night, and we are thrilled to be continuing that for the foreseeable future.”

In addition, Arizona Sports’ sister station, KTAR News 92.3 FM, will now air a “Suns Spotlight” segment each week, featuring the latest updates from the team’s business operations. Arizona Sports 98.7 FM will continue to air weekly shows featuring Suns Head Coach Jeff Hornacek, President of Basketball Operations Lon Babby and General Manager Ryan McDonough.

“We’re very proud to extend our longest-standing sports partnership with Arizona’s first professional league franchise and an outstanding organization,” said Bonneville Phoenix vice president/market manager Scott Sutherland. “And of course we’re also excited that Suns fans will continue to catch the electrifying play-by-play action from Hall of Famer Al McCoy for many more years.”

Burnley Appoints Lifelong Fan to Board of Directors

English Championship club Burnley have appointed lifelong supporter Brian Nelson to their board of directors.

The Pendle resident became an associate director in 2011 and helped the club’s process of buying back both their stadium Turf Moor and the Clarets’ training ground.

“I am proud to join the board of the club I have supported all my life and an institution that I have already demonstrated my commitment to over the years,” said Nelson.

“The board has done a great job in positioning the club for a sustainable future and joining the team gives me an opportunity to support the club in a very practical way.”

Nelson becomes the fifth member on the Burnley board of directors, and co-chairman John Banaszkiewicz and Mike Garlick added: “We are delighted to welcome Brian to the board of directors.

“This appointment represents the next logical step for Brian, given his close association with the club over many years.

“He brings with him not just a wealth of business acumen and contacts, but also a passion for the club and the town – a vital combination in helping the board deliver our ambitious strategy.”

IOC President Thomas Bach Resigns as Head of German Olympic Federation

Newly-elected International Olympic Committee (IOC) President Thomas Bach has stepped down as the President of the German Olympic Sports Confederation (DOSB).

He will be replaced by 72-year-old Hans-Peter Krämer who will takeover as acting DOSB President until a new President is elected. He was previously Vice President of Economics and Finances.

The election for a new DOSB president will occur at a General Assembly on Dec. 7th in Wiesbaden or in December 2014 when the term for the whole board ends. 

Bach, voted in by a wide margin at the IOC Session last week, also stepped down as head of the Ghorfa Arab-German Chamber of Commerce and Industry, a position that caused a stir prior to the vote due to the open support of Kuwait’s influential IOC member, Sheik Ahmad Al-Fahad Al-Sabah. He also stepped down as Chairman of the Chamber of Appeals of the Court of Arbitration for Sport (CAS).

“More resignations will follow in the coming days,” a German Olympic Sports Confederation (DOSB) official said.

The 59-year-old, who became the first German to lead a major international sports organization, was the founding president of the DOSB after the merger of the former German Olympic Committee and the German Sports Confederation in 2006.

Melbourne Could Host 2024 Olympics says City’s Mayor

Melbourne Mayor Robert Doyle believes the city has the infrastructure to host the 2024 or 2028 Olympics

Doyle said Melbourne’s venues and stadiums were ready and had proved successful in major events.

“I don’t think there’d be another city in the world not hosting the Olympics that is as well prepared as we are right now,” he told reporters on Tuesday.

“Think what we could do if we did dream large for 2024 or 2028.”

Mr Doyle said Melbourne would need federal support to fund the Games and maintained the city would host the event in its own cost-effective style.

“We would do it differently. We wouldn’t try to replicate bigger and better. We’d do it in a very Melbourne way,” he said.

“You find ways you can do things that are memorable, that are typically us and within our budget.”

Mr Doyle said first-world countries spending big on hosting the Olympics was not sustainable and maintained a good economic case for the Games must be made first.

Victoria Tourism Industry Council chief executive Dianne Smith said hosting the Games would be a win for the economy.

“Hosting the 2024 or 2028 Olympics would have significant economic benefits, stimulate investment and employment and, if planned and managed properly, would leave a positive legacy long into the future,” she said.

But former Victorian premier Jeff Kennett said the expense of hosting an Olympic Games would outweigh the benefits.

“I just don’t think we have the financial capacity to continually compete against countries with larger populations, larger economies – I think we’ve got to be realistic,” he told Melbourne radio station Gold FM.

Australian Olympic Committee (AOC) president John Coates has said Brisbane is the likely candidate for the next Australian Games bid.

“It’s the best climate to host an Olympic Games in the window the International Olympic Committee is allowing,” he told News Ltd in July.

Melbourne hosted the Olympics in 1956 and the Commonwealth Games in 2006.

Skaters to Promote 2013 PyeongChang Special Olympics

South Korean Olympic figure skater Kim Yu-na and one of America’s most successful skaters– Michelle Kwan stood together Thursday to promote the 2013 PyeongChang Special Olympics World Winter Games.

The Games will be held at Korea’s winter sports hub in PyeongChang, and will include seven sports and 59 sub-events. More than 3,000 athletes and coaches from 113 countries are expected to participate.

Kim said: “Nothing is determined yet on an ice show (for the closing ceremony) featuring Kwan and me, but I am positive about it. If I am with Michelle Kwan (in an ice show) for other Olympians, it will be an unforgettable experience.”

{jcomments on}