Manchester United have reduced the value of its stock market flotation, valuing the club at only $2.3bn and shaving as much as $100m from the anticipated proceeds for the team and its owners.

The club said its shares priced at $14 apiece, below the $16-$20 per share range it had in mind.

At the high end of the range, the team would have been valued at $3.3bn.

Manchester United priced 16.7 million shares, as planned, and raised $233.2m – which will be split equally between the club and its owners, the Florida-based Glazer family.

The loss of as much as $100m in proceeds for the club will be a blow as it copes with a heavy debt burden and seeks to buy expensive new players.

While the deal still makes it the largest sports team flotation on record, the valuation is a setback for the 134-year-old club, which had to abort plans for an offering in Singapore and then saw Morgan Stanley leave the underwriting syndicate, partly due to disagreements over valuation.

The Glazers, whose interests include shopping centres and the Tampa Bay Buccaneers football team, will also take in less money from the share sale, but the deal still represents a return of some 2.5 times their equity investment in the club.

The club is planning to use the money to pay down its pile of debt that dates back to the Glazers’ £790m buyout in 2005.

Manchester United’s debt stood at over £437m as of 30 June.

Some fans have protested, criticizing the Glazers for only using half of the deal’s proceeds to pay down debt. They argue that the large debt has led to reduced financial flexibility which came at the expense of investment in players and the team’s performance.

The club’s shares will begin trading on Friday under the stock market ticker Manu.

The Asian Tour has appointed former media executive Mike Kerr as its new chief executive officer with a remit to build its global profile, a statement said Thursday. 

Kerr, who joins Asia’s main golf tour from broadcaster ESPN STAR Sports, will work alongside executive chairman Kyi Hla Han at the Asian Tour’s Singaporeheadquarters from next month. 

“I am looking forward to joining the Asian Tour, which has grown immensely over the past few years,” said Kerr. 

“The Asian Tour is a global brand and these are exciting times for the game at the highest level in Asia. I’m delighted to be a part of it.” 

Han, a former top player who has overseen rapid growth in Asian golf, said the experienced Kerr would also focus on providing more playing opportunities for regional professionals. 

“He has vast senior management experience in Asia and we believe he will add value to what is already a strong management team on the Asian Tour,” said Han. 

Kerr has spent the last 12 years with ESPN STAR Sports, most recently as vice president of affiliate and multimedia sales. 

The Asian Tour expects to hold around 27 tournaments this year, including a number co-sanctioned by the powerful European or American tours.

by Ismail Uddin

South African cricketer, Hashim Amla and Australian legendary all rounder, Alan Davidson are the latest speakers to join the line up in London next week for the World Cricket Business Forum.  The World Cricket Business Forum will be held on 13-14 September at the Royal Garden Hotel.

Hashim Amla will join Kevin Roberts from SportBusiness on the stage for an interview “Catching up with Cricket’s Front Men”. Hashim is a right-handed batsman and a right-arm medium-pace bowler and is currently ranked as the No1 ODI batsman by ICC. In November 2004, Amla became the first South African team player of Indian descent.  Hashim is a devout Muslim, which has led to campaigns to remove all alcohol-promoting logos from merchandise and playing gear.

He objected to the advert for Castle Lager beer on the South African team kit and has been allowed to wear a shirt without the logo of a brand of South African Breweries, one of South African cricket’s biggest sponsors. Amla captained South Africa at the 2002 under-19s Cricket World Cup. As a Test batsman he found the initial going difficult, and his technique was criticised after he made just 36 runs in the 2004 series against England. But he proved his critics wrong in 2006 as he scored a comeback 149 against New Zealand at Cape Town, helping guide South Africa to a draw. On 27 March 2008, he scored a record 159 not out against India.

Australian Legendary all rounder, Alan Davidson will close the conference with a Q and A session. Alan was a great cricketer and in his 44 test matches, he took 186 wickets, scored 1,328 runs and took 42 catches.  He was the first person to score 100 runs and take 10 wickets in a single match.

Following his retirement from the game, Alan served for many years in Administration for NSW cricket, and is still the President of the NSW Cricket Association. He was named as one of NSW Cricketer’s of the Century, and continues to live in Sydney.

The World Cricket Business Forum will take place next week at the Royal Garden Hotel, London, following the LG ICC Awards on 12 September.  Spaces for the conference are still available. To register, please visit www.cricketbusinessforum.com

According to reports Ten Network will come to an agreement with the International Olympic Committee over the rights to the Sochi 2014 Olympic Winter Games.

Ten is in line to beam the first ever Olympic Winter Games hosted in Russia- just Russia’s second Games since hosting the 1980 Moscow Games (while as the Soviet Union).

It is believed Ten has paid about $20 million for the right to show the Games according to The Australian Financial Review.

Ten declined to comment on but its new boss – who took over from James Warburton in late February – has made it clear he is interested in acquiring sport at the right price.

“Cricket’s a valuable property,” Mr McLennan said in early March. “It comes down to securing those rights at an appropriate price.”

Running from February 7-23, 2014, in the city of Sochi on the Black Sea, these are set to be the most expensive Games in history- Summer or Winter.

The International Olympic Committee had initially intended to sell the Sochi Games as a package with the 2016 Olympic Games in Brazil.

Instead, the rights to Rio 2016 will be sold separately- perhaps as a package with the 2018 Olympic Winter Games in South Korea and the 2020 Games according to the Australian Financial Review.

Agent fees for Football League clubs during the 2011/12 campaign have reached £21.7million ($33.8m) with West Ham accounting for almost a fifth of the total.

Championship clubs made up £18.7m ($29.1m) of that figure, with League One and Two clubs spending £1.8m and £0.9m respectively.

Agents received payment in 702 of the 3,144 player transactions that took place, just 22 per cent of deals.

Five clubs – Hartlepool, Accrington, AFC Wimbledon, Barnet and Crewe – did not spend any money on agents’ fees, while a further 22 teams spent last than £25,000.

West Ham, though, splashed out £4.31m in completing 69 transactions.

Only three other clubs broke through the £1m barrier – Leicester (£1.81m), Reading (£1.66m) and Crystal Palace (£1.17m).

In announcing the figures, Football League chairman Greg Clarke said: “While £21m is a lot of money leaving the game, it should also be noted that a considerable amount of this total has been spent by a small number of clubs. In fact, almost a fifth of the overall figure was spent by one club alone.

“Where such spending forms part of a sustainable business plan it shouldn’t be of great concern and supporters should be encouraged to see our clubs committing themselves to the new Financial Fair Play regulations that will take effect across all three divisions in the new season.

“In time, these rules will require clubs to be more circumspect with regard to their spending and may help reduce the costs incurred in this area.”

Olympic Park Legacy Company (OPLC) chair, cheap Baroness Margaret Ford, has announced she will step down from the post after the 2012 Olympic Games.

Ford said it has been an “absolute privilege” to work for the organisation but the time will be right to bow out once the Games are over.

“The next phase of the legacy work, including major transformation plans to the park, are critical and will require a great deal of attention,” she said. “I have decided therefore that I cannot continue to give the substantial time required for the role so after the Games would seem a natural point to make the change.”

The OPLC is currently being reformed following London Mayor Boris Johnson’s decision to create a Mayoral Development Corporation to take charge of the Olympic Park’s post-Games development.

The new body will be called the London Legacy Development Corporation, and will open for business on 1 April.

Ford will take up the role as the corporation’s interim chair until the Games are over.

Boris Johnson, Mayor of London, said: “I am grateful for Margaret’s huge contribution over the last three years planning and delivering a solid 2012 legacy and delighted she will oversee this important work until after the Games as well as setting the new Legacy Corporation on a firm footing.”

Soccerex have announced that FIFA’s Director of Marketing Thierry Weil has confirmed to speak at the Soccerex Global Convention, viagra order 26-30 November 2011, allergy in Rio de Janeiro.

Thierry will be speaking on the panel “Football ‘Brands’ the World” which will discuss international companies using football as a platform for brand leverage.

Thierry’s expertise in this field is unparalleled; as FIFA’s Marketing Director he is responsible for the strategic partnership between football’s governing body and some of world’s leading brands both in a B2B and B2C capacity. Before joining FIFA four years ago, Thierry spent nearly 26 years with adidas in France and in Germany where his posts included that of director (2003-2006) and vice president (2006-2007) of Global Football Sports Marketing.

Duncan Revie, CEO Soccerex, said: “To have someone of Thierry’s calibre join us on the ‘Brands’ panel is a great asset; his knowledge and experience of brand relationships is of the highest level and to have his input during the session will be a  privilege for anyone who attends.”

The panel will focus on why brands consider football as a winning portal into domestic and international markets and breakdown the fundamental benefits of the using football as a platform to connect with consumers.  Speakers on the panel will draw on relevant case studies to endorse their argument.

‘Football ‘Brands’ the World’ is just one session that makes up a impressive conference line up at this year’s Soccerex Global Convention.  Other topics which will be discussed include all the latest news regarding the 2014FIFA World Cup™, Stadia, 1-2-1 discussions with some of the worlds football legends, Sustainability, Social Media, Performance and much more.

As well as this in-depth conference schedule, the Soccerex Global Convention will consist of a packed exhibition, a large range of networking events and a two-day Football Festival taking place in the Forte de Copacabana and the iconic Copacabana beach, Rio de Janeiro.

Sky Deutschland has inked a new Premier League broadcast deal on a multi-year contract in Germany.

Sky will show three matches live each matchday. In addition to the live broadcasts Sky sends a highlight-magazine with the best scenes of each match day.

Burkhard Weber, Sky Sport: “The Premier League is an essential part of our sports package We are very pleased to be able to continue to provide our customers in the years to come one of Europe’s best leagues live and exclusive..”

Sky also secured the exclusive internet and mobile rights for Germany and Austria. The English Premier League is therefore mobile and spatially flexible with Sky Go, available via iPad, iPhone, iPod, Web, and the Xbox360. Highlight clips as before in the Sky Media (sky.de / media library) be available.

The start of the 2012-13 Liga could be delayed as 13 clubs are threatening with a strike following a dispute on television rights.

Athletic Bilbao, pills Atletico Madrid, health Real Betis, viagra Celta Vigo, Espanyol, Getafe, Granada, Real Mallorca, Osasuna, Rayo Vallecano, Real Sociedad, Sevilla and Real Zaragoza met on Tuesday to discuss an action plan and demand that the Spanish football league takes action in four areas.

“Every club which attended the meeting disagrees with the recent developments in the First Division of the National Professional Football League (LNFP). We believe these developments show a great lack of respect to the clubs, all which are members of the LFNP,” a statement from the 13 clubs reads.

“Therefore, in light of the great uncertainty facing every club in the league, owing to the lack of agreement between the television companies which own the broadcasting rights of the clubs, the aforementioned clubs have unanimously agreed to ask the president of the LNFP to call an urgent board meeting for Primera Division clubs next Tuesday August 14 to discuss, vote and if appropriate, approve the following items:

“1. Demand immediate payment of all money owed by television operators to Primera Division clubs.

2. Demand the withdrawal of all legal action against Primera Division clubs in relation to contracts of sale of media rights.

3. Create a transparent and regulated procedure to organise kick-off times and dates for La Liga matches.

4. Require television operators to establish a stable framework to ensure the fair distribution of broadcasting rights for all clubs in the Primera Division.

“If a solution is not reached which all clubs can agree on, the aforementioned clubs are prepared to take whatever measures are necessary, including delaying the start of the 2012-13 league season, which is scheduled to begin on August 18.”

Several club directors had already expressed their outrage at the recent decision by the league to schedule games for 23:00 in the first two weekends of the season.

 

The Pac-12 Conference’s Commissioner Larry Scott will continue in his position after a contract extension was agreed with the board of directors on Monday, diagnosis giving him the opportunity to push forward with his plans to reshape the league through 2016.

All 12 university presidents who make up the board agreed to the extension.

Since taking over on July 1, pills 2009, erectile Scott has overseen the conference’s expansion to include Utah and Colorado. He also negotiated a landmark 12-year television contract last summer with Fox and ESPN worth about $3 billion and helped created the Pac-12 Network and Pac-12 Digital Network.

“My fellow board members and I are delighted to have reached a long-term agreement with the commissioner to continue his excellent work on behalf of the Pac-12,” said Oregon State President Ed Ray, also the chairman of the league’s board. “We are on the brink of a period of extraordinary accomplishment and excellence throughout the Pac-12 and Larry’s continued leadership and vision for the Conference are critical elements in realizing that potential.”

Scott has put a pair of ideas in motion that revolutionized the league.

He nearly raided the Big 12 to form a 16-team super-conference in 2010 — and again last year — until Texas decided to stay, which was enough to convince Oklahoma, Oklahoma State, Texas Tech and Texas A&M not to move. Scott still lured Utah from the Mountain West and Colorado from the Big 12, giving him more leverage during TV negotiations with a conference title game to market.

The record TV deal allowed the conference to quadruple its media rights fees and start its own network. Perhaps most importantly, he also pulled rival programs together to share revenue and create a more equal playing field across all league sports.

The 47-year-old Scott is a former chairman of the Women’s Tennis Association as well as a former player and executive with the men’s ATP Tour. He is the sixth commissioner of the league.