Sports Business Updates; Week 16, 2017

English Premier League football clubs posted record revenues, but still a collective pre-tax loss of £110m (€131m/$141m) in the 2015-16 season, according to the latest figures from accountancy firm Deloitte.

Prokhorov set to sell significant stake in Brooklyn Nets

Brooklyn Nets owner Mikhail Prokhorov has revealed that he is looking to sell a 49-per-cent stake in the NBA basketball team.

LFP to introduce video refereeing for Ligue 1 play-off games

The French Football League (LFP) has announced that video refereeing technology will be utilised for the first time in senior domestic competition for this season’s play-off games to determine promotion and relegation between Ligue 1 and Ligue 2.

World Series of Fighting rebrands as Professional Fighters League

The World Series of Fighting (WSOF) mixed martial arts promotion has been rebranded as the Professional Fighters League (PFL) and will begin staging events under its new guise from January 2018.

European Tour expands night golf concept with Hero backing

Indian motorcycle manufacturer Hero MotorCorp has extended its backing of the European Tour’s night golf concept by a further three years, with the venture to feature at two new locations in 2017.

SeatGeek sets out primary ticketing ambitions with TopTix acquisition

Mobile-focused ticket platform SeatGeek has made a major move into the primary ticketing marketplace by acquiring Israeli ticketing software company TopTix for $56m (€52.5m).

Esports to receive medal status at Asian Games

The Olympic Council of Asia (OCA) has entered into a strategic partnership with the Alisports division of Chinese e-commerce giant Alibaba that will lead to esports featuring as a medal competition at the 2022 edition of its showpiece multi-sport event, the Asian Games.

Creative Artists Agency and CMC team up to form CAA China

Sports and entertainment giant Creative Artists Agency has joined forces with CMC Capital Partners, a leading Chinese investor in the sports and entertainment sectors, in a move that will lead to the formation of CAA China.

Berlusconi finalises AC Milan sale

Former Italian Prime Minister Silvio Berlusconi’s holding company, Fininvest, on Thursday completed the sale of its 99.93-per-cent stake in Serie A football club AC Milan to Luxembourg-based Rossoneri Sport Investment Lux.

Victoria to bid for 2030 Commonwealth Games

The Australian state of Victoria has today (Thursday) launched a bid to stage the 2030 edition of the Commonwealth Games multi-sport event.

Supreme Court opens Paes probe

An investigation has been opened by Brazil’s Supreme Court into Eduardo Paes, the former Mayor of Rio de Janeiro, into allegations of financial impropriety in relation to contracts associated with last year’s Olympic Games.

Government backing secures Ryder Cup for Rome

Rome’s staging of the 2022 Ryder Cup has been secured after the Italian government signed off on a financial guarantee for the golf showpiece, along with Cortina d’Ampezzo’s hosting of the 2021 FIS Alpine Ski World Championships.

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