transmitted in unpasteurized milk at a fair in Kansas.
Brad Evans
31 December 2008
27 December 2008
Evidence Based Medicine
What is evidence based medicine? The words themselves seem to mean that science should be used to make medical decisions. Well, this is all fine and good. Without a doubt, scientific evidence should be used to help make medical decisions. But, all decisions involve varying proportions of fact and value judgments. For instance, the decision as whether to continue medical care in dire circumstances involves some fact, but mainly value judgments. So, right off the bat, there is one problem with the words "evidence based medicine." It implies that all judgments in medicine should be based on scientific evidence.
Another problem is that many use the term "evidence based medicine" to mean that having total access to evidence will improve medical decisions. "Evidence based" can be turned on its head: What evidence is there that total access to genetic information and medical charts will improve medical decisions? What is meant by access? Who gathers information and what will it be used for?
Let's return again to "evidence based medicine." What is it and who decides what it is? There often are three individuals or organizations involved: the patient, the doctor, and the entity paying for the medical care. Suppose the paying entity, which is usually the government or an insurance company, carries out a study showing cost savings that would be recognized if a certain course of medical care were pursued. How much should that information be used in making a medical decision?
This is just a taste of the problems that the phrase "evidence based medicine" brings with it.
Another problem is that many use the term "evidence based medicine" to mean that having total access to evidence will improve medical decisions. "Evidence based" can be turned on its head: What evidence is there that total access to genetic information and medical charts will improve medical decisions? What is meant by access? Who gathers information and what will it be used for?
Let's return again to "evidence based medicine." What is it and who decides what it is? There often are three individuals or organizations involved: the patient, the doctor, and the entity paying for the medical care. Suppose the paying entity, which is usually the government or an insurance company, carries out a study showing cost savings that would be recognized if a certain course of medical care were pursued. How much should that information be used in making a medical decision?
This is just a taste of the problems that the phrase "evidence based medicine" brings with it.
26 December 2008
25 December 2008
24 December 2008
Plymouth
From The Political Economy of Football,
PLYMOUTH FEEL THE PINCH – 22/12/08
The credit crunch is making itself felt at Championship club Plymouth Argyle in terms of falling attendances - although some locals blame the standard of football on offer at Home Park. Chairman Paul Stapleton has revealed that cost-cutting measures are being considered, but he also believes that Argyle are better positoned than many Football League clubs to cope with the economic crisis. And Stapleton admitted that the money-spinning FA Cup third round tie at Arsenal on January 3 was coming at a very opportune time. He commented, 'The board of directors have had to support the club personally with funds but that's obvious when the gates are dropping to around the 10,000 mark. It was disappointing to see Barnsley [Argyle's opponents on Saturday] with a higher gate than we have had the last two home games [against Birmingham City and QPR]. This disappoints me because they haven't got any more money in Barnsley than in Plymouth - perhaps even less.' However, he added, 'But we are not the only ones. We had a Football League meeting last week, and a lot of clubs are feeling the pinch on attendances.'
Plymouth have the advantage of being a 'stand alone' club serving a large city with a substantial hinterland in West Devon and Cornwall without league competition. Against that, it is a relatively low wage, low skill economy and the club does not have a great heritage. They may even be punching above their weight and will need careful husbandry of their finances to stay that way.
Brad Evans
PLYMOUTH FEEL THE PINCH – 22/12/08
The credit crunch is making itself felt at Championship club Plymouth Argyle in terms of falling attendances - although some locals blame the standard of football on offer at Home Park. Chairman Paul Stapleton has revealed that cost-cutting measures are being considered, but he also believes that Argyle are better positoned than many Football League clubs to cope with the economic crisis. And Stapleton admitted that the money-spinning FA Cup third round tie at Arsenal on January 3 was coming at a very opportune time. He commented, 'The board of directors have had to support the club personally with funds but that's obvious when the gates are dropping to around the 10,000 mark. It was disappointing to see Barnsley [Argyle's opponents on Saturday] with a higher gate than we have had the last two home games [against Birmingham City and QPR]. This disappoints me because they haven't got any more money in Barnsley than in Plymouth - perhaps even less.' However, he added, 'But we are not the only ones. We had a Football League meeting last week, and a lot of clubs are feeling the pinch on attendances.'
Plymouth have the advantage of being a 'stand alone' club serving a large city with a substantial hinterland in West Devon and Cornwall without league competition. Against that, it is a relatively low wage, low skill economy and the club does not have a great heritage. They may even be punching above their weight and will need careful husbandry of their finances to stay that way.
Brad Evans
MIT Courses
Jan 2009:
Theory of Probability here.
Introduction to Geology here.
Cholesterol in Health and Disease here.
European Thought and Culture here.
Managing Innovation and Entrepreneurship here.
Engineering Economy (Financial Management) here.
Corporate Entrepreneurship here.
Economy and Business in Modern China and India here.
Rethinking the American Masterpiece: Studies in Fiction here.
Technology and Nature in American History here.
Brad Evans
Theory of Probability here.
Introduction to Geology here.
Cholesterol in Health and Disease here.
European Thought and Culture here.
Managing Innovation and Entrepreneurship here.
Engineering Economy (Financial Management) here.
Corporate Entrepreneurship here.
Economy and Business in Modern China and India here.
Rethinking the American Masterpiece: Studies in Fiction here.
Technology and Nature in American History here.
Brad Evans
21 December 2008
Enviromental impact of wind farms
is overstated. I am shocked, shocked. It seems to me the environmental area is ripe for charlatans. If you know any youngsters interested in being charlatans, you might suggest climate change, environmental. These youngsters should be cautioned NOT to allow any measurements of anything-it would ruin the scam.
Brad Evans
Brad Evans
Repeat of Milgram experiment
shows people are still willing to torture. "People weren't given an opportunity to ask if what they were doing is moral." Well, when are you given a chance to ask if something is moral? There is no stamp of unethical on things. You always have to be prepared.
Brad Evans
Brad Evans
20 December 2008
Madoff Red Flags
Oh, my God. This is supposedly a November 2005 memo listing 29 red flags indicating Madoff is probably running a Ponzi scheme. It was sent to the SEC. Author unknown, since he or she withheld his or her name fearing retribution because he or she was a whistleblower.
HFoFs who promised due diligence are now denying it, checking with lawyers, etc.
Disgusting.
Brad Evans
HFoFs who promised due diligence are now denying it, checking with lawyers, etc.
Disgusting.
Brad Evans
"Rational" Economics
Greg Mankiw thinks that tax cuts or dropping money from helicopters would be more rational than the fiscal stimulus ideas of the current and future US administrations.
BUT, isn't the world rational? And if the world is rational, wouldn't fiscal stimulus be rational? Isn't everything for the best in this best of all possible worlds?
Dan Ariely says the world is not rational. I agree. Not rational.
Brad Evans
BUT, isn't the world rational? And if the world is rational, wouldn't fiscal stimulus be rational? Isn't everything for the best in this best of all possible worlds?
Dan Ariely says the world is not rational. I agree. Not rational.
Brad Evans
19 December 2008
18 December 2008
More on Nicola Horlick
by Megan McArdle. I think I read Ms. Horlick thought people were pilling on her because of her fame and because she's a woman.
Brad Evans
Brad Evans
Blu-Ray movies
recommended by Megan McArdle. I don't agree with all her choices, but any list with Jeeves and Wooster is OK by me.
Brad Evans
Brad Evans
Ford subsidy
BBC and Carpe Diem report that the State of Michigan gave Ford $300 million in Jan 07 to "preserve jobs." Now it is unclear whether jobs will be preserved. $300 million is $24,000 per worker.
Brad Evans
Brad Evans
17 December 2008
16 December 2008
Mallorca
Freddy Shepherd to take over at 5 million GBP? To inject another 10 million if Mallorca stays up.
Brad Evans
Brad Evans
15 December 2008
10 December 2008
Berwick Rangers
being bought by supporters, according to The Political Economy of Football:
"SUPPORTERS TAKEOVER AT BERWICK NEARS – 7/12/08
Berwick Rangers is a unique club as it is located in the English borders towns (which has had a convoluted and turbulent history) but plays in the Scottish League. The club has been through a difficult phase and negotiations for a takeover by a consortium headed by the Supporters' Trust have been protracted. Initial offers of £20,000 and £30,000 to secure a 51 per cent stake were rejected. The Supporters Trust has invested £30,000 in the club since 2003. It is thought that if the deal goes through current chairman Robert Wilson could invest in another club. One worry that has been eased is the survival of speedway team Berwick Bandits. It looked as if they might go under until a cut price offer from butcher John Anderson and Cornhill Village Shop owner Linda Waite was accepted by promoter Peter Waite. The Bandits are believed to pay £750 to the supporters trust for each meeting at Shielfield Park and that money is then passed to the club. At this level of football a sum of that size can make a difference."
Brad Evans
"SUPPORTERS TAKEOVER AT BERWICK NEARS – 7/12/08
Berwick Rangers is a unique club as it is located in the English borders towns (which has had a convoluted and turbulent history) but plays in the Scottish League. The club has been through a difficult phase and negotiations for a takeover by a consortium headed by the Supporters' Trust have been protracted. Initial offers of £20,000 and £30,000 to secure a 51 per cent stake were rejected. The Supporters Trust has invested £30,000 in the club since 2003. It is thought that if the deal goes through current chairman Robert Wilson could invest in another club. One worry that has been eased is the survival of speedway team Berwick Bandits. It looked as if they might go under until a cut price offer from butcher John Anderson and Cornhill Village Shop owner Linda Waite was accepted by promoter Peter Waite. The Bandits are believed to pay £750 to the supporters trust for each meeting at Shielfield Park and that money is then passed to the club. At this level of football a sum of that size can make a difference."
Brad Evans
Glasgow Rangers
for sale, according to The Political Economy of Football:
"
"
Items
| RANGERS SUPREMO AWAITS RIGHT OFFER – 7/12/08 Brad Evans |
Black market
Here's an opinion that, if you operate in an area that is illegal or might be illegal, you need to consider your risk of getting caught. For the black market, it's 1.5% according to this
article.
Brad Evans
article.
Brad Evans
The value of a senate seat?
I haven't heard what the bids were for Obama's old Senate seat. Blagojevich probably thought that the price of a Senate seat is pretty high. One way to estimate its worth is to look at close Senate races to see what's spent for a 50% chance at a seat.
The problem is that winning the seat in an election and purchasing it from Blagovich are two entirely different things and will change valuation. So, there's a difference depending on how the seat is obtained.
First, you've got to figure that Blagovich is shopping the Senate seat around. He's not just offering it to you. You could ask him if he's shopping it around, but will you get an honest answer?
So, if he's shopping it around, what are the chances that one of the people will turn him in? I think here you've got to assume he will be turned in.
Therefore, for the cost of a Senate seat, you've got to factor in the risk that the deal will be turned in and you either won't get the seat or you'll have it for a short time only. Will you face jail time? I don't know. It might be illegal to SELL a senate seat, but not illegal to BUY it. Or, they'll want to prosecute Blagojevich, so you could cut a deal: testify against him and get off. To me, I think that it's like prostitution. The Law wants the prostitute, but not the john. Will your name live in infamy? If you get the Senate seat, and then have to resign, YES. However, if you get the seat, but resign, you may still be eligible for some valuable things, like grade A health insurance for life for you and your family, and a retirement plan.
What Blagojevich could get for a Senate seat seems to me to be pretty low, and depends on the numbers you assign to the various factors above.
Brad Evans
The problem is that winning the seat in an election and purchasing it from Blagovich are two entirely different things and will change valuation. So, there's a difference depending on how the seat is obtained.
First, you've got to figure that Blagovich is shopping the Senate seat around. He's not just offering it to you. You could ask him if he's shopping it around, but will you get an honest answer?
So, if he's shopping it around, what are the chances that one of the people will turn him in? I think here you've got to assume he will be turned in.
Therefore, for the cost of a Senate seat, you've got to factor in the risk that the deal will be turned in and you either won't get the seat or you'll have it for a short time only. Will you face jail time? I don't know. It might be illegal to SELL a senate seat, but not illegal to BUY it. Or, they'll want to prosecute Blagojevich, so you could cut a deal: testify against him and get off. To me, I think that it's like prostitution. The Law wants the prostitute, but not the john. Will your name live in infamy? If you get the Senate seat, and then have to resign, YES. However, if you get the seat, but resign, you may still be eligible for some valuable things, like grade A health insurance for life for you and your family, and a retirement plan.
What Blagojevich could get for a Senate seat seems to me to be pretty low, and depends on the numbers you assign to the various factors above.
Brad Evans
09 December 2008
The dreaded vote of confidence...
after receiving the dreaded vote of confidence from Real Madrid's board, Schuster is out at Madrid. Juande Ramos is in.
Brad Evans
Brad Evans
05 December 2008
04 December 2008
Newcastle fans may back Ashley...
I'd say only if he continues to stay out of sight, but this is according to the Supporters' Club.
Brad Evans
Brad Evans
03 December 2008
Southampton...
posts a loss:
SAINTS POST BIG LOSS – 2/12/08
Southampton have announced a loss of £4.9m in the last financial year even after making £12.7m through player sales. Saints PLC chairman Rupert Lowe revealed that at one stage the player and coach wage bill was a huge 81 per cent of the club's turnover. Also in the Southampton Leisure Holdings plc figures for the year ending 30 June 2008 was the revelation that the Championship club's overdraft peaked at £6.3m during the summer. In a statement released to the Stock Exchange, Lowe, who along with football board chairman Michael Wilde didn't return to the club until May, laid the blame for the figures at the door of the previous board. He commented, 'Since returning in May, the current Board has worked tirelessly to bring our costs more into line with our dwindling revenues. We have done this throughout the Company where possible, but the nature of player contracts means that the process cannot be completed instantly. This work will continue, in discussion with both our loan note holder and Barclays Bank, on whose support we remain reliant.
Southampton is a classic example of what happens to a relegated Premiership club when the parachute payments run out, compunded by the need to service a long-term debt on the new St.Mary's Stadium. The club is reliant largely on young players, many produced through its Academy. Although recent results have been encouraging, relegation still remains a possibility. Not all fans welcomed the return of Rupert Lowe to the club and he noted, 'We are not currently strong enough to indulge the small, but vocal, negative elements of our support base and need everybody to pull together which we recover our financial strength. This is not a good time to be exposed to too much debt, particularly if revenues are likely to be adversely affected by an economic downturn.'
Brad
SAINTS POST BIG LOSS – 2/12/08
Southampton have announced a loss of £4.9m in the last financial year even after making £12.7m through player sales. Saints PLC chairman Rupert Lowe revealed that at one stage the player and coach wage bill was a huge 81 per cent of the club's turnover. Also in the Southampton Leisure Holdings plc figures for the year ending 30 June 2008 was the revelation that the Championship club's overdraft peaked at £6.3m during the summer. In a statement released to the Stock Exchange, Lowe, who along with football board chairman Michael Wilde didn't return to the club until May, laid the blame for the figures at the door of the previous board. He commented, 'Since returning in May, the current Board has worked tirelessly to bring our costs more into line with our dwindling revenues. We have done this throughout the Company where possible, but the nature of player contracts means that the process cannot be completed instantly. This work will continue, in discussion with both our loan note holder and Barclays Bank, on whose support we remain reliant.
Southampton is a classic example of what happens to a relegated Premiership club when the parachute payments run out, compunded by the need to service a long-term debt on the new St.Mary's Stadium. The club is reliant largely on young players, many produced through its Academy. Although recent results have been encouraging, relegation still remains a possibility. Not all fans welcomed the return of Rupert Lowe to the club and he noted, 'We are not currently strong enough to indulge the small, but vocal, negative elements of our support base and need everybody to pull together which we recover our financial strength. This is not a good time to be exposed to too much debt, particularly if revenues are likely to be adversely affected by an economic downturn.'
Brad
Bicyclists get campylobacter...
from sheep droppings in the mud on the course. They ate and didn't wash their hands first.
Brad Evans
Brad Evans
01 December 2008
Leeds United...
reports a 4 million GBP profit. I can't find the annual report 2008 for Leeds United either, but they're not a publicly traded club.
Brad Evans
Brad Evans
Sheffield United
posts a loss related to wages and relegation from Premier League. I can't find the 2008 Annual Report.
Brad Evans
Brad Evans
27 November 2008
26 November 2008
Manchester United: AIG to remain
sponsor. GBP 14 million/year! If AIG backs out, LG and another company are lined up to take their place.
Brad Evans
Brad Evans
25 November 2008
24 November 2008
Sodium oxybate
is GHB. It's currently being used for excessive daytime sleepiness and cataplexy. Now, it may be approved for fibromyalgia, according to DIA:
Sodium oxybate may reduce pain in patients with fibromyalgia, study suggests.
Bloomberg News (11/21, Pollack) reports, "Jazz Pharmaceuticals Inc. and UCB SA said their treatment for fibromyalgia," sodium oxybate "reduced patients' pain and fatigue in an advanced study." In the study of 548 patients," researchers found that "sodium oxybate, helped patients achieve a 30 percent reduction in pain compared with a placebo." Jazz will "ask by the end of 2009 that the U.S. Food and Drug Administration clear the therapy for sale. UCB anticipates requesting European Union clearance later."
Brad Evans
Viagra #2
Pfizer wanted to make it over-the-counter, but abandoned this idea, according to DIA:
Pfizer abandons bid to make 50-milligram Viagra available OTC in Europe.
The AP (11/20) reported, "Pfizer Inc. said Thursday it has withdrawn an application to make 50-milligram Viagra (sildenafil citrate) tablets available over the counter in Europe."
According to Bloomberg News (11/21, von Schaper), Pfizer "pulled its application with European regulators to sell a 50-milligram dose to consumers for over-the-counter use, the European Medicines Agency's (EMEA) Committee for Medicinal Products for Human Use said in a statement." The company "has been authorized to sell the prescription drug in the European Union since 1998 in 25-milligram, 50-milligram, and 100- milligram doses."
BBC News (11/20) reported that "the EMEA's Committee for Medicinal Products for Human Use (CHMP), had major concerns over making Viagra available over-the-counter." According to a CHMP spokeswoman, if Viagra "is available without prescription, there is no medical supervision which could delay diagnosis of underlying disease. The CHMP was particularly worried about the diagnosis of overt and silent cardiovascular disease, of which [erectile dysfunction] can be an early marker." She added that "a switch to being an over-the-counter medicine could lead to an increase in people who are not intended users taking Viagra recreationally."
The Financial Times (11/20, Jack) added that "the decision is a setback to Pfizer's efforts to boost sales in the increasingly competitive market for erectile dysfunction drugs ahead of the expiry of its patent in 2013, in the face of growing sales from two patented alternatives as well as many unregulated suppliers of counterfeits." If the company's application to the EMEA "had been approved, it would have only been the second [European Union]-wide approved switch of a prescription drug to non-prescription use. Alli (orlistat), GlaxoSmithKline's weight-loss medicine, was approved" in October. The Times noted that "the drug's growth had been restricted because many governments' national health services and health insurance funds failed to reimburse patients prescribed it." The U.K.'s Press Association (11/20) and AFP (11/20) also covered the story.
Brad Evans
Viagra
is now being used to improve athletic performance:
Researchers investigating whether Viagra may give athletes an unfair advantage.
In a front-page story, the New York Times (11/23, A1, Longman) reported that a study being conducted at Marywood University and financed by the World Anti-Doping Agency is investigating whether Viagra (sildenafil citrate) creates "an unfair competitive advantage in dilating an athlete's blood vessels and unduly increasing oxygen-carrying capacity." Earlier studies have found that the drug may enhance physical performance. A study "published in 2006 in The Journal of Applied Physiology" found "that some participants taking Viagra improved their performances by nearly 40 percent in 10-kilometer cycling time trials conducted at a simulated altitude of 12,700 feet -- a height far above general elite athletic competition." In addition, "a 2004 German study of climbers at 17,200 feet at a Mount Everest base camp, published in The Annals of Internal Medicine, found that Viagra relieved constriction of blood vessels in the lungs and increased maximum exercise capacity." from DIA
Brad Evans
Milwall
loses 6 million GBP. Owner is looking long term and is not worried. Attendance is dropping, probably because of the fiscal crisis. The public company is Milwall Holdings.
Brad Evans
Brad Evans
Juventus
New stadium for Juventus. Their current stadium is not friendly for the fans. How long have they had this stadium I wonder?
Brad Evans
Brad Evans
21 November 2008
Newcastle United
Mike Ashley shoots himself in the foot. His bad management has led to empty seats (which used to be rare) and now the selling price of the club will presumably decrease.
Brad Evans
Brad Evans
Bernie Ecclestone in divorce proceedings
Slavica, his wife, has filed for divorce. He reportedly put billions of his money in his wife's name, presumably for tax reasons.
Brad Evans
20 November 2008
18 November 2008
Glasgow Rangers
sign with Ebel and CocaCola. The CocaCola deal is worth "six figures... for three years."
Brad Evans
Brad Evans
12 November 2008
Banks no longer subject to Section 382 of Tax Code
Section 382 of the Tax Code was designed to prevent profitable companies from purchasing companies with losses and thereby avoiding tax. No matter how you feel about this, the Treasury usurped its authority in making banks free of section 382. The cost to taxpayers is estimated at $110-150 billion. Perhaps the Treasury should give back $150 Billion of the bailout funds.
Furthermore, Congress is mad, but also scared to reinstate Section 382 for banks, fearing they will be blamed for a Great Depression.
Brad Evans
Furthermore, Congress is mad, but also scared to reinstate Section 382 for banks, fearing they will be blamed for a Great Depression.
Brad Evans
11 November 2008
Liverpool
Shareliverpoolfc wants investors to help it purchase Liverpool FC. GBP 5000 per investor. It's a good football club, and the group looks like a good group. I don't know about the debt rung up by Hicks and Gillett. There's also the question of the new stadium to consider.
Brad Evans
Brad Evans
Newcastle United
Anschutz Entertainment Group set to take over Newcastle. AEG already has some football investments in Europe. I think good news for Newcastle and its fans. Good news for AEG too.
Brad Evans
Brad Evans
10 November 2008
West Ham
Gudmundson may be forced to sell West Ham. This is because of the effect of the financial crisis on Iceland.
Brad Evans
Brad Evans
08 November 2008
Obama again
The plan is to require community service, but the wording was changed from "require" to "set a goal."
It doesn't look like words mean a lot. He's a free trader, but he's not; he won't set economic policy now, but he will. I'm afraid we will have to watch what he does, not what he says.
Sowell talks about conflicting visions. He divides people into those who want protection from the government and those who want to use the government and laws to advance their agenda. Obama is in the 2nd group. He has Rahm Emmanual to push through his agenda. I don't think that the current fiscal crisis, or the projected fiscal crisis related to government pensions and health care, to Medicare, and Social Security, will deter his administration from trying to achieve their goals.
The Bush Administration damaged our freedoms. It looks like the Obama administration will be worse (if that's possible) for liberty and freedom.
Brad Evans
It doesn't look like words mean a lot. He's a free trader, but he's not; he won't set economic policy now, but he will. I'm afraid we will have to watch what he does, not what he says.
Sowell talks about conflicting visions. He divides people into those who want protection from the government and those who want to use the government and laws to advance their agenda. Obama is in the 2nd group. He has Rahm Emmanual to push through his agenda. I don't think that the current fiscal crisis, or the projected fiscal crisis related to government pensions and health care, to Medicare, and Social Security, will deter his administration from trying to achieve their goals.
The Bush Administration damaged our freedoms. It looks like the Obama administration will be worse (if that's possible) for liberty and freedom.
Brad Evans
GM's cash burn rate
GM will run out of cash by the end of 2008. Whoever thought we'd be calculating a cash burn rate for GM?
Brad Evans
Brad Evans
Obama
How will he do as President?
I am a little worried. He says that he is a "free-trader," then, in the next breath, explains that he is not really a free trader. He says that Bush will make executive branch economic decisions, then wants an economic stimulus package. He particularly wants more money to bailout the auto companies. I am afraid that the auto companies have large leaks and no amount of bailout will alter their outcome. They will sink.
Brad Evans
I am a little worried. He says that he is a "free-trader," then, in the next breath, explains that he is not really a free trader. He says that Bush will make executive branch economic decisions, then wants an economic stimulus package. He particularly wants more money to bailout the auto companies. I am afraid that the auto companies have large leaks and no amount of bailout will alter their outcome. They will sink.
Brad Evans
Convicted Felons and Politics...
UK takes Thaksin Shinawatra's Visa away. Meanwhile, Ted Stevens may be the first convicted felon elected to the Senate.
Brad Evans
Brad Evans
07 November 2008
Chemicals in schools...
Not drugs. Well, maybe drugs AND chemicals used in shop and chemistry classes. Probably not as big a problem as suicide and drug abuse, but still a worry.
Brad Evans
Brad Evans
04 November 2008
Newcastle United and "Greater Fool Theory"
Two Americans want to buy Newcastle United from Mike Ashley, from The Political Economy of Football:
"TWO US INVESTORS IN FOR MAGPIES – 5/11/08
Two US-based investors are left in the race to buy Newcastle United off Mike Ashley. Both of them are believed to already be involved in the management of sports franchises. Seymour Pierce who are acting as advisers on the sale of the club have confirmed that the original field of seven potential bidders has been whittled down to two. It is believed that Mike Ashley has scaled down his expectations of what he can get from the sale following recent financial turmoil. Having invested £250m in the club, including paying off its debts, he now accepts that at best he could make only a small profit from the sale. It is understood that he would not necessarily take the highest offer available, but agree a sale to an investor with the better financial credentials. It is thought that any sale is likely to go through before the January transfer window in which any new owner would like to be involved.
The fact that the two main bidders are American is a development that has a significance beyond Newcastle United. I had thought that recent financial developments made it likely that we would see fewer American investors, also bearing in mind the difficulties have occurred in raising funds for stadium development at Liverpool. What I had perhaps underestimated was that the fall of the pound against dollar would make investment in sterling assets better value for those holding dollars. The one concern I have about American owners is that sport in the United States is organised on a rather different basis. 'Franchises' can be moved across the country and promotion and relegation does not form part of major American sporting competitions including soccer's MSL. However, although Liverpool offers an unhappy example of American ownership, and Manchester United a contested one, a Villa fan told me recently how pleased he was with Randy Lerner's stewardship at Villa. In his view, the combination of Lerner as owner and O'Neill as manager was a match made in heaven. Let's hope that passionate Geordie fans can get a similar result. "
Brad Evans
"TWO US INVESTORS IN FOR MAGPIES – 5/11/08
Two US-based investors are left in the race to buy Newcastle United off Mike Ashley. Both of them are believed to already be involved in the management of sports franchises. Seymour Pierce who are acting as advisers on the sale of the club have confirmed that the original field of seven potential bidders has been whittled down to two. It is believed that Mike Ashley has scaled down his expectations of what he can get from the sale following recent financial turmoil. Having invested £250m in the club, including paying off its debts, he now accepts that at best he could make only a small profit from the sale. It is understood that he would not necessarily take the highest offer available, but agree a sale to an investor with the better financial credentials. It is thought that any sale is likely to go through before the January transfer window in which any new owner would like to be involved.
The fact that the two main bidders are American is a development that has a significance beyond Newcastle United. I had thought that recent financial developments made it likely that we would see fewer American investors, also bearing in mind the difficulties have occurred in raising funds for stadium development at Liverpool. What I had perhaps underestimated was that the fall of the pound against dollar would make investment in sterling assets better value for those holding dollars. The one concern I have about American owners is that sport in the United States is organised on a rather different basis. 'Franchises' can be moved across the country and promotion and relegation does not form part of major American sporting competitions including soccer's MSL. However, although Liverpool offers an unhappy example of American ownership, and Manchester United a contested one, a Villa fan told me recently how pleased he was with Randy Lerner's stewardship at Villa. In his view, the combination of Lerner as owner and O'Neill as manager was a match made in heaven. Let's hope that passionate Geordie fans can get a similar result. "
Brad Evans
Chelsea has financial problems?
Chelsea sacks 60% of international scouts. Frank Arnesen is still head of scouting and youth development.
Brad
Brad
27 October 2008
How Hull did it financially,
from Political Economy of Football,
"THE HULL PHENOMENON – 26/10/08
Hull City were tipped for an instant return to the Championship at the beginning of the season, but their victory against West Brom on Saturday made them joint first at the top of the Premiership before today's matches. So how does one explain the Hull phenomenon? I'm not talking about what has happened on the pitch. When I saw Hull in the Championship last season I did not think they were anything special, but clearly manager Phil Brown has weaved some magic. But what interests me here is the city of Kingston upon Hull and its economic geography. I recently visited it for the first time in many years for a conference held at The Deep aquarium. The nearby Marina was full of boats and there was some very attractive new housing along the waterfront. Driving through the city itself, however, it was clear that there was some problematic social housing whilst even the private housing stock was not all of the highest quality. Many of the more prosperous people connected with the city clearly live in nearby Beverley. The city is still recovering from some terrible floods. This was for many years the home of gloomy if penetrating poet Philip Larkin who had a love-hate relationship with Hull, as he did with most things in life, including his many girlfriends.
On the way into Hull you pass the club's sparkling new stadium. There is no doubt that the city council's decision to build this was pivotal. As befits such a relatively isolated city, Hull was the only place in Britain to have its own municipal telephone service - it still has distinctive white telephone boxes. When the telecommunications company was sold for £130m in 1999, the then council leader decided that £40m would be spent on building a new stadium. It would be offered, rent-free, to the city's football and two rugby league clubs. Hence, the club was not faced with the need to service debt on stadium loans that has brought Southampton to the brink of collapse. Adam Pearson, a former director at Leeds United, bought the club in 2001 and over the following six years, the team was improved and the club put on a sound financial footing. Having seen how debt crippled and then brought Leeds United to its knees, Pearson was determined that things would be different at Hull.
After just avoiding relegation in 2006-7, it became known that Pearson was ready to sell. Surrey-based entrepreneur Paul Duffen was looking for a football club to run. With his partner Russell Bartlett, Duffen explored the possibility of buying West Ham or Cardiff City. Then he travelled to Humberside to meet Pearson. He explained, 'There was a buzz about the place. The attraction of Hull was the potential. It was clear that this club could get much bigger. The city and surrounding area had a big population, the stadium is magnificent and it wsa a very well-run football club. We needed to buy the club and then have £5m or £6m; that figure would allow us to walk into the casino and play for the prize of a Premier League place.' Although the Championship is a very competitive league and has been the graveyard of many ambitions, the gamble has paid off. It is believed that Duffen and Bartlett paid £12m for the club and then invested another £6m in the team.
Success on the pitch can change a community's image of itself for the better. Hull as a city was known most for its failings, although that image was somewhat unfair: it is, for example, the headquarters of one of Britain's most successful specialist food processing companies, Cranswick. Nevertheless, the fact that Hull was the largest city in England never to have had a top flight club contributed to a negative image. With its cluster of museums which attract more visitors than those at York, Hull is developing a tourist trade which will be boosted by the profile that the success of Hull City provides. It allows the city council to spread a positive message about what Hull can offer investors. Philip Larkin's reflection, 'Deprivation is to me what daffodils were to Wordsworth' may become outdated. [The writer holds a substantial shareholding in Cranswick plc and is also a shareholder in Kingston Communications plc]."
Brad Evans
"THE HULL PHENOMENON – 26/10/08
Hull City were tipped for an instant return to the Championship at the beginning of the season, but their victory against West Brom on Saturday made them joint first at the top of the Premiership before today's matches. So how does one explain the Hull phenomenon? I'm not talking about what has happened on the pitch. When I saw Hull in the Championship last season I did not think they were anything special, but clearly manager Phil Brown has weaved some magic. But what interests me here is the city of Kingston upon Hull and its economic geography. I recently visited it for the first time in many years for a conference held at The Deep aquarium. The nearby Marina was full of boats and there was some very attractive new housing along the waterfront. Driving through the city itself, however, it was clear that there was some problematic social housing whilst even the private housing stock was not all of the highest quality. Many of the more prosperous people connected with the city clearly live in nearby Beverley. The city is still recovering from some terrible floods. This was for many years the home of gloomy if penetrating poet Philip Larkin who had a love-hate relationship with Hull, as he did with most things in life, including his many girlfriends.
On the way into Hull you pass the club's sparkling new stadium. There is no doubt that the city council's decision to build this was pivotal. As befits such a relatively isolated city, Hull was the only place in Britain to have its own municipal telephone service - it still has distinctive white telephone boxes. When the telecommunications company was sold for £130m in 1999, the then council leader decided that £40m would be spent on building a new stadium. It would be offered, rent-free, to the city's football and two rugby league clubs. Hence, the club was not faced with the need to service debt on stadium loans that has brought Southampton to the brink of collapse. Adam Pearson, a former director at Leeds United, bought the club in 2001 and over the following six years, the team was improved and the club put on a sound financial footing. Having seen how debt crippled and then brought Leeds United to its knees, Pearson was determined that things would be different at Hull.
After just avoiding relegation in 2006-7, it became known that Pearson was ready to sell. Surrey-based entrepreneur Paul Duffen was looking for a football club to run. With his partner Russell Bartlett, Duffen explored the possibility of buying West Ham or Cardiff City. Then he travelled to Humberside to meet Pearson. He explained, 'There was a buzz about the place. The attraction of Hull was the potential. It was clear that this club could get much bigger. The city and surrounding area had a big population, the stadium is magnificent and it wsa a very well-run football club. We needed to buy the club and then have £5m or £6m; that figure would allow us to walk into the casino and play for the prize of a Premier League place.' Although the Championship is a very competitive league and has been the graveyard of many ambitions, the gamble has paid off. It is believed that Duffen and Bartlett paid £12m for the club and then invested another £6m in the team.
Success on the pitch can change a community's image of itself for the better. Hull as a city was known most for its failings, although that image was somewhat unfair: it is, for example, the headquarters of one of Britain's most successful specialist food processing companies, Cranswick. Nevertheless, the fact that Hull was the largest city in England never to have had a top flight club contributed to a negative image. With its cluster of museums which attract more visitors than those at York, Hull is developing a tourist trade which will be boosted by the profile that the success of Hull City provides. It allows the city council to spread a positive message about what Hull can offer investors. Philip Larkin's reflection, 'Deprivation is to me what daffodils were to Wordsworth' may become outdated. [The writer holds a substantial shareholding in Cranswick plc and is also a shareholder in Kingston Communications plc]."
Brad Evans
Liverpool finances
from Political Economy:
FIGURES DON'T ADD UP AT 'POOL – 26/10/08
"Liverpool fans will be celebrating today's victory at Chelsea. The club has had its best start to its Premiership campaign for many years. The red half of Merseyside can realistically talk about securing the Premiership title. Off the pitch, things are less rosy. Of course, what with a holding company in Delaware (the state with a reputation for business friendly rules) and a Cayman Islands tax haven link, the corporate arrangements of the current owners would not win a prize for transparency. It would appear that Gillett and Hicks funded their initial purchase of the 'franchise' with a £298m loan from the Royal Bank of Scotland and American bank Wachovia. £174m of that money was used to buy the club from existing shareholders, a deal that brought David Moores, last of the family line to run the club, a cool £90m.
The initial loan was replaced in January by a £350.5m facility with the same banks. The plan was to load the whole debt on the football club, but chief executive Rick Parry and Moores (now honorary life president) invoked a 'whitewash clause' that required all board members to agree on debt deals. The compromise that was agreed was to let the football club have £105m, much of which has been used to buy players. The remaining £245m then sat with the Delaware holding company, Kop Football. The rates on these loans are about nine per cent a year so they will cost the club £25m a year. This is broadly equivalent to the revenue raised by last season's run to the Champions League semi-final. European performance generally represents the difference between breaking and even and making a profit at the club.
Supporters are concerned that the requirement to service debt will inhibit transfer spending, and could eventually prove impossible to sustain from current revenue. Share Liverpool, the supporters group with aspirations to buy the club on behalf of the fans, have used well regarded financial modelling software to forecast the club's financial performance. They predict annual losses of between £30m and £70m over the next five years as player costs increase. One note of caution is that the credit crunch could actually lead to a reduction in transfer fees and wages as clubs are less active in the market (see Chelsea story below). Share Liverpool argue that, on their figures, the club do not have a large enough stadium or commercial income to support their player and debt costs. Hicks and Gillett dispute these projections, which do seem a bit like worst case scenarios, and point to recent commercial deals with Paddy Power and Thomas Cook worth £10m as evidence that they are enhancing the club's commercial appeal.
Ultimately Liverpool's ability to compete on the highest level depends on moving to a new stadium, a project that poses the most serious questions about the stewardship of the current owners. They insist that their plans for a 75,000-seat stadium are on hold only until the worst of the banking crisis is over - although a global recession may make lenders unwilling to fund this type of project. What is not clear is where the £300m - £400m for the Stanley Park stadium is coming from. They already face the challenge of refinancing their loans next July, and it is difficult to see how they will be able to secure the debt against the club without providing fresh capital. Until they do, critics will argue that they are caught in a Catch-22 of their own design. Without a new stadium and the revenue streams it will bring, they cannot clear their acquisition debt, but may be unable to build one because of an inability to raise fresh finance.
So what will happen? In more difficult financial times, the idea of a shared stadium with Everton - which many figures in public life in the north-west favour - is bound to be revived, but it would raise a storm of protest from fans of both clubs. It may well be that Dubai Investment Corporation will yet buy the club once the financial position in the Gulf state is clearer. At the moment, there is some concern about a level of debt which is said to be near that of national GDP, as well as the slowing down of the property boom. However, it is believed that the acquisition of Charlton was stopped by the head of the royal family because he feared that its effective ownership by his son (albeit operating through someone else) would raise 'conflict of interest' issues which would threaten the purchase of the greater prize of Liverpool. I am far from sure that the conflict of interest rule would have stood up to a well funded court challenge, but in the present climate of questioning foreign ownership, that is publicity Dubai's rulers could do without. They care about their reputation which is one consideration that should endear them to 'Pool fans. Certainly, I would have been delighted to see them own Charlton."
Brad Evans
Investors Eye Newcastle
A Kuwait investor is apparently considering buying Newcastle. Newcastle United is a good football club, but I wouldn't know how to value it. Good fans, good players. Negatives: a lot of players get injured perhaps due to St. James's turf?, bad owner-Ashley, and in the relegation zone.
Brad Evans
Brad Evans
24 October 2008
More on Liverpool and Liverpulians
Liverpool MPs urge the government to force action so that the loan Gillett and Hicks took out is not renewed.
One bright spot: hospitality sales, where revenues are up 70%.
Brad Evans
One bright spot: hospitality sales, where revenues are up 70%.
Brad Evans
23 October 2008
22 October 2008
Bundesliga limits foreign ownership
some clubs, like Hannover 96, complain. Story here.
My position is that it is better to limit crummy ownership. Who cares where they're from?
Brad Evans
My position is that it is better to limit crummy ownership. Who cares where they're from?
Brad Evans
Stuttgart and Puma renew deal
The deal has gone from 2002 until 2015 now.
I remember that Adidas was official sponsor of the Germany team in 2006. Players had to wear Adidas.
Brad Evans
I remember that Adidas was official sponsor of the Germany team in 2006. Players had to wear Adidas.
Brad Evans
Foreign Ownership
"Celtic will not come into foreign hands." Story here. I would think it would be more important not to let the club fall into the hands of bad ownership, like Newcastle did.
Zabeel Investments considering buying either Charlton or Everton. Charlton wants Zabeel as owners.
Brad Evans
Zabeel Investments considering buying either Charlton or Everton. Charlton wants Zabeel as owners.
Brad Evans
Better websites=more cash
English football has the worst websites I've seen. There is still room for improvement. Story here.
Brad Evans
Brad Evans
Liverpool deals...
betting=Paddy Power; travel=Thomas Cook; video game=Konami; motor racing (?)= Superleague Formula. here.
Brad Evans
Brad Evans
18 October 2008
15 October 2008
Heads up! Heads down!
CFO.com speculates that Congress will try to apply the compensation rules to other companies. Of course, some people think it will be easy to get around the comp rules. For one, "gross ups" are allowed...
Brad Evans
Brad Evans
More on the bailout...
Perpetual preferred? At least it's alliterative.
Credit Slips says the deal is structured to fulfill the banks' capital requirements. "What strange times we live in when Treasury and the Fed have to engineer a deal to circumvent their own regulations."
CFO.com notes that the SEC has circumvented their own rules regarding Perpetual Preferred. You don't have to mark to value if the value goes down.
You can fool some of the people all of the time, all of the people some of the time, but not all of the people all of the time (I think this quote is Abraham Lincoln's). You wonder when they will stop thinking they can fool people.
Brad Evans
Credit Slips says the deal is structured to fulfill the banks' capital requirements. "What strange times we live in when Treasury and the Fed have to engineer a deal to circumvent their own regulations."
CFO.com notes that the SEC has circumvented their own rules regarding Perpetual Preferred. You don't have to mark to value if the value goes down.
You can fool some of the people all of the time, all of the people some of the time, but not all of the people all of the time (I think this quote is Abraham Lincoln's). You wonder when they will stop thinking they can fool people.
Brad Evans
Bailout...
The idea seems to be to get people to agree to a small amount, then increase the lending to a large amount, which will be approved because we've already spent the smaller amount. Then, repeat...
Wait, isn't that part of the reason we're in the mess we're in now?
Brad Evans
Wait, isn't that part of the reason we're in the mess we're in now?
Brad Evans
14 October 2008
13 October 2008
12 October 2008
Short Selling Ban Is Over
Here. Short selling gets a bad reputation because (1) you are selling something that isn't yours and (2) short sellers might denigrate a stock.
Brad Evans
Brad Evans
11 October 2008
Charlton on the block...
According to The Political Economy of Football:
DUBAI GROUP BID FOR CHARLTON – 10/10/08
On a day in which global markets have been in turmoil, unfashionable south-east London club Charlton Athletic have received a bid from a Dubai-based investment group headed by His Excellency Mohammed Ali Ali Hashimi. Apparently the group considered a number of football clubs but thought that Charlton offered the greatest potential. In a statement, the prospective new owner has praised the passion of the club's fans, its heritage and its commitment to the community. He also expressed his determination to get the club back to the Premiership. Due diligence has to be undertaken, but it is hoped that the sale could be completed within a few days. It has the full support of leading Addicks shareholder, Richard Murray. Normally reliable sources at the club indicated that among the factors that had attracted the new owners were: the development potential of the Thames gateway; the status of Greenwich as an Olympic borough; the club's community programme; and the fact that it has a reputation for good internal management and effective structures.
Zabeel has links with Dubai International Capital, the group that was interested in buying Liverpool. They received approaches from a number of clubs in England, elsewhere in Europe and in South America before settling on the Addicks. They had talks with Newcastle owner Mike Ashley, but thought that his asking price of £480m was too much. Portsmouth were available at a bargain price, but it was thought that the London club offered more potential. They are thought likely to pay somewhere in the region of £20m-£25m, giving them a relatively economical route into English football with reasonable prospects of a Premiership place. They do not intend to splash the cash, however, but to build up the club steadily in a similar way to the strategy being followed at Queen's Park Rangers.
Brad
DUBAI GROUP BID FOR CHARLTON – 10/10/08
On a day in which global markets have been in turmoil, unfashionable south-east London club Charlton Athletic have received a bid from a Dubai-based investment group headed by His Excellency Mohammed Ali Ali Hashimi. Apparently the group considered a number of football clubs but thought that Charlton offered the greatest potential. In a statement, the prospective new owner has praised the passion of the club's fans, its heritage and its commitment to the community. He also expressed his determination to get the club back to the Premiership. Due diligence has to be undertaken, but it is hoped that the sale could be completed within a few days. It has the full support of leading Addicks shareholder, Richard Murray. Normally reliable sources at the club indicated that among the factors that had attracted the new owners were: the development potential of the Thames gateway; the status of Greenwich as an Olympic borough; the club's community programme; and the fact that it has a reputation for good internal management and effective structures.
Zabeel has links with Dubai International Capital, the group that was interested in buying Liverpool. They received approaches from a number of clubs in England, elsewhere in Europe and in South America before settling on the Addicks. They had talks with Newcastle owner Mike Ashley, but thought that his asking price of £480m was too much. Portsmouth were available at a bargain price, but it was thought that the London club offered more potential. They are thought likely to pay somewhere in the region of £20m-£25m, giving them a relatively economical route into English football with reasonable prospects of a Premiership place. They do not intend to splash the cash, however, but to build up the club steadily in a similar way to the strategy being followed at Queen's Park Rangers.
Brad
09 October 2008
07 October 2008
West Ham and the Iceland collapse
This is from The Political Economics of Sport (my emphasis):
NO WORRIES AT WEST HAM AS ICELANDIC ECONOMY COLLAPSES – 7/10/08
Iceland could be the first country to go bankrupt since Newfoundland was absorbed by Canada after the Second World War. But at Icelandic-owned West Ham an air of benign calm reigned today, although below the surface there may be more turbulence. The Icelandic bank chaired by the club's billionaire owner was put into receivership by the Icelandic government. The family of Bjorogolfur Gudmundsson are reported to have owned over 40 per cent of Landsbanki, so their personal finances have taken a hit. Gudmundsson is Iceland's second-richest person, after his son Thor. Gudmundsson bought the East London club in November 2006 for £85m. He subsequently invested another £30.5m in December 2007 after buying a further 5 per cent stake. Gudmundsson was listed as one of the thousand richest men in the world in the 2007 Forbes Rich List. However, most of his money comes from outside Iceland. The sectors he is involved in include construction and shipping.
West Ham, already hit by the collapse of its shirt sponsor last month, said that the club was not for sale and that the owner remained 'as committed as ever' in spite of the financial services. A spokeswoman told wire services, 'All at the club remain focused on taking West Ham United forward and these developments have no implications and no impact for the club.' A senior board member is reported by BBC Sport to have said, 'One of Mr Gudmundsson's investments has gone bad, but he is still standing and has a lot of other investments.' Unconfirmed reports have suggested that Indian billionaire Anil Ambani was interested in buying the club and was told that it would be available for £150m..
Brad Evans
NO WORRIES AT WEST HAM AS ICELANDIC ECONOMY COLLAPSES – 7/10/08
Iceland could be the first country to go bankrupt since Newfoundland was absorbed by Canada after the Second World War. But at Icelandic-owned West Ham an air of benign calm reigned today, although below the surface there may be more turbulence. The Icelandic bank chaired by the club's billionaire owner was put into receivership by the Icelandic government. The family of Bjorogolfur Gudmundsson are reported to have owned over 40 per cent of Landsbanki, so their personal finances have taken a hit. Gudmundsson is Iceland's second-richest person, after his son Thor. Gudmundsson bought the East London club in November 2006 for £85m. He subsequently invested another £30.5m in December 2007 after buying a further 5 per cent stake. Gudmundsson was listed as one of the thousand richest men in the world in the 2007 Forbes Rich List. However, most of his money comes from outside Iceland. The sectors he is involved in include construction and shipping.
West Ham, already hit by the collapse of its shirt sponsor last month, said that the club was not for sale and that the owner remained 'as committed as ever' in spite of the financial services. A spokeswoman told wire services, 'All at the club remain focused on taking West Ham United forward and these developments have no implications and no impact for the club.' A senior board member is reported by BBC Sport to have said, 'One of Mr Gudmundsson's investments has gone bad, but he is still standing and has a lot of other investments.' Unconfirmed reports have suggested that Indian billionaire Anil Ambani was interested in buying the club and was told that it would be available for £150m..
Brad Evans
06 October 2008
Place your bids for Newcastle
300 million GBP seems to be the going price. A South African group and a group from Nigeria apparently lead the bidding, which closes today.
Brad Evans
Brad Evans
On the financial crisis
Arnold Kling: The bailout "is nothing more than a government assistance package for a declining industry."
Brad Evans
Brad Evans
03 October 2008
02 October 2008
Mankiw watches the betting
at Intrade.com. Obama victory is now twice as likely as McCain, bettors say. There's also betting on Palin or Biden being withdrawn as VP candidates. Funny.
Brad Evans
Buffett talks about regulators & Fannie and Freddie
From Newmark's door. OFHEO has 200 employees and a $65 million budget. Their only job was to watch Fannie and Freddie. Buffett's conclusion: "It's very difficult to monitor companies if the management is out to deceive you." Still, he's highly critical of OFHEO and doubtful that increased regulation is the answer.
Brad Evans
Brad Evans
01 October 2008
Hedge Funds Next?
Newmark thinks that Hedge Funds will have to sell stock as investors ask for their money back.
Brad Evans
Brad Evans
Thursday Vice Presidential Debates
The debates will be interesting. First, you have Sarah Palin, who doesn't seem to understand what the bailout is about. Then, you have Joseph Biden, who says things like this.
Brad Evans
Brad Evans
Betting Pool for the next Nobel Prize Winner
There are betting pools for about anything. Mankiw has a betting pool he monitors and reports on. This is a betting pool for the next Nobel Prize winner in Economics. I don't know if money is involved.
Brad Evans
Brad Evans
30 September 2008
Pension Spiking
I've never heard of "pension spiking" either. It sounds like spiking the ball after a touchdown, and that's what it's like too. If you don't know about pension spiking, it will cost you a lot of money! Some pension spiking sounds like the "tax gross-up" that top executives, like at Lehman Brothers, get.
Brad Evans
Brad Evans
The Bailout Bill
The Bailout Bill failed to pass the House. To me, it looks like Representatives up for re-election will be unwilling to put themselves on record as voting for the Bailout Bill. They are worried they won't be re-elected. So, this bill will be tough to pass BEFORE elections.
Brad Evans
Brad Evans
Tottenham for sale?
Billionaire from Asia wants to take over Tottenham. Owners ENIC might be willing to sell. Pini Zahavi brokering the deal. BAD NEWS for Tottenham fans.
Brad Evans
Brad Evans
Newcastle "Untied" is about right.
Seven offers on table for Newcastle. I wonder what offers there are? I remember Chelsea sold for 1 GBP upon the day.
Brad Evans
Brad Evans
Bad year for shirt sponsors...
Football clubs obviously want shirt sponsors to do well, so this is not good news. From eufootball.biz.
Brad Evans
Brad Evans
28 September 2008
Hedge Fund Redemptions
Stock market prices drop, hedge fund redemptions increase.
I thought the game was buy low, sell high.
Brad Evans
I thought the game was buy low, sell high.
Brad Evans
27 September 2008
26 September 2008
Up to 5% of Shanghai infants may have kidney stones
Due to milk contaminated with melamine, up to 5% of children under age 3 may have kidney stones.
Brad Evans
Brad Evans
24 September 2008
23 September 2008
22 September 2008
Moral Hazard
From footnoted.org, Henry Waxman says: "The Administration’s plan completely eviscerates the concept of moral hazard. It would enrich the Wall Street executives whose reckless investments caused the financial crisis."
Brad Evans
Brad Evans
Lehman-New York gets $2.5 billion in bonuses
Barclay Bank is buying part of Lehman Brothers. In order to keep "talent," Barclay's is paying bonuses this year to workers at Lehman-New York. They get $2.5 billion in bonuses.
Brad Evans
Brad Evans
Withdrawals from Money Market Funds
From Option Armageddon, there are money withdrawals from money market funds. Almost 10% of $3 trillion in assets has been withdrawn last week.
Brad Evans
Brad Evans
Arsenal doing well but having trouble selling property
From The Political Economy of Football:
ARSENAL BOOST THEIR DEFENCES – 21/9/08
Arsenal's board members have reinforced their position against a possible takeover bid from leading shareholder Allsher Usmanov by making US sports franchise owner Stan Kroenke a fellow director. Arsenal wants Mr Kroenke, who owns a 12.4 per cent stake, to sign up to the lockdown agreement drawn up last year by board members that stops any of them trading shares without each other's consent. The agreement was intended to counter the predatory instincts of Mr Usmanov, the Uzbekistan-born billoonaire and Russian citizen who, with business partner, Farhad Moshiri, owns slightly less than 25 per cent of the club. Arsenal's relations with Mr Kroenke, owner of the Colorado Rapids US Major League Soccer team, who is said to be sympathetic to the need for the agreement, have improved since he bought an initial 9.9 per cent stake - a move that drew a hostile reaction from Gunners chairman Peter Hill-Wood. Mr Kroenke has cemented commercial and marketing links between Arsenal and his US sports interests and completed the purchase of ITV's half-share in the club's broadband business.
The property slump has hit Arsenal's hopes of a windfall from the development of their old Highbury stadium, prompting the North London club to say that any profit from the sale of the flats would now be regarded as a 'bonus'. Arsenal had earlier this year confidently predicted that it would generate turnover of more than £350m from its development projects, which would have provided a surplus of up to £100m. However, Peter Hill-Wood has now admitted that the sale of 680 apartments 'may be affected' by the state of the property market. Arsenal's earlier confidence was built upon the sales of 95 per cent of the Highbury Square development and advanced negotiations for the sale of another development site. But the club is braced for a wave of cancellations from investors who put down deposits but are now unable or unwilling to raise a mortgage. Property sales are intended to repay the club's loans and reduce net debt of £318.1m. It has so far banked sales of £18.7m from the initial 65 completed units.
Brad Evans
ARSENAL BOOST THEIR DEFENCES – 21/9/08
Arsenal's board members have reinforced their position against a possible takeover bid from leading shareholder Allsher Usmanov by making US sports franchise owner Stan Kroenke a fellow director. Arsenal wants Mr Kroenke, who owns a 12.4 per cent stake, to sign up to the lockdown agreement drawn up last year by board members that stops any of them trading shares without each other's consent. The agreement was intended to counter the predatory instincts of Mr Usmanov, the Uzbekistan-born billoonaire and Russian citizen who, with business partner, Farhad Moshiri, owns slightly less than 25 per cent of the club. Arsenal's relations with Mr Kroenke, owner of the Colorado Rapids US Major League Soccer team, who is said to be sympathetic to the need for the agreement, have improved since he bought an initial 9.9 per cent stake - a move that drew a hostile reaction from Gunners chairman Peter Hill-Wood. Mr Kroenke has cemented commercial and marketing links between Arsenal and his US sports interests and completed the purchase of ITV's half-share in the club's broadband business.
The property slump has hit Arsenal's hopes of a windfall from the development of their old Highbury stadium, prompting the North London club to say that any profit from the sale of the flats would now be regarded as a 'bonus'. Arsenal had earlier this year confidently predicted that it would generate turnover of more than £350m from its development projects, which would have provided a surplus of up to £100m. However, Peter Hill-Wood has now admitted that the sale of 680 apartments 'may be affected' by the state of the property market. Arsenal's earlier confidence was built upon the sales of 95 per cent of the Highbury Square development and advanced negotiations for the sale of another development site. But the club is braced for a wave of cancellations from investors who put down deposits but are now unable or unwilling to raise a mortgage. Property sales are intended to repay the club's loans and reduce net debt of £318.1m. It has so far banked sales of £18.7m from the initial 65 completed units.
Brad Evans
More on Shirt Sponsors
From Political Economy of Football:
SHIRT SPONSORS ARE HARDER TO FIND – 21/9/08
The turmoil at Manchester United's sponsors, AIG, has focused attention on football shirt sponsors. Football shirt sponsorship has enjoyed steady growth in recent years. According to sports marketing consultant Sports Markt, total revenues last year were £287.8m in the six large European leagues, up 10.6 per cent on the previous year and doubling their value in eight years. But, as with most aspects of life in the Premier League, there is a gulf between the top clubs and everyone else, and the economic downturn is leaving other clubs struggling to find a sponsor. Newly promoted West Brom have no shirt sponsor, while Aston Villa is following Barcelona, which carries Unicef on its shirts, by donating its shirt rights to Acorns, a children's hospice.
'Clearly with three teams without jersey sponsorship income, the overall revenue from jersey sponsorship of all Premier League teams will certainly drop this year in comparison to previous seasons,' Andrew Walsh of Sport Markt told the Financial Times. 'In relation to other European top leagues, the actual figure appears even lower, due to the strong currency abroad.' Shirt sponsorship represents about 20-25 per cent of a club's commercial revenues, but clubs are finding it harder to nail down sponsors for periods of two to three years. 'A lot of sponsors are using it as a dip-in.' Mr Barrand commented. 'Once they've got brand exposure, they come out.' Online gambling comapnies, a lucrative partner for several clubs, are quetsioning the wisdom of tie-ups after the government banned their names from appearing on children's replica kits. One thing is clear: as the economic climate worsens, so, too, does the outlook for football clubs' shirt sponsorship.
(I put key points in bold).
Brad Evans
SHIRT SPONSORS ARE HARDER TO FIND – 21/9/08
The turmoil at Manchester United's sponsors, AIG, has focused attention on football shirt sponsors. Football shirt sponsorship has enjoyed steady growth in recent years. According to sports marketing consultant Sports Markt, total revenues last year were £287.8m in the six large European leagues, up 10.6 per cent on the previous year and doubling their value in eight years. But, as with most aspects of life in the Premier League, there is a gulf between the top clubs and everyone else, and the economic downturn is leaving other clubs struggling to find a sponsor. Newly promoted West Brom have no shirt sponsor, while Aston Villa is following Barcelona, which carries Unicef on its shirts, by donating its shirt rights to Acorns, a children's hospice.
'Clearly with three teams without jersey sponsorship income, the overall revenue from jersey sponsorship of all Premier League teams will certainly drop this year in comparison to previous seasons,' Andrew Walsh of Sport Markt told the Financial Times. 'In relation to other European top leagues, the actual figure appears even lower, due to the strong currency abroad.' Shirt sponsorship represents about 20-25 per cent of a club's commercial revenues, but clubs are finding it harder to nail down sponsors for periods of two to three years. 'A lot of sponsors are using it as a dip-in.' Mr Barrand commented. 'Once they've got brand exposure, they come out.' Online gambling comapnies, a lucrative partner for several clubs, are quetsioning the wisdom of tie-ups after the government banned their names from appearing on children's replica kits. One thing is clear: as the economic climate worsens, so, too, does the outlook for football clubs' shirt sponsorship.
(I put key points in bold).
Brad Evans
21 September 2008
20 September 2008
Learn a Language from iTunes Store
Learn a Language from iTunes Store. Trouble is, I think you have to have iTunes installed on your computer.
Brad Evans
Brad Evans
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Financial Times and Goldman Sachs best business books
FT/Goldman Sachs best business books 2008. Soon, recommended business books from Lehman/Merrill Lynch.
Brad Evans
Brad Evans
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Rosary is Gang Symbol
Believe it or not, some schools say the rosary is a gang symbol. They don't allow students to wear rosary beads.
Brad Evans
Brad Evans
Manchester United and its shirt sponsor
A while ago, West Ham's shirt sponsor went under. Now, Man United's? Man U's shirt deal was GBP 16 million annually.
Brad Evans
Brad Evans
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Shepard and Ashley disagree over who's the worse football owner. It's hard to divide the iniquities.
Brad Evans
Brad Evans
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American International Pasta cooks books
Former executives at American International Pasta, the largest pasta maker in the US, falsified financial reports to show increased earnings in order to meet expectations.
Brad Evans
Brad Evans
When Ted O'glove talks, listen
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Brad Evans
Brad Evans
O.J. Simpson Trial
According to the prosecutor, O.J. hid valuable mementos with friends so that Fred Goldman couldn't find them. It is some of those mementos that O.J. thought were stolen.
Brad Evans
Brad Evans
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Floyd Norris chronicles Lehman demise
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Brad Evans
Brad Evans
Deaths in Stadium Riot in Democratic Republic of the Congo
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Brad Evans
Brad Evans
Valuations of MLS Teams
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Brad Evans
Brad Evans
West Ham shirt sponsor XL.com
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Brad Evans
Mike Ashley to sell Newcastle United
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Brad Evans
Brad Evans
AIG has sub-prime problems
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Brad Evans
Brad Evans
Taxpayers pay for sub-prime problems
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Brad Evans
Brad Evans
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Newcastle United Football Club-How low can it go?
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Bitter rivals Sunderland looks to be on the way up with Niall Quinn as owner and Roy Keane manager.
Brad Evans
Bitter rivals Sunderland looks to be on the way up with Niall Quinn as owner and Roy Keane manager.
Brad Evans
Nintendo, Game Boy, Gunpei Yokoi
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Gunpei died in a freak accident. He and a fellow Nintendo executive were in a minor auto accident, pulled over to inspect the damage and were hit by another car.
Brad Evans
The MMS Chicks party on
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Brad Evans
Brad Evans
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Brad Evans
Betting Odds on Winning the Presidency
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Brad Evans
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David Friedman on judging politicians
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Brad Evans
Noctilucent Clouds
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Brad Evans
Energy Independence?
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Brad Evans
11 September 2008
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