31 December 2008

Campyobacter jejuni

transmitted in unpasteurized milk at a fair in Kansas.

Brad Evans

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.

Gist?

What is it? It is here.

Brad Evans

26 December 2008

Baumol's disease

discussed here.

Brad Evans

Perkler

keep track of perks here.

Brad Evans

Game Theory

at gametheory.net, here.

Brad Evans

System Dynamics Self Study

here.

Brad Evans

NPR's complete book recommendations 2008

here. 20 years of Dilbert, wow!

Brad Evans

BusinessWeeks' top business books 2008

here.

Brad Evans

BookFinder's top OOP books 2008

here. A novel about distance running tops the list.

Brad Evans

25 December 2008

Maureen Corrigan's best books 2008

here. Liebling's book looks most interesting to me.

Brad Evans

Slate's top books 2008

here.

Brad Evans

Reason's top books 2008

here.

Brad Evans

FT Non Fiction Books

here.

Brad Evans

FT's best business books

here.

Brad Evans

Joblighted

here.

Brad Evans

The Ugly American

reviewed 50 years later here.

Brad Evans

Wikisource

here.

Brad Evans

24 December 2008

John Stuart Mill

On Liberty here.

Brad Evans

Rousseau The Social Contract

here.

Brad Evans

Montesquieu

Persian Letters here.

Brad Evans

Grant Thornton

top tax issues 2008 here.

Brad Evans

ReadWriteWeb

best software 2008 here.

Brad Evans

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

Sunderland

Ellis Short to buy Sunderland?

Brad Evans

Arsenal

"Usmanov revealed his disease..." Yuck, (sic). dis-ease is not disease.

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

New York Times

best books 2008 here.

Brad Evans

Amazon's amazing

best books 2008 here.

Brad Evans

The Atlantic

best books 2008 here.

Brad Evans

Economist

best books 2008 here.

Brad Evans

Publisher Weekly

best books 2008 here.

Brad Evans

More IS

information and websites here.

Brad Evans

Management Information Systems

websites and references here.

Brad Evans

Information Systems

websites, via Bournemouth University.

Brad Evans

Financial Management

websites here.

Brad Evans

WebEC on Financial Management

here.

Brad Evans

Goetzman's book

on Investment Theory here.

Brad Evans

Eugene Fama's website

here.

Brad Evans

21 December 2008

Ponzi schemes

and the US government. Bailouts, social security, ...

Brad Evans

Top 10 Economic Myths of 2008

10. Capitalism is dead.

Brad Evans

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

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

20 December 2008

Blagojevich

denies all.

Brad Evans

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

s+b best business books

here.

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

19 December 2008

Time magazine's top tens

here.

Brad Evans

Tests for Goodwill impairment

Here, at CFO.com.

Brad Evans

Roxanne Julia

picks top business books.

Brad Evans

Best Football Books of 2008

by FourFourTwo.

Brad Evans

FourFourTwo's list of best football books

here.

Brad Evans

IThound

white papers here. I haven't used it yet.

Brad Evans

Consumer Reports Used Cars

Recommended used cars here.

Brad Evans

ADO

to sell its stadium to city of Den Haag for 10 million euros, which will be used to wipe out ADO's debt burden of 6 million euros.

Brad Evans

Feyenoord

to build new 80,000 seat stadium in Rotterdam.

Brad Evans

Coors

sponsors the Football League. Coors is an English Brewing company?

Brad Evans

Everton

reports loss, but also reports record revenues.

Brad Evans

Arsenal

has boardroom troubles. Lady Bracewell-Smith leaves or is forced out. This is bad news for Arsenal fans.

Brad Evans

Barclays is reviewing

its sponsorship of the Premier League, due to the current financial crisis.

Brad Evans

18 December 2008

Valuedance

for IT by Susan Cramm.

Brad Evans

The post modernist generator

generates meaningless information. It would go far in academics. Link here.

Brad Evans

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

Nicola Horlick's leadership abilities

evaluated by Megan McArdle.

Brad Evans

Selflessness in business

by Susan Cramm. Why are people selfish?

Brad Evans

Best Business Books 2008

by Jack Covert at 800-CEO-READ.

Brad Evans

Orbiting the Giant Hairball?

Business book recommended by Robert Sutton and Jack Covert.

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

Laptops

for accountants. Recommended by accountingweb.co.uk.

Brad Evans

Poor Leaders

by Baldoni.

Brad Evans

Gifts for women

from Megan McArdle.

Brad Evans

Michael Porter

on Charlie Rose, via 800-CEO-READ.

Brad Evans

Best non-fiction books

according to Stephen Baker.

Brad Evans

Holiday book recommendations

from 800-CEO-READ.

Brad Evans

I, Pencil

was published 50 years ago. Here is link to get a pdf on-line.

Brad Evans

Hedge Funds are good?

Nine reasons.

Brad Evans

Respiratory Histoplasmosis

in people who traveled to El Salvador to renovate a church. From MMWR.

Brad Evans

Domestic Auto Bailout

per Thomas Sowell.

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

17 December 2008

BNET readers best business books

BNET readers voted on the best business books of 2008. The list is here.

Brad Evans

Sports Law

ASSER International Sports Law website located here.

Brad Evans

Sports Law

ASSER International Sports Law website located here.

Brad Evans

Tottenham

Tottenham plans a new stadium located near White Hart Lane. It will hold 60,000 people.

Brad Evans

16 December 2008

Best Business Books

of 2008, according to Economist.

Brad Evans

Bailout

Form to fill out for bailout money is two pages long!

Brad Evans

Business books

Best of all time, according to Independent.

Brad Evans

Mallorca

Freddy Shepherd to take over at 5 million GBP? To inject another 10 million if Mallorca stays up.

Brad Evans

15 December 2008

Southampton

signs up Flybe as shirt sponsor, again.

Brad Evans

Madoff victims

listed here.

Brad Evans

Starbucks***

ideas to get people to buy things, from Nudge.

Brad Evans

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

Glasgow Rangers

for sale, according to The Political Economy of Football:

"

Items

RSS

RANGERS SUPREMO AWAITS RIGHT OFFER – 7/12/08

Glasgow Rangers owner Sir David Murray has made it clear that he is ready to sell the club which he purchased for £6m in 1988, inheriting a debt of roughly the same amount. He admitted that he would not get the money he had invested back: 'I've put over £100 million into this club and I'm not going to get anything like that back.' He added that it was still his prime objective to keep Rangers in Scottish hands 'but there aren't too many wealthy ones left. The choices are limited.' He suggested that the club could be a sound business investment particularly if it was run in a more financially prudent way: 'I've run it my way, which you can say is financially wrong.' He asked the rhetorical question, 'Why would they buy it? The same reason I bought it. It's today's yacht. I think Roman Abramovich got acceptability for his business by buying Chelsea. No one knew who he was before then. It has helped his business more than he will ever have allowed for.'"

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

PSG

will do marketing on their own. They will leave SPORTFIVE.

Brad Evans

Caledonian Thistle

I guess it's no longer Inverness Caledonian Thistle (ICT). They've resigned with Flybe.

Brad Evans

Portsmouth

for sale. Unknown price.

Brad Evans

Newcastle

Bad to worse to worst. Zahavi may be next owner.

I think that who owns a club is a major factor in whether that club will be successful.

Brad Evans

Arsenal

Sponsor contracts under review.

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

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

05 December 2008

Valencia's new stadium...

may put the club in administration. David Villa to be traded?

Brad Evans

04 December 2008

English Championship teams to impose salary cap?

What a bad idea! They'd do this to get a handle on their own over-spending.

Brad Evans

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

1-bromopropane neurologic illness

reported in MMWR.

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

Bicyclists get campylobacter...

from sheep droppings in the mud on the course. They ate and didn't wash their hands first.

Brad Evans

West Ham

on the block: "The West Ham owner has invested GBP 30 million in the club, in addition to the original purchase price of GBP 85 million, with the value of West Ham currently estimated at GBP 120 million."

Brad Evans

Hearts' players unpaid...

cash flow crisis at Hearts?

Brad Evans

More on Sheffield Wednesday takeover...

it's off, apparently.

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

Sheffield United

posts a loss related to wages and relegation from Premier League. I can't find the 2008 Annual Report.

Brad Evans

28 November 2008

PSV

report profit.

Brad Evans

27 November 2008

GE will participate in bailout

GE Capital is a bank.

Brad Evans

PSV

annual report is available (in Dutch). I can't find it in English (yet?).

Brad Evans

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

25 November 2008

Livingstone

in financial straits?

Brad Evans

Sheffield Wednesday

posts a profit. Analysis of Annual Report here.

Brad Evans

Southampton

has a loss for 2007/2008. Annual report for 2008 here.

Brad Evans

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

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

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

Copernicus found

From Cronaca. Nicolaus Copernicus's skeleton is found.

Brad

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

Charlton

joined the FLi group.

Brad Evans

Watford

releases their annual report. Here it is.

Brad Evans

18 November 2008

Glasgow Rangers

sign with Ebel and CocaCola. The CocaCola deal is worth "six figures... for three years."

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

11 November 2008

Aston Villa

The Villans will use the Micros Hospitality Management System.

Brad Evans

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

Ligue 1

A little less than 50% of revenue comes from TV rights. Debt is low. Finances are good.

Brad Evans

Feyenoord and Anderlecht

These two clubs have lost Fortis shirt sponsorship related to Fortis's economic troubles.

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

Portsmouth

Pini Zahavi set to take over Portsmouth. I'd say, bad news for Portsmouth and its fans.

Brad Evans

10 November 2008

I wondered about betting companies...

One, close to a deal with West Ham for shirt sponsorship, is accused of match fixing.

Brad Evans

Bristol City

Bristol City lost money. It's wage ratio is 97%!

Brad Evans

West Ham

Gudmundson may be forced to sell West Ham. This is because of the effect of the financial crisis on Iceland.

Brad Evans

Hurricane activity is down

Global warming will lead to increased hurricane activity, but hurricane activity is down.

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

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

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

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

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

Recall of dry pet food because of...

No, not melamine (which causes kidney stones), but Salmonella infections in humans.

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

Fannie Mae execs golf on taxpayer money

Here.

Brad

Poland looks for another partner

Ukraine may be out, because of the financial crisis. Poland and Germany? Strange bedfellows.

Brad

Chelsea has financial problems?

Chelsea sacks 60% of international scouts. Frank Arnesen is still head of scouting and youth development.

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

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

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

23 October 2008

Liverpool for Sale?

Yes.

Brad Evans

22 October 2008

Real Mallorca pursuing Webster claim

apparently, not against the player Jonas Gutierrez, but against Newcastle.

Brad Evans

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

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

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

Better websites=more cash

English football has the worst websites I've seen. There is still room for improvement. Story here.

Brad Evans

Liverpool deals...

betting=Paddy Power; travel=Thomas Cook; video game=Konami; motor racing (?)= Superleague Formula. here.

Brad Evans

18 October 2008

Buffett article

here. It's Warren, not Jimmy, by the way.

Brad Evans

15 October 2008

Bailout...

Orwellian comment: "Bank bailout needed to preserve free market." by Mish

Brad Evans

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

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

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

Real Mallorca

is now out of bankruptcy. Paul Davidson (England) bought it for 40 million euros.

Brad Evans

Marc Faber:

"The fundamental problem is overleveraging..."

Brad Evans

Daid Friedman's new book

is online.

Brad Evans

Nell Minow is always worth reading

Her testimony in Lehman case is here.

Brad Evans

Sport TV website

Portugal matches to be shown on Sport TV website. Sport TV is portuguese.

Brad Evans

Keegan suing Newcastle?

Saga continues...

Brad Evans

West Ham shirt deal back on

One company interested is in online gambling.

Brad Evans

14 October 2008

Glasgow Rangers

plan building program for Ibrox. 350 million GBP!

Brad Evans

13 October 2008

Due Diligence

for Charlton.

Brad Evans

Newcastle for sale?

Maybe yes, maybe no, maybe go back to making it a FSBO.

Brad Evans

Bundesliga and TV Rights

Here.

Brad Evans

Liverpool fans...

and Liverpool finances.

Brad Evans

12 October 2008

How are GM and Ford doing?

Not well, according to this article, which says there is a "death watch."

Brad Evans

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

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

09 October 2008

Dundee United

On the block?

Brad Evans

More on QPR and Kingfisher

Here.

Brad Evans

Budweiser Man United

Budweiser's deal with Manchester United Football Club.

Brad Evans

Sepp Blatter

Is it a surprise that Sepp Blatter opposes the idea that "the best players play"?

Brad Evans

Listeria Infections - MMWR

Here.

Brad Evans

07 October 2008

Mortgage losses are

$1.4 Trillion.

Brad Evans

QPR's Loftus Road may be called:


Kingfisher stadium.

Brad Evans

New shirt sponsor for PSV Eindhoven?

Phillips, the major company in Eindhoven, looks like it will pull out.

Brad Evans

New owner for Derby

Here.

Brad Evans

Manchester United may lose AIG shirt deal

Here.

Brad Evans

Government rescues auto makers

$25 Billion for them.

Brad Evans

CBO report on pension funds

They've lost $2 Billion.

Brad Evans

Not deregulation!

Here.

Brad Evans

The Fed

Information here.

Brad Evans

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

I wish Lucy Kellaway would write more,

here is her latest column on management bullshit and fads.

Brad Evans

SEC overlooks oversight

They censor their main report, too. Great.

Brad Evans

Don't take stock tips

Even from financial magazines. Here and here.

Brad Evans

06 October 2008

Dealing with Racism at Work

From Penelope Trunk.

Brad Evans

New Liverpool stadium definitely delayed

With the current economic crisis, no one is lending money.

Brad Evans

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

Martin Feldstein on the financial crisis

"the fundamental cause of the crisis: the downward spiral of house prices." here

Brad Evans

On the financial crisis

Arnold Kling: The bailout "is nothing more than a government assistance package for a declining industry."

Brad Evans

03 October 2008

Lectures at Gresham College London

J.D. Barrow and others. See here.

Brad Evans

Behavioral Economics

Lectures here (from Edge).

Brad Evans

Investment Fund Freezes Assets, Colleges Can't Get Money Out

Liquidity crisis faces colleges. Warren Buffett used to run Grinnell's portfolio.

Brad Evans

02 October 2008

Rabies in a dog from Iraq

Cautionary tale here from the CDC.

Brad Evans

Ashley cuts price

Buy Newcastle at a discount. I'm sure fans are thinking, We're being discounted?

Brad Evans

Everton for sale

They use Keith Harris at Seymour Peirce investment brokers too, just like Newcastle.

Brad Evans

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

01 October 2008

How to Make Money from FREE

Hal Varian suggests various business models (this is from Newmark's Door).

Brad Evans

Hedge Funds Next?

Newmark thinks that Hedge Funds will have to sell stock as investors ask for their money back.

Brad Evans

Nigerian Company Makes Bid for Newcastle

Will this be good for Newcastle United and its fans? I hope so.

Brad Evans

Everton in Play

Indian billionaire may buy Everton.

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

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

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

African soccer journal available free

That's what they say.

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

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

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

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

Like I say, Hearts having financial trouble...

From eufootball.biz.

Brad Evans

28 September 2008

Farnsworth House floods


Mies van der Rohe's Farnsworth House floods.

Brad Evans

Sunderland has new owners

American Lone Star Funds owns 30%.

Brad Evans

Palin versus Biden

The debate between Sarah Palin and Joseph Biden will be interesting.

Brad Evans

Hedge Fund Redemptions

Stock market prices drop, hedge fund redemptions increase.

I thought the game was buy low, sell high.

Brad Evans

27 September 2008

Banks Gone Wild


Foreign banks buying.

Brad Evans

Abbiati of AC Milan: "I am a fascist"

It's not just Lazio...

Brad Evans

Personal Improvement

Keep up your energy.

Brad Evans

$5 Trillion Needed?

Ken Ohmae says bailout will cost $5 trillion. Marc Faber agrees.

Brad Evans

Nazi Book Burning


Brad Evans

Why the rush?

Why the rush? Supposedly the Fed was close to insolvent.

Brad Evans

Rich Karlgard Recommends Business Books

Rich Karlgard of Forbes recommends business books.

Brad Evans

Half of Banks Gone in 5 Years?

BofA executive says half of banks will be gone in 5 years.

Brad Evans

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

24 September 2008

Berkshire's deal with Goldman Sachs

Info here.

Brad Evans

23 September 2008

Wage Delays at Hearts

Is Hearts going under?

Brad Evans

Another Shirt Sponsorship

Torino and Renault Trucks. 3 million euros for 3 years.

Brad Evans

It's an EMERGENCY... NOT!!

$700 Billion. We MUST pay it now. I don't think so.

Brad Evans

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

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

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

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

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

Stonehenge 2300 BC

Dating Stonehenge (from Cronaca).

Brad Evans

478 carat diamond found

Workers in Lesotho found the world's 20th largest rough diamond (from Cronaca).

Brad Evans

21 September 2008

More on Arsenal's Annual Report

Peter Hill-Wood interview here. Financial results for year ended 31/5/08 here.

Brad Evans

20 September 2008

The Impact of Population Emotion

It is breath-taking, the effect of emotions, like panic, on a population.

Brad Evans

Sophia Loren's Birthday


Brad Evans

More Language Learning

Mango.

Brad Evans

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

18 September 2008

Newcastle ownership saga continues...

The horror.

Brad Evans

Funny Novels

What are your choices for the funniest novels ever? Goodreads' Listopia's choices.

Brad Evans

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

Everything I know about thallium poisoning I learned from Agatha Christie

Thallium poisoning, from the CDC.

Brad Evans

17 September 2008

Arsenal 2008

Arsenal 2008. Download the Annual Report here.

Brad Evans

Rangers annual report

Rangers report for 2008. Download the annual report here.

Brad Evans

A politician's plan to end the unemployment problem

A cattle prod.

Brad Evans

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

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

Newcastle United-Shepard and Ashley disagree

Shepard and Ashley disagree over who's the worse football owner. It's hard to divide the iniquities.

Brad Evans

16 September 2008

Woman faces assault charge in dispute over dishes

Apparently the boyfriend refused to do the dishes.

Brad Evans

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

When Ted O'glove talks, listen

Ted O'glove, at footnoted.com on Lehman Brothers. He mentions the short seller David Einhorn.

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

15 September 2008

Floyd Norris chronicles Lehman demise

Floyd Norris chronicles Lehman demise. Moral of the story? (1) It's always worse than you think. (2) Be careful when companies give rosy reports.

Brad Evans

Sub-prime woes spread

PIMCO, Vanguard, Franklin, and others hold large amounts of Lehman debt.

Brad Evans

Deaths in Stadium Riot in Democratic Republic of the Congo

Stadium riots kill 13, mostly children. People were crushed in a stampede that started after the 2 football teams began fighting with each other and police attempted to intervene. This occurred in the eastern area of the DRC that is engaged in sectarian violence.

Brad Evans

Valuations of MLS Teams

Forbes has issued valuations of MLS teams. LA Galaxy tops the list, with Toronto (!?) 2nd.

Brad Evans

West Ham shirt sponsor XL.com


West Ham shirt sponsor XL.com is going into administration. West Ham's 7.5 million pound shirt deal is gone and West Ham is looking for another sponsor.

Brad Evans

Mike Ashley to sell Newcastle United

Ashley to sell Newcastle United. I'd like to say to Newcastle fans that "you can't do worse," but my fear is that you can. Let's see who buys and for how much.

Brad Evans

AIG has sub-prime problems

Lehman is in bankruptcy; Merrill Lynch is acquired; and AIG needs $20 billion. All this due to the sub-prime mess.

Brad Evans

Taxpayers pay for sub-prime problems

Taxpayers pay for subprime fiasco. Financial companies, who pushed the mortgages, get the benefit, not individuals who bought the mortgage. I am not surprised.

Brad Evans

Tina Fey as Sarah Palin

Tina Fey as Sarah Palin.

Brad Evans

14 September 2008

Newcastle United Football Club-How low can it go?

Sir John Hall sounds like a great owner. Then, his son, Douglas Hall. That apple fell far from the tree. Next the execrable Freddy Shepard. Now the bibulous Mike Ashley. How bad will it get for Newcastle and its fans?

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


Sept 10th was the anniversary of Gunpei Yokoi's birth. He was the main designer of Game Boy. He was graduated with a university degree in electronics and then worked as a maintenance engineer for Nintendo. The company's president at the time, Hiroshi Yamauchi, found a toy Gunpei had made for amusement and promoted him to game designer. The rest is history.

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

Sex, drugs, and oil and gas royalties at the Federal Government's Minerals Management Service. What's the moral of the story? Power corrupts?

Brad Evans

13 September 2008

Trim Castle


Rambling Traveler recommends visiting Trim Castle, outside Dublin. Looks great, but where's the moat?

Brad Evans

Betting Odds on Winning the Presidency


I always thought betting was for serious things, like sports. Prof. Mankiw reports that betting odds now favors McCain to win.

Brad Evans

12 September 2008

David Friedman on judging politicians


I think Prof Friedman's opinion is a variation of "you get the government you deserve." But the question, how to evaluate political candidates, is a good question.

Brad Evans

Noctilucent Clouds


Noctilucent Clouds form highest in the atmosphere. They are best seen at night. They are rare. New on me.

Brad Evans

Energy Independence?


An opinion piece on energy independence. A related question is: if a nation could achieve energy independence, is it a good idea economically to pursue that policy?

Brad Evans

More on the efficient market theory...


The government and the GSEs.

Brad Evans

11 September 2008

If this is an efficient market, I'd hate to see an inefficient market.


Apportioning the blame in the United Airlines stock drop.

Brad Evans

Man Crashes into Bear


In Michigan, we watch out for deer on the road. In Montana, watch out for bear.

Brad Evans

10 September 2008

The latest on Colonel Saunders's secret recipe


Eleven secret herbs and spices.

Brad Evans

QPR and Briatore


Flavio Briatore seems to be saying the right things as an owner of a football club. I wish him luck. Even if QPR is known only as the club with models as fans, I hope he's successful.

Brad Evans