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Redbird Capital Acquiring 10% of Fenway Sports Group for $750m

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King Binny

Part of the Furniture
Honorary Member
*Edit: Opps, already posted by @the count, please delete this thread.

https://www.sportico.com/business/finance/2021/redbird-to-buy-fenway-sports-group-stake-1234623645/

[article]RedBird Capital is nearing a deal to acquire more than 10% of Fenway Sports Group for approximately $750 million, according to individuals familiar with the matter. The deal values the owner of the Boston Red Sox and Liverpool FC at more than $7 billion, according the people, who were granted anonymity because the matter is private. It would be the latest sports-related investment for RedBird, following the acquisition of Toulouse FC and the XFL, which is scheduled to relaunch in 2022.

RedBird founder Gerry Cardinale for some time has been trying to acquire a piece of Fenway, which is controlled by John Henry. Cardinale and Red Sox executive Sam Kennedy declined to comment. A SPAC, with $575 million in capital, led by Cardinale and Oakland A’s executive Billy Beane, had been in negotiations to acquire a portion of Fenway earlier this year, in a deal that would have valued the company at $8 billion. Those talks ultimately led to the private investment by RedBird. The deal will likely close in the next six weeks.

Fenway Sport Group boasts a portfolio of successful sports franchises. The Boston Red Sox have won three World Series this century and are a New England institution, drawing more than 2.9 million fans in 2019, more than 96% of its home field capacity. Liverpool, meanwhile, are the defending Premier League champions and considered one of the ‘Big 6’ teams that historically rule English soccer. Fenway also owns Rausch Fenway Racing, one of the more successful auto racing teams in NASCAR, as well as the New England Sports Network. FSG also owns Fenway Park and some surrounding lots in central Boston, as well a marketing group that owns half of LeBron James’s marketing and brand rights.

Cardinale is also a stakeholder in the OneTeam Collective, along with the NFLPA and the MLBPA. It’s unclear if there would be any conflict in holding stakes in both ownership and union properties. RedBird also owns a stake of the Yankees Entertainment and Sports Network, the regional broadcaster of the Red Sox rival New York Yankees. Cardinale entered that business in a 2019 deal valuing YES at $3.47 billion. Earlier this month RedBird bought a sizable minority stake in Wasserman Media Group, a sports marketing and talent agency.
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They're buying 10% of FSG.
How much of that is realistically going to filter trough to us?
Surely it’d give us some extra buying power this summer, and with Mbappe and Haaland up for grabs it might just mean we’re in the mix
 
RedBird have been involved in several sports deals -- it was part of the team that purchased YES Network last year and last month purchased an 85% interest in French soccer club Toulouse. Also in July, RedBird formed a special purpose acquisition corporation -- RedBall Acquisition Corp. -- with Oakland A’s executive Billy Beane to raise $500 million to invest in sports properties.


We might use Bordeaux as a feeder club and they might be a useful outlet for loan deals for some of our youth players
 
Mad to think they paid about £300m for the club and in a decade its probably worth 10 times that amount
 
But the asset they bought is functionally worthless unless someone is willing to purchase it at that valuation. Who would do that? Buy low and splurge on players, gain your own higher valuation. Just like all the oil money has done.
 
But the asset they bought is functionally worthless unless someone is willing to purchase it at that valuation. Who would do that? Buy low and splurge on players, gain your own higher valuation. Just like all the oil money has done.
Couldn’t they just put LFC on the stock market? Instant billions while keeping a majority share to keep control.
 
They're buying 10% of FSG.
How much of that is realistically going to filter trough to us?
I’m loving your use of the of the word ‘trough’ instead of ‘through’ Now some might see that as a simple typo. Me and you know it is a subtle dig at the corporate conglomerate pigs that feed at the trough. I would quote Horace and his letter to Tibullus at this this point but no need to overcook the point. Proper kudos.

unless it was a typo. In which case I’ll slink back to my pipe and slippers.
 
I’m loving your use of the of the word ‘trough’ instead of ‘through’ Now some might see that as a simple typo. Me and you know it is a subtle dig at the corporate conglomerate pigs that feed at the trough. I would quote Horace and his letter to Tibullus at this this point but no need to overcook the point. Proper kudos.

unless it was a typo. In which case I’ll slink back to my pipe and slippers.
Such eloquence ruined by "Me and you" ... it's "You and I" FFS
 
I’m loving your use of the of the word ‘trough’ instead of ‘through’ Now some might see that as a simple typo. Me and you know it is a subtle dig at the corporate conglomerate pigs that feed at the trough. I would quote Horace and his letter to Tibullus at this this point but no need to overcook the point. Proper kudos.

unless it was a typo. In which case I’ll slink back to my pipe and slippers.

You give me too much credit sir, it was in fact a typo.

Enjoy the pipe ;)
 
You give me too much credit sir, it was in fact a typo.

Enjoy the pipe ;)
Ah well. If you've never read it - Google 'Horace and Tibullus quote'. From Seneca. It's where we get the word epicure from. We are all hogs and slaves to the herd buddy. ;)
 
Ah well. If you've never read it - Google 'Horace and Tibullus quote'. From Seneca. It's where we get the word epicure from. We are all hogs and slaves to the herd buddy. ;)

If you're referring to "a hog from Epicurus' herd", Lewy, that's not quite accurate. Our word "epicure" comes from the name of the original Epicurus (a Greek philosopher) to whom this quote itself refers back also.

I'll get my anoracus (except in this sentence such a word would translate into Latin as "anoracum").
 
So FSG get double what they paid for us to a ten percent stake.

It's quite insane how rich we will make them.
 
Dated 21 Jul 2020
[article]RedBird Capital Partners has entered into a definitive agreement with Toulouse FC to acquire an 85 per cent majority stake in the French Ligue 2 football club.

Toulouse FC was relegated, along with Amiens, from the top tier of French football in April when clubs voted to end the season early due to the coronavirus pandemic.

Founded by Gerald Cardinale, RedBird has over USD4 billion of equity under management. Its investment partners have included the New York Yankees, the Dallas Cowboys and the United States Women’s National Soccer Team.

Toulouse owner Olivier Sadran has stepped down as majority owner and President, but will retain a 15 per cent ownership stake and remain on the Board of Directors.

Gerry Cardinale said that RedBird was “proud and excited” to help write the next chapter of Toulouse FC “and realise its tremendous potential”.

He went on to say: “We are committed to building a sustainable, long-term foundation for the Club’s success by enhancing its on-field sporting performance, business operations and contributions to its community. We look forward to working closely with Olivier, the City of Toulouse and the Occitanie Region to return Toulouse FC to an elite level and elevate the entire city of Toulouse through its long-term success.”

Damien Comoli has been appointed President of Toulouse FC, following a distinguished career across Europe, where he has worked at Liverpool, Arsenal, Fenerbahçe and Saint- Étienne.

“I welcome Gerry and RedBird as new partners in an organisation and a city that are big parts of my life,” commented Sadran. “I am also pleased that RedBird has brought Damien to Toulouse as a key member of our leadership team. Damien is a well-respected colleague in the Football world.”

Sadran said he was looking forward to working alongside them and “sharing the pleasure of winning”.

The deal is the latest in a series of sports-related PE acquisitions as private market investors seek out growth transformation opportunities in markets ranging from Formula 1 to the English Rugby Premiership.

In late 2016, Liberty Media agreed to buy the Formula One Group for USD4.4 billion from CVC, who owned it between 2006 and 2017. CVC also currently has a 27 per cent stake in English Premier Rugby and is weighing up a GBP300 million investment in the Six Nations tournament.

In Lega Serie A, the top tier of Italian football, authorities are currently weighing up bids from several PE houses, including Bain Capital and Advent International. As reported by Forbes last month, US investment house Bain Capital was believed to have made “a tentative offer” to buy a 25 per cent stake in Serie A for EUR3 billion.
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If you're referring to "a hog from Epicurus' herd", Lewy, that's not quite accurate. Our word "epicure" comes from the name of the original Epicurus (a Greek philosopher) to whom this quote itself refers back also.

I'll get my anoracus (except in this sentence such a word would translate into Latin as "anoracum").
So that's where we get that damn 'cum' from .. and here's me just thinking it was a misspelled 'come'. Why not 'anoracome FFS. Bloody Romans.
 
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