London (CNN) – Here's a question for football fans - if your team was given a $100 million cash injection this summer, what would you like to see it spent on? New players? Contract extensions? Stadium improvements?
If you're a Manchester United fan, the good news is that your team is planning to get that $100 million in cash. The bad news is, all the money's going straight to servicing one of the biggest debt piles in sports.
The team revealed its plans for a $100 million public offering on the New York Stock Exchange Tuesday night, crushing hopes in Asia that the world's most popular football club would choose to float in Singapore. In filing with the SEC, however, the club also showed just how difficult it will be to keep up with its noisy neighbors (and reigning English champions) Manchester City, bankrolled by Sheikh Mansour's bottomless pockets.
London (CNN) – Magic Johnson is back in LA, with a new sport to conquer.
The former LA Lakers legend - together with a group of investors calling themselves Guggenheim Baseball Management - has moved into Major League Baseball, spending $2 billion to buy the bankrupt Los Angeles Dodgers.
Magic's men won out over a list of suitors that read like some kind of financial fantasy baseball lineup. There were sports investors like Dallas Mavericks owner Mark Cuban and St. Louis Rams owner Stan Kroenke. America's 35th richest man, hedge fund manager Steven Cohen, was a frontrunner. Former team manager Joe Torre was interested. Even Walt Disney's family sniffed around.
The successful $2 billion offer – the most expensive purchase of an American sports franchise in history – was a far higher price than expected.
New York (CNN) - Harvard economists might not be able to fix the financial crisis but one might be about to fix the U.S.'s National Basketball Association.
Or at least, that’s what they’re saying about Jeremy Lin, New York Knicks point guard and freshly appointed savior of basketball.
Having struggled to find a professional team after finishing his economics degree at Harvard, Lin found himself sleeping on couches, bouncing around the Developmental Leagues hoping for a break.
The hapless Knicks finally gave him one a few weeks ago. Five games and five wins later and we have another sporting sensation on our hands.
London (CNN) – It’s official - Davos does not have the moves to attract Jagger.
The Rolling Stone frontman was supposed to be one of the more unusual guests at this year’s World Economic Forum, attending a tea party thrown by British Prime Minister David Cameron. But unfortunately for Cameron, you can’t always get what you want.
In a statement released Monday, Jagger said he was pulling out of the event, over fears he will be used as a "political football." Sir Mick – a knight of the realm - said he was worried about people making inaccurate judgements over his political allegiances and, as a result, was declining his invitation.
London (CNN) – Denver Broncos quarterback Tim Tebow faces the game of his life on Saturday. His Broncos play the New England Patriots to decide who reaches the AFC championship game. But for Tebow himself, it's the game that will decide if he can be sold as America's next sporting icon.
On paper, Tebow is no marketing superstar. The numbers say he's - for the most part - a pretty average quarterback. He's rode his luck in most of the games he's won, and the public displays of his faith that routinely follow seem to split fans down the middle. With a five-year, $11.25 million contract, he's also not topping any rich lists anytime soon.
But all true sporting phenomena have something more special, more significant than a big paycheck. LeBron James has it. Roger Federer has it. Tiger Woods had it. Thierry Henry just regained it. Like it or not, Tim Tebow has it too - star power.
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