Entries tagged "football"

Barclays' Varley is a soccer dad?

Barclays executive John Varley justifies bonuses by comparing banking to soccer after a journalist punted the analogy his way.

Citi Field's naming rights in question, why not BofA's?

The New York Times shed some ink on beleaguered Citigroup Inc.'s naming of the Mets' new stadium, Citi Field, and the $20 million a year it will pay over 20 years to adorn its name on the Queens, N.Y., venue. But why only question the Citi deal?...

Stephen Ross scores with buy of Dolphins stake

New York real estate magnet Stephen Ross made a $550 million offer for a 50% stake in the Miami Dolphins from owner Wayne Huzienga, according to The Miami Herald. Ross may not know as much about football as Bill Parcells, another recent addition to the Dolphin's organization, but he likely pulled the trigger on the bid because the deal included what he knows best -- real estate, in the form of Dolphin Stadium and surrounding developable land. ...

PE funds hit the road

It's been a stellar quarter for private equity firms, according to a report this week by Private Equity Intelligence Ltd. A total of 139 private equity funds closed during the quarter, raising $155 billion, a massive increase from the $99 billion raised during the first quarter this year. Average fund size has also increased considerably over the past 12 months, from $600 million in the second-quarter 2006 to over $1 billion today. There are currently 213 buyout funds in the market, targeting an aggregate $228 billion. U.S.-focused buyout funds account for both the majority of buyout funds in the market and...

Bertelsmann starts PE fund, eyes Thomson unit

The Financial Times published a story about German media giant Bertelsmann teaming with two banks to launch a private equity fund, which in turn might make a bid for Thomson Corp.'s textbook business. Although the FT connects the two developments, it is unclear whether that is accurate. After all, the Bertelsmann venture with Morgan Stanley and Citigroup will be capitalized with €1 billion ($1.3 billion) — €500 million from Bertelsmann, and €250 million each from the PE arms of the two banks. Bertelsmann expects to invest about €150 million ($200 million) a deal. It's unlikely that €1 of equity would...

Making a pitch for the Cubs

Media company Tribune Co. is looking to turn around its slump. And former New York Mayor Rudy Giuliani along with Hall of Fame shortstop Ernie Banks may be the solution. The two have reportedly teamed up to discuss a possible joint bid for the media company's Major League baseball franchise, the Chicago Cubs. The die-hard Yankee fan — Giuliani — through his Giuliani Partners LLC and Banks as well as a host of other possible bidders are circling the debt-laden Tribune to see what it may take to make a deal. Media experts believe the Chicago Cubs could fetch in...

Dealwatch: ShopKo

Months after its billion-dollar leveraged buyout, ShopKo Stores Inc. has sold its most prized possession—the ground beneath its stores—and, according to a company representative, generated the largest real estate sale-leaseback in U.S. history....

Boscov’s picks up Federated castoffs

While the retail industry is abuzz about Talbots Inc.'s $517 million purchase of J. Jill Group Inc., another retail deal fell through the cracks. Reading, Pa.-based family-owned department store chain Boscov’s Inc. agreed Monday to buy 10 stores from Cincinnati-based Federated Department Stores Inc. for an undisclosed sum. The stores earmarked to be sold include two Kaufmann’s in Pennsylvania, three Macy’s stores in Maryland, and five Strawbridge’s located in New Jersey and Pennsylvania. Federated, the parent of Macy’s and Bloomingdale’s, is divesting stores following last year’s purchase of rival May Department Stores Co. The retailer recently put May's Lord &...

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