Red Bull eyes franchise in R360 rugby breakaway league
Red Bull is one of the sports investors to have expressed an interest in buying a franchise in R360, the revolutionary new global rugby union competition that it is claimed will launch next year.
A proposed grand prix-style travelling league featuring eight men’s franchises and a four-team women’s competition has been put together by a group including England World Cup winner Mark Tindall, former Bath director of rugby Stuart Hooper and ex-Wasserman agent Mark Spoors in a direct threat to the sport’s established club and international model.
R360 is targeting franchise owners and investors in other sports rather than sovereign wealth funds to buy into the new league, although organisers are also expected to seek funding from private equity.
The R360 proposal may have come at a good time for Red Bull, which has been looking at diversifying into rugby for some time and is considering a takeover of cash-strapped Premiership club Newcastle Falcons, who as it stands will require a loan from the other top-flight clubs in order to be able to compete next season.
Red Bull is already a sporting powerhouse with the Austrian energy drink company’s investment creating the dominant team in Formula 1 over the last 15 years, with eight world drivers’ championships and six constructors’ titles.
It has also funded investment in cycling, skiing, motocross and taken majority ownership of six football clubs including RB Leipzig and RB Salzburg, as well as buying minority stakes in Leeds United and Paris FC.
Red Bull has previously signed individual rugby players such as Siya Kolisi, Mack Hansen and Jack Nowell as athlete ambassadors.
Premier League budgets for regulator
The Premier League has allocated a budget of around £3m for regulatory costs for next season ahead of the impending establishment of the Independent Football Regulator, with the bill reaching the Committee Stage yesterday.
Clubs agreed the budget last month ahead of this week’s Premier League AGM, which is expected to be dominated by discussions over financial and regulatory matters, with a proposal to close the loophole which has enabled Chelsea to book PSR profits by selling hotels and the club’s women’s team to a related company under consideration.
The Premier League lobbied unsuccessfully against the government’s creation of the IFR, but its budget indicates an acceptance that the bill will make the statute book despite the delay in ratifying the preferred candidate as chair, David Kogan.
In another indication of the focus on regulatory matters the Premier League appointed James Fredrickson, the beaten Conservative candidate for Oxford West and Abingdon in the 2019 General Election, as their new director of regulatory affairs.
The Premier League’s costs are increasing across the board, with their legal bill projected to go up again next year after it reached £50m for the first time last season.
Kogan’s own goal triggers inquiry
David Kogan appears to have triggered the inquiry from the Commissioner for Public Appointments, William Shawcross, into his recommendation as the IFR’s first chair himself with his remarkable candour when appearing in front of the Department for Culture, Media and Sport committee last month.
In addition to revealing that he had made personal donations to the Labour leadership campaigns of both Sir Keir Starmer and Culture Secretary Lisa Nandy, Kogan volunteered the information that he had been called by the DCMS permanent secretary, Susannah Storey, and asked to apply for the role.
Shawcross is understood to have raised concerns that this approach could be a breach of the Governance Code and decided to have a full inquiry which, while unlikely to alter the appointment, is potentially embarrassing for the government and for Kogan.
Ashes UK TV rights still up in air
Cricket Australia has yet to secure a UK TV deal for this winter’s Ashes series as its executives prepare to fly to London for next week’s World Test Championship final against South Africa.
The current rights holder, TNT Sports, is regarded as favourite to sign a new four-year contract, but has not yet agreed terms with Cricket Australia, which is understood to be holding out for a higher offer.
TNT is in a strong position however, as its main domestic rival Sky Sports has indicated that it is not planning to bid as its main focus is on England’s domestic summer.
As well as concerns over the time difference to Australia, Sky is throwing all of its resources at their increased Premier League coverage next season, with 215 live matches available to subscribers.
Clubs to show all PL2 games
Premier League clubs have been given permission to live-stream all of their U21 matches from next season in a change from the existing regulations.
Until now PL2 games were only made available when there was no Premier League action, but due to increasing demand from fans to watch their own club’s development teams rather than first-team action from elsewhere the rules have been relaxed.
While club websites are expected to take the lead in streaming matches next season, the rights could be taken to market in subsequent years if there is sufficient demand.