Wednesday, May 28, 2014

Caterham F1 Team Up For Sale

Citing an unnamed source, Malaysia’s Edge financial daily on Sunday said AirAsia owner Tony Fernandes (left) is putting his Caterham Formula One team up for sale, seeking about $589 million (£350 million) for all assets of the Britain-based parent company.

Fernandes entered the sport with Caterham in 2010, but the racing team failed to win a single point in the 2012 and 2013 seasons.

The owner of English football club Queens Park Rangers, had warned in January that he would stop funding the F1 team unless its performance improved. If I may add, luckily for QPR, they are also back from the wilderness. Who knows what fate might befall them if they didn't win promotion back into the EPL?

Checks with Companies House UK indicate that for the financial year 2013 ended May 31, QPR Holdings Ltd made a loss before tax of £65 million compared with a £23 million loss the year before. This was the largest total annual loss among football clubs in England in 2012-2013 with its wage bill the seventh highest in the English league Championships. As at May 2013, QPR’s net debt rose to £177 million from £91 million in 2012 (The Edge, Malaysia, May 26-June 01, 2014, p 79). 

Certainly, there wouldn't be any love lost because Fernandes is a West Ham United supporter.

Manchester United took a nosedive in the EPL table finishing the 2013-2014 season in position no. 7. This plunging performance meant that the value of the Manchester United brand has been damaged. And horror of horrors, their rival, Manchester City is now at fifth place in the Brand Finance Football 50 rankings, up from eighth last year, with a value of $510 million. It is slowly creeping towards Manchester United’s $739 million (£439 million) figure, which dropped by $98 million from the previous year.

The balance of power at the top of the English game seems to be shifting decisively to the blue side of Manchester. For the Red Devils, this is a nightmarish prospect. 

The latter is now the third most valuable football brand after Bayern Munich ($896 million) and Real Madrid ($768 million).

Besides Manchester City, the other English clubs Arsenal, Chelsea and Liverpool are placed from sixth to eighth positions.

I was at Uptown 5 in PJ’s Damansara Utama – Level 12 of the See Hoy Chan office – to attend the Phoenix Toastmasters meeting. I was the Table Topics evaluator. Good speeches and evaluations all around although the meeting’s timing was off. I would score the meeting 3.5 over 10.

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