Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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Sports Profit of the Day
The NYT reports on Abu Dhabi's purchase of Manchester City FC, and then zooms out to cover the bigger story of rich foreigners buying English football clubs:
As the Emirates get richer, Western entrepreneurs who bought into British soccer on the expectation of making money are finding that they cannot keep up...
Mr. Abramovich never talks publicly about his motives, or complains publicly when, for example, he unloads players -- as he did with Andrei Shevchenko to A.C. Milan and Shaun Wright-Phillips to Manchester City for a fraction of the $100 million he spent on them.
He knows, as most of the entrepreneurs must, that buying into soccer is a financial loser.
A financial loser? Thaksin Shinawatra bought Man City for $148 million in July last year; he's selling it for $360 million just 14 months later. I'm quite sure that the club's operating losses in the interim have been much less than $212 million. If your timing is good, it seems, buying and selling football clubs can be a very nice little earner indeed.
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