Tottenham takes legal action as Ineos ends sponsorship early
In a commercial listing under 'general commercial contracts and arrangements', Tottenham have lodged a claim against Ineos Automotive, which is a subsidiary of the multinational Ineos company that co-owns Manchester United.
Spurs and Ineos had announced a multimillion-pound, five-year deal in December 2022 to promote the Ineos Grenadier car as
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NZ Herald
a day ago
- NZ Herald
Tottenham takes legal action as Ineos ends sponsorship early
In a commercial listing under 'general commercial contracts and arrangements', Tottenham have lodged a claim against Ineos Automotive, which is a subsidiary of the multinational Ineos company that co-owns Manchester United. Spurs and Ineos had announced a multimillion-pound, five-year deal in December 2022 to promote the Ineos Grenadier car as
NZ Herald
22-05-2025
- NZ Herald
America's Cup 2027: Ben Ainslie criticises Team New Zealand over Naples venue
Grant Dalton, New Zealand's chief executive, last week announced Naples as the host venue for the 38th America's Cup, describing it as a 'spectacular' venue and adding that further details on the planning of the event 'would be announced in due course'. As well as clarification on the protocol and the class rules, teams are still waiting to learn when in 2027 the Cup will take place, where in Naples the bases will be, how the allocation of bases will work, and what other liabilities they may have. Athena Racing, who race under the banner of the Royal Yacht Squadron, lost backer Sir Jim Ratcliffe earlier this year after the Ineos co-founder and Ainslie fell out over the future of the team. Like other challengers, they are trying to attract new sponsorship for the next Cup, which is difficult without any certainty about what it will look like. Ineos initially said it would challenge independent of Ainslie and the RYS, but still in partnership with Mercedes F1. But it pulled out of the running last month, saying the six-month delay to agreeing a protocol had 'undermined their ability to prepare for the next Cup'. 'Sporting framework does not yet exist' In their statement, Athena Racing said they had no issue with Naples as a venue, but said it was too soon to commit to one. 'While we have every confidence that Naples can be a magnificent host for the America's Cup, we believe that transparency and cooperation between the defender and all challengers is vital for the Cup's future and therefore the recent announcements from the defender are premature, at best.' Athena added that they were 'concerned by the ongoing lack of transparency… and the impact this is having on the main goal of negotiating a fair sporting protocol'. 'For seven months Athena Racing has been in negotiations on a protocol for the 38th America's Cup with the defender, Team New Zealand, on behalf of all the challengers with the aim to deliver a fair sporting framework and commercially viable event for all America's Cup stakeholders. Despite recent progress being made, significant barriers remain. 'Typically, a host agreement has only followed the publication of an agreed protocol. In the absence of an agreed protocol, it is therefore difficult to understand what exactly has been agreed between Team New Zealand and the Government of Italy as the sporting framework and details of the event do not yet exist. 'Any hosting agreement will bind challengers to financial and organisational obligations, as well as potential liabilities, making its disclosure fundamental to teams' participation and commitment to the 38th America's Cup.' American Magic hint at pulling out In a separate statement, American Magic said they were of the same opinion as Athena Racing. 'As we look ahead to the 38th America's Cup, we find ourselves at a crossroads and feel that we must provide an update to our team-mates, partners, donors, and supporters,' they said. 'Despite the best efforts of the challengers – led by the challenger of record – to negotiate in good faith, the defender has been unwilling to commit to the transparency and cooperation necessary to secure a fair protocol. Without the structural framework necessary for challengers to pursue viable campaigns, it will remain extremely difficult to unlock the America's Cup's potential as a modern, globally relevant sports property. 'We continue to support the challenger of record in their efforts to secure an open and balanced protocol, as without the meaningful changes they are advocating, it is difficult to see how NYYC American Magic can participate in the 38th America's Cup. 'While we remain committed to the America's Cup and would welcome the opportunity to compete under a fair protocol, we are equally committed to integrity, transparency, and the long-term health of the institution that is the America's Cup. We urge the defender, as trustee, to work in good faith with the challenger of record to restore the elements of fair competition, transparency, and respect for all sailors, globally, who are ultimately the beneficiaries of this time-honoured trust.'
RNZ News
08-05-2025
- RNZ News
Explainer: NZ Rugby's financial loss and what it means
The All Blacks after their win over Ireland, 2024. Photo: Billy Stickland/Photosport Analysis : New Zealand Rugby (NZR) has posted its financial results and instead of an appropriate all black, it's in the red. A $19.5 million loss has been announced and while it's obviously not ideal, there's a bit more to it than presuming it's been spent on magic beans and that the last one out of NZR headquarters in Wellington shouldn't forget to shut off the lights. NZR posted a loss of $47m for 2022, then an $8.9m loss for 2023. So it's not uncharted territory but not the course they want to be heading in either. NZR CEO Mark Robinson. Photo: Martin Hunter/ActionPress The $19.5m is a lot of money but it drops significantly when the strategic commercial spend is taken out. It's estimated that accounts for around $11m, with the rest being 'non-operational losses' due to the downturn in the US dollar affecting the value of NZR's hedge instrument holdings. Because of the early contract termination and non-payment by INEOS , the hedges have been deemed to be ineffective. Andy Ellis , George Bower, Elma Smit , James McOnie, NZR+ presenters in Toulouse, France. Photo: Lynne Cameron/ActionPress That $11m has more or less gone on NZR+ and content creation , as part of a $38m investment over a four-year period. NZR+ is the direct to consumer content service, which offers access to both original content and match highlights. It has been seen as being a bit of a bust so far with a less than anticipated sign-up rate (despite being free) and subsequent pivot to distributing on YouTube and other social platforms, as well as New Zealand Rugby Commercial Limited (NZRC) boss Craig Fenton leaving after just over a year in the role. That's all fair criticism but NZR basically has to get into this space if it wants to be relevant in new markets as a global sports brand - it just needs to figure out the best way to make it work. Whether detractors like it or not, major US teams, Premier League clubs and others have been running the same model for almost three decades and even local grassroots teams are producing their own content now. It's fair to say that the feeling that NZR is a part-production company is only going to grow, rather than diminish. Serevi, left, who along with former All Blacks Ma'a Nonu were guests at the launch announcement in San Diego. Photo: Waisale Serevi This is where NZR can claim a good kind of record, because income is at $285m. That's its highest ever and is reflective of last season being a full domestic schedule for the All Blacks, including a very successful 'home' test match staged in San Diego against Fiji. Positive revenue-sharing agreements with the JRFU and RFU meant decent money was made on tests against Japan and England, with the San Diego financial model set to be repeated for this year's test against Ireland at Soldier Field in Chicago. England winger Immanuel Feyi-Waboso celebrates a try against the All Blacks at Twickenham. Photo: Photosport Despite the $19.5m loss, NZR's reserves have only taken a $500,000 dent down to $174.5m. For what it's worth, it can boast the highest reserves of any major union*, with over $55m more than England. The RFU infamously announced an $88m loss on last season, despite being the largest revenue generator by far (due to its ownership if the 82,000 capacity Twickenham Stadium). So this is where it gets difficult to compare unions' financial performance to one another. Another example is Rugby South Africa turning a modest profit, however in its post-Covid existence it virtually runs only the world champion Springboks, with a large percentage of them employed offshore to play their club rugby. The closest to home comparison is Rugby Australia, which has just reported a $39.6m loss last year. Of that, $10m was integrating the Brumbies and Waratahs under its management and more than $5m on the voluntary administration and exit of the Melbourne Rebels - again, a series of events that would never impact NZR. New Zealand Rugby has secured a new sponsorship deal with Toyota. Photo: supplied This is where things are going quite nicely for NZR. Even though INEOS walked out, the swift resolution has seen it carry on as if nothing really happened. NZR announced this week that Toyota have come on board a brand partner. That's not only well ahead of schedule - some forecasts were that an announcement on a replacement for INEOS wouldn't be till next year - but further legitimises the All Blacks as a blue chip given that Toyota is a global brand with exceptional market share and history in New Zealand. It is widely expected NZR will go back to the table when Altrad's front of jersey sponsorship deal ends in 2028 with the ability to demand an even higher amount than the $120m they signed on for in 2022. Photo: Andrew Cornaga/ You'd hope not, but it's not like this is some sort of death knell to the national game. Player numbers still remain high at 157,000, also rugby's broadcast deal and viewership is by far the highest of any sport in the country. There are legitimate concerns about crowd sizes for everything below test level, despite the overall Super Rugby Pacific attendance being up on last season. However, All Black test matches remain an extremely bankable drawcard. Fixtures in Dunedin and Hamilton against a supposed weakened French team have already sold out, while September's clashes against the Springboks and Wallabies at Eden Park will fill the country's largest stadium twice in a matter of weeks. Those won't bring in anywhere near the sort of gate receipts that somewhere like Twickenham can command, so expect more American and Japanese 'home' tests regularly. The big question is around the commercial strategy and when it can start to recoup the investment that's being ploughed into it. *This data set excludes France, whose exact financial details are very difficult to pin down. However, given that the FFR just announced it had lost almost $60 million] due to "major failures" in its hosting of the last World Cup, it is safe to presume that NZR would still be on top of this column anyway.
