Latest news with #KnightheadCapital
BBC News
19 hours ago
- Business
- BBC News
Phoenix investor Wagner has 'confidence' in deal
Birmingham Phoenix's US investor Tom Wagner says he has "every confidence" a deal for the Hundred franchise will be finalised, and he remains "committed" to the of shares in the eight teams, worth around £520m, were announced by the England and Wales Cricket Board (ECB) in an eight-week exclusivity period to agree terms was extended in March, and there remains no clarity on when contracts will be Knighthead Capital agreed to pay £40m for a 49% share in the speaking publicly about the reasons behind the delay for the first time, the American told BBC Sport: "What everybody wants is the ability to make The Hundred even more commercially viable and to grow the product."It really should see more exposure globally, so I think a number of the conversations are around how that happens and what timeframe, how that moves forward."There's a good alignment of interests and, as is the case with any negotiations, there's always a bit of back and forth."There is no suggestion that any of the deals will fall through, however there is the possibility they will not be completed before this year's edition begins on 5 ECB confirmed the extension of the exclusivity period more than two months the time, the prospective buyers of the two London franchises raised concerns over the competition's participation American consortium of tech billionaires agreed to pay £145m for a 49% stake in Lord's-based London Spirit, while India's richest family - the Ambanis - purchased the same stake in the Oval Invincibles for £60m. There have also been discussions over the sale of future TV rights. The current United Kingdom TV deal, principally held by Sky, expires in 2028. When it is renegotiated, rights for The Hundred will again be sold as a complete package, rather than separated from international and other domestic TV rights, seen as a key area of growth, are piecemeal. Deals for separate competitions or series arise at different added: "I won't comment on the specific negotiations but what I will say is we're very excited at the prospect of investing in the Phoenix."We're committed to it, we're excited by it and I have every confidence we'll get to closing."The Knighthead Group also includes legendary NFL quarterback Tom Brady. They are already owners of Birmingham City, and last week the prospect of a new 62,000-seater stadium as part of a £3 billion 'Sports Quarter' took a significant step forward when the government confirmed £2.4bn investment in transport who founded Knighthead, said: "We think it's a fantastic opportunity. It shows our commitment to Birmingham, beyond simply Birmingham City Football Club."We really, genuinely want to see Birmingham continue to develop and grow. The Phoenix is a great way to expand the exposure of the city to a broader, more global audience. It's also a way for us to tie-in to the substantial south Asian community that is here in Birmingham."Proceeds from the sales will be shared among the 18 first-class counties, Marylebone Cricket Club and the domestic game in England and ECB will retain overall control of the competition, but investors could change the name, colours and branding of their teams. The American investor in Welsh Fire has already said he would prefer The Hundred to switch to a T20 if deals are completed before the beginning of the 2025 competition, there is little change expected this year. Both the ECB and the investors see it as a transitional season.
Yahoo
27-01-2025
- Automotive
- Yahoo
Johnson becomes majority owner of Legacy Motor Club
RACER has confirmed that Legacy Motor Club is preparing to announce a partnership with Knighthead Capital that includes Jimmie Johnson becoming the team's majority owner. The seven-time NASCAR Cup Series champion takes the reins as Knighthead Capital Management, LLC's aquires a minority stake in the three-car operation. Maury Gallagher, who founded the team in 2022, is stepping back from its day-to-day operations and will be a team ambassador. Richard Petty also remains a team ambassador. Knighthead Capital is a New York-based investment advisor founded in 2008. The company has a wide-ranging portfolio with its co-founder, Thomas Wagner. Among its other sports involvement are JOTA Racing in endurance racing and Birmingham City Football Club. And it is no stranger to cars through investments in HERTZ, Singer Vehicle Design, and Revology Cars. Legacy Motor Club is expected to explore other racing platforms in its partnership with Knighthead Capital. Legacy Motor Club fields the Nos. 42 and 43 Toyota entries for John Hunter Nemechek and Erik Jones. Johnson runs the third car, the No. 84 Toyota, on a limited basis. Legacy Motor Club was formerly Petty GMS Motorsports when it debuted in the Cup Series in 2022, when Gallagher bought the majority stake in Richard Petty's organization. The team was renamed before the 2023 season, with Johnson joining the ownership group and Petty becoming a team ambassador. Gallagher is an entrepreneur from Las Vegas who founded Allegiant Travel Company. After initially being involved in the ARCA Menards Series, Gallagher began fielding NASCAR entries in 2013 in the Craftsman Truck Series with his son, Spencer. GMS Racing won the series championship in 2016 with Johnny Sauter and again in 2020 with Sheldon Creed. The program was shuttered after the 2023 season with two championships and 45 victories. GMS Racing also competed in the Xfinity Series with numerous drivers. Gallagher earned one win as a team owner (in 116 starts) before the program was shuttered in 2019. The Cup Series team has one win in three seasons. Jones won the Southern 500 at Darlington Raceway in 2022 while the team was still under the Petty GMS banner. Legacy Motor Club joined the Toyota team in 2024; Jones finished 28th in the championship standings, and Nemechek finished 34th. Story originally appeared on Racer
