Latest news with #KnightheadCapitalManagement
Associated Press
30-07-2025
- Business
- Associated Press
Deals completed for six of the eight cricket teams in The Hundred competition
LONDON (AP) — The sales of stakes in six of the eight teams in The Hundred competition have been completed, the England and Wales Cricket Board said Wednesday. The eight partnerships are valued at 975 million pounds (around $1.3 billion), with 500 million pounds invested back into the English and Welsh cricket ecosystem, including 50 million pounds for grassroots cricket. The ECB said this will 'ensure the game continues to thrive at every level, with the remainder distributed to professional counties.' The formally completed deals are with the following teams: London Spirit, Birmingham Phoenix, Manchester Originals, Northern Superchargers, Southern Brave, and Welsh Fire, the ECB said in a statement, adding that deals for the Oval Invincibles and Trent Rockets are on track for a 'formal completion' at a later date. 'The sheer scale of global interest we've seen throughout this process highlights just how much potential remains to be unlocked,' ECB chairman Richard Thompson said. 'With these new partners on board, we're entering an exciting new phase and a seminal moment for cricket in England and Wales.' The quick-paced and compact format of the game is similar to Twenty20 and was launched in England in 2021, gaining popularity since. American-based groups Tech Titans, Knighthead Capital Management and Washington Freedom completed their purchases of London Spirit, Birmingham Phoenix and Welsh Fire, respectively. 'We're incredibly proud to deepen our investment in Birmingham through joining The Hundred and putting our support behind Birmingham Phoenix,' said Andrew Shannahan, a managing member at Knighthead. 'Knighthead is committed to building something truly special and making an even greater impact across sport and community in this city.' Knighthead already owns Birmingham City soccer club, which is based in the Midlands area of England and plays in the second-tier Championship. The ECB said investors will mostly operate their franchise in partnership with the host club and will take operational control from Oct. 1 — meaning they have no direct involvement in this year's competition, which starts next week and ends on Aug. 31. A new board for The Hundred will be established, featuring representatives of the ECB and the teams — both investors and host clubs — but the ECB retains full ownership of the competition and its regulations. ___ AP cricket:
UPI
16-07-2025
- Business
- UPI
Trump announces creation of 'AI economy' during innovation summit
July 15 (UPI) -- Pennsylvanians and the nation will benefit from $100 billion in energy- and artificial intelligence-related investments announced on Tuesday to energize the nation's growing AI economy. The investments should create tens of thousands of new jobs for Pennsylvanians in the energy and AI sectors while helping the United States improve its economy and global AI standing, President Donald Trump said during Tuesday's inaugural Pennsylvania Energy and Innovation Summit in Pittsburgh. "We're here today because we believe America's destiny is to dominate every industry and be the first in every technology," Trump told attendees. "That includes being the world's No. 1 superpower in artificial intelligence," he added. The president said the United States is "way ahead of China" in AI development and has many plants under construction. "China and other countries are racing to catch up to America having to do with AI," Trump said. "We're not going to let them do it," he said. "We have the great chips [and] the great everything." Trump said the United States is "going to be fighting them in a very friendly fashion," adding that he and Chinese President Xi Jinping have a "great relationship." "Remaining the world's leader in AI will require an enormous increase in energy production," Trump told the audience. He said "clean, beautiful coal" and oil production will be a key element in producing more electrical power to support AI endeavors in the United States and to stay ahead of China in AI development. More than $56 billion in new energy infrastructure and $36 billion in new data projects were announced on Tuesday, the president said. A $15 billion investment by Knighthead Capital Management will create the largest natural gas-fired power generation plant in North America in Homer City, Pa. Google also is investing "billions and billions" to revitalize two hydropower facilities in the commonwealth, Trump added. Westinghouse officials also have announced that the company will build several nuclear power plants throughout the nation to ensure the AI economy has ample energy available. "A lot more than that will be announced in the coming weeks and months," Trump added. The president said 20 "leading technology and energy companies" are poised to invest in Pennsylvania to develop an AI economy that utilizes the commonwealth's energy and technology assets, CBS News reported. Many firms are investing elsewhere in the country, too, in order to support the nation's AI economy, according to the New York Post. Trump spoke for about 30 minutes during the hour-long Pennsylvania Energy and Innovation Summit, which was organized by Sen Dave McCormick, R-Pa., and held on the campus of Carnegie Mellon University. Pennsylvania's Democratic Gov. Josh Shapiro and others joined Trump and McCormick to discuss energy matters and the growth of AI in the United States.
Bloomberg
05-03-2025
- Business
- Bloomberg
Tariff Risk Not Causing Great Concern: Knighthead's Wagner
Knighthead Capital Management co-founder Thomas Wagner says the risk-to-reward ratio is "not great" for next year at the Bloomberg Invest conference in New York. (Source: Bloomberg)
Yahoo
27-01-2025
- Automotive
- Yahoo
Jimmie Johnson now majority owner of Legacy Motor Club
Jimmie Johnson is now the majority owner of Legacy Motor Club after the organization added a minority stakeholder. Legacy Motor Club announced Monday that Knighthead Capital Management has acquired a minority stake in the NASCAR team. Jimmie Johnson to run two-race NASCAR Cup schedule in 2025 Jimmie Johnson plans to compete in the Daytona 500 and Coca-Cola 600 this season. Dustin Long, Dustin Long, Legacy Motor Club also announced that Maury Gallagher is taking a step back from his day-to-day duties to assume an ambassador role with the organization. Gallagher and Johnson partnered to form Legacy Motor Club ahead of the 2023 season. 'I really have to thank Maury Gallagher for giving me the opportunity within the ownership space," Johnson said in a statement from the team. "He has been an outstanding partner, mentor and friend and I'm grateful we had the opportunity to work together, I've learned so much from him. "As his professional career takes a different path, he can worry less about the daily team owner things and focus more on family and enjoying life.' Weather forecast for NASCAR Cook Out Clash at Bowman Gray Stadium Here is a look at the early forecast for the Feb. 1-2 weekend event in Winston-Salem, North Carolina. Dustin Long, Dustin Long, On the partnership with Knighthead Capital Management, Johnson said: "The partnership with Knighthead is a game-changer for Legacy MC. Their expertise in navigating complex investment opportunities and success in sports will provide Legacy MC with the resources and guidance needed to push for championships and solidify our place in NASCAR for years to come. "Having Knighthead on board will not only strengthen our racing efforts but also enhance the fan experience and expand our reach in the global motorsports ecosystem, not limited to NASCAR.' Knighthead Capital Management, founded in 2008, is an investment firm whose portfolio includes investments in Hertz, JOTA Racing, Singer Vehicle Design, Revology Cars, and Birmingham City Football Club.
USA Today
27-01-2025
- Automotive
- USA Today
Jimmie Johnson becomes the new majority owner at Legacy Motor Club
Jimmie Johnson becomes the new majority owner at Legacy Motor Club A new era has begun at Legacy Motor Club in 2025. On Monday morning, Legacy Motor Club announced that Jimmie Johnson is the new majority team owner of the NASCAR organization. Maury Gallagher, who previously served as the team's majority owner, is stepping back as a minority stakeholder and will have an ambassador role. The seven-time NASCAR Cup Series champion joined Legacy Motor Club as a co-owner in 2023 and now holds the team's majority ownership. Legacy Motor Club also announced that Knighthead Capital Management has entered into a strategic partnership with the organization, purchasing a minority stake. "I really have to thank Maury Gallagher for giving me the opportunity within the ownership space," Johnson said. "He has been an outstanding partner, mentor and friend and I'm grateful we had the opportunity to work together, I've learned so much from him. As his professional career takes a different path, he can worry less about the daily team owner things and focus more on family and enjoying life.' Johnson will compete in two NASCAR Cup Series races during the 2025 season with the Daytona 500 and Coca-Cola 600 on deck. This is a significant decrease compared to 2024, but Johnson's new title as the majority owner of Legacy Motor Club could be a big reason why his schedule is reduced. Either way, Johnson has a vision for Legacy Motor Club, and he will be able to put it into action. More: Jimmie Johnson hints at Legacy Motor Club's future plans beyond NASCAR
