Breakingviews

Dick’s buyout has financially sporting chance

January 8, 2015

The $6 bln U.S. golf-to-guns vendor is mulling a sale to private equity. Low debt at Dick’s Sporting Goods means even with a chunky premium, attractive returns look possible. It would, however, require healthy growth when stiff online competition is challenging many retailers.

Adidas can’t afford to be sentimental about Reebok

October 20, 2014

The German sports group is reportedly set to receive a $2.2 bln offer for the unit. Having overpaid for Reebok in 2006, Adidas has since turned it round and may be loath to sell. But Reebok has little strategic use. Fiduciary duty demands a cold appraisal of its financial value.

A creative NFL would lean in to Sheryl Sandberg as commissioner

October 8, 2014

Furors over domestic violence and concussion risks have made U.S. football and boss Roger Goodell vulnerable. An unconventional idea for a replacement is Facebook’s No. 2. Sandberg would bring the female presence the league needs. She, too, might have something to gain.

Rob Cox: Flurry of ski M&A aims to control weather

September 30, 2014

CEOs and corporate financiers revel in the power of the deal. One company, Vail Resorts, is taking the idea to extremes. By acquiring clusters of snowy U.S. retreats in different climates and selling “Epic” season passes, it is trying to smooth bumps caused by Mother Nature.

NFL only understands hits where they really hurt

September 19, 2014

The U.S. football league has thrown its weight around to grow into a $10 bln entertainment colossus. Victims of the sport’s violence get trampled until the likes of Anheuser and Nike play offense. Corporate America may be all that keeps the NFL from going the way of boxing.

Ballmer’s exit value is now Nadella’s to preserve

August 20, 2014

Microsoft’s market capitalization grew by over $100 bln from the day about a year ago the longtime CEO said he would resign to Tuesday, when he left the board. With his predecessor fading from the picture, maintaining the momentum is now firmly in new boss Satya Nadella’s hands.

Evonik in $400 mln soccer deal it doesn’t need

June 30, 2014

The German specialty chemicals company is buying a 9 percent stake in a first-tier soccer team, emulating Adidas, Audi, Allianz and Bayern Munich. But Evonik’s products don’t reach end users. The potential benefits of its deal with Borussia Dortmund are hazy at best.

Numbers show Germany will beat Brazil to World Cup

June 27, 2014

The football-mad host nation has cruised into the knock-out stages of soccer’s jamboree. Some fancied rivals have gone home early. But a Breakingviews calculator – based on hard numbers like transfer value, population and public engagement – suggests Germany will lift the trophy.

Three ways for FIFA to score on governance

June 6, 2014

Ugly allegations of corruption have caught soccer’s governing body offside. FIFA’s setup has improved lately but its congress is unrepresentative, its executive committee is too large, and its president is too powerful. The beautiful game should shoot for a hat-trick of reforms.

Clippers may actually be Ballmer’s least-bad deal

May 30, 2014

That isn’t saying much given the ex-CEO’s record at Microsoft. But TV revenue means sports teams are no longer money pits. Even including the ego premium in the $2 bln price tag, buying the Los Angeles basketball squad could work out better than aQuantive, Skype or Nokia.