Word: europeanization
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Dazzling moves, ambitious targets and intense pressure - it must be off-season in European soccer. English Premier League champions Manchester United announced today that it accepted a $132 million offer from Real Madrid for fleet-footed winger Cristiano Ronaldo. The deal, which United expects to tie up before the end of the month, would smash a world transfer record set earlier this week when the same Spanish club lavished $92 million on AC Milan's midfield megastar...
...bankrolled by Russian oligarch Roman Abramovich, reportedly bid $74 million on June 9 for Atletico Madrid striker Sergio Aguero. Manchester City, owned by Sheik Mansour bin Zayed al-Nahyan, a member of Abu Dhabi's royal family, is also keen to strengthen its squad. (See pictures of soccer's European championships...
...theory, top-flight European soccer, with its loyal fan base and long-term contracts, should be shielded from the worst of the recession. Indeed, attendance across the big five European leagues - England, France, Germany, Italy and Spain - rose 2% in the season just finished. And German and English clubs will all enjoy new and improved broadcast deals in the coming two seasons. But that's not to say the downturn doesn't throw up stiff opposition. "Beyond that very affluent, élite core," says Chadwick, "the mood of austerity is still very, very strong...
...However, GM is an exceptionally complex enterprise, with 400 separate subsidiaries all over the world, some of which are consolidated and some of which are not. In fact, going forward, GM's huge European operations, including its burgeoning business in Russia, will no longer be consolidated. It also appears that GM could withhold information on pension obligations, which are separate from the VEBA, even though that will remain with...
After resignations, a reshuffle and rebellion, few at the first meeting Tuesday morning of Gordon Brown's new cabinet can have felt too secure about their place at the table. Britain's Prime Minister among them. Hours after Labour slumped to third place in the European elections - it fared just as dismally in last week's local council votes - Brown fended off irate rebels at a closed-door meeting of party legislators Monday night billed as a showdown over the prime minister's future...