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Madima Profile picture
@MaanoMadima
Jan 17, 2022 • 13 tweets • 6 min read • Read on X
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Banks and private equity firms have seen the amount of money sports has and want to benefit.

1) Citi appointed as the sole global coordinator bank to set up UEFAs European Club Football Recovery Plan €2bn programme.

2) CVC Capital Partners invested €2bn in La Liga.

[Thread]
1) Citigroup beat Goldman Sachs and Macquarie and private equity firm Apollo to be as appointed as the sole global coordinator bank to set up UEFAs European Club Football Recovery Plan €2bn programme.
The financing programme aims to provide teams with liquidity aimd the effects of Covid-19.

European Club Football Recovery Plan which seeks to use UEFA club competition revenues as security.
This financing agreement does not involve signing over equity or a portion of UEFA's broadcast revenues.

Programme is a pure debt financing agreement which will be secured against the UEFA's broadcasting rights for its club competitions which include the famous Champions League.
The programme will provide eligible clubs with a stable source of funding at competitive rates over a long period of time, thus establishing a framework for future football funding.

Financing will commence with an initial amount of €2bn and is expect to growth to €7bn.
Financing programme will also be accompanied by the implementation of stricter Club Licensing and Financial Fair Play regulations, currently being discussed with football stakeholders. The ultimate goal being the financial stability of the entire European club football ecosystem.
2) LaLiga and CVC Fund VIII signed a strategic agreement which will see the league (La Liga) and clubs receive a total of €2 billion.

Participanting clubs will allocate up to 70% to technology, innovation, internationalisation, and sporting growth initiatives and...
... up to 15% can be used to sign players, with the remaining 15% for reducing debt.

The agreement with LaLiga valued the league at a historic high of €24.25 billion by independent experts Rothschild & Co and Duff & Phelps.
What does CVC Capital Partners get in exchange for providing La Liga with €2bn?

CVC Capital Partners will get a 8.2% of the Spanish league’s “commercial profits” (revenues after costs from setting up a new commercial entity) for the next 50 years.

CVC is licking its lips here.
Example of how investment banks want to be 1st in line to benefit from sports was via the Super League.

JPMorgan sought to provide $6bn in debt financing.

Founding clubs would've collectively received a €3.5bn grant to spend on infrastructure and €100m-€350m each to join.
CVC Capital Partners and Bain Capital are rumoured to be preparing bids for a stake worth €1.7bn for Ligue 1's (French football) media rights business.

Don't be surprised to see more of such transactions in the next 12-48months.
CVC is sharp.

CVC leads a consortium that has a 39% stake in the Formula One Group.

CVC got involved in Formula One (F1) when Liberty Media Group took over F1.

See quoted tweet (🧵) for more information regarding the ownership of F1 and how Saudi Arabia
The overall private capital industry was valued at $7.4tn at the end of 2020 and it is expected to touch $13tn by 2025.

Private equity firms are littered with money and I am sure they quote Khanyi Mbau every morning.

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More from @MaanoMadima

Madima Profile picture
Mar 21
It is reported that the “greatest CA(SA)”, Markus Jooste, SAICA has ever produced, shot and killed himself when police came to arrest him today.

Let’s look at how Steinhoff (Markus Jooste) got its hands on Pepkor (92.34%), Tekkie Town (100%) and (almost) Shoprite.

[Thread]
Before going too far, it is important to note that there is an allegation that most of the deals Steinhoff (Markus Jooste) entered into were based on false and misleading representations made by Steinhoff N.V. and Markus Jooste.
The PwC Report into Steinhoff quantified the fictitious and/or irregular transactions at €6.5bn (R106bn) for FY09 - FY17.

The above 'fictitious and irregular transactions' had ''the effect of inflating the profits and/or asset values of the Steinhoff Group".
Image
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Read 22 tweets
Madima Profile picture
Feb 16
A recap of Vodacom’s formation.

Vodacom was incorporated in 1993 as a joint venture between Telkom (50%), Vodafone (35%) and VenFin (15%).

1993, Vodacom was awarded a mobile cellular telecoms licence in SA and launched commercial services in 1994.

[Thread] Image
1996, Vodafone and VenFin sold a 5% stake in Vodacom Group to a BEE company, Hosken Consolidated Investments for R118 million.

2002, Hosken made a killing when it sold the 5% stake back to Vodafone and VenFin for R1.5 billion. Image
VenFin (then venture capital subsidiary of Rembrandt) looked around and realised that there is money to be made here.

2006, VenFin wanted out of the joint venture. Telkom didn't put up a fight. Vodafone had a clear landing strip.

Vodafone bought Venfin’s 15% stake for ~R16bn.
Read 7 tweets
Madima Profile picture
Nov 15, 2023
Ever wondered who’s Astron Energy?

All Caltex-branded service stations in SA and Botswana are being rebranded into Astron Energy.

The name change follows a 2018 majority acquisition of former Chevron SA by Glencore SA Oil Investments.

Short [Thread] Image
Astron Energy, a Glencore group company, is a leading supplier of petroleum products in Southern Africa, with a vast network of service stations and is the second-largest petroleum network in the region.
Why the name change?

The name change follows the 2018 majority acquisition of the former Chevron South Africa Pty (Ltd) by Glencore South Africa Oil Investments (Pty) Ltd, since which time Astron Energy has been operating the Caltex brand under a licence agreement for $973m.
Read 5 tweets
Madima Profile picture
Sep 28, 2023
The history of Kagiso Tiso Holdings is a long and complex one, so bare with me.

Standard Bank, Investec, Rand Merchant Bank, and the Liberty Group provided the seed capital to form Tiso Group which later became Kagiso Tiso Group.

[Thread]
In 1985, the Kagiso Trust began its development work to help promote the struggle against apartheid.

Archbishop Desmond Tutu co-founded the Kagiso Trust with Dr Beyers Naudè, Reverend Frank Chikane, Dr Max Coleman, Dr Alan Boesak, Dr Abe Nkomo, Father Smangaliso Mkhatshwa, and Eric Molobi, and took on the arduous task of trying to persuade the European Union to impose sanctions on the South African apartheid government.
In 1985, the EU agreed to impose partial sanctions on South Africa and also decided, through its Special Programme for the victims of apartheid, to support projects that promoted non-racialism and capacity development among those disadvantaged by apartheid.

They indicated that they wanted to allocate development funds using three channels, namely: South African Council of Churches (SACC), the South African Catholic Bishops conference, and a third secular channel, Kagiso Trust.
Read 15 tweets
Madima Profile picture
Sep 24, 2023
Ever wondered how the 99-year lease agreement at Waterfall works like especially where Balwin is concerned?

[Thread]
A bit of history.

It is reported that the first title-deed-holders of the Waterval farm were the Gibson brothers, who arrived from England in South Africa in 1871.

They bred cattle and operated their Red Star Line stagecoach business between Johannesburg and Pretoria.
In 1934, the farm was sold to Moosa Ismail Mia.

He later registered the development in the name of Witwatersrand Estates Limited, which to this day is owned and controlled by the Waterval Islamic Institute.
Read 18 tweets
Madima Profile picture
Sep 12, 2023
I did a thread on Starbucks and someone asked about the ownership of Seattle Coffee.

You can’t talk Seattle without talking about the Food Lovers Market.

Fruit & Veg City has rebranded into Food Lovers Market Group with an estimated annual turnover of +-12bn.

[Thread]
The founders of Food Lovers Market Group are Brian and Mike Coppin

The business was founded in 1993 as Fruit & Veg City and has rebranded into Food Lovers Market Group.
Food Lover's Market is one of the last few independent food retailers of scale on the African continent.

It has added categories such as bakery grocery, butchery and deil foods to complement its market leading position in fresh produce.
Read 17 tweets

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