London Irish
Well-known member
In December 1999, BSkyB paid £15.95 a share to buy a 5 per cent stake in Sunderland Football Club.
Now Sky has sold those shares for 31p.
That's a £6.5m investment that has shrivelled to about £120,000, even though Sunderland are once again a decent bet for the Premiership next season.
Sky has lost £90m in total in the last 5 years on its various investments in different football clubs.
As the FT commented today, there is virtually no other area of business that demonstrates a greater capacity to destroy shareholder value than professional football.
You really have to pity Dick Knight as he arrives in Queens Road every morning beating all those investors off with a big stick.
Now Sky has sold those shares for 31p.
That's a £6.5m investment that has shrivelled to about £120,000, even though Sunderland are once again a decent bet for the Premiership next season.
Sky has lost £90m in total in the last 5 years on its various investments in different football clubs.
As the FT commented today, there is virtually no other area of business that demonstrates a greater capacity to destroy shareholder value than professional football.
You really have to pity Dick Knight as he arrives in Queens Road every morning beating all those investors off with a big stick.
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