Crystal Palace takes UEFA to court over demotion to third-tier
Article content
The Switzerland-based CAS confirmed Tuesday that the Premier League club had filed an appeal against European soccer's governing body. An expedited process will produce a decision no later than Aug. 11, the court said.
Article content
Article content
Article content
Palace secured qualification to the second-tier Europa League by winning the FA Cup last season — its first major trophy in 120 years of existence. But UEFA demoted Palace after finding it in breach of multi-club ownership regulations because of its ties to French club Lyon through American businessman John Textor.
Article content
Textor had a 43% stake in Palace and owns Lyon outright. UEFA rules state that clubs can be barred from its competitions if owners have 'decisive influence' over two teams that have qualified.
Article content
While Textor only had limited decision-making at Palace, UEFA deemed his involvement with Lyon — which qualified for the Europa League — breached multi-club ownership rules. Textor has since agreed to sell his Palace stake to New York Jets owner Woody Johnson.
Article content
CAS said Palace's appeal was also against Nottingham Forest, which was promoted from the Conference League to the Europa League, and Lyon.
Article content
Palace's appeal asks for either Forest's or Lyon's qualification to the competition be rejected.
Article content
The multi-club ownership rules are designed to protect soccer from the integrity risks of owners controlling numerous teams. The models are becoming more commonplace, with Manchester City being part of a group of clubs spread across the globe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
2 hours ago
- Globe and Mail
Volkswagen reports first-half $1.5-billion tariff hit, looks to accelerate cost-cutting efforts
Volkswagen VWAGY reported a €1.3-billion (US$1.5-billion) first-half hit from tariffs and cut its full-year sales and profit margin forecasts in the German carmaker's first assessment of the damage from U.S. President Donald Trump's trade war. Global automakers have booked billions of dollars of losses and some have issued profit warnings due to U.S. import tariffs. The European industry is also facing stiffening competition from China, and domestic regulations aimed at speeding up the electric vehicle transition. Volkswagen, Europe's biggest carmaker, now expects this year's operating profit margin between four per cent and five per cent, compared with a previous forecast of 5.5 per cent to 6.5 per cent. Full-year sales, earlier seen up to five per cent higher, are expected to be level with the previous year. In February: Volkswagen counts on talks to avoid trade conflict after Trump imposes tariffs Volkswagen shares dropped by as much as 4.6 per cent in early Friday trade, before recovering as the day progressed. They were one per cent higher at 13:05 GMT. Investors had largely anticipated a guidance cut, after the company held off on assessing the damage of tariffs in the previous quarter, and appeared calmed by assurances that the group's luxury brands Audi and Porsche would recover next year following heavy losses in the second quarter. CEO Oliver Blume told investors the company must accelerate its cost-cutting efforts in response to the tariffs. 'We need to shift our cost efforts into high gear and accelerate implementation. After all, we cannot assume that the tariff situation is only temporary,' Blume said. Volkswagen and its competitors are pressing European trade negotiators to strike a deal to reduce a 25 per cent U.S. tariff they have faced since April. EU diplomats have indicated that the bloc could be moving towards a broad 15 per cent tariff as it seeks to avoid a threatened 30 per cent levy from Aug. 1. A deal struck between the U.S. and Japan earlier this week raised hopes for a similar agreement for Europe, boosting carmakers' shares. EU says U.S. trade deal is within reach, while approving potential countermeasures Finance chief Arno Antlitz said Volkswagen's profit margin would roughly land in the middle of its guidance with a Japan-style deal, which had a 15 per cent tariff rate. He warned, however, that the clock was ticking on finding a deal. 'We are already in July, so the longer we go into the second half of the year, the more we tend to the lower end of the guidance,' he said. Antlitz declined to comment on price increases when pressed by investors on how the company planned to protect its margins against tariffs. Volkswagen reported an operating profit of €3.8-billion in the quarter ended June 30, down 29 per cent on the previous year, citing tariffs and restructuring costs, as well as higher sales of lower-margin all-electric models. While Volkswagen was able to boost deliveries globally by 1.5 per cent in the first six months of 2025, the group saw a decline of almost 10 per cent in deliveries to the United States. Hyundai Motor sees profit decline in second quarter, warns of bigger impact from U.S. tariffs North American sales revenue accounted for 18.5 per cent of the carmaker's global sales in the first half. Car sales data for June highlighted a broader slowdown in Europe's struggling auto sector – and showed Volkswagen among the laggards as the company undergoes a major overhaul to cut over 35,000 jobs by the end of the decade. Porsche and Audi are particularly exposed to U.S. tariffs given they have no production there, and rely heavily on exports. In the second quarter, Porsche's operating result plunged by over 90 per cent to €154-million and Audi's by 64 per cent to 550-million. 'For both companies, Audi and Porsche, we are expecting that we will touch the bottom this year with positive momentum from 2026 onwards,' Blume said.
CTV News
2 hours ago
- CTV News
Intel slumps as potential foundry exit deepens investor gloom
Intel shares sank eight per cent on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon. Lip-Bu Tan said on Thursday he would further shrink Intel's workforce, halt work on two plants in Europe and slow another in Ohio, binning his ousted predecessor's strategy that relied on building costly facilities to restore its manufacturing edge. The plan for such extreme measures follows a surprise second-quarter adjusted loss and a forecast for a bigger-than-expected loss in the third quarter. The weakening financials pointed to more trouble for Intel after years of mismanagement eroded its PC and datacenter market share and left it with almost no presence in the AI market. The disclosures 'revive long-unanswered questions on the chances of success for its foundry business the path forward is if Intel does not develop leading edge manufacturing capability,' TD Cowen analyst Joshua Buchalter said. 'It's hard to understate the significance of this potential outcome in the context of the history of the semiconductor industry.' As part of its new strategy, Intel may reserve the advanced 18A manufacturing process for its products and proceed with its next-generation 14A only if it lands a major external customer commits, Tan told analysts on the post-earnings call. The move could put US$100 billion in assets at risk and deepen its dependence on rival TSMC, adding strain to margins already running at about half their historical highs. 'Intel Foundry is a big story and currently people are questioning how successful 18A is. A failure in 18A will be a broken story,' said Hendi Susanto, portfolio manager at Gabelli Funds. Intel was set to lose nearly $8 billion in market value, if current losses hold. Its current valuation of around $100 billion is less than half of Advanced Micro Devices' AMD.O more than $260 billion. The stock has lagged far behind rivals this year, rising 12.8 per cent compared with AI darling Nvidia's 30 per cent gain and AMD's 34 per cent. Intel trades at a 12-month forward price-to-earnings ratio of 42.55 versus 33.90 for Nvidia and 32.12 for AMD. Since taking the helm in March, Tan has divested businesses, laid off employees and redirected resources as part of his strategic reset to revive the embattled chipmaker. 'There are no more blank checks,' he wrote in a memo to employees on Thursday. (Reporting by Rashika Singh and Arsheeya Bajwa in Bengaluru, Samuel Indyk in London; Editing by Amanda Cooper, Vijay Kishore and Arun Koyyur)
Globe and Mail
3 hours ago
- Globe and Mail
Holding(s) in Company
For immediate release 25 July 2025 Serabi Gold plc ("Serabi" or the "Company") Holding(s) in Company The Board of Serabi announces that the Company has received the following TR-1 notification which is set out below. Enquiries: Serabi Gold plc Michael Hodgson Tel: +44 (0)20 7246 6830 Chief Executive Mobile: +44 (0)7799 473621 Andrew Khov Vice President, Investor Relations & Business Development Mobile +1 647 885 4874 Email: contact@ Website: Beaumont Cornish Limited Nominated Adviser and Financial Adviser Roland Cornish / Michael Cornish Tel: +44 (0)20 7628 3396 Peel Hunt LLP Joint UK Broker Ross Allister Tel: +44 (0)20 7418 9000 Tamesis Partners LLP Joint UK Broker Charlie Bendon / Richard Greenfield Tel: +44 (0)20 3882 2868 Camarco Financial PR - Europe Gordon Poole / Emily Hall Tel: +44(0) 20 3757 4980 Copies of this announcement are available from the Company's website at Neither the London Stock Exchange, the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement. TR-1: Standard form for notification of major holdings 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: Serabi Gold PLC BG5NDX9 1b. Please indicate if the issuer is a non-UK issuer (please mark with an 'X' if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an 'X') An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify) iii: 3. Details of person subject to the notification obligation iv Name Fratelli Investments Limited City and country of registered office (if applicable) Hamilton, Bermuda 4. Full name of shareholder(s) (if different from 3.) v Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or reached vi: 24/07/2025 6. Date on which issuer notified (DD/MM/YYYY): 25/07/2025 7. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer (8.A + 8.B) vii Resulting situation on the date on which threshold was crossed or reached 8.99% 0.0% 8.99% 6,806,882 Position of previous notification (if applicable) 9.99% 0.0% 9.99% 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii A: Voting rights attached to shares Class/type of shares ISIN code (if possible) Number of voting rights ix % of voting rights Direct (DTR5.1) Indirect (DTR5.2.1) Direct (DTR5.1) Indirect (DTR5.2.1) GB00BG5NDX91 6,806,882 0 8.99% 0 SUBTOTAL 8. A 6,806,882 8.99% B 1: Financial Instruments according to DTR5.3.1R (1) (a) Type of financial instrument Expiration date x Exercise/ Conversion Period xi Number of voting rights that may be acquired if the instrument is exercised/converted. % of voting rights n/a n/a n/a n/a n/a SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) Type of financial instrument Expiration date x Exercise/ Conversion Period x i Physical or cash Settlement xii Number of voting rights % of voting rights n/a n/a n/a n/a n/a n/a SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an 'X') Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv Name xv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold Fratelli Investments Ltd 8.99% 0% 8.99% 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional information xvi . Place of completion UK Date of completion 25/07/2025
