Latest news with #KerryPacker
The Age
a day ago
- Business
- The Age
Cricket Australia
Should the game's bosses follow through on the advice to sell off stakes in BBL teams, it will be the most revolutionary moment in Australian cricket since Kerry Packer's World Series Cricket breakaway in 1977.
Sydney Morning Herald
a day ago
- Business
- Sydney Morning Herald
Biggest revolution since Packer: Cricket Australia told to sell off BBL clubs after $2 billion England windfall
For 15 years, from 1979 to 1994, Kerry Packer and the then Australian Cricket Board shared effective ownership of the game's finances under the terms of the 'peace treaty' that ended the World Series Cricket split. Since then, CA and the states have been devoid of private ownership, though a model for private investment was briefly considered at the outset of the BBL in 2011. Franchise cricket has exploded around the world since then, and the BBL is now an outlier in terms of being wholly owned by CA and the states. The level of market interest in buying teams was demonstrated by how the ECB recently raised around $2 billion in funds by selling off 49 per cent stakes in each of the eight clubs in the Hundred. A big share of that windfall arose from a bidding war for the London Spirit franchise, based at Lord's. Importantly, the BCG report also recommended that the BBL hold off expanding the number of clubs until stakes in the existing teams are sold, arguing that expansion would dilute their value. Although CA's board has a regular meeting later this week, it is likely that debate around a final decision will carry on until later in the year. Baird and new chief executive Todd Greenberg are known to prefer building consensus around their decisions. BCG's work was supported by a steering committee that included representation from both CA and the state associations, but there is a range of views on what to do next. Some would like to see the second teams in Sydney and Melbourne – the Thunder and the Renegades – each relocated to other territories. Singapore and New Zealand are two mooted venues, while Canberra has also made a concerted push for a team via Cricket ACT's wealthy chair, Greg Boorer. Another suggestion is for CA to follow the path taken by the VFL way back in 1987, when it expanded the league by selling licences for new clubs in Queensland (the Brisbane Bears) and Western Australia (the West Coast Eagles) without selling stakes in any of the existing clubs. That scenario raised capital for what was then a cash-strapped league without threatening the establishment clubs. Further expansion into Adelaide (Port Adelaide Football Club) and Perth (Fremantle Dockers) in the mid 1990s saw the Fitzroy Lions merged with the Bears in 1996. Loading Primarily, the BBL sales would help to supercharge player wages for the league, which have long lagged behind other competitors in the Southern Hemisphere, notably tournaments in South Africa and the UAE. Ben Stokes, arguably the world's biggest name player outside India, has lately played in South Africa and hasn't been part of the BBL since he played half a season for the Melbourne Renegades in 2015. One of many wider goals of selling BBL team stakes would be to help CA raise its cash reserves to more than $100 million. Greenberg recently made a round of job cuts to the organisation as it seeks to tighten up its budgets. The states, too, have differing financial pressures. In particular, New South Wales, Victoria and Queensland don't derive direct revenue from the grounds they play at. The SCG, meanwhile, has been identified as needing considerable upgrades for spectators and the eventual addition of drop-in pitches.
The Age
a day ago
- Business
- The Age
Biggest revolution since Packer: Cricket Australia told to sell off BBL clubs after $2 billion England windfall
For 15 years, from 1979 to 1994, Kerry Packer and the then Australian Cricket Board shared effective ownership of the game's finances under the terms of the 'peace treaty' that ended the World Series Cricket split. Since then, CA and the states have been devoid of private ownership, though a model for private investment was briefly considered at the outset of the BBL in 2011. Franchise cricket has exploded around the world since then, and the BBL is now an outlier in terms of being wholly owned by CA and the states. The level of market interest in buying teams was demonstrated by how the ECB recently raised around $2 billion in funds by selling off 49 per cent stakes in each of the eight clubs in the Hundred. A big share of that windfall arose from a bidding war for the London Spirit franchise, based at Lord's. Importantly, the BCG report also recommended that the BBL hold off expanding the number of clubs until stakes in the existing teams are sold, arguing that expansion would dilute their value. Although CA's board has a regular meeting later this week, it is likely that debate around a final decision will carry on until later in the year. Baird and new chief executive Todd Greenberg are known to prefer building consensus around their decisions. BCG's work was supported by a steering committee that included representation from both CA and the state associations, but there is a range of views on what to do next. Some would like to see the second teams in Sydney and Melbourne – the Thunder and the Renegades – each relocated to other territories. Singapore and New Zealand are two mooted venues, while Canberra has also made a concerted push for a team via Cricket ACT's wealthy chair, Greg Boorer. Another suggestion is for CA to follow the path taken by the VFL way back in 1987, when it expanded the league by selling licences for new clubs in Queensland (the Brisbane Bears) and Western Australia (the West Coast Eagles) without selling stakes in any of the existing clubs. That scenario raised capital for what was then a cash-strapped league without threatening the establishment clubs. Further expansion into Adelaide (Port Adelaide Football Club) and Perth (Fremantle Dockers) in the mid 1990s saw the Fitzroy Lions merged with the Bears in 1996. Loading Primarily, the BBL sales would help to supercharge player wages for the league, which have long lagged behind other competitors in the Southern Hemisphere, notably tournaments in South Africa and the UAE. Ben Stokes, arguably the world's biggest name player outside India, has lately played in South Africa and hasn't been part of the BBL since he played half a season for the Melbourne Renegades in 2015. One of many wider goals of selling BBL team stakes would be to help CA raise its cash reserves to more than $100 million. Greenberg recently made a round of job cuts to the organisation as it seeks to tighten up its budgets. The states, too, have differing financial pressures. In particular, New South Wales, Victoria and Queensland don't derive direct revenue from the grounds they play at. The SCG, meanwhile, has been identified as needing considerable upgrades for spectators and the eventual addition of drop-in pitches.
Courier-Mail
10-07-2025
- Business
- Courier-Mail
Mercury Capital selling publisher of Women's Weekly and other titles
Don't miss out on the headlines from Magazines. Followed categories will be added to My News. Australia's longest running magazines for women are on the market for a potential buyer to own some of the nation's most well known brands. Publisher Are Media, which publishes the Australian Women's Weekly, New Idea, Better Homes and Gardens, TV Week, Marie Claire and other well known magazines, is up for sale. The Women's Weekly is Australia's most read magazine and the New Idea has been printed for more than 120 years. The owner of Are Media has put the magazine titles up for sale. Are Media estimates 90 per cent of Australian woman seeking 'entertainment, inspiration, information and escapism' read their magazines each month. The New Idea has been printed in Australia since 1902. The publishing group was started by Sir Frank Packer (father of Kerry Packer) and Edward Theodore in 1932 and later merged with the Associated Press to become Australian Consolidated Press. Bauer Media acquired the magazines in 2012 for an estimated $525m from ACP, then bought Pacific Magazines acquiring Marie Claire and Better Homes and Gardens from Seven West Media in 2020 for $40m. Mercury Capital took ownership of the publisher for an estimated $40m to $50m in 2020, five years on, they have now listed the business for sale with KPMG Corporate Finance The publisher of The Australian Women's Weekly, Are Media is up for sale. A Mercury Capital spokesman said they had decided to sell Are Media. 'Further to recent speculation, and on the back of a number of market inquiries and approaches, we can confirm that a decision has been made to commence a sale process for Are Media, Australia's leading omnichannel content company for women,' he said. An email from Are Media chief executive officer Jane Huxley to staff said the decision came from a place of strength and optimism. Mercury Capital confirmed they were selling Are Media five years after they purchased the publishing business from Bauer Media. Picture: Supplied 'We've built incredibly strong foundations, and now it's time to take the next step,' she said in the email. 'Nothing changes day to day. Our teams, priorities, your roles, and goals stay the same. 'We'll keep delivering great content, driving results, and doing what we do best. 'We are committed to delivering 2025 and will be planning for 2026 the same way we always have.' Originally published as The publisher of iconic Aussie magazines the Women's Weekly, New Idea and Better Homes and Gardens has put the titles up for sale
Perth Now
10-07-2025
- Business
- Perth Now
Iconic Aussie magazines up for sale
Australia's longest running magazines for women are on the market for a potential buyer to own some of the nation's most well known brands. Publisher Are Media, which publishes the Australian Women's Weekly, New Idea, Better Homes and Gardens, TV Week, Marie Claire and other well known magazines, is up for sale. The Women's Weekly is Australia's most read magazine and the New Idea has been printed for more than 120 years. The owner of Are Media has put the magazine titles up for sale. Are Media estimates 90 per cent of Australian woman seeking 'entertainment, inspiration, information and escapism' read their magazines each month. The New Idea has been printed in Australia since 1902. Credit: Supplied The publishing group was started by Sir Frank Packer (father of Kerry Packer) and Edward Theodore in 1932 and later merged with the Associated Press to become Australian Consolidated Press. Bauer Media acquired the magazines in 2012 for an estimated $525m from ACP, then bought Pacific Magazines acquiring Marie Claire and Better Homes and Gardens from Seven West Media in 2020 for $40m. Mercury Capital took ownership of the publisher for an estimated $40m to $50m in 2020, five years on, they have now listed the business for sale with KPMG Corporate Finance The publisher of The Australian Women's Weekly, Are Media is up for sale. Credit: Supplied A Mercury Capital spokesman said they had decided to sell Are Media. 'Further to recent speculation, and on the back of a number of market inquiries and approaches, we can confirm that a decision has been made to commence a sale process for Are Media, Australia's leading omnichannel content company for women,' he said. An email from Are Media chief executive officer Jane Huxley to staff said the decision came from a place of strength and optimism. Mercury Capital confirmed they were selling Are Media five years after they purchased the publishing business from Bauer Media. Supplied Credit: Supplied 'We've built incredibly strong foundations, and now it's time to take the next step,' she said in the email. 'Nothing changes day to day. Our teams, priorities, your roles, and goals stay the same. 'We'll keep delivering great content, driving results, and doing what we do best. 'We are committed to delivering 2025 and will be planning for 2026 the same way we always have.'
