( Twelve-minute read)
Since the 1980s, privatization has been the ideological talisman of the bourgeoisie.
Entainerment since the days man first smiled can be anything that removes the human mind from survival to killing each other or to watching competitors to doing so.
The
Roman amphitheater was the center of public
entertainment in Rome, and all over the Roman Empire. People would go to the amphitheater to see men fighting wild beasts or each other. These men were called gladiators. It was a cruel sport because someone was usually killed
Sport is an important social phenomenon in all levels of modern society, providing a large impact on key areas of social life: it affects national relations, business life, social status, fashion forms, ethical values, people’s lifestyle.
If you accept this the purchase of Newcastle United football club by a sovereignty fund is a tradigital for sport.
Effectively Sovernity wealth funds are state-run institutions, that either rescue crippled finance systems or launder excess funds.
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In the past, sovereign wealth funds were mainly ‘passive’ investors, quietly buying shares in big corporations and property without getting involved in management.
The sale of the Premier League football team Newcastle UNITED to Saudi Arabia’s Public Investment Fund the wealth of Saudi Arabia’s Public Investment Fund, a vehicle that controls assets worth $500 billion was met by joy in the streets and criticism from human rights groups and others.
It raises new questions about the economics and morality of allowing a nation-state, and particularly one accused of serious human rights abuses, into the elite club of Premier League owners.
The league said in a statement on Thursday that it could allow the deal to happen because it had received
“legally binding assurances” that the Saudi state would not be in control of one of its member clubs.
This suggested that the Premier League owners are now apparently satisfied that the P.I.F. — chaired by Mohammed bin Salman, the crown prince of Saudi Arabia — is entirely separate from the Saudi state, where Salman is deputy prime minister, minister of defense.
“Under Mohammed bin Salman, the human rights situation in Saudi Arabia remains dire — with government critics, women’s rights campaigners, Shia activists, and human defenders still being harassed and jailed, often after blatantly unfair trials.”
The Premier League currently has 12 billionaire club owners including The Glazer Family, Roman Abramovich, and Stan Kroenke. Combined they are worth an astonishing
$90.8 billion, according to Forbes
The most-watched sports league in the world, and if I am not mistaking with 20 teams in the league, with the top ten owned by non-residents of the Uk.
The league operates as a corporation and is owned by the 20 member clubs.
With the highest revenue of any association football league in the world that generates around £3.1billion per year in domestic and international television rights, broadcasting in 212 territories to 643 million homes and a potential TV audience of 4.7 billion people each club is a shareholder.
There is no team or individual salary cap in the Premier League.
List of Sportswash. Russia, China, US, Middle East.
Newcastle United has become one of the richest clubs in the Premier League and another shameless mouthpiece for the rich.
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What is a Sovereign Wealth Fund (SWF)?
A Sovereign Wealth Fund (SWF) is a state-owned investment fund or entity that is commonly established from:
Balance of payments surpluses
Official foreign currency operations
The proceeds of privatizations
Governmental transfer payments
Fiscal surpluses
And/or receipts resulting from resource exports.
Classifications of Sovereign Wealth Fund
- Stabilization Funds
- Savings or Future Generations Funds
- Pension Reserve Funds
- Reserve Investment Funds
- Strategic Development Sovereign Wealth Funds (SDSWF)
- Common Sovereign Wealth Fund Objectives:
- Protect & stabilize the budget and economy from excess volatility in revenues/exports
- Diversify from non-renewable commodity exports
- Earn greater returns than on foreign exchange reserves
- Assist monetary authorities to dissipate unwanted liquidity
- Increase savings for future generations
- Fund social and economical development
- Sustainable long term capital growth for target countries
- Political strategy
Generally speaking, as other countries grow their currency reserves they will seek to diversify reserve portfolios and generate greater returns.
Between the years 2003 to 2013, sovereign wealth fund assets have skyrocketed by rising commodity prices greatly attributable to oil & gas. From the start of 2008 until the end of 2012, sovereign wealth fund assets grew by 59.1%.
BUT THINGS HAVE CHANGED.
Since the onset of the credit crunch, sections of finance capital have come to see the sovereign wealth funds as “indispensable investors of last resort.
Many of the leaders of capitalism fear that the sovereign funds may increasingly switch from purely financial aims to political or strategic goals, or from being passive investors to active involvement in company policymaking.
So the question is:
Should Newcastle (NO LONGER A FOOTBALL CLUB) be allowed to compete in the Premier League?
Why?
Because SWF buys or invests for profit
not sport.
All human comments are appreciated. All like clicks and abuse chucked in the bin.
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