Connect with us

Published

on

Ben Stokes, the England Test cricket captain, and former team-mate Stuart Broad are among a group of leading sportsmen backing a new venture capital fund targeting a distinctive position in the crowded arena of early-stage investments.

Sky News can reveal that two of the pivotal figures in England’s recent Ashes series recovery to draw the series with Australia are participating in The Players Fund, a new vehicle that will unite existing athlete investment platforms.

Other figures involved in The Players Fund will be Jos Buttler, the England white-ball cricket star, Indian cricketer KL Rahul and footballers including Chris Smalling, Serge Gnabry and Hector Bellerin, all of whom have plied their trade in the Premier League.

The venture will be officially launched on Monday.

Its objective is to bring together prominent sportspeople with a track record of investing in start-ups and seasoned venture capitalists.

The Players Fund will comprise existing athlete-founded collectives such as 4CAST, which counts Mr Stokes, Mr Broad and the England fast-bowler Jofra Archer among its members; ForGood, which is headed by former Manchester United defender Mr Smalling; and B-Engaged, which is led by Mr Bellerín and Mr Gnabry.

A US-based group headed by the former Wimbledon forward Robbie Earle, and which features prominent athletes including the NBA All-Star Carlos Boozer, is also involved.

More from Business

“Since starting 4CAST we have seen huge benefits of athletes and public figures coming together in business and we strongly believe athletes investing together cannot be underestimated,” Mr Stokes, a partner in The Players Fund, said.

“By combining our resources, networks and experience, we can achieve so much more collectively than as individuals.

“The Players Fund provides a structured way for athletes to confidently step into early stage investing and to do so alongside teammates and fellow athletes.”

The new vehicle’s launch comes amid a surge in the level of investment activity taking place involving leading sportspeople, with the Formula One driver Sir Lewis Hamilton and former world tennis number one Serena Williams having explored an investment in Chelsea during the Premier League club’s sale last year.

More recently, the former NFL star Tom Brady was part of a consortium which invested in Birmingham City FC.

The Players Fund’s participating athletes will play a significant role in the sourcing and structuring of deals and access to funding founds, according to an announcement to be issued on Monday.

A number of figures from the VC industry have agreed to invest £40m into companies across four sectors: technologies that power the future of human performance, media, digital communities, and smart commerce.

Fergus and Ruari Bell, two brothers and former athletes, are behind the venture and will act as managing partners.

“We’re entering a new phase of athlete involvement in enterprise,” they said.

“As athletes seek to better leverage the power of their profile and go beyond endorsement into ownership, the athlete community has been crying out for a trusted destination to invest together into best in class startups.

“By uniting the leading athlete investors and athlete collectives from the UK, EU and India under one roof, we now have that outlet in The Players Fund.

“We founded The Players Fund to bring athletes together as a collective force for good in venture capital,” they added.

“By investing collaboratively, sharing knowledge and leveraging our combined networks, we can have an exponentially greater impact.”

Continue Reading

Business

M&S tells agency workers to stay at home after cyberattack

Published

on

By

M&S tells agency workers to stay at home after cyberattack

Marks & Spencer (M&S) has ordered hundreds of agency workers at its main distribution centre to stay at home as it grapples with the unfolding impact of a cyberattack on Britain’s best-known retailer.

Sky News has learnt that roughly 200 people who had been due to undertake shift work at M&S’s vast Castle Donington clothing and homewares logistics centre in the East Midlands have been told not to come in amid the escalating crisis.

Agency staff make up about 20% of Castle Donington’s workforce, according to a source close to M&S.

Money latest: Vet hits back at critics of prices

The retailer’s own employees who work at the site have been told to come in as usual, the source added.

“There is work for them to do,” they said.

M&S disclosed last week that it was suspending online orders as a result of the cyberattack, but has provided few other details about the nature and extent of the incident.

In its latest update to investors, the company said on Friday that its product range was “available to browse online, and our stores remain open and ready to welcome and serve customers”.

“We continue to manage the incident proactively and the M&S team – supported by leading experts – is working extremely hard to restore online operations and continue to serve customers well,” it added.

Read more from Sky News:
Deliveroo shares surge 17% as takeover looms
UK growth could be ‘postponed’ for two years, report warns

It was unclear on Monday how long the disruption to M&S’s e-commerce operations would last, although retail executives said the cyberattack was “extensive” and that it could take the company some time to fully resolve its impact.

Shares in M&S slid a further 2.4% on Monday morning, following a sharp fall last week, as investors reacted to the absence of positive news about the incident.

M&S declined to comment further.

Continue Reading

Business

Deliveroo shares surge 17% as £2.7bn takeover looms

Published

on

By

Deliveroo shares surge 17% as £2.7bn takeover looms

Shares in meal delivery platform Deliveroo have surged by 17% as investors react to news of a £2.7bn takeover proposal.

The company revealed after the market had closed on Friday that it had been in talks since 5 April with US rival DoorDash.

Deliveroo suggested then it was likely the 180p per share offer would be recommended, though full terms were yet to be agreed.

Money latest: Vet hits back at critics of prices

At that price, the company’s founder and chief executive, Will Shu, would be in line for a windfall of more than £170m.

Deliveroo further announced, before trading on Monday, that it had suspended its £100m share buyback programme.

The opening share price reaction took the value to 171p per share – still shy of the 180p on the table – and well under the 390p per share flotation price seen in 2021.

More from Money

Deliveroo’s shares have weakened nearly 50% since their market debut.

The deal is not expected to face regulatory hurdles as it provides DoorDash access to 10 new markets where it currently has no presence.

But a takeover would likely represent a blow to the City of London given the anticipated loss of a tech-focused player.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “If the deal is done at that price, the company will fail to shake off the ‘Floperoo’ tag it was saddled with after its disastrous IPO debut in 2021.

“Even though Deliveroo has finally broken through into profitable territory, the prolonged bout of indigestion around its share price has continued.

“The surge in demand for home deliveries during the pandemic waned just as competition heated up. Deliveroo’s foray into grocery deliveries has helped it turn a profit but it’s still facing fierce rivals.”

She added: “The DoorDash Deliveroo deal will be unappetising for the government which has been trying to boost the number of tech companies listed in London.

“If Deliveroo is purchased it would join a stream of companies leaving the London Stock Exchange, with too few IPOs [initial public offerings] in the pipeline to make up the numbers.”

Continue Reading

Business

US trade deal ‘possible’ but not ‘certain’, says senior minister

Published

on

By

US trade deal 'possible' but not 'certain', says senior minister

A trade deal with the US is “possible” but not “certain”, a senior minister has said as he struck a cautious tone about negotiations with the White House.

Pat McFadden, the Chancellor of the Duchy of Lancaster, told Sunday Morning with Trevor Phillips there was “a serious level of engagement going on at high levels” to secure a UK-US trade deal.

However, Mr McFadden, a key ally of Sir Keir Starmer, struck a more cautious tone than Chancellor Rachel Reeves on the prospect of a US trade deal, saying: “I think an agreement is possible – I don’t think it’s certain, and I don’t want to say it’s certain, but I think it’s possible.”

He went on to say the government wanted an “agreement in the UK’s interests” and not a “hasty deal”, amid fears from critics that Number 10 could acquiesce a deal that lowers food standards, for example, or changes certain taxes in a bid to persuade Donald Trump to lower some of the tariffs that have been placed on British goods.

Politics latest: UK has ‘recognised all along’ that Russia is aggressor – minister

And asked about the timing of the deal – following recent reports an agreement was imminent – Mr McFadden said: “We’ll keep working with the United States and keep trying to get to an agreement in the coming weeks.”

As well as talks with the US, the UK has also ramped up its efforts with the EU, with suggestions it could include a new EU youth mobility scheme that would allow under-30s from the bloc to live, work and study in the UK and vice versa.

Mr McFadden said he believed the government could “improve upon” the Brexit deal struck by Boris Johnson, saying it had caused “an awful lot of bureaucracy and costs here in the UK”.

He said “first and foremost” on the government’s agenda was securing a food and agriculture and a veterinary agreement, saying it was “such an important area for the UK and an area where we’ve had so much extra cost and bureaucracy because of Brexit”.

He added: “But again, as with the United States, there’s no point in calling the game before it’s done. We’ve still got work to do, and we’re doing that work with our partners in the EU.”

The Cabinet Office minister also rejected suggestions the UK would have to choose between pursuing a trade deal with the US and one with the EU – the latter of which has banned chlorinated chicken in its markets – as has the UK – but which the US has historically wanted.

Read more:
Chancellor Rachel Reeves outlines red lines for US trade deal
Green Party co-leader denies split over trans rights

On the issue of chlorinated chicken, Mr McFadden said the government had “made clear we will not water down animal welfare standards with either party”.

“But I don’t agree that it’s some fundamental choice beyond where we have to pick one trading partner rather than another. I think that’s to misunderstand the nature of the UK economy, and I don’t think would be in our interests to put all our eggs in one basket.”

Also speaking to Trevor Phillips was Tory leader Kemi Badenoch, who said the government should be close to closing the deal with the US “because we got very close last time President Trump was in office”.

She also insisted food standards should not be watered down in order to get a deal, saying she did not reach an agreement with Canada when she was in government for that reason.

“What Labour needs to do now is show that they can get a deal that isn’t making concessions, so we can have what we had last month before the trade tariffs, and we need serious people doing this,” she said.

Continue Reading

Trending