Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
The Spanish league took a step toward cutting into the Premier League's global dominance on Wednesday, securing (euro)2.7 billion ($3.2 billion) in funding to boost its clubs' finances and increase revenue growth over the next few years.
The deal unanimously approved by the league's executive committee should increase the clubs' spending power and is expected to help Barcelona guarantee a new contract for Lionel Messi, who is yet to officially say whether he will remain with the club.
Real Madrid, which has often been at odds with the league and reportedly was against the deal, could also benefit by increasing its chances of signing Paris Saint-Germain star Kylian Mbappe, a longtime target for the club.
The strategic agreement with international investment fund CVC Capital Partners, being dubbed "Boost LaLiga," still needs to go through the league's general assembly, when a majority of the clubs from the first and second divisions must give their final approval.
"I think there could be one or two clubs that won't agree with it, but this is positive for soccer in general," Real Betis president Angel Haro told The Associated Press. "The clubs would be getting a very relevant amount of money to help improve the teams and the clubs' infrastructures in general. This makes the league stronger."
CVC used to own Formula One and recently bought a stake in rugby's Six Nations tournament. As part of the agreement with the Spanish league, the private equity firm would have a share of about 10% of the league's revenues and a stake of 10% in a new commercial entity that values the league at 24.2 billion euros ($28.7 billion).
The funding would allow the league to boost its growth and increase its global presence as it continues to try to catch up to the powerful Premier League, the world's richest soccer league. It envisages the agreement accelerating the competition's development into a digital entertainment company.
"This ambitious investment plan will provide LaLiga and the clubs with all the necessary resources to fulfil its transformation strategy to become a leading global player in the digital entertainment market, while at the same time bolstering the competition and transforming the experience of the fans," the league said in a statement.
It said CVC will not have control of the management of the competition, or the sale of its broadcasting rights.
The clubs would receive 90% of the funds, with 70% aimed at long-term structural investments. Some of the money would also go toward paying odd debts and increasing their spending limits on players and coaches.
The amount each club would receive is based on the average revenue of audio visual rights that they earned over the last seven years, since the league started selling the rights collectively.
The funds would be distributed over a three-year period but were expected to immediately start helping the clubs as they struggle amid the coronavirus pandemic.
"It was a very complex year for all the clubs," Haro said. "Obviously this will help reduce debts and improve the clubs' finances."
Real Madrid and Barcelona were among the clubs with heavy losses because of the pandemic.
Barcelona reportedly already has a deal to extend Messi's contract but it was struggling to fit his salary -- even with reductions reportedly accepted by the player -- into the league-controlled salary cap.
Madrid also had to significantly reduce spending, and it recently did not renew the contract of veteran captain Sergio Ramos, who joined PSG. Its chances of signing Mbappe would greatly increase if the new funds became available.
Madrid and Barcelona have won the league 15 times in the last 17 seasons, with Atletico Madrid succeeding in 2014 and this year.
------
AP Global Soccer Writer Rob Harris contributed to this report
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
B.C. conservation officers recently seized a nine-foot-long Burmese python from a home in Chilliwack.
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
The Ontario government is introducing changes to auto-insurance, but some experts say the move is ill-advised.
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.
Newfoundland’s unique version of the Pine Marten has grown out of its threatened designation.
A Toronto man is out $12,000 after falling victim to a deepfake cryptocurrency scam that appeared to involve Prime Minister Justin Trudeau.
It started small with a little pop tab collection to simply raise some money for charity and help someone — but it didn’t take long for word to get out that 10-year-old Jace Weber from Mildmay, Ont. was quickly building up a large supply of aluminum pop tabs.
There’s a group of people in Saskatoon that proudly call themselves dumpster divers, and they’re turning the city’s trash into treasure.
Ontario is facing a larger than anticipated deficit but the Doug Ford government still plans to balance its books before the next provincial election.