Shares in Paddy Power owner Flutter Entertainment crashed by nearly 10% despite the betting company expressing confidence that the Cheltenham horseracing festival will go ahead next month amid fears mass public events could be caught up in the fallout from the spread of the coronavirus.
The chief executives of the Six Nations renewed talks in London yesterday aimed at finalising an offer designed to change the face of the game. Having already forked out some €400m to buy stakes in the English Premiership and PRO14, the private equity firm CVC Partners are willing to pay the Six Nations almost as much again for a share of the tournament’s commercial rights.
Shares in Flutter — the betting conglomerate that includes Paddy Power, Betfair, its Australian and now key operations in a newly liberalised US — surged over 6% after it unveiled no nasty surprises in half-year results.
An unholy trinity of ghastly misadventures in sport happened at three historic venues: Aintree; the old twin-towered Wembley; and St Andrews. That the misadventures are still talked of five decades later says everything about their enduring appeal, writes