Among many reasons for the growing success of English soccer’s Premier League is its absolute meritocracy. This also reflects benefits derived from a truly free market – one where rewards are directly proportional to performance. To prove the point, capital keeps flowing in.
Two weeks ago, Czech billionaire Daniel Kretinsky (above) paid ÂŁ160m for 27% of high flying West Ham United, valuing the club at six times what its controlling shareholders paid in 2010. In October, Saudi Arabia’s sovereign wealth fund paid ÂŁ305m for control of bottom club Newcastle United.
An even better reflection of the unfettered system’s success is growth in an appreciative global audience. For instance, over the weekend NBC paid $2.7bn for rights to screen Premier League games in the US for the next six years – triple the price it paid in 2015.
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On the other hand, when performance dips, retribution is swift. For instance, directors of Manchester United held an emergency Zoom board meeting on Saturday during the second half of the club’s 4-1 defeat by strugglers Watford. Before that game had ended, its manager, club legend Ole Gunnar Solskjaer had been sacked.
More for you to read today:
* I feel double crossed – Mashaba. Sunday Times reports on ActionSA founder’s anger that his path to become Joburg’s Mayor is being blocked by the DA’s national executive.
* Helen Zille: Here’s what really happened in Joburg coalition discussions. “We are sticking to our commitment. We have not doiuble crossed Herman Mashaba or anyone else.”
* John Steenhuisen: We can’t give the EFF backdoor control of Joburg. DA’s leader says an opposition coalition headed by Herman Mashaba as Mayor would be dependent to EFF to govern.
* Marriott’s Broken China. The hotel apologises for refusing to host a Uighur conference. Comment by the Editorial Board of the Wall Street Journal.
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