Sports
American investors confident of Cornish Pirates growth
Moritz said he was first made aware of the Pirates after reading an article online, and following some initial calls he met those running the club late last year.
After further talks, Stonewood committed money to the club and agreed to take a place on the board of directors.
“We had a meeting of the minds, so to speak, in terms of what we could add and what the club was offering, and it wasn’t very long after that that we formalised a framework for an investment,” Moritz said.
“I think we’re going to be involved at the board level, and that means to us that we are involved in important decision-making.
“We are certainly not operations people, we’re not going to get involved in the day-to-day operations of the club.
“But, as in any of our investments, we do care about the strategy, the direction, how we can help, and those things are done more at the board level than the day-to-day grind, so to speak, of the club.”
Moritz said he had no timescale on how long he and his firm would stay involved with the Pirates, or what sort of return they were looking for on their investment.
But he is confident that with Stonewood’s input the club will grow and become a more attractive asset.
“We never really know how we’re going to get a return on any of our investments,” he said.
“We assume that we will do the right things by the enterprise, and grow the value of the investment… and then how we exit, and when we exit, it’s always up in the air, and we don’t really try to make too specific a claim on when that might happen.
“We find that if we do the right things by the investment, we grow it, we execute the strategies that people think will take us to a better place, all good things happen at that point.
“So, when we are there, we’ll realise that there’s been enough accretion and value that we’ve done what we can do, and at that point, maybe we’ll have an exit.”
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The rising USMNT star is set to join Manchester City when he turns 18, per an agreement signed years ago
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Sports
Women's tennis reaffirms equal prize money pledge at WTA 1000s, reduces mandatory events for top 50
Combined WTA 1000 events, one rung below a Grand Slam, will all award equal prize money in 2027, as pledged in 2023.
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Downing Street has said Manchester City are not “above the rules” after Andy Burnham was criticised for his comments about the club’s breaches of Premier League financial rules.
The prime minister said on Wednesday he would be “really concerned” if the club’s owners decide to sell up after City were found guilty by an independent commission of most of the 115 charges they faced.
His remarks were branded “completely out of touch” and “extraordinary” by the Tories and took many in the football community by surprise.
In a statement following the backlash, Downing Street said the PM had made clear “the initial judgement is serious and there can’t be any suggestion that anyone is above the rules”.
In an attempt to clarify the PM’s position, a No 10 spokesperson added: “He also stressed that it is an ongoing independent process. It is essential that it is allowed to run its course and the outcome respected.
“Wherever wrondoing is established, those responsible should face the appropriate consequences.”
Man City deny any wrongdoing and have until Friday to submit an appeal.
Sources told BBC Sport that City are expected to claim that key sponsorship deals were funded by the Abu Dhabi government, rather than the club’s owners, as part of an appeal.
Among the independent panel’s findings were that City arranged “sham contracts” with a number of commercial partners as part of a scheme to disguise secret funding of more than £830m.
The Premier League said City “systematically broke Premier League Rules for nearly a decade”.
In an interview on Wednesday with the BBC’s political editor Chris Mason, Burnham – who was mayor of Greater Manchester until June – said he was “not getting directly involved in the process”, saying it must be undertaken independently by the Premier League.
He said the situation was “contested by Manchester City” and it would be “wrong” to “jump to a conclusion”.
Asked if he was worried the club’s owners since 2008 – led by Sheikh Mansour, a royal and the United Arab Emirates deputy prime minister – might sell up, Burnham said: “I would be really concerned to lose them.
“They’ve been such a huge partner in the building of modern Manchester and obviously the building of Manchester City into the global force that it is.
“I can’t intervene more in the process, it would be wrong for me to do that.”
In response, the Tories accused Burnham of “publicly backing the owners even as the investigation continues” and questioned whether “political pressure” was being applied.
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Cavan Sullivan remains on course to join Manchester City despite club's turmoil: Sources
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