NFL in London raises legal issues
The 87 percent jump since their trough in 2009 compares with an increase of more than 60 percent for London luxury homes and a 43 percent gain for all residences in the city, Knight Frank estimates. British Land Co. bought a site in Londons Mayfair district to develop luxury apartments last year, using the proceeds from a 400 million-pound ($640 million) bond issue . The convertible debt, which matures in 2017, has a 1.5 percent coupon. The Bank of England last expanded its stimulus program known as quantitative easing in July last year and investors are betting policy makers will raise the 0.5 percent benchmark interest rates as early as 2015 as the recovery gathers strength. In the U.S., the Federal Reserve will take the first step to reducing $85 billion in monthly bond purchases in December, according to 59 percent of 41 economists in a Sept. 18-19 survey compiled by Bloomberg. The 10-year gilt, which yielded less than equivalent Treasuries as recently as Sept. 4, now yields 12 basis points more, according to Bloomberg data. Disorderly Unwinding A disorderly unwinding of the quantitative-easing program in the U.S. could result in home prices in the best parts of London falling as much as 20 percent, Fathom Consulting wrote in a July research report. Central London residential values have become somewhat stretched, suggesting that they are now vulnerable to correction. Not everyone agrees. Its a residential market thats driven by world city dynamics rather than by ordinary domestic factors, Simon Rawlinson, head of research at construction consultant EC Harris LLP, said in an interview. More and more developers are entering the market and are able to make the numbers stack up. Developers are building on land at the fastest rate since 2008, Savills said in an August report .
London: A Quarter of the Way to an NFL Franchise
Spot the jersey at a London Underground Station (six teams) However, this also works in Londons favor, as the most recent research distributed by the NFL in the UK cited that 50 per cent of UK NFL fans consider themselves fans of the League as much as a team. Of course, any London franchise would pick up new fans and be a second team for the diehards who grew up on a diet of Marino, Rice and Riggins. It was that maturitynot a lack of popularitythat led to NFL Europe leaving London and preseason games ceasing, as fans knew they were getting an inferior product. The youth is engaged in the NFL. The British Universities American Football League is the largest college league in Europe. There is a fair splattering of purple, black and gold in Wembley,but NFL UK managing director Alistair Kirkwood told me that the overwhelming fanbase is British: “We have fans coming from the U.S. and all over Europe, especially Scandinavia, but 85-90 per cent of the crowd is British.” Interview with Alistair Kirkwood – Managing Director at NFL UK Outside the stadium I spoke to Matti Cross, an exiled Brit now living in Denmark, who told me he would come to two matches a season if London had a franchise. Other fans from all four corners of the UK I spoke to had a similar opinion. Naturally, fans would veer towards the more glamorous encounters if they had eight games to pick from. However, the London metropolitan area is the largest in the European Union with a population of 13,614,409, according to Eurostat . With a sensible pricing policy (the NFL offered special discounted prices if you bought tickets for both this years games together), you could envisage half of Wembleys 86,000 seats being taken by season ticketholders if they were priced around 250/$400.
“An overarching body would look at the players the [team] wants to bring over and take a view as to whether their presence here would benefit the sport in the U.K.,” Robinson said. “It isn’t inconceivable that the Home Office will ask for reassurance that the move would benefit the U.K. game as a whole, including British players or youngsters,” Robinson added. “But that would be for politicians to iron out in light of the wider economic benefits of the team.” There is a long-standing practice of requiring European football teams to prove a non-European player brings something “special and different” to the U.K., which prevents teams from giving roster spots to non-Europeans unless the player has skills and abilities that justify his taking a spot that could otherwise be filled by a European. It’s also not beyond the realm of possibility that the government could insist a London-based team have a minimum number of British players. In addition, players with criminal convictions would probably be denied working visas in the U.K. A conviction that carries a sentence of less than one year would usually preclude a player’s entry for five years from the end of the sentence. A sentence of up to four years would generally mean the player would be denied entry for 10 years after the end of the sentence. Anything longer than four years would probably mean the player would be refused entry indefinitely. In other words, the Eagles would probably have to leave Michael Vick home if they played in London. Labor laws The two types of laws of most concern are competition laws and free movement laws. Competition laws cover much of the same matter dealt with in the U.S. under antitrust law, but free movement laws are somewhat unique to the European Union. For example, there’s no draft involving European soccer teams.