Collingwood rejected approach from major US sports franchise to buy into club ownership
Collingwood and president Eddie McGuire have been approached by a major US sports franchise keen to buy into the Magpies’ ownership, while GWS is considering overtures from US millionaires.
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Collingwood has been approached by a major US sports franchise with a proposition to buy into the football club.
The offer, which was swiftly rejected, was made to president Eddie McGuire.
“I was approached in the last 10 days by a major American sports franchise asking whether or not they could buy into Collingwood,” McGuire said on Footy Classified.
“The answer was no because we’re a members’ club but they don’t understand the members’ club over there. They go ‘what do you mean? You’re not owned by somebody? How does this work?’”
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Greater Western Sydney has also been approached by private investors keen to buy into the AFL.
US millionaires have spoken to Giants officials about investing millions of dollars into the league’s youngest club.
Chief executive Dave Matthews revealed GWS are looking at ways to close the gap on rivals when it comes to revenue and private ownership could be an option, particularly given the financial crisis being faced by all clubs due to the COVID-19 pandemic.
“As a young club our ticketing revenue and consumer revenue has a long way to go to get to the levels that other clubs enjoy,” Matthews said.
“Over time we’ve tried to work out how to make up that sort of revenue gap. We’re very fortunate to have enormous support from coterie groups …
“We have a group called the M7, as you say there’s some interest from the US in that group at the moment and that’s probably amongst 25 individuals, that’s probably a couple of million dollars a year.
“They have backgrounds in US sport where there is private ownership models and it just leads you to think is there a possibility of participation or equity and some point.
“We are in unforeseen circumstances and if there’s opportunities to bring third party money into the game, I think they’d have to be considered.
“But that’s not to say that we’re dwelling on it every day or that there’s any proposals being exchanged, it’s just a discussion point.”
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Originally published as Collingwood rejected approach from major US sports franchise to buy into club ownership
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