Centralised rights, a salary cap, a private-equity deal its biggest clubs refused and a failed Miami match: LaLiga as a business.
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Centralised rights, a salary cap, a private-equity deal its biggest clubs refused and a failed Miami match: LaLiga as a business.
The palancas, the €1.45bn stadium loan and the salary cap: how a members’ club with no equity to sell rebuilt itself to €1bn of revenue.
How a member-owned club with no shareholders financed a €1.4bn stadium, reached €1.2bn of revenue and now plans to sell a minority stake.
Countries with national champions protect them. Countries that host other people’s factories compete to host more. Spain is firmly in the second group.
Everyone discusses the assembly plants Spain hosts. The interesting half is the component multinationals Spain owns.
One manufacturer thinks cells are a core competence. The other thinks they are a specialist process. Both are testing the theory in Spain.
Second in Europe by output, with no domestic manufacturer and every strategic decision taken in Wolfsburg, Paris or Amsterdam.
Volkswagen concluded its cheap electric cars could not be built profitably in Germany. Martorell got the work — and the margin pressure that comes with it.
Two cities, two characters, one shared constraint: value gets created in Spain and captured through holding companies somewhere else.
Operators say consolidation funds investment. Regulators say it raises prices. Spain is now the live test of which is right.
A listed company with a 28% state shareholder, an explicit consolidation mandate, and a former chairman now running the national telecom operator.
A Saudi group bought 10%, the Spanish state bought 10% back, the chief executive of 18 years left, and the strategy changed. In that order.