Martin Punt

We analysed the data on our VC deals in the last 2 years to consider what impact the introduction of the updated BVCA documents had on VC deals. This coincided with a big swing in the market which made for some interesting results... take a look to see what we thought. As the most active legal adviser in VC across the UK, we have a rich source of data and its great to be able to put it to use. #venturecapital #shoosmiths #BVCA

25

Interesting article by my colleague and gambling partner Richard Williams who explains how the changes to direct marketing and game design rules will impact licensed gambling operators. Read it here: https://ow.ly/EsIB50RE8Jq

4

PSR Compliance: The Financial Tightrope in the Premier League Circus 💰 Todd Boehly’s sale of two hotels to a sister company within Chelsea FC’s ownership structure is a prime example of how clubs are tackling the challenges posed by the English Premier League’s (EPL) "Profit and Sustainability Rules" (PSR). Under EPL scrutiny, Boehly’s hotel sale was conducted at fair market value, allowing Chelsea to comply with PSR by injecting crucial capital into the club. The transaction highlights the importance of Associated Party Transactions (APT), a key regulatory focus aimed at preventing owners from inflating club revenues or hiding losses through internal deals. The PSR Rules require clubs to operate within strict financial limits, capping losses at £105 million over a 3-year rolling period (£5m/year from commercial revenues and £30m/year from owner funding). However, Chelsea wasn’t the only club adjusting its financial course. Aston Villa, Everton, Newcastle United, and Nottingham Forest also faced PSR challenges and engaged in a series of player transfers right before the deadline. These transfers, such as Omari Kellyman’s £19m move to Chelsea (despite a £1m market value) and Ian Maatsen’s £37.5m switch to Villa (market value £40m), displayed significant disparities between transfer fees and player valuations: Omari Kellyman (Aston Villa to Chelsea) – £19m (market value £1m) Ian Maatsen (Chelsea to Aston Villa) – £37.5m (market value £40m) Lewis Dobbin (Everton to Aston Villa) – £10m (market value £2.5m) Tim Iroegbunam (Aston Villa to Everton) – £10.7m (market value £4m) Elliot Anderson (Newcastle to Nottingham Forest) – £35m (market value £15m) Vlachodimos (Nottingham Forest to Newcastle) – £20m (market value £7m) With EPL regulations demanding that all deals above £1m meet “Fair Market Value” standards, these transfers raise questions about valuation discrepancies and the boundaries of APTs. From a governance and regulatory standpoint, the EPL’s ability to enforce fair market valuations in such deals is crucial in ensuring financial transparency and sustainability. While legal, Boehly’s strategy reflects the increasingly complex intersection of football governance, financial regulation, and corporate law under the EPL’s framework. The future of financial compliance in the EPL will likely involve even greater scrutiny of such transactions as clubs seek to balance competitive ambition with fiscal responsibility. #FootballFinance #EPL #FairPlay #Governance #FinancialRegulation

59

5 Comments

***Breaking News*** Spotlight-Group Director Debby Giglio and Head of origination Andrew Page head to London for the meetings concerning the FCA regulatory failings. Investors wishing to discuss the power of Due Diligence please do stop Debby or Andrew for a discussion. Thank you to Andy, Transparency Task Force for our invitation to this game changing event. #FCA #Finance #Regulation #compliance #Law #Accounts #investors #duediligence

4

I was delighted to chair yesterday the annual CMS Gambling Conference, where we covered a wide-range of topics impacting the UK gambling sector. Some highlights: (1)   We began with a one-to-one fireside conversation with the Chief Executive of the Gambling Commission, Andrew Rhodes. Andrew provided his thoughts on a range of topics, including his personal reflections on his three years at the Gambling Commission, the Commission’s enforcement procedures against various gambling operators and potential issues regarding the new Gambling Survey for Great Britain. (2)   We then had a great panel of Andrew, Joanne Whittaker (BetFred CEO), Per Widerström (Evoke CEO) and Richard Flint (ex-Sky Bet Chairman and CEO) where we discussed current key topics within the gambling sector. (3)   Joanne reflected on her unusual route to becoming Chief Executive of BetFred, improved relations between operators and the Commission in recent years  and stressed the need to implement the proposals introduced by the White Paper as soon as possible. (4)   Per discussed his views of the UK regulatory framework , while Richard compared the differing challenges facing start-ups in the gambling sector today with 20 years ago and argued that sports betting and casino games should not have different regulatory treatment. (5)   Questions were then taken from the floor (no surprise at the volume of questions for  Andrew)! Andrew answered a number of challenging questions, including  whether the Commission is stifling innovation in the gambling sector, the Commission’s role in B2B and the lack of experienced gambling staff at the Commission. (6)   Other notable topics discussed included M&A in the sector, the interim code on customer checks, the gambling ombudsman and the opportunities available in the UK gambling market. Thanks to everyone who attended - it was a really interesting and enjoyable session. Please contact me if you want to hear more about the work our team at CMS does in the gambling sector. 

111

5 Comments

Check out our latest blog on the *NEW* DevAssist website! #newblog #sponsorship #localcommunity

7

Necessary in closed comps in which the weaker teams can't be replaced by stronger teams waiting in the wings. Necessary in closed comps in which the participating teams represent the entire pool of potential teams. So yes, self-evidently, the weak must be maintained and supported to sustain the comp. The reason it hardly seems aligned with creating a competitive environment is...it isn't. Not ordinarily. Nit in an open environment. But when you're "creating" the environment interfering with the environment to manufacture competitive balance is necessary. What's not necessary is to create a closed environment, protected from external 'threats' which would make it stronger. And in sport, more interesting, diverse and inclusive. But doing so, and entrenching investment in it, necessarily leads to protection; the antithesis to competition. This is obvious from the outside. From within, though, I can only imagine that maintaining the stylised, manufactured world, protected from outside unwanted elements, would seem obvious. When the government is inside too, we may have a clue about the problem.

7

2 Comments

What could The Hundred’s sale mean for cricket’s future? Explore the implications for investors, leagues, and the global game in our blog below. 

28

Work is progressing towards launch of the new PICES exchange whilst we await the consultation response. There might be a scaling back of ambition regarding access to the platform so we're keen to get your views on what you think of the proposals, if you'd want to use it (or at least be prepared so you can) and other comments you have so we can continue to shape our dialogue and technical input contribution with stakeholders in this process accordingly. Make your voice and views count by replying to our survey below ⬇ #PICES #PrivateCompany #ShareLiquidity

8

Really interesting comments on dynamic pricing & if it is acceptable to to use this in entertainment and media - particularly in high pressure scenarios where consumers are asked to make decisions very fast. The legal position currently is somewhat unclear although the role of time pressure to make decisions is likely relevant to the overall analysis of whether dynamic pricing is acceptable in entertainment and media. We will also probably have a better understanding of what is and is not legally acceptable as a result of the CMA investigation in the Oasis tickets. Perhaps we will even get some more guidance on how to apply the concept of a fair commercial practice – as called for in the Penrose report https://lnkd.in/eXmpNZue In any event, Alastair Cotton, I and the rest of the Mills & Reeve sports media and entertainment sector will be following the legal developments closely. #regulatorycompliance #darkpatterns

7

📈Ogier's Funds team in Jersey has advised Geiger Counter Limited on its listing on Main Market of the London Stock Exchange. Geiger Counter Limited invests in the securities of companies involved in the exploration, development and production of energy and related service companies in the energy sector. The team was led by partner Niamh Lalor and managing associate Alexandra O'Grady with support from senior associate Stephanie Edge and associate Hugo Reid. 🔗Read the full press release via the link in the comment below 👇

45

1 Comment

#TeamSPB's Mike Llewellyn and Sophie Pritchard explore the new codes of conduct for English football and British horseracing that address sponsorship arrangements between stakeholders in each of those sports and betting companies. Be sure to check out the full blog below!

1

There is still time to enter the Iceberg Group Fantasy Football league. This is open to both employees of legal firms and legal suppliers. There is a case of wine up for grabs and your points from last week will still count towards your total if you sign up now. The code to enter is wnht6u #LegalFunding #PremierLeague #LawFirmLeadership https://lnkd.in/g4gQFqP

5

Ben Clover David Mikhail Paul Dornan Natalie Wright William Spencer Martin Bayfield If ever there were an example of why we need a completely new hierarchy in charge of England Rugby, it's this incredibly unintelligent and regressive selection of the team to face Japan. #believeinsteve Borthwick has selected his favourites as usual and has failed to right past wrongs in literally every pick. Compare and contrast with South Africa who have a proper squad system where they mix things up and crucially there are no favourites, and crucially, #players are picked on form. Let me give just a few examples. If I were to point out every single bad pick, this would be too long for a LinkedIn message! 1 At scrum half why not pick Ben Spencer who was unfairly kicked out of the team, and to give him his first international win to boost his future confidence? 2 The entire front row is proven - how about some fresh blood or at least give Fin Baxter a start or call up someone new like Will Porter? 3 The second row are playing their 4th international on the trot. So boring. 4 In the back row, we know what Ben Curry can do, but we haven't even tried Tom Willis who is the form number 8 in the premiership this season. Why? 5 If ever there were a game to blood the other Smith, young Fin, as a starter at fly half and to mix up the centres by playing Tommy Freeman there, this is it. But no he hasn't done either. Borthwick is so out of touch and this horrendous selection is a lose lose. If England win by a country mile, noone will bat an eyelid as any England team should easily beat Japan, almost whoever they pick. And if they win by a small margin or get beaten, both will be regarded as a terrible outcome. Tearing out what little hair I have got left... #favouritism #myopia #poorform

12

5 Comments

Good read this 👌 What strikes me about this model is the underlying assumption that the Independent Regulator must be a Statutory Body. These take years to set up; there is no reason why a non statutory body cannot be established initially and in the meantime in the spirit of collaboration and further research

2

Interesting article by my colleague and gambling partner Richard Williams who explains how the changes to direct marketing and game design rules will impact licensed gambling operators. Read it here: https://ow.ly/QH6o50RE8Jp

15

Great insight from Grant Edwards who has analysed our deals data in light of the revised BVCA model documents to show how the market has reacted and what key terms have changed. More insight from real deal data to come! #shoosmiths #venturecapital #team #insight

28

With increased speculation around #FCA reforms intended to ease the listing process on the London Stock Exchange amid a flurry of exits from the market, our Senior Client Manager Harry Griffiths considers whether the proposals will help reinvigorate the public markets. To read more, visit: https://lnkd.in/dtuqktW2 #HudsonSandler #Blog #LondonStockExchange #CapitalMarkets #FCA #IPO

39

1 Comment