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Greater Manchester, Strathclyde back Muzinich SME loan fund

first_imgThe Greater Manchester and Strathclyde local authority funds are backing a £350m (€460m) UK direct lending fund launched by Muzinich & Co.The fund has attracted the backing of four UK pension funds, including the two largest UK local authority funds, and a £30m investment from the British Business Bank, the government-owned lender.It is understood the manager attracted £185m as part of its first close, more than half of its £350m target.The fund will be run from London and Manchester, a recognition that more than half of private direct lending opportunities were located outside the South East of England, according to Muzinich managing director Josh Hughes. Kieran Quinn, chair of the Greater Manchester Pension Fund, said the current market environment meant private debt offered attractive target returns, while noting that the closed-end structure of the fund reduced risk.“But of course, in private debt, strong bottom-up credit analysis is essential, and this is an area in which we expect Muzinich to deliver,” Quinn added.In addition to the £30m provided by the British Business Bank, Strathclyde Pension Fund committed £20m last year.The investment will sit within the Scottish local authority scheme’s £412m New Opportunities Portfolio, which also includes exposure to renewable energy. According to a report prepared for Strathclyde’s pensions committee in June last year, the scheme was attracted to the Muzinich UK Debt Fund as the manager itself had invested capital, while also extending a £20m line of credit to allow the fund to invest prior to the first close.Greater Manchester has been growing its exposure to SME lending in recent months, joining the South Yorkshire Pensions Authority and Clwyd Pension Fund to invest in a Foresight Group venture targeting companies in the North West of England.The North Yorkshire Pension Fund has also expressed an interest in the asset class, recently tendering a mandate worth up to £130m in an attempt to “get more out of [its] fixed income allocation”, according to Tom Morrison, its head of commercial and investments.last_img read more

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CAS decision on Manchester City a disgrace, Mourinho says

first_imgThe decision of the Court of Arbitration of Sport to overturn Manchester City’s two-year UEFA ban from European football, while fining them 10 million euros (9.09 million pounds) is disgraceful.Tottenham Hotspur manager Jose Mourinho said on Tuesday it was a disgrace for such a decision to have been made. UEFA ruled in February that Manchester City had committed serious breaches of Financial Fair Play regulations and failed to cooperate with its investigation.It then handed the English Premier League side a ban and a fine of 30 million euros.However, the CAS on Monday said Manchester City did not violate FFP rules by disguising equity funding as sponsorship.But it imposed a reduced fine for failing to cooperate with European football’s governing body.“In any case it’s a disgraceful decision because if Manchester City are not guilty then they should not be punished with the fine,” Mourinho told reporters in a virtual news conference ahead of Wednesday’s clash against 13th placed Newcastle United. “If you’re not guilty, you shouldn’t have a fine. If they are guilty, the decision is also a disgrace and they should be banned from the competition.“I don’t know if Manchester City are guilty or not, but either way it’s a disgraceful decision.”UEFA’s FFP rules face likely changes in the wake of the CAS ruling.Mourinho said the system needs to be overhauled if it is to continue to serve its purpose which is to aim to stop clubs running big losses through spending on players.“I think this is going to be the end of Financial Fair Play, because there is no point,” Mourinho said. “I would like to see it used in a proper way. At this moment we are talking about Manchester City, but in the past other clubs were in a similar situation.“I think it’s better to open the circus door and let everybody enjoy.”Eighth-placed Spurs picked up a crucial win against rivals Arsenal on Sunday.But Mourinho said the result would count for little if they cannot follow it up with a victory at Newcastle United.RelatedPosts EPL: Son fires four past Southampton Tottenham sign £25m Sergio Reguilon Aguero could be out of action until November, Guardiola says “I know it’s a London derby and it’s Arsenal and we showed that in the game, but now it doesn’t mean much if we go to Newcastle United and lose there,” the Spurs manager said.Mourinho confirmed that Tanguy Ndombele sustained an injury in training and could miss the trip to St James’ Park.Also, Dele Alli continues to recover from a hamstring injury and is also a major doubt.Reuters/NAN.Tags: Court of Arbitration for SportJose MourinhoManchester CityTottenham HotspurUEFAlast_img read more

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What time does the NASCAR All-Star Race start today? Schedule, TV channel for Bristol

first_imgThe 2020 NASCAR All-Star Race, of course, was originally scheduled to run on its traditional May weekend at Charlotte Motor Speedway. Salvaged and rescheduled for July, the All-Star Race now will play out at Bristol Motor Speedway for the first time in its 36-year history.Scheduled to take the green flag shortly after 7 p.m. ET, Wednesday night’s Open will feature three stages (35 laps, 35 laps, 15 laps), and the winner of each stage will advance to the All-Star Race. The main event will feature four stages (55 laps, 35 laps, 35 laps, 15 laps) and will start shortly after 8:30 p.m. ET.Below is all you need to know about the schedule for Wednesday night’s NASCAR All-Star Race and beyond.MORE: Watch the NASCAR All-Star Race live with fuboTV (7-day free trial)What time does the NASCAR All-Star Race start today?Race: NASCAR All-Star Race (and Open) at Bristol Motor SpeedwayDate: Wednesday, July 15 Start time: 7 p.m. ET (Open) | 8:30 p.m. ET (All-Star Race)The first green flag of the night Wednesday will wave shortly after 7 p.m. ET for The Open, a quick qualifying race for those not yet locked into the All-Star field. The Open will feature stage lengths of 35, 35 and 15 laps. The winners of those three stages will earn spots in the back of the All-Star race lineup.The All-Star Race itself has a start time of 8:30 p.m. ET and features stage lengths of 55, 35, 35 and 15 laps. Both green flag and yellow flag laps will count in Stages 1-3 with only green flag laps counting in the final stage.FS1’s NASCAR All-Star Race coverage will start at 6 p.m. ET.What channel is NASCAR on today?TV channel: FS1Live stream: Fox Sports Go | fuboTV (7-day free trial)The TV channel for Wednesday night’s NASCAR All-Star Race is the same as originally scheduled even though the event had to be moved back to July and relocated from Charlotte to Bristol.FS1 is carried by all major pay TV distributors. Fox Sports’ site has a “find FS1” feature so viewers can find channel listings in their area and on their system.As has been the case for all Cup Series races on Fox and FS1 since NASCAR returned to racing in May, Mike Joy and Jeff Gordon will call Wednesday night’s All-Star Race. They will do so remotely from the Fox studio rather than the booth at the track.The NASCAR All-Star Race is Fox’s last Cup Series event of the 2020 season before NBC and NBCSN officially take over as the TV channels for the rest of the year. NBC was able to keep last week’s Brickyard 400 in part because the race was part of a historic doubleheader with an IndyCar race, which took place on the IMS road course the day prior and broadcast live on NBC.NASCAR live stream for All-Star Race at BristolAnybody who has a cable or satellite subscription can stream Wednesday’s NASCAR All-Star Race live via Fox Sports Go. This should be the preferred route for a viewer who has such a subscription but isn’t able to get in front of his or her TV.For those who don’t have a cable or satellite subscription, there are five OTT TV streaming options that carry FS1 — Sling, Hulu, YouTubeTV, fuboTV and AT&T Now. Of the five, Hulu, YouTubeTV and fuboTV offer free trial options.Below are links to each.SlingHulu (free trial)YouTubeTV (free trial)fuboTV (free trial)AT&T NowNASCAR schedule 2020NASCAR on July 8 released its latest revised Cup Series schedule through August of 2020. It remains committed to running 36 races, four of which were completed before the COVID-19 pandemic shut down the sports world. NASCAR hopes to keep its 10 playoff races in the fall intact and at their original tracks.Below is the schedule revision for the Cup Series regular season, starting with the races at Darlington the Cup Series ran in its return in May.DateTrackTV channelStart timeSun., May 17DarlingtonFOX3:30 p.m. ETWed., May 20DarlingtonFS17:30 p.m. ETSun., May 24CharlotteFOX6 p.m. ETWed., May 27CharlotteFS18 p.m. ETSun, May 31BristolFS13:30 p.m. ETSun, June 7AtlantaFOX3 p.m. ETWed, June 10MartinsvilleFS17 p.m. ETSun, June 14Homestead-MiamiFOX3:30 p.m. ETSun, June 21TalladegaFOX3 p.m. ETSat., June 27PoconoFOX3:30 p.m. ETSun., June 28PoconoFS14 p.m. ETSun., July 5IndianapolisNBC4 p.m. ETSun., July 12KentuckyFS12:30 p.m. ETWed., July 15Bristol (All-Star Race)FS18:30 p.m. ETSun., July 19TexasNBCSN3 p.m. ETThurs., July 23KansasNBCSN7:30 p.m. ETSun., Aug. 2New HampshireNBCSN3 p.m. ETSat., Aug. 8MichiganNBCSN4 p.m. ETSun., Aug. 9MichiganNBCSN4:30 p.m. ETSun., Aug. 16Daytona (road course)NBC3 p.m. ETSat., Aug. 22DoverNBCSN4 p.m. ETSun. Aug. 23DoverNBCSN4 p.m. ETSat., Aug. 29DaytonaNBC7:30 p.m. ETThe Darlington race on May 17 ran instead of the the Chicagoland race that was originally scheduled for June 21. The Darlington race on May 20 ran instead of the postponed Richmond race that was originally scheduled for April 19. The Charlotte race on May 27 ran instead of the Sonoma race that was originally scheduled for June 14.The Pocono doubleheader remained as previously scheduled for the final weekend of June, with the Cup Series racing on back-to-back days. Those races were presented on Fox (and FS1) rather than on NBC. Fox’s will close its coverage this season with the All-Star Race at Bristol on July 15 before NBC takes over, but NBC still carried the Brickyard 400 on July 5. The previously postponed races at Dover and Michigan are now part of Saturday-Sunday doubleheaders at those respective tracks in August.Because New York requires people to quarantine for 14 days after traveling from one of the states impacted heavily by COVID-19 (including North Carolina), the Watkins Glen race on Aug. 16 was moved to the Daytona road course. According to The Athletic, NASCAR tried to get a quarantine waiver for its Watkins Glen races but was denied by Gov. Andrew Cuomo’s office.The Aug. 16 race will be the NASCAR Cup Series’ first on the road course at Daytona. The start time for Wednesday night’s NASCAR All-Star Race technically is a little earlier than originally scheduled. But the start time is the tip of the iceberg in terms of the changes the 2020 All-Star Race has endured as part of NASCAR’s schedule shake-up.Due to the same coronavirus pandemic-related issues that shut down live sports in the spring, NASCAR created a modified schedule of races that continues tonight at 7 p.m. ET with the running of The Open, a qualifying race for drivers not yet locked into the All-Star Race, and a start time of 8:30 p.m. ET for the main event.last_img read more

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Mason City man sentenced to ten years on federal firearms charges

first_imgCEDAR RAPIDS — A Mason City man has been sentenced to 10 years in prison on federal firearms charges. 33-year-old Daniel Solano pleaded guilty recently in US District Court in Cedar Rapids to possession of a firearm by a felon. He admitted to possessing seven firearms during May 2017 and committing the felony crime of reckless homicide in Cook County Illinois in July 2007. On May 12, 2017, Solano and others broke into a residence in Thompson and stole seven guns. District Judge C. J. Williams sentenced Solano on Tuesday to 120 months in prison, to be followed by a three-year term of supervised release.last_img

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