
What a brother act! — Foto-net
❝A sports marketing company that was described in a sweeping indictment this month as retaining contracts because of the “support” of corrupt soccer officials has longstanding ties to the U.S. entertainment company 21st Century Fox, according to securities filings and other government documents.
The description of T&T Sports Marketing Ltd in the indictment signals that U.S. prosecutors have intensified their focus on media companies and what they might have known about any bribes…
❝When prosecutors announced their corruption investigation of world soccer’s governing body FIFA in May, they spoke in court papers about “an array of broadcasters and advertisers” but otherwise did not specifically address their role.
❝21st Century Fox listed T&T as a subsidiary last year in a filing with the U.S. Securities and Exchange Commission. Its investment in the company stretches back to 2002, government documents from the United States and Argentina showed…
T&T, which is registered in the Cayman Islands, does not have a listed telephone number and it was unclear if it has employees of its own…
❝The Dec. 3 indictment said three executives “affiliated” with T&T bribed at least 15 high-level soccer officials to support the company’s exclusive worldwide broadcasting rights for events such as the Copa Libertadores, a major South American club tournament. The three executives were at the time with Argentine sports marketing firm Torneos y Competencias, the indictment said…
The indictment does not explain how T&T benefited from retaining the broadcasting contracts. T&T is not a broadcaster itself, but by obtaining broadcasting rights, it could resell them to major broadcasters.
21st Century Fox, which is led by media baron Rupert Murdoch, ended up with the rights to broadcast the Copa Libertadores and other tournaments…
❝Mere ownership in a subsidiary or affiliate involved in bribery would not be enough, however, for prosecutors to charge a major media company. There would need to be evidence the company knew or was willfully blind.
According to the indictment, T&T was owned in part by Argentina’s Torneos and in part by “a group of investors that included an affiliate of a major broadcasting company headquartered in the United States whose identity is known to the grand jury.” The description does not go beyond that.
Today, only two companies own shares in T&T. A Fox affiliate owns 75 percent and Torneos owns 25 percent, according to Torneos.
If it walks like a Rupert, quacks like a Rupert, it’s probably a Rupert.