UEFA Votes to Boycott World Cup, Jersey Mike's IPO Opens at $21, More
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What is the main topic discussed in this episode?
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news when you want it. With Bloomberg News Now, I'm Amy Morris. UEFA members have agreed to boycott the World Cup if FIFA moves forward with a planned sale. Bloomberg Business of Sports reporter Randall Williams says this is huge.
So you think about the members of UEFA. It is the world champion, Spain. It is one of the final four, two of the final, three of the final four, now that I think about it. It is England. It is France. It is Croatia. It is Portugal where Cristiano Ronaldo plays. And so a lot of these superpowers in the global business of football and the global sport of football are saying, you do this and we're out. That strips the World Cup of a lot of its popularity.
Hear more from Randall Williams on the Bloomberg Intelligence podcast. FIFA's plans had been to raise as much as $4.2 billion from a new holding company at external investors, including Thrive, which is owned by Joshua Kushner, a venture capitalist with family ties to President Trump. Jersey Mike's making its IPO debut opening at $21 a share. The company priced the shares at $23 each. Bloomberg's equity capital market reporter Anthony Hughes.
We've got a situation here where this is a company that was bought by Blackstone in early 2025 and they're already looking to take it public and crystallize some gains. On the face of it, it looks like the IPO valuation is not too much higher than the price at which they paid for it.
Bloomberg's Anthony Hughes on Bloomberg Intelligence, Jersey Mike's is trading under the ticker symbol JMKE. President Trump says he may withdraw and delay Todd Blanch's nomination as Attorney General until Republican senators who are seeking concessions from Blanch leave office. Republican Senators John Cornyn and Tom Tillis want assurances in writing that spell a final end to an anti-weaponization fund created to resolve Trump's lawsuit against the IRS. But Trump has doubled down. He says he'll keep him in the role of acting AG. Senator Tom Tillis tells CNN that someone is steering the president wrong.
The president's getting bad advice. He should listen to Blanche and others who think if it's dead, it should be rendered completely dead. What do you mean he's getting bad advice? Somebody's got to help to not do what Blanche said they were going to do.
Why did UEFA vote to boycott the World Cup over FIFA's planned sale?
President Trump posted on social media that he has no problem with temporarily withdrawing Blanche's name, then re-nominating him after Cornyn and Tillis leave office next year. A rebound in giant chip makers lifted stocks on speculation that the AI trade may have more room to run. Microsoft shares are 17% higher after posting its fastest cloud growth in four years, but Meta shares are 9% lower after having to defend its AI bets to skeptical investors. David Kirkpatrick is founder of Techonomy Media and says Meta is getting bogged down by legal troubles.
Analysis of these results yesterday was that if they hadn't set aside $2.4 billion for legal contingencies, they would have made their earnings number, which they missed. $2.4 billion for most companies would be a really serious problem that you're expecting to pay that kind of money out because of legal settlements.
Techonomy founder David Kirkpatrick on Bloomberg Intelligence. Equities held their gains after data showed a pickup in consumer spending and solid business investment, even as the economy grew at a weaker than expected pace. Chief Economic Advisor at the White House Kevin Hassett says the numbers are being misinterpreted.
Final sales were up almost 4%. We had a big boom in consumption, a big boom in investment.
Which top national teams would be affected if UEFA boycotts the World Cup?
We even had big positive housing numbers.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:42
2
Why did UEFA vote to boycott the World Cup over FIFA's planned sale?
2:42–4:00
3
Which top national teams would be affected if UEFA boycotts the World Cup?
4:00–6:10
4
What were FIFA's proposed investor terms and who is Thrive?
6:10–6:39
Speakers
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