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Gazprom Buys Zenit

Published: December 23, 2005 (Issue # 1133)


MOSCOW Gazprom has bought a controlling stake in FC Zenit St. Petersburg, a soccer club avidly supported by the gas giants chief executive, Vedomosti reported Tuesday.

Both Gazprom and Zenit declined to comment on the report. Governor Valentina Matviyenko said that while negotiations were underway, she was not aware that a deal had been reached, RIA-Novosti reported.

Last week Gazprom which already sponsors Zenit bought a 70 percent stake in the club from Vladimir Kogans St. Petersburg Banking House, the paper reported, citing sources in both companies. Gazprom subsidiary Lentransgaz, which holds 25 percent of Zenit, sold part of its stake to Kogan in 2002, giving his bank control of the club, the paper said. The sources declined to say how big the transaction was, but Vedomosti estimated it would be between $30 million and $40 million.

Russian clubs are extremely difficult to value as it is often unclear what assets they own said Anton Derlyatka, head of East European sports business at A.T. Kearney consultancy in Moscow. But Derlyatka said the club was likely to be worth tens of millions of dollars.

The club currently rents its stadium from the city authorities, but in November Gazprom CEO Alexei Miller announced a deal to finance a new venue for the teams home games. Media reports at the time said the project could cost up to $200 million and be financed through tax payments by a Gazprom subsidiary that would be registered in the city.

UFG brokerage said that foreign investors, whose access to Gazprom shares are about to be liberalized, are unlikely to welcome the purchase of a soccer club.

It would be a negative development in the context of Gazproms largely unsuccessful program to dispose of non-core assets, UFG said in a note to investors. Gazproms ring-fence restrictions against foreign ownership could be lifted in a matter of weeks, once President Vladimir Putin signs off on it.

Several Russian companies including Russian Railways, RZD, and Norilsk Nickel own major football teams. Gazprom cannot like all soccer teams, so they favor one, said Valery Nesterov, an analyst at Troika Dialog. They chose the one in St. Petersburg its political.





 


ALL ABOUT TOWN

Thursday, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.



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