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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

Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Centers Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at todays Grand Prix Fitness House PRO, the nations premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the citys elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolans latest film Mommy at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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