Friday, February 20, 2009

BUSINESS NEWS

ATP Terminates Agreements with Stanford Financial

As FBI agents in Virginia have served Texan billionaire Sir Allen Stanford with civil legal papers from the United States financial watchdog, the Securities and Exchange Commission, the ATP World Tour has formally announced an immediate termination of its agreement with Stanford Financial.
Stanford Financial been its 'Official Investment Advisor' of the ATP World Tour since 2005 but a spokesman said:  "The ATP can confirm that it has terminated with immediate effect the Stanford Group's role as its investment advisor and is reviewing its sponsorship agreement with the group."
Stanford mysteriously disappeared after being accused by the SEC of an $8bn fraud, although he is believed to be in the Richmond area of Virginia. Currently is not in custody and has not been charged with any criminal violations.
However the SEC filed a civil case in court describing the case as a 'fraud of shocking magnitude' and officials from the US justice department, which handles criminal prosecutions, have made clear they are proceeding with their own investigation.
The Texan is accused of luring investors with promises of improbable and unsubstantiated high returns on certificates of deposit and other investments.
Tennis appears to have got off lightly compared to the sport of cricket. In June the English Cricket Board struck a deal with Stanford to play five $20m matches, with plans in place for new tournaments in England. "There's been a bit of naivety," said John Fuller, a lawyer and former associate of Stanford who maintained said the businessman's links to South and Central America should caused alarm.
"His bank were offering interest rates which were much higher than anyone else.”He did not have any apparent income, at least here in Antigua, other than a small amount of money from two restaurants he has and a health spa. He was spending a lot of money on land, private jets and cricket. But the income was not visible."
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Ram Gets Dubai Visa and Political Pressure Eases

Fears that next week's ATP Barclays Championships in Dubai might have been scrapped in a visa dispute for an Israeli player has been solved.
The ATP confirmed that doubles player Andy Ram has been given a visa into the Gulf emirate less than a week after compatriot Shahar Peer's similar request was denied for a women's WTA event.
The controversy which erupted has included calls from American Jewish groups to remove Dubai from the professional tennis calendar.
Ram, who also holds an apparently unused passport from Uruguay where he was born, could have well squeezed through the loophole by which the UEA admits Israelis on their second passport.
A spokesman at the foreign ministry said Ram had been given "special permission."
The UAE has no diplomatic ties with Israel and passport holders have denied entry to the moderate Gulf state. Local feelings have been running high after Israel's three-week January bombing campaign in Gaza which reportedly killed up to 1,300 civilians. 
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Davis Cup Tie Between Sweden and Israel Will Not be Open to Spectators

The ITF has been informed that, for security reasons, the local government in Malmo, Sweden has advised the Swedish Tennis Association that the upcoming Davis Cup by BNP Paribas first round tie between Sweden and Israel must be played behind closed doors.
The ITF thinks this decision is very unfortunate because it denies tennis fans in Sweden the opportunity to watch these elite teams compete in the competition and believes that this is not in the long-term interests of Davis Cup. However, for this tie, the ITF reluctantly accedes to the decision of the local authority.
The ITF also thanks the Swedish Tennis Association who has done everything possible to ensure that this tie goes ahead in the great tradition of Davis Cup.
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Tracy Austin Named Special Consultant for USTA Player Development

The USTA announced that tennis Hall-of-Famer and two-time US Open Champion Tracy Austin will serve as a special consultant for USTA Player Development.  Austin will assist in the coaching of female players at the USTA’s West Coast Training Center in Carson, Calif., and will report to Patrick McEnroe, General Manager, USTA Player Development. 

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PTR Presents Annual Awards

Professional Tennis Registry (PTR) presented its annual awards this week during the 2009 PTR International Tennis Symposium on Hilton Head Island, South Carolina.  Some of those honored were;
PTR Professional of the Year - Ken DeHart, San Jose, Ca
Touring Pro Coach of the Year- Leo Alonso, Buenos Aires
College Coach of the Year - Bryan Shelton, Alpharetta, Ga
High School Coach of the Year - Michael Kypriss, Hollywood, Fl
Public Facility of the Year - Bass-Rudd Center, Louisville, Ky
Private Facility of the Year - Pacific AC, Redwood City, Ca

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We Hear---
--- that Dave Brown, former director of tennis for the Florida Section of USTA has been named director of tennis at Plantation Bay Golf & Country Club in Ormond Beach, Florida.
--that Casey Dellacqua will have surgery on her injured left shoulder on Monday in Melbourne and is expected to be out of tennis until at least the middle of the year.
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THIS WEEK
MEN
Buenos Aires
Marseille
Memphis
WOMEN
Dubai
Memphis
***
NEXT WEEK
MEN
Acapulco
Delray Beach
Dubai
WOMEN
Acapulco
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Bob Larson’s Stock Report
Thursday Stock Prices

Stock

Last

Change

Adidas

16.20

+.10

Amer Sports

3.45

0.00

Head

2.10

0.00

K-Swiss

10.01

+.07

Nike

42.81

-.71

Bob Larson Tennis Stock Index $74.57
* The index is based on the total value of one share of each stock we report daily.
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Results
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