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Swiss shoemaker On Holding AG fell after posting earnings and sales growth that failed to satisfy investors after

A senior treasurer of the Conservative Party looks set to become one of the biggest investors in football in the US on the brink of buying a Major League Soccer (MLS) franchise in a record $500m (£400m) deal. Mohamed Mansour, who has donated £600,000 to the Tories since 2016 and was appointed treasurer by Rishi Sunak last December, is expected to be officially awarded the new franchise, based in San Diego, California, on Thursday. The £400m price tag would be the sixth biggest football deal in the world, behind Chelsea, AC Milan and Manchester United, but less than the £300m Saudi takeover of Newcastle in 2022. He is expected to create the club from scratch by recruiting a full set of players, staff and an academy, which sources suggest could add an extra $200m to the bill. Mansour, a 75-year-old British-Egyptian billionaire Manchester United fan who was an early backer of Facebook and Twitter, has already invested in football with Right to Dream, a group of football academies based in Ghana, Egypt and Denmark. His company Man Capital – the London-based investment group of which he is the founder and chair – became the majority shareholder at Danish Superliga club Nordsjaelland in January 2021. Mansour has previously admitted in an interview with The Daily Telegraph that he was looking to add an English club to his portfolio following the success at Nordsjaelland. “Is England on our radar screen? Definitely,” he explained. The new MLS team in San Diego will be jointly owned by Mansour and the Sycuan Band of the Kumeyaay Nation, an indigenous American tribe which is believed to have lived in the San Diego area for more than 12,000 years. According to Forbes, Mansour’s net worth is $3.6bn (£2.9bn). The San Diego franchise look set to join MLS in 2025, ahead of the 2026 World Cup being jointly hosted by the United States, Mexico and Canada, but the $500m price tag is the most that has ever been paid for a US football franchise. It will take the number of teams in the MLS to 30. The previous record was the $325m for the team based in Charlotte, North Carolina and, by contrast, David Beckham paid just $25m for Inter Miami following a deal he negotiated when signing for LA Galaxy as a player. MLS recently signed a global $2.5bn, 10-year TV deal with Apple TV, which starts this summer, while San Diego plan to rent the 35,000-seat Snapdragon Stadium, owned by San Diego State University, which has previously hosted international matches. Read More Budget 2022: Hunt says UK in recession as he announces huge tax rises Jeremy Hunt increases energy windfall tax in budget Jeremy Hunt freezes tax allowances and hits 45p rate payers Lionel Messi's next move fuels frenzy of speculation Ceferin would not rule out a Champions League final being held in United States Messi the latest pawn in proxy rivalry in Middle East

WASHINGTON U.S. homebuilder sentiment rose to a 10-month high in May as tight housing supply boosted demand for

But Pammie was unaware of how much of a change it would make to her face and urges people not to go ahead with the procedure. Read More Janey Godley shares heartbreaking cancer update as husband reacts: ‘I thought he was being sick’ Bride sparks outrage after documenting everything she ate at her wedding Manspreading remains the most misunderstood of modern evils The vitamins, fruits and vegetables to prioritise as the seasons change A bride has split the internet in half over her wedding menu Gemma Collins urges women to talk openly about incontinence

HOUSTON--(BUSINESS WIRE)--May 16, 2023--

The former model and ex-wife of music legends George Harrison and Eric Clapton made music history in her own right.

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Pep Guardiola says his legacy as Manchester City boss is already "exceptional" as the English champions aim to finally turn their...

SAN BRUNO--(BUSINESS WIRE)--May 16, 2023--

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