Check Out Manchester United's Cayman Islands-Based Shell Corporation (MANU)

Most people think that Manchester United, which went public with a share offering Friday, is headquartered at its stadium, Old Trafford, outside Manchester city center.

Think again.

United's F-1 filing with the SEC describes its real corporate structure. United is now officially based in the Cayman Islands, and the football club itself is a shell corporation. Technically, United's new address is c/o Walkers Corporate Services, Walker House, 87 Mary Street, George Town, Grand Cayman, KY 1-9001, Cayman Islands.

The company based there is called Red Football, which owns Manchester United plc (Cayman), which owns Red Football Holdings Limited (UK), which owns Red Football Shareholder Limited (UK), which owns Red Football Joint Venture Limited (UK), which owns Red Football Junior Limited (UK) and Manchester United Limited (UK), and "various operating subsidiaries."

Obviously, this was done for tax avoidance purposes. United said it expects its Cayman registration to make it subject to U.S. taxes, (see page 38):

... because we chose to be organized as a Cayman Islands corporation for reasons principally related to the corporate governance benefits this provides to our principal shareholder as described throughout this prospectus, we believe we will not be able to avoid treatment as a US domestic corporation for all purposes of the US Internal Revenue Code of 1986, as amended (the "Code"). As a result, the Company will be subject to US federal income tax on its worldwide income.

GMI Ratings, the corporate governance group, called the club out on it:

Finally, as if other warning signs were needed, the club is to incorporate itself in the Cayman Islands’ tax haven. All of this is worrisome. Potential investors should be very careful to be aware of the risks inherent in this situation.

Here's United's diagram of its new corporate structure:

Related:

• HEY, GM: Manchester United Admits It Doesn't Have 659 Million Fans

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Report: Dwight Howard Traded To The Los Angeles Lakers

Our long national nightmare is over as Dwight Howard has finally been traded. According to ESPN.com, the Los Angeles Lakers have acquired the All-Star center from the Orlando Magic in a complicated four-team deal that also involved the Denver Nuggets and Philadelphia 76ers.

Howard may be the biggest, but he is not the only big name switching teams.

In addition to Howard moving to the L.A., the Nuggets will receive Andre Iguodala and the 76ers will receive Andrew Bynum, both of whom were 2012 All-Stars.

The 76ers will also receive 11-year veteran Jason Richardson, and the Magic will receive three players (Arron Afflalo, Al Harrington, Nikola Vucevic) as well as three first-round picks, one from each of the other teams in the deal.

But of course, the only name that really matters is Howard, who has long wanted out of Orlando and finally gets his wish. However, Howard's first choice was the Brooklyn Nets, so now we have to wait until next off-season to see if Howard re-signs with the Lakers or bolts for the Big Apple.

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Usain Bolt Will Compete In The 2016 Olympics

You might wonder what there is left to prove for the man that has declared himself to be the "greatest athlete" ever. In fact, when asked what was left to prove after winning the 200 meters yesterday, Usain Bolt said "nothing really." But that doesn't mean the 25-year old is ready to retire.

When asked if he will compete in the 2016 Olympics in Rio, Bolt said "definitely."

"All I have to do is set myself another goal," said Bolt to NBC. "I definitely want to finish my career at an Olympics, and see if I can do what no one else has ever done before. That's win again, three times back-to-back. I'm going to go, and we'll see."

Of course, Bolt may have other things on his mind between now and Rio as he will try out with Manchester United some time in the near future in the hopes of becoming a professional soccer player.

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But Seriously, Is Rhythmic Gymnastics A Sport?

LONDON (Reuters) - Modern dance pioneer Isadora Duncan could have had a crack at gold in the Olympic rhythmic gymnastics - but is it art or sport?

A mixture of both would be the answer from Slava Corn, the Canadian vice-president of the International Gymnastics Federation (FIG).

Look past the spangly outifts, fixed grins and thick layers of make-up. Detractors may shake their heads in bewilderment over all this multi-colored kitsch but just watch what the gymnasts can do with a twirling hoop or a swirling ribbon.

"This sport has a difficulty score which is the content and it has an artistic score which is the performance and the presentation," Corn told Reuters.

"It is a sport in our minds but obviously it does have a huge artistic component. For us it is a sport expressed in an artistic way."

Among the gymnasts you can see the wafting and willowy influence of Duncan, widely regarded as the founder of modern dance, whose passion for flowing scarves killed her. Duncan was a passenger in an open-top car when her silk scarf got caught in the wheel axle and broke her neck.

"Ballet and all forms of dance have certainly influenced gymnastics," Corn said.

The music at London's Wembley Arena has been a gloriously incongruous mix.

The Bulgarian team went for a Beethoven piano sonata. Germany opted for "Fast Five Cheeky Bits." Azerbaijan's Aliya Garayeva chose Randy Newman's "You Can Leave Your Hat On" while China's Deng Senyue hoped Michael Jackson's magic would rub off on her with "Smooth Criminal".

Lyrics are banned, the gymnasts can use only the tune as accompaniment. Sounds "such as engines, police sirens and objects breaking are not allowed," the rules state.

Perpetual motion. Poetry in motion. If they can combine the two, the gymnasts are up there with top marks but some real disasters must be avoided.

Never ever let your hoop flutter in the air. Woe betide the gymnast whose ribbon gets knotted. Always balance your ball impeccably like a performing seal. For the club-wielding routine, think drum majorette meets juggler.

In the London 2012 competition, the commentator was lost in admiration for South Korean Yon Jae-son's hoop routine, telling the crowd: "She handled her apparatus magnificently."

The gymnasts in their spangly outfits have to sit in the "kiss and cry" seats in front of the audience waiting to hear their scores.

Detractors may dismiss the sport as being over the top but there is no doubting the skills of the gymnasts who start as young as six perfecting their ball, hoop, club and ribbon routines.

The crowds lapped it up at Wembley Arena, where Olympic "Perfect Six" figure skaters Christopher Dean and Jayne Torvill staged their "Dancing On Ice Live" tour.

So what does Corn say to those all too ready to mock?

"Well my goodness if somebody does eight turns on her toes, that's a skill," she said. "If they kick an apparatus with their foot and catch it with their hand, that's a skill. If you understand dance, you can appreciate what they are doing."

(Editing by Clare Fallon)

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PGA Championship 2012 TV Schedule: When and Where to Watch Epic Weekend Action

The 2012 PGA Championship will provide golf fans with plenty of action all weekend long from The Ocean Course at Kiawah Island. 

The sport's greatest players will be gunning for the season's last major tournament, which hasn't produced a repeat winner since 2007 when Tiger Woods won his fourth career Wanamaker Trophy.

Defending champion Keegan Bradley is off to an excellent start, along with some other notable stars like Woods and Rory McIlroy. 

Here is everything you need to know to make sure you don't miss a second of this weekend's thrilling action from Kiawah Island. 

 

2012 PGA Championship TV Schedule

Date	Round	Coverage (ET)	Channel
Friday, Aug. 10	Second	1 p.m. - 7 p.m.	TNT
Saturday, Aug. 11	Third	11 a.m. - 2 p.m. 2 p.m. - 7 p.m.	TNT CBS
Sunday, Aug. 12	Fourth	11 a.m. - 2 p.m. 2 p.m. - 7 p.m.	TNT CBS

*Information Courtesy of PGA.com.

 

Contenders to Watch This Weekend

Keegan Bradley

Bradley is the reigning PGA Championship winner and got off to a hot start at Ocean Course on Thursday, finishing the first round 4-under and just a couple strokes back of the leaders.

Bradley's eagle on hole No. 11 proved that he came to win again in 2012. The 26-year-old certainly has the game necessary to challenge the world's best.

Expect the 2011 champion to be in the thick of things all weekend long, as he seems to have found a home at the PGA Championship.

 

Graeme McDowell

The Northern Ireland native cranked out seven birdies during Thursday's first round, and he looks to be on a solid pace heading into the weekend. 

McDowell tied for 10th at the PGA Championship in 2009, but has missed the last two cuts at the prestigious major. It will be very interesting to see how he handles the ups and downs at Kiawah this weekend. 

The 2010 US Open champion has come dangerously close to winning the season's last two major tournaments. McDowell finished tied for second at the US Open in June, and tied for fifth at the British Open last month.

 

Tiger Woods

Of course, golf fans will have to be on the lookout for Tiger Woods. The 14-time major champion has won four PGA Championships during his career, and can tie Jack Nicklaus and Walter Hagen for the most all-time with a fifth.

Woods finally broke through this season after a lengthy drought. Tiger has three PGA tournament wins to his name and is the No. 1-ranked player on the PGA money list heading into this weekend.

His confidence looks to be back, and that makes him a real threat to hoist the trophy at Ocean Course on Sunday. I liked Tiger's chances coming into the tournament, and his solid Round 1 on Thursday gives me even more reason to believe that he'll be battling the leaders this weekend.

 

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Source: http://bleacherreport.com/articles/1292356-pga-championship-2012-tv-schedule-when-and-where-to-watch-epic-weekend-action

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Report: Dwight Howard Traded To The Los Angeles Lakers

Our long national nightmare is over as Dwight Howard has finally been traded. According to ESPN.com, the Los Angeles Lakers have acquired the All-Star center from the Orlando Magic in a complicated four-team deal that also involved the Denver Nuggets and Philadelphia 76ers.

Howard may be the biggest, but he is not the only big name switching teams.

In addition to Howard moving to the L.A., the Nuggets will receive Andre Iguodala and the 76ers will receive Andrew Bynum, both of whom were 2012 All-Stars.

The 76ers will also receive 11-year veteran Jason Richardson, and the Magic will receive three players (Arron Afflalo, Al Harrington, Nikola Vucevic) as well as three first-round picks, one from each of the other teams in the deal.

But of course, the only name that really matters is Howard, who has long wanted out of Orlando and finally gets his wish. However, Howard's first choice was the Brooklyn Nets, so now we have to wait until next off-season to see if Howard re-signs with the Lakers or bolts for the Big Apple.

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