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La Liga onboards Khelraja as its official Asian igaming partner
Mumbai: Highlighting its commitment to the igaming experience, Khelraja, Asia’s real-money gaming brand that offers sports betting, casino, and esports among other categories, has partnered with La Liga team Sevilla FC. It is its official Asian igaming partner. Through the association, which will run until 30 June 2024, Khelraja will provide its users the opportunity to engage with all La Liga and Copa del Rey matches featuring Sevilla FC and win rewards.
Sevilla FC president José Castro said, “We are very pleased to have signed this agreement which will allow us to continue growing in our process of internationalising our brand, both globally and in Southeast Asia, a market that we consider strategic in our expansion process. Sevilla is going to become an ambassador of LaLiga with this sponsorship agreement, and we are undoubtedly taking an important step in this region.”
The Spanish First Division, known as La Liga, has, over the last two decades, featured global superstars such as Lionel Messi, Cristiano Ronaldo, Zinedine Zidane, Ronaldinho, and Zlatan Ibrahimovic. The partnership between Sevilla and Khelraja provides these fans with an opportunity to further elevate their engagement and experience sports immersion.
Khelraja CEO Viren Modi said, “The passion for football in India is on the rise, as can be seen in the growing popularity of overseas football leagues. Partnering with Sevilla FC, one of the biggest and most illustrious clubs in Spanish football, is a moment of great pride for us. The association will provide football fans on the Khelraja platform with yet another avenue to not only engage with Sevilla FC’s games online but also win lucrative rewards while doing so. We are looking forward to the partnership and will be exploring more such engagement opportunities with other football clubs, both in India and overseas.”
Sevilla FC has a history spanning more than 130 years. It is the oldest club in Spain dedicated to football and has, since its founding in 1890, won one league title, five Spanish Cups, one Spanish Super Cup, and one Uefa Super Cup. Sevilla FC also holds the distinction of winning the Uefa Europa League (previously called the Uefa Cup) a record six times, with the most recent victory coming in the 2019-20 season.
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Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
