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The investment to transform historic St Helen’s ground in Swansea

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The famous rugby ground is being revamped and will host its first Ospreys in October.

St Helen's

Work has started transforming the St Helen’s ground in Swansea.(Image: John Myers)

Swansea Council has confirmed plans for a £7.6m investment to transform St Helen’s into a new home for professional rugby region the Ospreys which they believe will strengthen the club’s long-term commercial viability.

Preparatory work is under way on the first phase of redeveloping the ground, which will include a new pitch and a stand on the seafront side, as well as a new fan zone and community facilities.

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A report to the council’s cabinet says the existing clubhouse will come under the local authority’s ownership – it already owns the ground – and will provide modern changing facilities, accessible amenities and flexible indoor spaces for sport and wider community use, including non-sporting events and functions.

A new 3G pitch will be repositioned closer to a newly-covered terrace to improve the atmosphere and spectator experience. The existing stand will be relocated to the Mumbles end, with a new stand seating close to 2,000 replacing it on the seafront side. A new fan zone and hospitality offer at the Guildhall end will create a focal point for matchdays and year-round activity.

The council said the revamped ground will also be used for grassroots sport, schools and colleges, while promoting healthier and more active lifestyles across Swansea.

St Helen's

(Image: John Myers)

Subject to cabinet sign-off, the council will make a £5.1m capital contribution with the Ospreys’ owners, Y11 Sport and Media, investing £2.5m. It was originally envisaged that the total investment at St Helen’s would be around £5m.

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Y11 has acquired temporary stand infrastructure from Worcester Rugby to support the revamping of the historic ground. The Ospreys will enter into a 50-year lease with the council with an annual rent of around £100,000 per year, subject to inflation-linked reviews. The Ospreys will take full responsibility for matchday operations, including sporting and commercial. The upgraded ground and facilities will meet the standards required for the Ospreys to compete in the United Rugby Championship (URC) and European competition.

Swansea Council’s cabinet will discuss the proposals next week. Subject to health and safety assessments, the revamped ground will have a capacity for close to 7,000 spectators. Work is expected to be completed so the Ospreys can play their first home game in the 2026/27 URC season in October against the Dragons. Swansea RFC will also return to its historic home from Dunvant RFC. Swansea Cricket Club has relocated to Swansea Civil Service Cricket Club. Last year the Ospreys played at the Brewery Field in Bridgend.

Y11, which is majority-owned by Kuala Lumpur-based private equity firm Navis Capital, had been identified by the WRU as its preferred bidder to acquire Cardiff Rugby, which the union acquired out of administration last year. However, both parties walked from a proposed deal in April, having entered into an exclusivity period. The WRU has not disclosed what professional advisory fees it incurred before the planned deal was aborted.

The governing body, with the full backing of its board, is still looking to reduce the number of professional regions from the current four to three for the start of the 2028/29 URC season. It is expected to shortly provide details on how this will be achieved. One route would be for the Ospreys and the Scarlets to voluntarily merge, with the possibility of games being played between Parc y Scarlets and a revamped St Helen’s. However, if that is not forthcoming – and there is currently no indication that the two clubs would be open to such a move – they will find themselves having to bid against each other for a west Wales licence in a competitive tendering process from the union.

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On its financial position, the Ospreys is the least indebted of the regions. A new permanent home at St Helen’s, with the option for future phases to increase the ground’s capacity, would strengthen the case for the Ospreys if it went head-to-head with the Scarlets to secure the west Wales licence. Last year the Llanelli-based club entered into a deal with US-based luxury asset broker House of Luxury, set up by Pontypridd-born Kirsti Jane Baker, which gave the company an option to acquire a majority stake in the club. However, little has been heard recently from the Montana-registered business on whether it still intends to invest in the club by taking a 55% interest.

The investment in St Helen’s comes as the Ospreys have confirmed they have entered into an improved funding deal with the WRU, by signing up to Professional Rugby Agreement 25. It now leaves only the Scarlets still on the financially inferior PRA 23 deal.

Abi Tierney, chief executive of the Welsh Rugby Union said: “PRA25 creates greater alignment across rugby in Wales, and I am very pleased that constructive discussions with Y11 Sport and Media have led to the Ospreys signing the agreement.

” Three out of four of our regional men’s clubs are now on PRA25 and due diligence work with the Scarlets is continuing. We look forward to having all of our men’s professional teams on the agreement ahead of the start of the next United Rugby Championship in September.”

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Marianne Økland, chair of the Professional Rugby Board, said: “I have been very encouraged by the collaborative way negotiations between the WRU and the professional clubs have been conducted over recent months. This positive spirit is also evidenced by the meaningful progress made on the future model for the development pathways.”

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The re-intensification of the Middle East war initially roiled the markets, but as the session progressed, oil has pulled back and equities have stabilized. August WTI briefly traded above $75 and is now around $73.50, which is still

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FIFA Weighs 64-Team World Cup Expansion for 2030 as China Eyes Path Back to Global Stage

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Qatar's wealth has attracted Neymar and Lionel Messi to Paris Saint-Germain

FIFA President Gianni Infantino said this week that a proposal to expand the World Cup finals from 48 to 64 teams will be formally reviewed by the organization’s relevant commissioner once the current 2026 tournament concludes, opening a new debate over the future scale of global soccer’s biggest event even before this year’s edition has crowned a champion.

Infantino discussed the potential expansion in an interview with Swiss outlet Blue Sports, saying the next phase of growth for the tournament could be evaluated in time for the 2030 World Cup, which is set to mark the competition’s 100th anniversary. That edition is already scheduled to be held across six countries, with Morocco, Portugal and Spain serving as primary hosts and Uruguay, Argentina and Paraguay each staging a single commemorative match to honor the tournament’s origins in Uruguay in 1930.

The current 2026 World Cup, being co-hosted by the United States, Canada and Mexico, marked the tournament’s first expansion to 48 teams, up from the 32-team format used since 1998. Under the new structure, 12 groups of four teams sent their top two finishers, along with the eight best third-place teams, into an expanded round of 32, pushing the total number of matches from 64 up to 104. Infantino has called the 48-team experiment a success, pointing to figures showing teams from every confederation scored goals and picked up points during the group stage, and noting that nine of Africa’s 10 participating nations advanced out of the group phase. He has argued that widening the tournament’s field gives smaller footballing nations a realistic chance to dream of World Cup qualification, which he says helps sustain development and investment in the sport globally.

A formal competition format for a potential 64-team tournament has not yet been determined. The most straightforward structural option would organize the field into 16 groups of four teams, with winners and runners-up from each group advancing to a round of 32, producing 96 group-stage matches and 32 knockout matches for a total of 128 matches, 24 more than the current tournament. Implementing that format would require FIFA to reassess the overall tournament schedule, player rest periods, the number of host stadiums needed and the travel distances required of participating teams, particularly given the format under consideration would already span six host nations across multiple continents in 2030.

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News of Infantino’s comments quickly spread through Chinese soccer media and online forums, where fans and commentators began speculating about how many additional qualifying slots the Asian confederation might receive under an expanded format. Asia currently holds eight direct qualification slots for the World Cup finals, plus one intercontinental playoff spot; in the current 2026 cycle, Iraq advanced through that playoff route, bringing Asia’s total representation to nine teams. Some Chinese outlets have speculated that Asia’s overall allotment could grow to roughly 11 slots under a 64-team format, a projection that generated significant excitement online even though FIFA has not released any formal continental distribution plan tied to the proposed expansion.

That excitement reflects China’s prolonged absence from the World Cup stage. The Chinese men’s national team has not qualified for the tournament finals since co-hosting the 2002 World Cup alongside South Korea and Japan. Despite the expansion to 48 teams for the current cycle, which significantly increased Asia’s direct qualification slots, China still failed to secure a spot. According to FIFA’s official world rankings released June 11, China sits 91st globally, a position Chinese media outlets have calculated as somewhere between 13th and 15th within Asia alone, depending on the specific ranking methodology and timing used. Even under a hypothetical scenario granting Asia 11 or 12 total slots at a 64-team World Cup, China would not automatically qualify given its current standing.

The Asian nations currently ranked ahead of China remain tightly bunched near the top of the confederation, led by Japan, Iran, South Korea and Australia, followed closely by Uzbekistan, Qatar, Iraq, Saudi Arabia, Jordan, the United Arab Emirates and Oman, with Indonesia, Bahrain and Thailand occupying a similar competitive tier to China. Analysts note that even with additional qualification slots on the table, the outcome of a single qualifying match could still meaningfully shift the competitive order among these closely matched sides.

China’s struggles were not resolved by the current cycle’s expansion either. The final round of Asian World Cup qualifying grew to 18 teams for the 2026 cycle, with additional qualification pathways opened for teams finishing third and fourth in their groups, yet China still failed to advance through that broader structure. Analysts have noted that a larger overall field does not substitute for improvements in the national team’s core fundamentals, including defensive organization, scoring output, youth development pipelines and domestic league competitiveness.

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For other established Asian powers such as South Korea and Japan, the calculus surrounding a potential expansion differs considerably. Both nations have focused less on qualification itself and more on how an enlarged field might affect overall competitiveness once teams reach the finals, with some analysts cautioning that a larger tournament could reduce the intensity of qualifying competition while widening the gap between top-tier teams, who would benefit from extended tournament schedules, and lower-ranked nations gaining wider access to the finals for the first time.

Commercial considerations are also expected to factor heavily into FIFA’s eventual decision. A jump to 128 total matches would meaningfully expand broadcasting rights, advertising inventory and ticket sales opportunities, even as it raises the operational costs and logistical complexity of staging a tournament spread across six host countries in 2030.

With FIFA’s total membership standing at 211 national federations, a 64-team World Cup would mean roughly three of every 10 member nations would qualify for the finals, a shift that would open the tournament’s door to countries for whom a single World Cup appearance has remained a decades-long ambition, while raising fresh questions about how the competition’s overall prestige and quality might be affected by such a significant expansion.

Infantino’s comments this week represent only the opening of that conversation rather than a formal decision. With the 2026 World Cup final still to be played, FIFA has indicated that a formal review of the 64-team proposal, including continental qualification allocations and competition format, will follow only after this year’s tournament concludes, leaving China and other hopeful nations to wait for further clarity on a plan that, for now, remains entirely theoretical.

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JPMorgan Chase, Goldman Sachs, Bank of America

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JPMorgan Chase, Goldman Sachs, Bank of America

(L-R) Brian Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup; testify during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.

Win Mcnamee | Getty Images

Expectations are high that when banks start posting second-quarter results Tuesday, led by JPMorgan Chase and Bank of America, revenue from trading equities and fixed income will approach, or even exceed, the records set earlier this year.

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That’s a key part of what veteran analyst Mike Mayo of Wells Fargo calls the “sweet spot” in the financial sector right now. Both of banking’s profit engines — Wall Street and Main Street — are in growth mode at the same time.

The largest U.S. banks are raking in rising fees from helping corporations tap the markets, punctuated by last month’s giant SpaceX IPO, while risk-taking traders are also thriving as geopolitical unrest including the Iran war stokes volatility across asset classes.

“You saw the largest IPO in history, a pace of mergers that’s on track to be a record year, and a broadening out of trading to include equity and fixed income across myriad geographies,” Mayo told CNBC.

The quarter’s big bank earnings come at an unusually favorable moment for the industry. After years of navigating higher interest rates and inflation-fueled recession fears, lenders are benefiting from a rare combination of booming Wall Street activity, resilient consumer credit and a long-awaited pickup in business lending.

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“There’s not much more you can ask for,” Mayo said.

The trends, which coincide with the Trump administration’s push to ease banking regulations, have helped financial stocks outperform the broader market for two straight years, Mayo noted. That streak also raises the stakes as investors look for signs the momentum can continue into 2027.

JPMorgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are set to post results early Tuesday, with Morgan Stanley reporting Wednesday.

‘Big money maker’

Investment banking revenue for the group could surge 26% from a year ago, while trading revenue could jump 14%, according to KBW analyst Chris McGratty.

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Besides the hundreds of millions of dollars in fees that SpaceX paid banks — led by Goldman Sachs and Morgan Stanley — for the IPO itself, the firms garnered fees for raising debt for the newly public company, and also have a shot at managing the wealth of newly minted millionaires and billionaires.

On top of that, Goldman and Morgan Stanley likely reaped so-called “soft dollars” from the SpaceX IPO, according to Jay Ritter, professor emeritus of finance at the University of Florida’s Warrington College of Business.

SpaceX CEO Elon Musk, speaks on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX’s initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026.

Adam Jeffery | CNBC

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Soft dollars are essentially fees that hedge funds pay investment banks for a slice of an oversubscribed IPO, Ritter said.

“The big money maker for investment banks in IPOs is not the bankers’ fee, but the ability to allocate shares to hedge funds and some active mutual funds that pay soft dollars,” he said.

Meanwhile, trading gains were driven by strength in equities as stock markets climbed during the quarter, as well as heightened activity in fixed income after the Iran conflict sent oil prices, interest rates and currencies swinging, McGratty said.

“Banks are doing a good job these days of capturing the upside of volatility, whereas in previous cycles, they’ve been caught offsides,” McGratty said.

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‘Demand is back’

Construction of a $16 billion data center developed by Related Digital for Oracle and Open AI, in Saline, Michigan, May 6, 2026.

Jim West | Universal Images Group | Getty Images

Consumer banking also appears healthy. Low unemployment has kept borrowers current on mortgages, auto loans and credit cards, limiting losses.

There are still some risks for the quarter, including potential blowups in the private credit realm, even though that concern has subsided for most banks in the absence of new “cockroaches” emerging. JPMorgan CEO Jamie Dimon warned analysts and investors last year after the collapse of subprime car lender Tricolor Holdings that “when you see one cockroach, there are probably more.”

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Another is whether competition over deposits is intensifying, as some players have been forced to pay higher rates to attract and keep savers’ dollars, McGratty said. In an environment where interest rates are steady or rising, that could pressure lender margins.

After two years of market-beating returns, investors are becoming less interested in how strong the last quarter was than whether this unusually favorable backdrop can last.

“We know the quarter’s going to be strong, so I think the question that you ask yourself is around sustainability, right?” McGratty said. “Is it all sustainable?”

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