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A big bet on basketball

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Good morning from Gotham, where New Yorkers are definitely sleeping in after the craziest week of the year, between the gridlocking mayhem of the UN General Assembly and the indictment of our mayor. It was into this chaos that Reddit co-founder Alexis Ohanian launched the inaugural Athlos women’s-only athletics meeting, the first of a deluge of new track meets attracting big money in a shake-up for the sport, whose plans we wrote about last month.

But after talking the talk, could Athlos . . . run the race? Thursday’s meet was absolutely unlike any other track meet, at least in the US. With a red carpet for athlete walk-ins and celebrity attendees like Flavor Flav, VIP lounges directly on the track, and DJ D-Nice spinning tracks between events, the capacity crowd at Icahn Stadium was certainly treated to an event.

Competitors raved about the experience and 100-metre winner Marie-Josée Ta Lou-Smith, 35, told Scoreboard that she contemplated retirement before Athlos popped up with a $60,000 check for first place. The meet was not without its wobbles — new Olympic champion Masai Russell filed a protest in the 100 metre hurdles after she said officials didn’t register a false start — but Ohanian ultimately delivered on a promise to build something different. The question now is whether audiences and sponsors keep it growing. 

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For now, we have dispatches on private equity’s newest sports target and a look at the dour financial picture for English rugby. Do read on — Sara Germano, US sports business correspondent

Send us tips and feedback at scoreboard@ft.com. Not already receiving the email newsletter? Sign up here. For everyone else, let’s go.

Private equity battles over European basketball

Exclusive: BC Partners in talks to buy EuroLeague stake © AFP via Getty Images

Private equity is circling sports, that much we know. But why is Europe’s pre-eminent basketball competition attracting so much interest from investors? 

As revealed by the FT this week, London-based BC Partners has entered exclusive talks to buy a minority stake in EuroLeague’s commercial business at a €1bn valuation. To get to that stage, BC saw off competition from rival firm General Atlantic and SURJ Sports Investment, a subsidiary of Saudi Arabia’s sovereign wealth fund.

While basketball has a huge global following, the popularity of EuroLeague pales in comparison to North America’s National Basketball Association. So what’s the appeal?

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Europe has certainly emerged as a hotbed for basketball talent. Just look at French centre Victor Wembanyama, now starring for the San Antonio Spurs in the NBA. And he’s not a one-off. Nikola Jokic, the Serbian three-time NBA most valuable player, and two-time MVP Giannis Antetokounmpo both began their professional careers playing for European teams.

EuroLeague itself has been gaining traction too. The competition’s television audience increased 27 per cent year on year in the 2023-24 season, bolstered by interest in Turkey, Serbia, Greece, Spain, Lithuania and Italy. User numbers for its online streaming platform rose 46 per cent to 85,000. BC Partners would bring deep experience of media rights, via its ownership of broadcaster United Group.

There is scope to grow in other ways too. Attracting more clubs from northern Europe, such as the UK, and expanding in the Middle East could help to increase commercial revenues and reduce reliance on southern Europe.

The league is already home to some well-known sporting names. Real Madrid (yes, that one) has been the dominant team, but faces competition from other big clubs, including Bayern Munich, Barcelona and Olympiacos. Such heavyweights provide the foundation for a wider fan base.

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But does a deal make sense for the sport? After all, the firm’s bid comes at a time when private equity’s involvement in sport is under increased scrutiny. 

If a deal does go ahead, EuroLeague would do well to take heed of how the Spanish football league approached its investment from CVC Capital Partners. In short, La Liga’s deal was structured to encourage clubs to put money into stadium infrastructure instead of blowing it all on players.

Private investment and European basketball don’t always mix well. British Basketball League, which operated the professional game in the UK, had its licence terminated earlier this year due to financial difficulties stemming from an investment by Miami-based 777 Partners in 2021. Last night saw the debut of Super League Basketball, its replacement.

Professional basketball outside the US is still small enough that taking the wrong path once can lead to existential questions. Investors clearly see something in European basketball. For the sport itself, there’s a lot on the line.

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English rugby union’s financial woes laid bare

Trouble ahead: rugby clubs told to cut costs © Getty Images

In a telling sign of how bad things have got in rugby union, the first annual assessment of its finances was unveiled this week by a firm of insolvency experts.

Leonard Curtis, which specialises in corporate restructuring, released its inaugural Rugby Finance Report, a publication modelled loosely on Deloitte’s Football Money League. It made for sober reading.

Among the key findings was that seven of the 10 clubs in the Premiership — the top tier of English rugby union — are now “balance sheet insolvent”, meaning they are reliant on rich owners putting in money to keep them going. None of the teams made a profit in 2022/23, while combined debts reached £311.5mn. Losses across the 10 clubs hit £30.5mn, and TV revenue fell. The report did not point to any positive catalysts for improvement on the horizon.

The gloomy picture shows that the £200mn investment by CVC Capital Partners in 2019 has so far failed to alter the trajectory of English rugby union’s top clubs. That money effectively became a bailout due to the financial hit of the pandemic. And even so, three top tier clubs have since collapsed.

The authors of the report offered one simple short-term fix to keep the game afloat: slash wage bills. If clubs can stop haemorrhaging cash, they argued, it would provide a bit of breathing space to carry out more drastic reforms. Fears that dropping pay would cause an exodus of talent to other countries were overblown, they argued.

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Potential longer-term solutions for rugby require increasing revenue. The game needs a larger, younger audience both to fill seats and to drive the value of broadcast rights. To do that rugby may need to consider some major surgery both on and off the pitch to make it quicker, easier to understand and more entertaining.

James Haskell, the former England international who wrote the foreword to the report, warned that the time for taking action was running out. Efforts to fix the game’s problems so far were like “rearranging the deckchairs” on a sinking ship.

“The next 18 months are going to be the most important for rugby”, he said. “We’ve got to change or we’re going to be stuffed.”

Highlights

Done deal: Everton sold to US billionaire Dan Friedkin © Getty Images
  • US billionaire Dan Friedkin has agreed a deal to buy Premier League club Everton, two months after an earlier attempt to buy the team collapsed.

  • Italian football club AC Milan is in talks with the government of the Democratic Republic of Congo over a multimillion euro sponsorship deal to promote the war-torn country as a tourist destination.

  • The German football league will re-auction a package of live games for its next rights cycle due to start in the 2025/26 season after a court partially upheld a lawsuit from broadcaster DAZN, who challenged the result of the previous auction.

  • Flutter, which owns bookmakers Fan Duel and Paddy Power, predicts its profit will double by 2027 due to the booming US sports betting market.

Business of football: the big data arms race

A technological revolution is under way in football, as team owners turn to the latest data analytics and AI to gain a competitive edge in the battle for talent. As more professional investors buy into the sport and rules on spending get tighter, future champions will increasingly be created away from the pitch by teams of software engineers. Watch the latest instalment of our Scoreboard video series.

Final Whistle

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Less than two years after suffering a devastating cardiac arrest on the field, Damar Hamlin of the Buffalo Bills notched a career-first interception in Monday night’s victory over the Jacksonville Jaguars. While Hamlin, 26, returned to the gridiron for the 2023 season in a reserve position, he regained his starter status this month and punctuated his full recovery by picking off a pass from Jaguars’ quarterback Trevor Lawrence. Bills Mafia could not be more thrilled.

Scoreboard is written by Josh Noble, Samuel Agini and Arash Massoudi in London, Sara Germano, James Fontanella-Khan, and Anna Nicolaou in New York, with contributions from the team that produce the Due Diligence newsletter, the FT’s global network of correspondents and data visualisation team

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Maggie Smith, actor, 1934-2024

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It is a testament to how long, varied and celebrated a career Dame Maggie Smith enjoyed that it would be insulting to point to any one defining role. In fact, it is reductive even to consider one particular medium.

For film-goers, there’s her Oscar-winning performance in The Prime of Miss Jean Brodie (1969). For those who grew up in the 2000s on Harry Potter, Smith, who has died at the age of 89, will always be Professor Minerva McGonagall.

On the small screen, she glowered through Downton Abbey as the indomitable grandmother to a thousand memes, Violet Crawley, Dowager Countess of Grantham.

But many will argue that it is in the theatre that this most versatile of performers showed off a complete mastery that had critics and audiences enthralled, playwrights crafting their work specifically for her and male counterparts cowering in the wings.

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This versatility led to her winning a small mountain of acting awards, including two Oscars, four Emmys and a Tony — the so-called Triple Crown — as well as Golden Globes and Baftas.

In ‘The Prime of Miss Jean Brodie’ (1969), for which she won her first Academy Award © Alamy

Born in Ilford, Essex in 1934, she was brought up in Oxford where, at the age of 17, she made her stage debut playing Viola in Twelfth Night and her professional debut on Broadway four years later, in 1956.

As Smith herself succinctly put it: “One went to school, one wanted to act, one started to act, and one’s still acting.” Showing a particular talent for comedy, she appeared in revues and farces, before catching the eye of Sir Laurence Olivier, who recruited her for the National Theatre, where she quickly established herself as his peer, if not his rival.

Her range saw her triumph in plays by Noël Coward while also winning plaudits for the title role in a production of Ibsen’s Hedda Gabler directed by Ingmar Bergman. When her Desdemona transferred to the big screen, she received the first of several Academy Award nominations.

Following early screen appearances in The Pumpkin Eater (1964) and The Honey Pot (1967), in 1970 she won her first Oscar, Best Actress for The Prime of Miss Jean Brodie, and another in 1979 for Best Supporting Actress in California Suite.

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With her first husband, actor Robert Stephens, in 1970 © Daily Express/Hulton Archive/Getty Images

Throughout the next decades, she would collaborate with Merchant Ivory, Alan Bennett, Steven Spielberg and Agnieszka Holland on film, as well as appearing in plays by Oscar Wilde, William Congreve and Edward Albee. Peter Shaffer wrote 1987’s Lettice and Lovage specifically for her.

She was married twice, for eight years to actor Sir Robert Stephens — with whom she had two sons, actors Chris Larkin and Toby Stephens — and to playwright Beverley Cross from 1975 until his death in 1998.

In her later years, she never lost touch with her comic roots, appearing in crowd-pleasers such as Sister Act (1992) with Whoopi Goldberg and The Best Exotic Marigold Hotel (2011), alongside her close contemporary Dame Judi Dench.

After an 11-year break from the stage, she returned in 2019 in Sir Christopher Hampton’s one-woman show A German Life, in which she played a woman looking back on her youth, when she worked as Joseph Goebbels’ secretary.        

With Judi Dench in the 1986 Merchant Ivory film ‘A Room with a View’ © Alamy

Offstage, Smith made for an entertaining raconteuse on talk shows, whether reciting Sir John Betjeman for Sir Michael Parkinson with her frequent stage companion Kenneth Williams, or disparaging her latest manifestation of fame to Graham Norton. When the latter asked if she had ever watched Downton Abbey, she pursed her lips and drolly replied: “I’ve got the box set.”

She could have a spikiness and wit that Dowager Violet would have enjoyed, once saying of Glenn Close: “That’s not an actress, that’s an address.” Her irreverence was proof that no matter how many titles she received — she was made a Dame in 1990 and a member of the Order of the Companions of Honour, only the third female actor to receive such an honour, in 2014 — her character and freedom was as immune to praise and respectability as it was to criticism.

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As Professor Minerva McGonagall in ‘Harry Potter and the Philosopher’s Stone’ (2001) © Alamy
In Alan Bennett’s ‘The Lady In The Van’ (2014), directed by Nicholas Hytner © Getty Images

Tributes have come in from King Charles III and British political leaders from all parties, as well as co-stars and directors.

Sir Kenneth Branagh called her “unquestionably one of the greats”, going on to say: “It was an honour to work with Maggie Smith. A privilege to watch her. In tragedy, she made you catch your breath while she broke your heart. In comedy, she could get a laugh from a look or a line at any time she wished. She was sharp and prepared at work, exhilarating company away from it.”

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Exact word to spot on your 50p that could make it worth 700 times more – as rare coin sparks eBay bidding war

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Exact word to spot on your 50p that could make it worth 700 times more - as rare coin sparks eBay bidding war

AN EXACT word on your 50p coin could make it worth 700 times more as the rare coin sparks a bidding war on eBay.

The unique coin is said to be a must-have for collectors, selling for a whopping hundreds on the online auction site.

The rare coin sold for a whopping £350 on eBay

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The rare coin sold for a whopping £350 on eBayCredit: eBay

The rare 50p coin was issued in 2005 and features Samuel Johson’s Dictionary which saw its value skyrocket.

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The wording on the back of the coin makes it a unique piece of British decimal coinage.

What adds to this coin’s value is its rarity, making it a sought-after item that collectors are eager to obtain.

The auction on eBay revealed that four bidders attempted to snap up the rare coin which eventually sold for a staggering £350.

The seller received 5-star reviews from buyers who left enthusiastic comments praising the rare coin.

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“A+ pristine coin as advertised,” wrote one user.

Another commented: ” Great quality for coin collectors at a great price.”

While a third said: “Beautiful coin.”

It comes after a 50p coin proved to be a “true gem” thanks to its key details.

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The loose change rattling around in your pocket could be pieced together to form the Royal Shield of Arms design but it seems many people are unaware of this.

How to spot a 50p worth £50 and mule 20p that sells for £30

Matthew Dent redesigned the UK’s coins 16 years ago and now those designs are being replaced with the new UK coinage for King Charles III.

It was decided in 2005 that the country’s coinage was due an overhaul and The Royal Mint ran a competition for the public to submit their designs for the new-look coins.

Some 4,000 designs were submitted and The Royal Mint Advisory Committee selected Matthew Dent’s Royal Shield designs as the winner in 2008.

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The Royal coat of arms details a shield divided into four quarters representing EnglandScotlandWales and Ireland.

Matthew’s winning design replaced Christopher Ironside’s Britannia depiction originally on the reverse of all 50ps.

Matthew said at the time: “I felt that the solution to The Royal Mint’s brief lay in a united design, united in terms of theme, execution and coverage over the surface of the coins.”

Using all the coins ranging from the 1p to the 50p, they fitted together rather like a jigsaw and formed a complete shield – as could be seen on the £1 coin design issued from 2008 to 2015.

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The old round pound was then replaced by the 12-sided Nations of the Crown £1 in 2017 and have now been withdrawn from circulation.

However, the definitive 1p, 2p, 5p, 10p, 20p and 50p shield coins are still in circulation, which means the Royal Shield can still be collected and completed, Change Checker says.

To help you get started you can obtain your own Royal Shield Collector Pack which comes with the Royal Shield 1p, 2p, 5p, 10p and 20p, so all you need to look for is the 50p in your change in order to complete it.

How to sell a rare coin

If, after checking, you realise you’ve come across a rare coin, there are a number of ways you can sell it.

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You can sell it on eBay, through Facebook, or in an auction.

But be wary of the risks.

For example, there are a number of scams targeting sellers on Facebook.

Crooks will say they’re planning to buy the item and ask for money upfront for a courier they’ll be sending around.

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But it’s all a ruse to get you to send free cash to them – and they never have any intention of picking your item up.

It’s always best to meet in person when buying or selling on Facebook Marketplace.

Ensure it’s a public meeting spot that’s in a well-lit area.

Avoid payment links and log in directly through the payment method’s website.

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Most sellers prefer to deal with cash directly when meeting to ensure it’s legitimate.

The safest way to sell a rare coin is more than likely at auction.

You can organise this with The Royal Mint’s Collectors Service. It has a team of experts who can help you authenticate and value your coin.

You can get in touch via email and a member of the valuation team will get back to you.

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You will be charged for the service, though – the cost varies depending on the size of your collection.

Meanwhile, you can sell rare coins on eBay.

But take into account that if you manage to sell your item then eBay will charge you 10% of the money you made – this includes postage and packaging.

Always keep proof of postage to protect yourself from dodgy buyers who may claim they never received the item.

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Send the parcel by tracked delivery if you can as this way they can’t claim it never arrived.

Most rare and valuable 50p coins

WE reveal the Royal Mint’s most rare and valuable 50p coins in circulation.

Triathlon

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Minted in 2011, the Triathlon 50p depicts the same sport which featured in the 2012 Olympics.

There are more than 1,160,000 of the coins in circulation.

With over 200million 50ps circulating in the UK, that makes this coin quite a rare find.

The highest recent sale we’ve found on eBay recently was £30 on June 21.

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Judo

Judo is a popular sport that involves grappling with your opponent.

But despite the design, it’s not so easy to get a hold of this coin, of which there are just 1,161,500 in circulation.

The piece was designed by David Cornell after he won a national competition.

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It was minted in 2011 and the highest bid we’ve seen on eBay was for £17.95 on June 21.

Wrestling

Wrestling was one of the first Olympic sports so it’s not surprising that it features on one of the 50p pieces.

The 2011 coin was designed by Roderick Enriquez, a graphic designer from Hammersmith, London.

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We’ve seen it sell for as much as £15 online so is worth digging around for.

In recent months, one was sold on eBay for £11.95 on June 18.

Football

Of all the coins created to commemorate the 2012 Olympic Games, the 50p Football is among the rarest.

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It features an explanation of the controversial offside rule on it, with 1,125,000 produced.

One sold for £20 on eBay on June 11, although it has been known to go for as much as £75 in the past.

Kew Gardens

The Kew Gardens 50p is the rarest of all the 50p pieces, with only 210,000 in circulation.

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They have been known to sell for as much as £895 on eBay before.

The design was created by Christopher Le Brun RA and features the famous Chinese Pagoda with a leafy chamber that twists around the tower.

The coin often sparks the interest of new coin collectors due to its rarity.

The highest sale we found in recent weeks was £142 on June 22 with 23 bids.

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Collector Luca Bombassei on his love of the Memphis Group’s Ettore Sottsass

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The architect, collector and art patron Luca Bombassei is sitting comfortably on a long, pale sofa in the 15th-century Palazzo Contarini Corfù in Venice, just around the corner from the Accademia art gallery. He is surrounded with art and design, but there is a surprising diversity in his taste. Above him hangs a traditional painting — Canaletto’s “Architectural Capriccio with Classical Ruins” (1723) — and opposite that is a massive contemporary piece, “Life of Forms” (2017) by the American artist Nathlie Provosty.

“The idea was to create a dialogue between the two works, there are so many details in the Canaletto and then the Provosty is just all-black,” he says. Beside him on a table stands a sculpture by Ettore Sottsass of the Memphis Group of postmodern designers.

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The place almost dictates the art as much as the owner. In the adjoining library, a wall is covered with Venetian glassworks from the 1920s to the 1960s, displayed on shelving by Italian architect and designer Osvaldo Borsani. “When you live in Venice, you notice the special light that reflects through them,” Bombassei says. “They make me feel more Venetian!”

The large and dramatically lit painting is surrounded by, gilt wall mouldings, an ornate glass chandelier and a modern, boxy brown velvet sofa
‘Architectural Capriccio with Classical Ruins’ (1723) by Canaletto in the living room © Andrea Pugiotto

Bombassei was born in 1966 and lives between his flat in Venice, a masseria (fortified farmhouse) in Nardò, Apulia, and Milan, where his architectural practice specialises in the restoration of historical houses. “In Italy, there is a not a big distinction between architect and interior designer,” he says. “As I am a collector myself, I understand what it means to build a home around art, I have that sensitivity.”

He was brought up surrounded by art; his parents, the majority shareholders in the brake-disc company Brembo and collectors of traditional Italian art, still have an apartment in the neo-Gothic Casa dei Tre Oci on the island of Giudecca in Venice. As a young man he had to go through the cultural institute it housed at the time to get home in the evening. “My friends thought it was just incredible to live above a museum,” he laughs.

Bombassei’s Venetian home reflects the diversity of his taste, and he says he likes changing his mind and experimenting so that he can become “a better interior designer”. Along with the Canaletto and the Provosty, there is a portrait by Alex Katz (“East Interior”, 1979), an untitled Anish Kapoor wall sculpture from 1999 and Jenny Holzer’s 1987 LED piece “Laments: I am a man . . . ” which stands almost three metres tall, with red and yellow diodes spelling out the title. In his all-grey bedroom are a Sottsass Totem, a colourful stack of bulbous shapes, and a mushroom-like Gae Aulenti lamp. It is all shifted around regularly: “I always have a hammer and nails on me!”

A brightly coloured painted portrait of a woman in a stripy top is hung on a dark-blue wall, seen through an ornate, gilt-edged door frame
‘East Interior’ (1979) by Alex Katz
Two large, arched windows are hung with diaphanous blue curtains, either side of the stripy and bulbous Totem. The room has orange, cream and blue terrazzo floor and mirrored wall panels
A Totem sculpture by Ettore Sottsass and a Gae Aulenti lamp in Bombassei’s bedroom © Andrea Pugiotto (2)

Bombassei’s first love is Sottsass, of whom he has considerable holdings — from objects and furniture to limited editions. The designer, who experimented with colour, patterns and shapes and made furniture, glass and ceramic objects, was also an architect who worked in Milan. “He and his [Memphis] Group represented a period of innovation and they changed the way we think about design, bringing an artistic vision to design.” Together with Milan and Memphis, “Sottsass is my triangle of love.”

In Milan, Bombassei’s office is lined with wood panelling by Piero Fornasetti, a recreation of the decor originally in the Milanese apartment La Casa di Fantasia, designed by Gio Ponti for the Lucano family in 1952. In trompe l’oeil they show books, postcards and medallions on a floral background. The ensemble was bought at auction at Phillips in London in 2019 for £225,000.

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And then there is his home in Nardò, which he says gives him the space to commission large-scale works of art — not least an enormous yellow-and-blue work by the Swiss artist Olivier Mosset (“Wall Painting”, 2019), covering the roof. “When you walk on the roof you feel you are inside the work and at the same time you can see a 15th-century tower in the distance.”#

A man in trainers, cream-coloured trousers and a black jacket stands in a room with a chequerboard marble floor, next to a towering ancient male figurative sculpture
Bombassei in his entrance hall; the sculpture of Hercules dates to around 1650
Typical, terracotta-roofed Venetian houses and areas of greenery are seen either side of a canal
Palazzo Contarini Corfù in Venice is just around the corner from the Accademia art gallery © Andrea Pugiotto (2)

As well as overseeing his practice, Bombassei presides over the Venice International Foundation, which both helps safeguard the artistic heritage of Venice and promotes contemporary art. I am rather surprised by this — we meet during the Biennale, when the city is awash with contemporary art — but he explains that most Venetian foundations focus on what he calls the past-past. “We support the near-past, for example by sponsoring [this year’s Francesco] Vezzoli exhibition in the Museo Correr. Most people don’t see the wonderful Carlo Scarpa installations on the upper floor, so this encourages them to go up to see them as well as the Vezzoli,” he says.

What are his plans for the future? He looks a bit baffled, admitting that he hasn’t really thought about this. “I am so curious, I fall in love with new places and things all the time,” he says, so for the moment, he continues to plan, design and buy. As he says, “Collecting is a sort of addiction.”

lucabombassei.com

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High street bargain chain with 187 branches to shut ‘brilliant’ store TODAY as shoppers sob ‘a piece of history gone’

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High street bargain chain with 187 branches to shut ‘brilliant’ store TODAY as shoppers sob ‘a piece of history gone’

A MUCH-LOVED bargain shop chain is pulling the shutters down on one of its stores in just a few hours.

The Original Factory Shop confirmed the closure of another location in Kent.

The Original Factory Shop confirmed the closure of the site in Deal, Kent

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The Original Factory Shop confirmed the closure of the site in Deal, KentCredit: Alamy

The discounter, known for its bargain prices, is closing its branch in Deal today, Saturday 28.

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TOFS said the site, labelled “brilliant” by shoppers, will be shutting at the end of September.

The retailer thanked local shoppers for their support over the years.

A spokesperson from The Original Factory Shop said: “After the landlord informed us that they were redeveloping our Deal store, we were unable to renew the lease.

“We want to remain in town and our property team would consider any alternative suitable sites. We are working hard to support all of those colleagues that will be affected and seeking to redeploy them across our business.”

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The shock closure has left several local customers devastated, although the trader maintains around 190 branches nationwide.

One Facebook user said: “Such a terrible end to such a popular store.

“Obviously, this has not been a business decision as business was good, but another sign of the times.”

A second wrote: “Another piece of history and friendly staff gone.”

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A third commented: “I love this shop. I go to Deal, from Dover, regularly the main reason being the factory shop.

Britain’s retail apocalypse: why your favourite stores KEEP closing down

“Don’t think I will be shopping at Deal much after it closes.”

Another posted: “Oh no another brilliant shop closing but why? Love that shop.”

While a fifth said: “Such a shame. It was affordable and you could always get something good.

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“Now probably destined for townhouses and artisanal deli’s selling £4 sourdough bread.”

“That’s awful news,” another declared.

The closure is down to the building being redeveloped and the chain being unable to renew the lease.

After the Deal store closes, three of The Original Factory Shops will remain in Kent: Tenterden, Biggin Hill and Headcorn.

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Other The Original Factory Shop closures

The Deal store closure is not the only one to be announced by The Original Factory Shop this year either.

It has already pulled the shutters down on seven stores in recent months:

  • Brightlingsea, Essex
  • Bodmin, Cornwall
  • Chepstow, Wales
  • Fakenham, Norfolk
  • Harwich, Essex
  • Mildenhall, Suffolk
  • Padiham, Lancashire
  • Taunton, Somerset

It comes after the retailer, known for selling everything from clothing to homeware and stationery, shut a number of branches last year.

But it’s not all bad news, as it has been opening stores across the UK too, as it shakes up its presence on the high street.

The full list of stores that have opened since August 2023 includes:

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  • Kirkintilloch – opened August 24
  • Stonehaven – opened August 31
  • Blandford Forum – opened August 31
  • Haddington – opened September 7
  • Wetherby – opened September 7
  • Nairn – opened September 14
  • Ashbourne – opened September 14
  • Castle Douglas – opened September 21
  • Penrith – opened September 21
  • Inverness – opened September 28
  • Attleborough – opened September 28
  • Ayr – opened October 5
  • Ringwood – opened October 5
  • Perth – opened October 12
  • Lanark – opened October 19
  • Peterhead – opened October 26

Why are retailers closing shops?

EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline.

The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.

In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping.

Falling store sales and rising staff costs have made it even more expensive for shops to stay open. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed.

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The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.

Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns.

Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead.

Boss Stuart Machin recently said that when it relocated a tired store in Chesterfield to a new big store in a retail park half a mile away, its sales in the area rose by 103 per cent.

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In some cases, stores have been shut when a retailer goes bust, as in the case of Wilko, Debenhams Topshop, Dorothy Perkins and Paperchase to name a few.

What’s increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online.

They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.

Retail woes

Other retailers, such as HomebaseBoots, and Clarks, have been reducing the number of their high-street branches.

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Rising rents, energy bills, and the cost of living have also caused many retailers to fail.

Several big retailers have fallen into administration in the past year, including Wilko, Paperchase, and most recently, The Body Shop and Ted Baker.

The Body Shop collapsed into administration on February 13, putting its almost 198 branches at risk of closure.

Since then, it has closed down 82 locations.

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However, it’s not all bad news for the high street, as several other retailers and hospitality venues have plans to expand.

Beer giant Heineken announced plans to invest £39million to help reopen 62 previously shuttered British pubs.

Aldi has announced that it will open 35 new UK stores.

The openings form part of Aldi‘s long-term target of 1,500 stores in the UK.

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The supermarket is set to invest £550million in expanding its UK footprint this year alone.

Aldi said each new store opening will create around 40 new jobs on average.

In recent months, Asda has been opening hundreds of convenience stores as it seeks to rival major players Tesco and Sainsbury’s.

B&M plans to open “not less than” 45 brand new stores across the UK in each of the next two consecutive years.

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Purepay Retail Limited, the parent company of Bonmarché, Edinburgh Woollen Mill (EWM), and Peacocks, has said it wants to open 100 new high-street stores over the next 18 months.

It has yet to give the exact locations where it will open the 100 stores or when they will open.

One of the UK’s favourite bakery chains, Greggs, has exclusively revealed to The Sun plans to open more outlet branches by the end of 2025.

Home Bargains, which was running just under 600 branches as of last June, has said it wants to “eventually have between 800 and 1,000 retail outlets open”.

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The major discounter has stopped short of saying when it wants to reach the 1,000 store target, however.

Primark is also opening new branches and investing and renovating more than a dozen of its existing shops.

Screwfix is set to open 40 new stores nationwide as its owner, Kingfisher, seeks to expand the DIY brand’s national presence.

The brand opened two new stores in March, and a further three new shops will open this month.

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Travel

Celeb-loved English hotel on its own island that you can only visit at certain times of day

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Burgh Island Hotel is the largest structure on Burgh Island, featuring a Mermaid Pool and stunning views

A TINY English island has a hotel that you can only visit at certain times of the day.

Located on a tidal island, Burgh Island Hotel is cut off twice a day by the tide – although the times can vary. 

Burgh Island Hotel is the largest structure on Burgh Island, featuring a Mermaid Pool and stunning views

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Burgh Island Hotel is the largest structure on Burgh Island, featuring a Mermaid Pool and stunning viewsCredit: Alamy
Burgh Island is a tidal island, meaning access by foot to the island is cut off during high tide

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Burgh Island is a tidal island, meaning access by foot to the island is cut off during high tideCredit: Alamy

Tides at Burgh Island change daily and can vary based on the weather conditions and tide height. 

But the tide meets and parts roughly every six hours. 

For example, on Friday 13th September, high tide was at 1:02 am and 13:53 pm, while low tide was at 7:27am and 8:34pm.

You can check the tide times on the Devon Tides website.

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Read more on island holidays

When it’s low tide, visitors can reach the island by foot. During high tide, there’s the Burgh Island Sea Tractor – a hydraulics tractor that’s able to drive through the sea. 

Members of the public can catch a ride on the tractor to the island from Bigbury-on-Sea and it costs £2 each way. 

Hotel guests, who the sea tractor is primarily used for, do not have to pay to ride it. 

The tractor operates 24 hours a day, Monday through to Saturday and Sunday, so hotel guests who don’t fancy walking during low tide can still hitch a ride. 

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Despite the unusual way of getting there, some very famous people are said to have stayed there.

Noel Coward, Winston Churchill, and The Beatles have all enjoyed a stay at the 3* star hotel in times gone by. 

I left iconic UK seaside town to live on tiny Scottish island with just 60 people

Burgh Island itself is a popular destination for tourists who want to enjoy its views and wildlife, as well as its golden sand beach for swimming, sunbathing, and fishing. 

Day visitors are welcome, with a visit to the Pilchard Inn pub recommended for lunch or dinner (reservations are required). 

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There are also vineyards on Burgh Island, such as Sandridge Barton, which offers tours, tasting and wine shopping. 

The island also plays host to regular events, including murder mysteries, island artist experiences, a Christmas and New Year party and a summer ball. 

Burgh Island Hotel is an Art Deco-inspired hotel and the location for one of Agatha Christie's popular crime stories

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Burgh Island Hotel is an Art Deco-inspired hotel and the location for one of Agatha Christie’s popular crime storiesCredit: Alamy
The Burgh Island Sea Tractor helps hotel guests get across to the island during high tide

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The Burgh Island Sea Tractor helps hotel guests get across to the island during high tideCredit: Alamy

‘I stayed at Burgh Island Hotel…this is what I thought’

Ryan Sabey stayed at the hotel in 2018 and shared everything the island and hotel has to offer guests and visitors

We had arrived following a comfortable three-hour train trip from London to Totnes then a taxi to Bigbury-on-Sea, where we first clapped eyes on the imposing hotel.

The only way to reach the Grade II listed building was by sea tractor.

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After loading our suitcases, tuxedo and evening gown on board, we took the five-minute ride to the island.

Walking into the hotel for the first time is like stepping back 100 years.

There is also the rest of the 26-acre island to enjoy. We explored it via several trails in the bracing sea air.

The end of the walk coincided with hitting upon the island’s 14th-century pub, The Pilchard Inn.

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Dressing for dinner in The Ballroom at the hotel is compulsory at this stunning Art Deco hotel on its small island 200 yards off the South Devon coast.

The hotel advises — and I wholeheartedly agree — to head to the bar for a “snifter” at around 7pm before dinner.

And twice a week, on Wednesday and Saturday nights, the house band will tempt you on to the dance floor.

The surroundings were on a par with the three-course dinner of ­lobster ravioli, pork loin and coffee macaroons.

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The hotel is probably best suited for adults and older teenage kids.

The cost to stay at Burgh Island Hotel varies depending on the dates and offers available. 

A one-night stay for two adults on October 10, 2024, starts at £427.99, including taxes and fees. 

Events take place all year round at the hotel, including murder mysteries and Christmas and New Year parties

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Events take place all year round at the hotel, including murder mysteries and Christmas and New Year partiesCredit: Alamy

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UK pensions in crosshairs if Reeves waters down non-doms overhaul

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Pension savings are more likely to end up in Rachel Reeves’ crosshairs in the upcoming Budget if the UK chancellor waters down plans to end non-dom tax perks, industry observers have warned, as the government signalled a possible overhaul of the scheme.

Reeves had been targeting around £1bn a year by shaking up the tax regime for wealthy foreigners living in the UK but domiciled overseas, a move that some advisers have warned could backfire and lead to an exodus of wealth creators from the economy as they ditch the UK for more favourable tax jurisdictions. But on Thursday government officials signalled that the chancellor could reconsider the plan if the financial advantages were negated.

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The shift means the chancellor — who has already ruled out rises in income tax and national insurance to fill the £22bn fiscal black hole Labour says it inherited from the previous government — could target other areas to raise funds, particularly pensions, industry observers say.

Capital gains tax and inheritance tax changes were already on the table, said Tom McPhail, a pensions specialist at consultancy Lang Cat, but in the event the government abandons planned changes to non-dom tax rules, “there’s an increased likelihood they’ll do more on pensions”, he said. 

Rumours had already been circulating that the chancellor was planning to target pensions to replenish Treasury coffers. “I think death taxes on pensions look an absolute shoo-in,” McPhail said. Inherited pension wealth has hitherto been largely shielded from IHT.

David Brooks, head of policy and Broadstone, a pensions and employee benefits consultancy, agreed that tightening inheritance tax rules around pensions was “the most likely of all the levers Rachel Reeves has available”. 

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“If she is in need of further revenues,” he added, “it may tip the balance on making changes to pensions tax relief.”

The government uses tax relief to incentivise pension saving but is an area long viewed as ripe for reform as the bulk of relief ends of going to higher-rate taxpayers. One possible reform keenly watched by pension specialists is the introduction of a flat rate of relief of, say, 30 per cent, that will target higher-rate taxpayers but benefit those who pay the basic rate. Meanwhile many investors have been rushing to max out pension tax benefits ahead of any possible changes in the October 30 Budget, according to platform providers. 

Nick Nesbitt, partner at Forvis Mazars, said he expected the government might revisit rules on how much most people can save into a pension tax-free each year. In 2023, the Conservative government lifted the standard “annual allowance” to £60,000 from £40,000. “One option for Labour would be to reduce this to £40,000 or even lower,” Nesbitt said. “Doing this, however, will impact doctors and higher paid civil servants as they will see old tax problems resurface, something I imagine Labour will want to avoid.”

Others believe the panic around pensions is overblown. Jon Greer, head of retirement policy at Quilter, pointed out that the non-dom changes were only set to raise a relatively modest sum and targeting pension tax relief would be complex for the government to enact. “Implementing a flat-rate of relief on pensions would take significant time and lead to burdensome administration for pension schemes, HMRC and taxpayers,” he said. 

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The blowback from the government’s planned cuts to the winter fuel allowance would also make them think twice about targeting pensioners, Greer said. “Any further changes affecting pensioners are likely to reinforce the belief that the government is targeting them excessively.”

An HM Treasury spokesperson said: “We do not comment on speculation around tax changes outside of fiscal events.”

The government’s bleak economic outlook given in the run-up to the Budget “suggests a lack of foresight in expecting people not to take pre-emptive actions that might harm their long-term financial health”, Greer said. 

Broadstone’s Brooks cautioned pension savers against making any “knee-jerk” moves in anticipation of any changes and that for most working-age people pensions would remain “a hugely tax-efficient vehicle for saving towards later-life”.

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“We strongly hope that any changes will not deter savers from making adequate financial contributions to support their retirement.”

Additional reporting by Emma Agyemang

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