The Macro Question

Grant: There is an awful lot of money er in the fan community. But on the other flip side, there could be some complacency that we've got no problem raising money because money's cheap at the moment. Grant: I think it's what we heard on this call to day, that there is a disintermediation going on. And wo betides anybody in the middle of that value chain, which traditionally has been everybody, from bd broadcasters to teams to sports agencies to media centres, if they don't get with this programme, hewill be washed away.