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REGISTERED NUMBER: 08839228 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2022

for

McCourt Sports Limited

McCourt Sports Limited (Registered number: 08839228)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


McCourt Sports Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: J J Ingram
F H McCourt
D Patel



SECRETARY: Elemental Company Secretary Limited



REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX



REGISTERED NUMBER: 08839228 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Antony Sassen



INDEPENDENT AUDITORS: Haines Watts Statutory Auditor
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

McCourt Sports Limited (Registered number: 08839228)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the Company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of an intermediary holding company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

J J Ingram
F H McCourt

Other changes in directors holding office are as follows:

N Lindsay - resigned 28 December 2022
D Patel - appointed 28 December 2022

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D Patel - Director


4 October 2023

McCourt Sports Limited (Registered number: 08839228)

Statement of Directors' Responsibilities
for the Year Ended 31 December 2022

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
McCourt Sports Limited (Registered number: 08839228)

Opinion
We have audited the financial statements of McCourt Sports Limited (the 'Company') for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
McCourt Sports Limited (Registered number: 08839228)


Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
McCourt Sports Limited (Registered number: 08839228)


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.
- Gained an understanding how those charged with governance considered and addressed the potential for override of controls
- Challenged assumptions and judgements made by management in its significant accounting estimates, in particular the recoverability of debtors
- Identified and tested journal entries

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Antony Sassen (Senior Statutory Auditor)
for and on behalf of Haines Watts Statutory Auditor
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

4 October 2023

McCourt Sports Limited (Registered number: 08839228)

Income Statement
for the Year Ended 31 December 2022

31.12.22 31.12.21
Notes £    £   

TURNOVER - -

Administrative expenses 23,201 25,707
OPERATING LOSS (23,201 ) (25,707 )

Profit/loss on sale of
investment 5 63,044,822 -
PROFIT/(LOSS) BEFORE TAXATION 63,021,621 (25,707 )

Tax on profit/(loss) - -
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

63,021,621

(25,707

)

McCourt Sports Limited (Registered number: 08839228)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Investments 6 - 42,689,000

CURRENT ASSETS
Debtors 7 105,740,408 -
Cash at bank 12,050 50,049
105,752,458 50,049
CREDITORS
Amounts falling due within one year 8 7,152 15,364
NET CURRENT ASSETS 105,745,306 34,685
TOTAL ASSETS LESS CURRENT
LIABILITIES

105,745,306

42,723,685

CAPITAL AND RESERVES
Called up share capital 9 42,338,800 42,338,800
Retained earnings 63,406,506 384,885
SHAREHOLDERS' FUNDS 105,745,306 42,723,685

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by:





D Patel - Director


McCourt Sports Limited (Registered number: 08839228)

Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 42,338,800 410,592 42,749,392

Changes in equity
Total comprehensive income - (25,707 ) (25,707 )
Balance at 31 December 2021 42,338,800 384,885 42,723,685

Changes in equity
Total comprehensive income - 63,021,621 63,021,621
Balance at 31 December 2022 42,338,800 63,406,506 105,745,306

McCourt Sports Limited (Registered number: 08839228)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. Statutory information

McCourt Sports Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page. The company's principal place of business is 10 Hudson Yards, 501 W 30th Street, 40th Floor, New York, NY, 10001, USA.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Going concern basis of accounting
The financial statements have been prepared under the historical cost convention.

The company's business activities are set out in the Directors' Report. The company is dependent, in the absence of other funding, on the continued financial support of its immediate parent company, Global Champion Holdings LLC. This company has confirmed its commitment to provide the necessary support.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that might be necessary if the parent company was not to provide further support.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

McCourt Sports Limited (Registered number: 08839228)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Valuation of investment
The company holds its investments at their historic book value plus the capitalised acquisition costs less provision for any diminution in value.

4. Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

The company did not employ any staff during the period.

5. Exceptional items
31.12.22 31.12.21
£    £   
Profit/loss on sale of
investment 63,044,822 -

6. Fixed asset investments
Interest
in joint
venture
£   
COST
At 1 January 2022 42,689,000
Disposals (42,689,000 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 42,689,000

On 17 March 2022 the company disposed of its entire investment for £105,769,672.

7. Debtors: amounts falling due within one year
31.12.22 31.12.21
£    £   
Amounts owed by group undertakings 105,740,408 -

McCourt Sports Limited (Registered number: 08839228)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. Creditors: amounts falling due within one year
31.12.22 31.12.21
£    £   
Trade creditors 2,052 9,364
Other creditors 5,100 6,000
7,152 15,364

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
42,338,800 Ordinary 1 42,338,800 42,338,800

10. Related party disclosures

At 31 December 2022 the Company was owed £105,740,408 by its immediate parent company as a result of the disposal of the fixed asset investment.

11. Ultimate controlling party

On 16 February 2022, McCourt LP distributed its holdings in McCourt Sports Limited to its ultimate beneficial owners. The immediate controlling party of McCourt Sports Limited by virtue of its shareholding is now:

Global Champions Holdings LLC
c/o McCourt Global
10 Hudson Yards
501 W 30th Street
40th Floor
New York
NY 10001
United States of America

Incorporated in the United States of America

The ultimate parent company is:

Global Champions Holdings Member Inc
c/o McCourt Global
10 Hudson Yards
501 W 30th Street
40th Floor
New York
NY 10001

Incorporated in the United States of America

Global Champions Holdings Member Inc. is ultimately controlled by Mr. Frank H. McCourt, Jr.