Unreliable funding increases OSSL losses

first_imgNewly published financial statements from Oxford Student Services Ltd (OSSL), the commercial arm of OUSU, show that gross profit fell by almost £40,000 between 2005 and 2006.OUSU sabbatical officers have warned that guaranteed funding from the University is the only way to avoid the Student Union’s current financial crisis. Overall turnover is down by around £100,000 and operating profit has fallen by £7,000.Ed Mayne, OUSU Vice-President (Finance) and OSSL Chairman, said that finances were volatile and prone to fluctuating. “Although the turnover for the 2004/5 financial year was high, the income proved to be unsustainable and many changes were made in the 2005/6 academic year. Due to the way OSSL currently operates, income and turnover will always fluctuate,” he said.OSSL plans to introduce a second business manager next year in a bid to increase revenue. “I am confident that the income we will receive in this financial year will be higher than in the previous financial year. OUSU’s publication provision will not change from its current format,” he added.In 2005, OUSU predicted that it would make a profit of £50,000 but in fact incurred a deficit of £42,702. As a result, OUSU was forced to radically reform its operations for creating revenue to remain financially viable. An estimated deficit of £60,000 the following year was proved wrong when the Student Union lost only £32,904 in 2006. The University has previously stressed that it will not provide further financial assistance until OUSU stops making losses, but the University’s Joint Committee has since reconsidered its position.OUSU President Alan Strickland said that the lack of a substantial block grant comparable to those received by student unions at other universities means that OUSU will remain financially weak due to inadequate funding and few permanent staff. “The volatility of OUSU’s commercial income makes it an unreliable source of funding for welfare, representation and other core services,” he said. “Thankfully, the University’s Joint Committee, which oversees OUSU, has accepted this. We are in advanced negotiations with them to gain stable core funding. OUSU has to guarantee provision of its core services without guaranteed funding. This is a serious problem which I hope we can remedy.”He added that OUSU expected greater OSSL profits in 2007, saying, “The overhaul of OUSU’s financial management which we’ve led this year and the hard work of our Business Manager mean that profits are stronger than last year. I’m confident that our subsidiary will be able to donate a healthier profit to OUSU at the end of the year.”Louisa Brownleelast_img read more

Oscar De La Hoya blasts IBF after Canelo Alvarez stripped of belt

first_imgJoin DAZN and watch more than 100 fight nights a yearHowever, Golden Boy Promotions CEO De La Hoya has reacted angrily to the news, insisting Derevyanchenko’s camp “never had any intention” of securing a bout with Alvarez.In a statement sent to media outlets, De La Hoya said: “We are extremely disappointed at the IBF for forcing the world’s best fighter to relinquish his world title.”We have been in serious negotiations with Sergiy Derevyanchenko’s promoter. We offered his team an unprecedented amount of money for a fighter of his limited stature and limited popularity, but the truth is that I’m now certain they never had any intention of making a deal. But instead they wanted to force us to relinquish Canelo’s belt. Oscar De La Hoya has launched a furious tirade against the IBF and announced he is considering legal action after the organization stripped Saul “Canelo” Alvarez of his 160-pound title.Alvarez lost his IBF belt on Thursday after his promoters failed to agree on a deal for a fight against mandatory challenger Sergiy Derevyanchenko. “This is an insult to boxing and more importantly an insult to the boxing fans of the world.”This decision validates already existing concerns about the credibility of the IBF championship. Canelo inherited a mandatory challenger by defeating Daniel Jacobs, the man who beat Derevyanchenko, so to strip him of his title without giving him enough time to make the best fight possible is truly what is wrong with boxing, and I plan to aggressively consider all legal actions possible.”Derevyanchenko is now expected to face Alvarez’s rival Gennady Golovkin for the newly vacant IBF belt.last_img read more

Farah shock winner of BBC award

first_img“It is pretty amazing and hard to think about,” Farah, who was not present at the awards ceremony in Liverpool, told those in attendance via video link.“I didn’t imagine I was ever going to win this but anything can happen. If you work hard you can achieve your dreams.“I just cannot believe I have won.”Roger Federer was voted BBC overseas sports personality of the year for a record fourth time earlier in the week after an astonishing season during which he picked up two more Grand Slam titles.Share on: WhatsApp Paris, France | AFP | Britain’s four-time Olympic gold medallist Mo Farah was named BBC sports personality of the year for the first time on Sunday, edging out motorcycling champion Jonathan Rea to the award.Farah, 34, successfully defended his 10,000-metre title at the World Championships in August, although he missed out on another distance double after taking silver in the 5,000m.He retired from the track later that same month to focus on road racing and has said he could run the marathon at the 2020 Olympics in Tokyo.Farah earned 83,524 votes — 2,957 more than Northern Irishman Rea, who became the first rider to win three consecutive World Superbike titles, while double Paralympic champion Jonnie Peacock came third.Heavyweight boxer Anthony Joshua, the bookies’ favourite to land the prize, finished fourth in a year that saw the 28-year-old defeat Ukraine’s Wladimir Klitschko in an epic world title fight.last_img read more

Liverpool ride their luck to beat Wolves, Chelsea comeback stuns Arsenal

first_img– ‘Awful’ Chelsea beat Arsenal –Arsenal seemed set to give Arteta a first home win in the league since October as Pierre-Emerick Aubameyang’s opener was just reward for one of the Gunners’ best performances of the season.However, the defensive blunders that have blighted Arsenal’s season under three different managers cost them again when goalkeeper Bernd Leno came and missed a Mason Mount free-kick to allow Jorginho to tap home an equaliser seven minutes from time.Chelsea capped the comeback four minutes later when Tammy Abraham led a counter-attack from one end to the other before finishing from Willian’s cross.“We were so awful for 30 minutes; slow, lethargic, nervous,” said Lampard, who made a tactical change to bring on Jorginho after just 34 minutes.“The second half was nothing to do with tactics, it was all to do with spirit and desire.”However, Arsenal were furious Jorginho was still on the field to equalise as he escaped a second yellow card at 1-0 for a foul on Alexandre Lacazette.VAR also had a big role to play at the Etihad where City were again far from convincing but did enough to inflict a first away defeat in nearly a year on Sheffield United.The Blades had a goal ruled out by a VAR review before half-time for another close offside call against Lys Mousset.The Frenchman also wasted another good chance when one-on-one with Claudio Bravo and the visitors were punished by a characteristically clinical finish from Aguero as he rifled home De Bruyne’s through ball.De Bruyne then doubled City’s advantage eight minutes from time as Pep Guardiola’s men bounced back from defeat at Molineux less than two days ago.“After 48 hours we recovered for an incredible game after more than 80 minutes with 10 men, so compliments to the team,” said Guardiola.Share on: WhatsApp Liverpool 1 Wolves 0 Arsenal 1 Chelsea 2 Man City 2 Sheffield 0London, United Kingdom | AFP | Liverpool needed the aid of VAR to re-establish their 13-point lead at the top of the Premier League with a 1-0 win over Wolves on Sunday as a late Chelsea fightback inflicted a 2-1 defeat on Arsenal in Mikel Arteta’s first home game in charge.Manchester City remain 14 points adrift of the runaway league leaders, but closed the gap on second-placed Leicester thanks to second-half goals from Sergio Aguero and Kevin de Bruyne to beat Sheffield United 2-0.Sadio Mane scored the only goal of a controversial clash at Anfield as Liverpool extended their unbeaten run at home in the league to 50 games.“If it would be easy to win that number of games a lot more teams would have done it,” said Liverpool boss Jurgen Klopp.“It is not easy and you have to fight with all you have. Sometimes we have more and sometimes less and the boys do that all the time, so I couldn’t be more proud of what they did again.”Mane’s strike three minutes before half-time was initially ruled out for a handball by Adam Lallana in the build-up, but a VAR review overturned referee Anthony Taylor’s on-field decision.Moments later Wolves thought they had levelled when Pedro Nieto fired low past Alisson Becker, but again the VAR review went against the visitors as the goal was ruled out for a fractional offside against Jonny.“We feel massively hard done by, I can’t get my head around it. It is ridiculous,” said Wolves captain Connor Coady.“For me it is not working. Some people are saying it gets the right decision but we’re the players on the pitch and it doesn’t feel right to me.”Wolves had less than 48 hours to recover from a thrilling 3-2 victory over City on Friday, but still had plenty of chances to secure at least a point after the break as Becker denied Diogo Jota before Raul Jimenez and Adama Traore had shots deflected wide in the closing stages.Just a second league defeat in 15 games means Wolves fall five points behind Chelsea in the fight for a top-four finish after Frank Lampard’s men staged a dramatic turnaround at the Emirates.last_img read more