It has been an unusually busy few days for Amanda Staveley, the chief executive of PCP Capital Partners, and her husband – PCP’s managing partner – Mehrdad Ghodoussi.
As well as final negotiations on a couple of hotels the firm is buying together with its clients, the pair have been trying to manage the very public fallout from the attempt by a PCP-led consortium of investors, from the Middle East, Asia and elsewhere, to buy the English Premier League football club Newcastle United. Ms Staveley's firm has been accused of wasting the time of the owner Mike Ashley and she and Mr Ghodoussi have been defending PCP's reputation in the press and elsewhere.
"In football there seems to be no secrets, there is such intense interest in football and that is difficult to manage [during a transaction]," Ms Staveley tells The National from London, where her firm has an office. A boutique private equity business, PCP Capital Partners is headquartered in the UAE, and employs around 20 staff worldwide. A satellite office in China opened about a year and a half ago and has half a dozen employees.
"We are deliberately a small team because you want to reduce cost and you can be more nimble. If the transaction gets big and we need support we will go and bring in advisers," says Mr Ghodoussi, a former investment banker.
Ms Staveley says PCP Capital Partners "will comfortably be able to invest US$1 billion into a deal if we need to, or more, and we also will invest throughout the capital structure. We will do equity and we will do credit as well. That affords us some degree of balancing our risk as well."
Mr Ghodoussi adds that "it's not all about the $1bn deals either, we do look at the other side of the spectrum. We will look at smaller deals, again it is about where we can add value and how we can get something over the line" for our clients.
Here is where the firm's true strength lies, the pair say. Ms Staveley, Mr Ghodoussi and the rest of the team have built up a network of relationships around the world with institutions, sovereign investors and ultra-wealthy individuals, which are at such a high level of comfort that deals can be initiated and closed relatively quickly, a matter of weeks typically and three months at most.
"Obviously we have strong relationships within the [Middle East] region, we have also built relationships in Asia, in China and also in the US," says Mr Ghodoussi.
Based on the strength of these relationships, PCP Capital Partners' model is to draw down funds on a case by case basis and when an investment decision is taken.
Ms Staveley says that while PCP's investment approach to sectors is balanced, with a portfolio including credit, real estate and public market securities, geographically the firm is agnostic.
"There are obviously opportunities [that we come across]. For instance, I have been in the US closing a transaction, which is a real estate and hospitality [deal]. We also are at the same time in the final negotiations over similar assets in Dubai," says Ms Staveley.
While the kind of opportunity or specific transaction is the key driver for the firm, the Middle East has always been a cornerstone of the business and PCP has high aspirations for the UAE.
"While we invest outwardly we are very keen to invest in our local economy as well. That's very important," says Ms Staveley.
Mr Ghodoussi adds that the firm is currently looking at a specific deal in Abu Dhabi as well as the aforementioned Dubai real estate/hospitality opportunity, which has reached final negotiations.
"With the Dubai asset we are talking about, we are talking to our partners in Asia and the US to come in with us, so it is about bringing capital into the region," he says.
The firm's revenues come from a mixture of advisory fees and upside from investments it participates in. PCP does not charge any investment fees.
"We are transactional driven, we take on the same risk as our partners are taking and the same sort of upside. The amount depends on the deal," says Mr Ghodoussi.
Given how focused the firm is and its clear areas of strength, the now protracted attempt to buy Newcastle seems a departure, almost a passion project.
"Our business is very much financial. We are an investor, it is an investment, we are running everything as business," says Ms Staveley.
Yet the PCP consortium's bid to become an owner of an English Premier League (EPL) club seems an outsized ambition for a boutique-sized firm. The list of owners of EPL clubs is dominated by individuals and organisations comfortably in the estimated net worth bracket of billions of dollars.
“It’s my belief that big clubs should be owned by individuals with deep pockets or sovereigns, like Man City. What Abu Dhabi has done to support Manchester is an example of a responsible football owner. So the big clubs are in the safest hands,” acknowledges Ms Staveley.
___________
Read more:
Whether Ashley sells to Staveley or not Newcastle need major reinforcements in January
Newcastle takeover hangs in the balance as Ashley holds out for £300m from Staveley
___________
However, she argues that football is going through an interesting period of change including around the way the younger generation consumes the sport. Uefa's Financial Fair Play Rules, staggering commercial deals for kit sponsorship and the astronomical figures paid for media rights has cleared the way for a firm like hers to realistically think of owning a top-flight football club in England.
"We have our eyes open, we are not trying to be a Man City. When Financial Fair Play came in [is when it changed], it helped other investors. Investment is a progression, you can start as an investor and welcome new investors, clubs can grow with the same shareholder base and get bigger over time," she says.
Of course, Ms Staveley is not naive, having experienced the realities of the business of elite football for more than a decade. In 2006-2007, the then Liverpool owners Tom Hicks and George Gillett hummed and hawed over a sale of the club to Dubai investors before pulling the plug on a deal that Ms Staveley was advising on. She went back in for Liverpool herself last year at the head of a consortium, when a bid worth up to £1.5bn (Dh7.63bn) was turned down by the current owners Fenway Sports Group.
The attempt to buy Newcastle has now surpassed the above in terms of acrimony with Mr Ashley proving to be arguably the most difficult negotiating partner Ms Staveley has come across so far.
"Football is unique in its aspects. It is special, complex. Negotiations tend always to be quite difficult. They are emotive assets and also the pool of people who acquire football assets is very small globally, so transactions are rare and there are a lot of differences in views on valuations," says Ms Staveley.
Her consortium's offer of a £250 million one-off cash payment for the club is not enough for Mr Ashley, who believes Newcastle is worth nearer £350m. Ms Staveley and Mr Ghodoussi, however, say they will not pay that much because the purchase of the club is just the beginning of PCP's long-term investment. Almost immediately there would be further costs of £100m to £200m in the first year to improve the playing squad and other areas of the business.
"I'm very much still interested in buying Newcastle. And our bid remains on the table," The Times newspaper on Saturday reported Ms Staveley as saying, after Sky Sports said a source close to Mr Ashley told the TV station last week the talks with PCP had proved to be "exhausting and a complete waste of time".
"I'm very concerned, I'm very surprised and I'm disappointed about what's been said," Ms Staveley added. "The suggestion that we were either wasting time or not serious is absurd. It's hurtful.
"This is an investment, but it has to be a long-term investment. Newcastle would be run as a business, but we want it to be a successful, thriving business that is an absolutely integral part of the city."
Ms Staveley and Mr Ghodoussi won't be drawn to talk directly about Mr Ashley but they do worry about how the past few weeks might impact potential interest from other quarters if the PCP-led consortium ultimately does walk away.
"That is [Mr Ashley's] right if he thinks it is worth £350m, he's got a right to wait for the right price and that's okay [but] don't scare off other potential bidders because there are so few potential parties that can buy it," says Ms Staveley.
____________
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English football's economic miracle driving Staveley's Newcastle bid
Facebook leads way as sports streaming looks to go mainstream
____________
Also on Saturday, Kieran Maguire, who lectures at the University of Liverpool, suggested to local media Mr Ashely's stance might be an attempt to push Ms Staveley to raise her bid.
“I think that’s what Mike Ashley is probably gambling on; that he thinks Amanda Staveley wants to buy the club so much that she’s going to increase her offer," Mr Maguire told BBC Newcastle.
"Nothing quite makes sense at present, but then you’re dealing with Mike Ashley.”
Mr Ashley himself has said little or nothing on the sale situation so far this year.
Ms Staveley is not sitting still in the meantime. PCP Capital Partners has set up a litigation fund with Therium Capital Management, experts in litigation funding. This is a direct lesson from several high-profile court battles that Ms Staveley has been involved in, such as the suit over One Trafalgar Square against the Ukrainian billionaire Gennadiy Bogolyubov, five years ago and the ongoing £1.2bn lawsuit with Barclays over alleged unpaid fees, related to the bank's 2008 fundraising from Qatar to stave off UK government support during the financial crisis. Ms Staveley expects this asset class to potentially drive exceptionally high returns.
"Investing in other people's litigation offers non-correlated returns, of 45 per cent to 60 per cent IRRs [internal rate of return]," she says.
"The Barclays case for me has been very interesting. We will look at some of our large clients and say to them, 'look, you may have litigation, we will either buy those claims or invest those claims with you, run them with world leading lawyers.' I am excited about this business and I enjoy it."
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
UAE currency: the story behind the money in your pockets
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
More on Quran memorisation:
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
More on animal trafficking
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Global state-owned investor ranking by size
1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A
Results:
6.30pm: Maiden | US$45,000 (Dirt) | 1,400 metres
Winner: Tabarak, Royston Ffrench (jockey), Rashed Bouresly (trainer)
7.05pm: Handicap | $175,000 (Turf) | 3,200m
Winner: Dubhe, William Buick, Charlie Appleby
7.40pm: UAE 2000 Guineas Group 3 | $250,000 (D) | 1,600m
Winner: Estihdaaf, Christophe Soumillon, Saeed bin Suroor
8.15pm: Handicap | $135,000 (T) | 1,800m
Winner: Nordic Lights, William Buick, Charlie Appleby
8.50pm: Al Maktoum Challenge Round 2 Group 2 | $450,000 (D) | 1,900m
Winner: North America, Richard Mullen, Satish Seemar
9.25pm: Handicap | $175,000 (T) | 1,200m
Winner: Mazzini, Adrie de Vries, Fawzi Nass
10pm: Handicap | $135,000 (T) | 1,400m.
Winner: Mubtasim, William Buick, Charlie Appleby
Results
1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47
2. David Dekker (NED) Jumbo-Visma - same time
3. Michael Morkov (DEN) Deceuninck-QuickStep
4. Emils Liepins (LAT) Trek-Segafredo
5. Elia Viviani (ITA) Cofidis
6. Tadej Pogacar (SLO UAE Team Emirates
7. Anthony Roux (FRA) Groupama-FDJ
8. Chris Harper (AUS) Jumbo-Visma - 0:00:03
9. Joao Almeida (POR) Deceuninck-QuickStep
10. Fausto Masnada (ITA) Deceuninck-QuickStep
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Klipit%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Venkat%20Reddy%2C%20Mohammed%20Al%20Bulooki%2C%20Bilal%20Merchant%2C%20Asif%20Ahmed%2C%20Ovais%20Merchant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Digital%20receipts%2C%20finance%2C%20blockchain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%244%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Privately%2Fself-funded%3C%2Fp%3E%0A
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
Barcelona 3
Messi (27’, 32’, 87’)
Leganes 1
El Zhar (68’)
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The years Ramadan fell in May
The five pillars of Islam
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
More from Neighbourhood Watch:
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5