New York City was handed a boost of nearly US$60 million as a result of the New York Yankees' World Series victory over the Philadelphia Phillies, according to Bloomberg.

Stan Kroenke, the majority shareholder at Arsenal, has bought another 200 shares to take his stake in the club to 29.9 per cent - meaning any further investment above the absolute minimum would legally oblige him to make an offer for the Premier League club.

Toyota, the Japanese car manufacturer, has confirmed it is pulling out of Formula One in an effort to cut costs and concentrate on its core business.

Michel Platini has again spoken out on the need for reform in football, claiming that the high debt levels at many of Europe's leading clubs mean they would not be able to find a buyer - even though many of the owners would like the chance to sell.