awash

Rory McIlroy awash in apologies over abusive Ryder Cup crowd

Rory McIlroy hadn’t even left the practice range last Friday morning when a small section of fans at the Ryder Cup started a profane chant aimed at his image on a video screen at Bethpage Black in Farmingdale, N.Y.

The verbal abuse and other inappropriate behavior directed toward McIlroy and his European teammates worsened as the weekend went on. At one point Saturday a cup of beer sailed out of the crowd and hit the brim of a hat worn by McIlroy’s wife, Erica Stoll, who was walking next to her husband.

The poor treatment didn’t prevent Team Europe from claiming a 15-13 win over the U.S. Afterward, McIlroy told reporters, “What happened here this week is not acceptable” and “I think golf should be held to a higher standard than than what was was seen out there this week.”

Derek Sprague, chief executive of PGA of America, told the Athletic this week that he had apologized to McIlroy and Stoll in an email.

Comedian Heather McMahan, who served as a morning emcee on the first two days of the Ryder Cup, also apologized this week for participating in a profane chant toward McIlroy.

And on Thursday — several days after he had seemingly trivialized the boorish fan behavior at the Ryder Cup by likening it to that of attendees at youth soccer games — PGA of America president Don Rea Jr. finally apologized in an email to the organization’s 30,000-plus members.

Don Rea Jr. wears a green vest over a white shirt as he speaks during a news conference.

PGA of America president Don Rea Jr. speaks during a news conference at the PGA Championship in May.

(Matt York / Associated Press)

“Let me begin with what we must own. While the competition was spirited — especially with the U.S. team’s rally on Sunday afternoon — some fan behavior clearly crossed the line,” Rea wrote in the email, which was viewed by the Associated Press. “It was disrespectful, inappropriate, and not representative of who we are as the PGA of America or as PGA of America golf professionals. We condemn that behavior unequivocally.”

It was a different tone from the one Rea took Sunday when the BBC asked him about the unruly behavior of fans.

“Well, you’ve got 50,000 people here that are really excited, and heck, you could go to a youth soccer game and get some people who say the wrong things,” Rea said. “We tell the fans, booing at somebody doesn’t make them play worse. Typically, it makes them play better. And when our American players have to control the crowds, that distracts them from playing. So our message today to everybody who’s out here is, cheer on the Americans like never before, because that’ll always get them to play better and get them out of crowd control and let them perform.”

Asked specifically about the verbal abuse directed toward McIlroy, Rea said: “You know, it happens when we’re over in Rome on the other side. And Rory understands. I thought he handled the press conference just amazingly. But yeah, things like that are going to happen. And I don’t know what was said, but all I know is golf is the engine of good.”

Sprague, who took over as PGA of America’s chief executive in January, told the Athletic on Wednesday that he had apologized to McIlroy’s manager that morning and asked him to pass along a message to the five-time major champion and his wife.

“I sent a long email to share with Rory and Erica and just told him that we will do better in the future,” Sprague said. “I’m the CEO now. I don’t condone this type of behavior. This is not good for the game of golf. It’s not good for the Ryder Cup. It’s not good for any of the professional athletes, and we will do better.”

A blond woman in a low-cut black gown poses in front of a blue background

Heather McMahan arrives at the 76th Emmy Awards on Sept. 15, 2024, at the Peacock Theater.

(Jae C. Hong / Invision / Associated Press)

In video footage from the first tee Saturday morning, McMahan appeared to be taking part in a profane chant aimed at McIlroy. That night, the PGA of America released a statement saying McMahan had apologized to McIlroy and Team Europe and had stepped down from her first-tee hosting duties.

McMahan addressed the situation Wednesday on her “Absolutely Not” podcast, saying she did not start the chant, as some outlets have reported, and said it only once before realizing it wasn’t something she wanted to take part in.

“I will take full responsibility and sincerely apologize to Rory, Team Europe for saying that,” McMahan said. “It was so foolish of me. I did not start the chant. I would just like that narrative to get out there. I did not start it, but any way that I had participated in that, even just saying it once, was so foolish and silly of me.

“And as soon as it came out and they started chanting, I was just like, ‘Oh, the energy just shifted.’ It went from us trying to be fun and funny … to immediately just was negative and felt really kind of toxic. So as soon as I said that I was like, ‘I don’t want any part of this.’”

The Associated Press contributed to this report.

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Italy Is Awash With M&As

With M&A ramping up in Europe, Italy is leading the way with a dynamic financial sector, boasting seven active deals.

UniCredit’s hostile offer for Banco BPM is the most talked about, valued at $16.35 billion, almost $1 billion below BPM’s market value. The bid followed Unicredit’s unsuccessful negotiations with the Italian government to take over Banca Monte dei Paschi di Siena three years ago. Unicredit launched the new tender on BPM despite restrictions imposed by the government. The situation is currently stalling after Italy’s market regulator temporarily suspended the offer period.

For its part, Banco BPM recently acquired asset manager Anima for over $2 billion.

“When the wave of consolidation rises, there is almost always a domino effect, with the banks trying to defend their competitive position. In Italy, it was triggered by Intesa’s merger with UBI in 2020, which widened the market share gap with smaller players. In particular, it put pressure on UniCredit—the second largest domestic bank—to strengthen their competitive position,” says Paola Biraschi, managing director, European Banks Credit Research, at CreditSights, a FitchSolutions company.

In a highly competitive context, many other Italian banks have recently made headlines.

Earlier this year, Monte dei Paschi, Italy’s oldest bank, took the country by surprise when it proposed a $14 billion all-share merger offer for private investment bank Mediobanca.

Meanwhile, Mediobanca announced a voluntary public exchange offer for 100% of Banca Generali, a deal worth $7.1 billion, to create an Italian leader in wealth management.

In January, Banca Generali completed its all-cash buyout acquisition of broker Intermonte for $112 million.

Another important deal is BPER Banca’s $5 billion, all-share exchange offer for its competitor Banca Popolare di Sondrio. The European Central Bank recently cleared the bid.

Finally, a few weeks ago, Banca IFIS launched a $340 million cash-and-share offer for Illimity, the high-tech bank founded by former Intesa CEO Corrado Passera.

With so many deals in full swing, the consolidation process in Italy is considered good news and ultimately “positive for both banking customers and investors, as efficiency, profitability, and quality of service are all set to improve,” concludes Biraschi.

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