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Billionaire Benko Writes Off $261 Million at Cycling Unit Wiggle

  • Signa Sports gets €50 million bridge loan, capital pledge
  • Retailer booked €244 million goodwill impairment on Wiggle buy

Austrian real estate investor and billionaire Rene Benko wrote off the expected benefits of a merger with cycling retailer Wiggle Group before injecting more capital into his troubled sports retail business. 

The sports retailer Signa Sports United booked a €566 million ($605 million) loss in the year ending September, in part due to a €244 million impairment on goodwill related to the purchase of cycling retailer Wiggle, according to the annual report of Signa Sports United published Tuesday.