Jürgen Klopp to take on new role as head of global soccer at Red Bull

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Jürgen Klopp to take on new role as head of global soccer at Red Bull

2024-10-09 22:18 Last Updated At：22:20

LONDON (AP) — Former Liverpool coach Jürgen Klopp is returning to soccer after a shorter than expected break.

Energy drinks manufacturer Red Bull announced Wednesday that the German mentor is to become its head of global soccer from January, overseeing its international network of clubs.

“He will not be involved in the clubs’ day-to-day operations, but will provide strategic vision, supporting individual sporting directors in advancing the Red Bull philosophy,” the statement said. “Additionally, the 57-year-old will support the organization’s global scouting operation, and contribute to the training and development of coaches.”

Klopp had said he would take a “long break” from soccer after leading Liverpool to seven major trophies over nearly nine years in charge at Anfield. His tenure ended with a 2-0 win over Wolverhampton in May.

But it appears the prospect of involvement in soccer without the day-to-day intensity of coaching and the pressure it entails was one that Klopp was happy to seize.

”After almost 25 years on the sideline, I could not be more excited to get involved in a project like this,” Klopp said in Red Bull’s statement. “The role may have changed but my passion for football and the people who make the game what it is has not.”

German broadcaster Sky Sports reported that Klopp had secured a clause in his Red Bull contract that allows him to leave for the Germany coaching job should it become available. Julian Nagelsmann is the current coach of the men's national team and has a contract through the 2026 World Cup.

Before joining Liverpool and helping resurrect the club’s fortunes, Klopp led Borussia Dortmund to back-to-back Bundesliga titles and a domestic league and cup double in 2012. He previously rose to prominence as Mainz coach from 2001-08.

He led Liverpool to the Champions League title in 2019 and the Premier League title the following season, ending a 30-year wait for the storied port city club.

As Red Bull chief, he will oversee a roster that includes Dortmund’s league rival Leipzig, Austrian team Salzburg, New York Red Bulls, Bragantino in Brazil and Omiya Ardija in Japan. Red Bull also has a minority stake in second-tier English club Leeds.

“I see my role primarily as a mentor for the coaches and management of the Red Bull clubs but ultimately I am one part of an organization that is unique, innovative and forward looking. As I said, this could not excite me more,” Klopp said.

The German coach elaborated on Instagram, where he suggested the move is as much about his own development as Red Bull's.

“I want to learn again,” Klopp said in an Instagram post. “Because when you are in the job and you have to play every three days, you barely have time for that. And now I have time and I have the opportunity, and I want to see and feel and figure out what is useful for football. So, developing football a little bit as well. As I said, really looking forward to it, but now I go back on holiday.”

AP soccer: https://apnews.com/hub/soccer

Stock market today: Wall Street holds firm after Shanghai stocks suffer worst drop since early COVID

2024-10-09 22:11 Last Updated At：22:20

NEW YORK (AP) — U.S. stocks are holding relatively firm Wednesday following the latest scary swerves for markets in China.

The S&P 500 was 0.1% higher in morning trading and drifting close to its all-time high set last week. The Dow Jones Industrial Average was up 155 points, or 0.4%, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

Boeing slumped 2.5% for one of the market's sharper losses after it withdrew a contract offer that would have given striking workers 30% raises over four years following a break down in labor talks.

Alphabet also weighed heavily on the market. Its sank 2% as the U.S. Department of Justice considers asking a federal judge to break up its Google business after its search engine was declared an illegal monopoly. A breakup is one of many possible remedies under review.

But big gains for airlines, cruise-ship companies and other businesses whose customers are benefiting from a surprisingly strong U.S. job market helped to offset those losses. Norwegian Cruise Line steamed 8.3% higher after analysts at Citi upgraded its stock and said data suggests growth for the cruise industry “has real legs” into 2025 and beyond.

Treasury yields and oil prices were also holding relatively steady or easing after big jumps for both helped send the S&P 500 on Monday to its worst loss in a month.

Wall Street’s relatively modest moves followed another manic day in China. After earlier surging on hopes for stimulus to prop up the world’s second-largest economy, Chinese stocks have slumped on disappointment that more isn’t on the way.

Stocks in Shanghai tumbled 6.6% for their worst loss since February 2020, when fears were rising about a virus emanating from Wuhan and other cities in China. In Hong Kong, the Hang Seng index fell 1.4% after dropping more than 9% the day before, which was its worst loss since the global financial crisis of 2008.

The Chinese government has set a target for about 5% annual growth this year, but the economy expanded at only a 4.7% pace in the last quarter and economists have been revising their estimates for the full year downward.

Moves announced by China in late September fueled a rally that has since fizzled. But analysts have pointed out that a news conference on Tuesday by China’s main planning agency, the National Development and Reform Commission, was unlikely to convey much information about government spending, which is the purview of the Finance Ministry.

That ministry is due to hold a briefing on Saturday that could provide further details on planned government outlays that so far have fallen short of what investors have been hoping for.

The Shanghai Composite is still up 9.5% for the year so far, while Hong Kong’s index is up 21.1%.

Indexes were more stable elsewhere around the world and rose 0.9% in Japan and 0.2% in Germany.

In the oil market, prices were easing further. A barrel of Brent crude, the international standard, fell 2.1% to $75.55. after briefly topping $81 early this week. Benchmark U.S. crude fell 1.8% to $72.23 per barrel.

In the bond market, the yield on the 10-year Treasury rose to 4.04% from 4.01% late Tuesday. The two-year Treasury yield, which moves more closely with expectations for what the Federal Reserve will do with interest rates, edged up to 3.98% from 3.96%.

AP Writers Zimo Zhong and Matt Ott contributed.