Rangers FC have dismissed chief executive Patrick Stewart and sporting director Kevin Thelwell with immediate effect, with chairman Andrew Cavenagh saying the pair did not align with the club’s “vision for the next chapter”.

Both executives had faced supporter criticism during a poor start that saw manager Russell Martin sacked in October after 17 matches. Stewart arrived at the club in December, while Thelwell’s appointment was confirmed in April, though he only joined after leaving Everton at the end of last season.

The club, now controlled by a US-based consortium led by Cavenagh, has appointed director Fraser Thornton as interim chief executive while it begins the search for permanent replacements.

Cavenagh outlines overhaul

Cavenagh said the club’s six-month review showed Rangers required different leadership, stressing that both men were “skilled executives” but not the right fit for current priorities.

Rangers were eighth in the league and 11 points behind Hearts when Martin was dismissed after failing to qualify for the Champions League league phase. They have climbed to fourth under Danny Rohl and narrowed the gap to nine points but have lost all four Europa League matches this season.

Saudi fund to provide up to $1bn in FIFA-backed stadium loans

FIFA has agreed a new partnership with the Saudi Fund for Development (SFD) to offer up to $1 billion in subsidised stadium-financing loans to member associations in developing countries.

The governing body said the scheme would enable national associations to build or renovate stadiums, following a deal announced at a ceremony in Zurich on Monday.

Infantino described the initiative as “a crucial step” to help associations improve facilities, while SFD chief executive Sultan bin Abdulrahman Al-Marshad said the partnership aimed to create “lasting legacies”.

Saudi influence expanding

The agreement expands Saudi involvement in global football ahead of the men’s 2034 World Cup, which the kingdom will host. FIFA has already signed Saudi state oil company Aramco as a sponsor for the 2026 World Cup.

FIFA also announced a global Club World Cup broadcast deal with DAZN in December 2024, shortly before confirming Saudi Arabia as 2034 World Cup host. A widely speculated $1 billion Saudi investment in the streamer was confirmed weeks later.

Fan groups call for freeze on Premier League home ticket prices

More than 100 supporter organisations have urged Premier League clubs to freeze home ticket prices for the 2026/27 and 2027/28 seasons, following consecutive years of increases across the division.

According to a letter published by the Football Supporters’ Association, 19 clubs raised prices for the 2024/25 season, while 13 did so again this campaign, prompting 116 groups to back a collective demand for a halt on further rises.

The groups are also asking clubs to share data on pricing and policies with supporters and to hold structured discussions on future ticketing decisions. The letter warns that rising costs are making attendance harder for younger fans and working-class communities.

Reform is possible

The document highlights the current £30 cap on away tickets as evidence that coordinated price controls can work.

The Chelsea Supporters’ Trust, a signatory, said two years of above-inflation increases had “hit supporters hard” and urged the club to halt any further rises to keep Stamford Bridge “accessible, inclusive and alive with the supporters who make Chelsea what it is”.

A22 demands UEFA approve revised Unify League within eight weeks

A22 Sports Management has asked UEFA to pre-authorise its proposed Unify League within eight weeks, arguing the governing body is breaching EU law.

In an 18-page letter to UEFA general secretary Theodore Theodoridis, A22 chief executive Bernd Reichart said the revamped competition complies with the December 2023 Court of Justice of the European Union ruling, which found UEFA’s approach to rival tournaments violated EU competition law. The CJEU judgment has since been upheld in Madrid, where UEFA recently lost an appeal.

A22 and Real Madrid have begun legal action in the Spanish capital seeking damages, claiming UEFA’s refusal to approve the Unify League has caused financial harm. Real Madrid believe they are owed €4.5 billion in lost revenue over the project’s lifetime. Reichart wrote that UEFA continues to apply rules “contrary to EU law”, exposing it to claims from clubs, players and A22.

Real Madrid president Florentino Pérez told the club’s general meeting that the “strength” of the legal case allows them to pursue compensation and the right to organise the competition. He said the club is “not here to win a judgment but to put it into practice”.

Revised competition structure

A22’s latest proposal follows seven months of talks with UEFA and retains the governing body’s three-tier format.

The Unify League would feature 36-team Star, Gold and Blue leagues, replacing last year’s plan for four divisions. Teams would be split into two 18-team groups, each playing eight matches under a system similar to UEFA’s new league phase.

Qualification would mirror the Champions League, Europa League and Conference League pathway, with groups seeded by coefficient.

The Premier League will scrap its existing profit and sustainability rules (PSR) after the 2025/26 season, which will be replaced by squad cost ratio (SCR) and sustainability and systemic resilience (SSR) regulations.

During a shareholders’ meeting last Friday, clubs voted in favour of the new financial rules, which will take effect from next season. SCR received 14 of 20 votes, while SSR were approved unanimously.

Under the new SCR rules, Premier League clubs’ spending will be restricted to within 85 per cent of their revenue and net profit or loss on player sales. Teams will be given a multi-year allowance of 30 per cent, which they will be able to use in excess of the 85 per cent limit. SCR will cover player and coach salaries, as well as agent fees, amortisation or impairment of transfer fees. These rules are similar to UEFA’s financial regulations, which cap teams’ spending to within 70 per cent of their revenue.

Proposals for new ‘anchoring’ rules were rejected, after only receiving only seven votes. These would have limited teams’ spending to up to five times the broadcast rights revenue and prize money of the last-placed club.

Clubs to take SCR Compliance Test

The SSR rules, which will also be introduced next year, will see clubs required to prove that they have monthly access to £12.5 million in cash or working capital, as well as passing a ‘Stress Test’, in which they will need to show that they can withstand an £85 million financial hit, assimilating the impact of relegation.

Clubs will each undergo an SCR compliance test on 1st March, which will assess whether their squad cost falls within the 85 per cent threshold. Teams will be subject to an Accounts Confirmation Test if not deemed compliant.

 

Real Madrid to seek member vote on plan to sell 5 per cent stake

Real Madrid president Florentino Pérez has proposed selling about 5 per cent of the club through a new subsidiary, outlining the plan at the annual members’ meeting and saying it will be put to a vote at an extraordinary assembly.

Pérez told the club’s roughly 100,000 members that the move would bring in outside investors for the first time, describing their role as “symbolic” and “limited”. He said any new shareholders would need to respect the club’s values and contribute to its growth.

The proposal would represent the biggest ownership change in the 123-year history of the club, which reported revenue of €1.1 billion last year. Pérez said Real would retain first refusal if any new investor wished to sell their stake.

“We must avoid losing the ownership and control of the club’s destiny to a few individuals, as has been the case at other clubs,” Pérez said.

Pérez stresses protection of member control

The Real president said the new structure would “formally recognise” the 100,000 socios as the club’s “true owners”, fixing that number and giving memberships a defined financial value.

He added that the changes were designed to prevent any loss of control to external parties, contrasting Real’s governance model with other clubs.

 

Rangers report £14.8 million loss for 2024/25

Rangers have reported a loss of £14.8 million for the year ended 30th June 2025, despite generating record revenue of £94.1 million.

This marks a slight improvement on last year’s loss of £17.2 million. Meanwhile, the Scottish club’s overall revenue increased by £5.8 million compared to last year’s figure of £88.3 million for the 2023/24 season.

Earlier this year, a US-based consortium led by investor Andrew Cavenagh and 49ers Enterprises, the investment arm of the NFL’s San Francisco 49ers, acquired a 51 per cent stake in the club, investing £20 million after their arrival in May. Over the last year, Rangers’ EBITDA rose from £200,000 to £5.6 million for 2024/25, while the Glasgow club’s closing cash balance saw a significant increase from £1.7 million to £30.5 million.

Club to “invest responsibly”

James Taylor, chief financial officer at Rangers, said: “Over the past two years, we have made considerable progress on aligning revenue and expenses although there remains work to be done.

“The new equity investment completed in May has strengthened our financial base. As we continue to progress on our financial plans, we will be able to continue to invest responsibly in the team, our facilities, and our long-term future.

“Our focus is on maintaining that balance, investing in football performance while keeping the club on a sustainable financial footing.”

 

Cagliari announce minority investment from US group

Cagliari Calcio have secured new minority investment from a US group led by Praxis Capital Management CEO Maurizio Fiori, the Italian club announced.

In a statement, Cagliari said the “strategic” investment is intended to support the construction of a new stadium, as well as driving the Serie A club’s structural growth.

Tommaso Giulini, who has been the club’s owner and president since 2014, will retain control and operational leadership of the team. Previously, Cagliari were owned by former Leeds United owner Massimo Cellino.

New funding shows club’s “global potential”

“As a Sardinian who grew up going to the stadium at every game with my grandfather, it is an honour for me to be able to support [Giulini] in the custody of this much-loved institution and contribute to writing the next chapter of his history,” said Fiori.

Giulini said: “Welcoming Maurizio and his group of investors strengthens our future plans and confirms the global potential of our club. Their vision, combined with experience and respect for our traditions, makes them ideal partners to build together the Cagliari of the future.”

 

Celtic assembly abandoned due to fan protests

Celtic were forced to abandon the club’s annual general meeting (AGM) after just 25 minutes, following protests from shareholders.

Just minutes after the AGM started, the meeting was adjourned for 30 minutes, after shareholders chanted “sack the board”, as well as booing and brandishing red cards. After resuming briefly, the meeting was eventually abandoned altogether. Ross Desmond, the son of Celtic majority shareholder Dermot Desmond, read out a statement on his father’s behalf that hit back at supporters for their treatment of the board.

Desmond said: “Our board, led by Peter [Lawwell], and our executive, led by Michael [Nicholson], are dedicated Celtic people. The attempts to dehumanise them and vilify them are shameful.”

The Scottish champions have faced mounting criticism from fans in recent months, partially due to the club’s transfer activity last summer, and failure to qualify for this year’s UEFA Champions League. Former manager Brendan Rodgers resigned from his post last month, after Desmond criticised his comments on transfers and the running of the club as “divisive, misleading, and self-serving.”

Conduct was “completely unacceptable"

In a statement, Celtic said: “Regrettably, due to the continuing disruptive conduct of a small number of individuals preventing the orderly management of today’s AGM, we were required to conclude the meeting earlier than we had planned.”

The Scottish club condemned the fans’ conduct as “completely unacceptable” and “hugely disappointing”, advising shareholders with any questions to instead contact their investor relations department.

Napoli reported a €21.4 million loss for the financial year ending 30 June 2025, ending a two-year run of positive results, according to La Gazzetta dello Sport.

The club’s absence from European competitions following their tenth-place finish in Serie A the previous season was the main factor behind the deficit, with the lack of Champions League income removing an average of €73 million per season previously earned in prize money.

Despite winning the Serie A for the second time in three years, the domestic success did not offset the drop in UEFA revenue, while the club have already accrued more than €43 million from UEFA this season.

Napoli’s spending under Antonio Conte also contributed to the loss, with around €150 million invested in new signings in 2024/25, increasing amortisation costs. The January sale of Khvicha Kvaratskhelia for about €70 million helped reduce the deficit.

Transfer spending and reserve use

Napoli’s spending under Antonio Conte also contributed to the loss, with around €150 million invested in new signings in 2024/25, increasing amortisation costs. The January sale of Khvicha Kvaratskhelia for about €70 million helped reduce the deficit.

The €21.4 million shortfall was covered through the club’s voluntary reserve, which stands at €216.6 million.

Juventus launch €100m share sale to bolster finances

Juventus have begun an overnight share placement expected to raise about €100 million, with the Milan-listed club issuing 37.9 million new shares to increase its share capital by 10 per cent, Bloomberg reported.

Exor, the Agnelli family’s holding company and Juventus’ majority owner, has committed to take part in the capital raise, as has second-largest shareholder Tether Investments. Investor demand was sufficient to cover the offer shortly after launch, according to the terms.

The club said proceeds will be used to reduce debt gradually, strengthen its international profile and maintain what it described as “maximum sporting competitiveness at Italian and international level”.

Agnelli control maintained

Juventus remain a core asset for the Agnelli family through Exor, its €36 billion holding company whose portfolio includes Ferrari, Stellantis and The Economist.

Tether earlier this year built an 11.5 per cent stake in the club, becoming Juventus’ second-largest shareholder.

Atalanta post tenth consecutive profit and record €320.8m revenue in 2024/25

Atalanta reported a €37.9 million profit for the year to 30 June 2025 up from €11.9 million in 2023/24. It marks the club’s tenth consecutive profitable season.

The Italian club generated record revenue of €320.8 million, compared with €243.7 million the previous year.

Costs rose to €261.7 million from €223.6 million, driven by higher spending across the club.

Breakdown of revenue

Broadcast income totalled €138.6 million, including €63 million from Serie A and €67 million from the expanded UEFA Champions League.

Atalanta also booked more than €100 million in player trading profits, while sponsorship brought in €33.7 million and matchday revenue €15 million.

Birmingham City outline plans for 62,000-capacity stadium

Birmingham City have unveiled plans for a new 62,000-capacity stadium as part of a wider Sports Quarter project led by owners Knighthead Capital, the club detailed the proposal in a video on Thursday.

The scheme includes a 48-acre development featuring what Birmingham describe as a “modern-day accessible coliseum”, with 12 chimney-style structures intended to reference the city’s industrial heritage. One of the structures is planned to contain what the club say will be the highest bar in Birmingham.

The design incorporates multiple moveable pitches and a retractable roof, with the club aiming to host NFL, rugby union and music events alongside football. The new arena would replace St Andrew’s, which seats 29,409.

Heritage-led design

Knighthead owner Tom Wagner said the stadium “draws upon the proud heritage of the West Midlands”, arguing it could support “a new era of success on and off the field”. He also claimed the venue would deliver “the best acoustic and fan experience in the world”.

Birmingham are 11th in the Championship after being promoted from League One following the 2024/25 season.

Paramount to take over UK Champions League rights from 2027 to 2031

Paramount has secured UK broadcast rights to the Champions League from 2027 in a four-year deal reported by BBC Sport to be worth well above the current £1 billion agreement with TNT.

The contract will run until 2031 and gives the US media company every match live except the first-choice game on Tuesday nights, which was auctioned separately. Amazon Prime is understood to retain that pick in the UK, Germany and Italy.

The award follows the UC3 initiative between UEFA, the European Club Association and commercial partner Relevent. Paramount has previously collaborated with UEFA on films used during recent Champions League draws.

Could benefit the Premier League

Sources cited by BBC Sport suggested the entry of another major broadcaster could benefit the Premier League by widening the market for football rights rather than reducing overall revenues.

Arsenal will end their eight-year sponsorship agreement with Visit Rwanda when the current deal expires at the end of the 2025/26 season, the club announced in a statement.

Arsenal said the club and the Rwanda Development Board had “mutually agreed” to conclude the partnership, adding that it had “exceeded the original goals” of promoting conservation and sustainable tourism while supporting Rwanda’s ambition to become an international sporting hub.

The sleeve partnership, which began in 2018 and is understood to be worth more than £10 million per year, has faced scrutiny amid increased violence in eastern DR Congo.

Chief executive Richard Garlick said the collaboration had helped Arsenal “invest in our long-term vision to win major trophies, in a financially sustainable way”.

Regional tensions

In February, DR Congo urged Arsenal, Paris Saint-Germain and Bayern Munich, all sponsored by Visit Rwanda, to end what it called “blood stained” partnerships as the humanitarian situation in the region worsened.

PSG have since extended their deal to 2028, while Atlético Madrid signed a three-year agreement this season.

Manchester United’s seat licence plan faces risk from government’s resale ban

Manchester United’s proposed use of personal seat licences (PSL) to support the £2 billion redevelopment of Old Trafford is under threat after the government moved to outlaw ticket resales above face value, according to The Guardian.

The PSL model under consideration allowed licence holders to sell match or season tickets at a profit, but forthcoming legislation set for next year’s King’s Speech will prohibit any resale above the original price.

United have been consulting fans on the introduction of seat licences this year through a survey, which was sent to hundreds of thousands of season-ticket holders and members. Different supporter groups were asked different questions as part of the research.

Buying a PSL would give supporters the right to purchase a specific seat at the rebuilt ground for a fixed term, with a separate season-ticket payment still required. The model is common in US sport, particularly the NFL, where a strong secondary market has developed for the licences themselves.

Consultation at early stage

United sources told The Guardian that the CSL model included a potential resale element but stressed the process remained in its early stages.

A ban on resale above face value would not rule out PSLs entirely but could reduce their appeal and force the club to lower prices.

Atlético de Madrid exceed €400m revenue for first time but post €6m loss

Atlético de Madrid surpassed €400 million in revenue for the first time in 2024/25 but recorded a €6 million loss, according to figures reported by MARCA. The results come as the club prepares to transfer ownership to Apollo SportsCapital in a deal valuing the LaLiga side at €2.5 billion.

Competition income rose 30 per cent to €29.2 million, while commercial revenue reached €113.5 million after a renewed Nike deal to 2035 and an expanded Riyadh Air agreement including naming rights to the Metropolitano.

The club also added Visit Rwanda to their kit and agreed a partnership with Red Bull. Membership income increased 13 per cent to €56.3 million as Atlético reached more than 145,000 members and 61,304 season-ticket holders. Broadcasting revenue fell 5 per cent following elimination in the Champions League round of 16.

The wage bill rose 7 per cent year-on-year to €315.9 million after the arrivals of Julián Álvarez, Conor Gallagher, Robin Le Normand and Alexander Sørloth. Transfer spending pushed amortisation up 26 per cent to €76.4 million, while spending on sporting staff reached €239.5 million. Off-pitch personnel costs increased 27 per cent to €40 million.

Transfer activity impact

Transfer profits have exceeded €40 million in recent seasons and are expected to do so again after the departures of Samuel Lino, Arthur Vermeeren, Santiago Mouriño, Ángel Correa and Rodrigo Riquelme.

Receivables from transfers rose 70 per cent to €97.7 million, while net financial debt fell 20 per cent to €454 million. Equity increased 57 per cent to €174.8 million, with net assets of €165.8 million at the period end.
 

Leicester City will face a Premier League disciplinary hearing next week as the club contests three fresh charges linked to alleged profitability and sustainability rule breaches, according to The Telegraph.

The Championship club are accused of exceeding permitted losses for the 2023/24 season, missing the 31 December deadline for submitting annual accounts, and failing to provide full and prompt assistance during the league’s enquiries.

If proven, the charges could lead to sanctions ranging from a points deduction to a fine or transfer restrictions, with the process handled by an independent commission.

Financial losses exceed PSR limits

The club recorded more than £200 million in combined losses over the three-year period to 30 June 2024, above the £81 million limit permitted under PSR regulations. That included a record £92.5 million loss in the 12 months to May 2022 and a further £89.5 million the following year, attributed to relegation-related costs, the dismissal of Brendan Rodgers, and lower-than-expected league revenue.

A verdict is not expected until the end of this year at the earliest, and any appeals could extend proceedings into the second half of the season.

Sevilla FC post fifth straight loss as 2024/25 deficit reaches €54m

Sevilla FC posted a €54.1 million loss for 2024/25, a 34 per cent improvement year-on-year but their fifth consecutive deficit. The club’s accumulated losses since 2020/21 now stand at €221 million, with their board indicating that further cuts to the wage bill are needed to restore financial sustainability.

The board said the multi-year plan already under way aims to reduce overall costs, particularly first-team spending, which continues to weigh heavily on results. The wage bill and squad amortisation totalled €117.5 million, exceeding the club’s operating revenue despite a 36 per cent annual reduction.

Transfer profits, once worth more than €50 million a season before the pandemic, have fallen sharply, contributing only €6 million across the past two campaigns. The absence of European football has also limited matchday income, which remained flat at €6.2 million, while membership and season-ticket revenue fell 7 per cent to €14.4 million.

Commercial rebound

Commercial income rose 20 per cent to €28.9 million, helped by Midea’s arrival as main shirt sponsor and a switch from Castore to Adidas as technical partner.

Non-sporting staff costs fell 2 per cent to €20.9 million, while other operating expenses decreased 27 per cent to €25.7 million.

Arsenal and other Premier League clubs reconsider stance as salary cap plan falters

Arsenal FC are among several Premier League clubs reassessing their support for a proposed salary cap, placing the “anchoring” model in jeopardy ahead of Friday’s scheduled vote, according to The Times. The plan would limit spending to five times the revenue earned by the club finishing bottom of the league.

Arsenal had previously been a key backer, but their position has shifted following the departure of former executive vice-chairman Tim Lewis in September. Up to eight clubs are now understood to hold reservations, raising doubts over whether the vote will proceed. 

Any change to Premier League regulations requires the backing of 14 clubs.

PFA and agents threaten legal action

The Professional Footballers’ Association (PFA) has threatened to take the league to court and will brief club captains this week on the potential impact on player earnings. 

Three major agencies, CAA Base, CAA Stellar and Key Sports Management, have also instructed lawyers to challenge the plans.

Libero maintains refusal to pay €40 million owed to FC Barcelona

FC Barcelona’s legal dispute with Libero Football Finance has escalated after the German fund reiterated it will not pay the €40 million linked to its entry into Barça Produccions, which was later absorbed into Barça Media, according to El Economista.

Libero has argued that its contractual obligations became impossible to meet once Barça Produccions was merged into Bridgeburg Invest, the company into which it had initially agreed to invest. The fund claims the merger was carried out without its consent and breached the agreed duty of cooperation.

The company says its position is “juridically solid and procedurally promising”, citing the civil law principle of impossibility, alleged breaches of fiduciary duty and what it describes as a structural failure of the contractual basis. Barcelona have not publicly responded, and the case remains before the courts, though Libero says it is open to a negotiated settlement.

Additional legal action

Libero has also filed a separate claim against the investor expected to provide the original €40 million, seeking damages. Barcelona partly addressed the €40 million shortfall through a deal with catering company Aramark, which paid €25 million for a 6 per cent stake in the relevant subsidiary.

Kylian Mbappé, the Real Madrid player and France national team captain, has filed a lawsuit against his former club Paris Saint-Germain (PSG), claiming €263 million in damages, as reported by Le Monde.

This legal action stems from a dispute regarding the treatment of Mbappé by PSG and the status of his contract at the beginning of the 2023/24 season.

The player alleges that he was marginalised and made to train with players PSG intended to sell after he declined to sign a new contract with the club.

PSG's countersuit

In response to Mbappé's lawsuit, PSG has filed a countersuit against the player, seeking €240 million. This amount is based on a failed €300 million transfer to Saudi club Al Hilal, which Mbappé reportedly refused.

Mbappé's discontent with PSG began when he was excluded from the club's pre-season tour of Asia in 2023 and missed the first game of the season. However, he was later reinstated to the team following discussions with PSG. After spending seven seasons with PSG, Mbappé transferred to Real Madrid on a free transfer last summer.

FC Barcelona finally announces return to Camp Nou

FC Barcelona have announced their return to the Spotify Camp Nou for the upcoming La Liga match against Athletic Club this Saturday.

The City Council has granted approval for 45,401 fans to attend games at the stadium, which recently reopened to the public during an open training session attended by approximately 23,000 fans.

Barcelona had been playing their home games at Montjuic, a stadium with a capacity of 55,926 and located about 4km from Camp Nou, for the entirety of the 2023/24 and 2024/25 seasons. The renovated Camp Nou will eventually accommodate 105,000 spectators.

Several delays

The club had initially planned a limited capacity return to Camp Nou in November 2024 but later projected a comeback in the second half of the 2024/25 season. Despite targeting the Joan Gamper Trophy on August 10 for their first game back at Camp Nou, they had to reverse this plan due to ongoing construction work. Consequently, their first two home matches of the 2025-26 season were played at Estadi Johan Cruyff.

Barcelona and construction firm Limak have set June 2026 as the completion date for the ground, with current project costs at €900 million.

Player agencies threaten legal action over Premier League salary cap

Three prominent player agencies in English football, CAA Base, CAA Stellar, and Key Sports Management, are threatening to sue the Premier League over its plans to introduce a new salary cap, accordring to The Times.

These agencies represent numerous players, including Cole Palmer and Jack Grealish, and have engaged a top London law firm to address their concerns to the Premier League's legal department.

According to the agencies, the Association of Football Agents has not been consulted on the proposed salary cap, which they argue would violate competition law. The Premier League is considering financial reforms that include squad cost ratio rules and anchoring, which would limit spending to five times the amount awarded in prize money and broadcast revenue to the lowest-finishing club.

Players also warn of legal action

The Professional Footballers’ Association has also threatened legal action and plans to meet with Premier League captains due to concerns about the impact on salaries compared to European rivals.

In their letter to the Premier League, the agents demand the withdrawal of these financial regulation changes. They argue that implementing these rules would breach the Competition Act 1998 and constitute an unlawful restraint of trade by capping spending on players, staff, transfers, and agents.

Apple and MLS shorten their media rights deal to 2029 and revise the payment structure

Apple's deal with Major League Soccer (MLS), initially set for a 10-year duration, has been revised to conclude at the end of the 2028-29 season, Sportico reports. This adjustment shortens the original agreement by three and a half years.

MLS will receive 
200 million for the 2026 season and 107.5 million for a shortened "sprint" season from February to May 2027. Following this period, the league is set to earn $275 million annually for the last two seasons of the contract. These final seasons will coincide with MLS's transition to a summer-to-spring schedule.

The renegotiated terms will result in MLS receiving approximately $50 million more than what would have been paid under the initial deal structure, which included progressively increasing payments. The updated agreement also provides Apple with greater flexibility, offering an earlier exit option and the possibility to renew the contract if desired.

Commissioner confirms

MLS Commissioner Don Garber acknowledged the altered terms during an event in Palm Beach, Florida, stating, "Yes, we’ll have different economics," and confirming that "The term will change. The financials will change. And all that’s very positive for us."

This change means that MLS will re-enter the market sooner than anticipated, presenting a significant chance to elevate its media rights fees. However, it also places pressure on the league to enhance its offerings and perform strongly on Apple's platform before the new 2029 expiration date.

Valencia report €2.2 million surplus as Real Betis extend profitable run for a third straight year

Valencia CF have announced a consolidated profit for the 2024/25 season, with a pre-tax surplus of €2.2 million and a turnover of €103.7 million, despite a 3 per cent year-on-year decrease. The LaLiga club managed to maintain their revenue above €100 million even without participating in European competitions, according to a statement from the club.

The slight dip in ordinary turnover is attributed to a drop in audiovisual income due to lower league standings in recent seasons and the repayment of CVC funds. The operating result reached €23.8 million, a 49 per cent increase from the previous year.

On the expenditure side, operating costs (excluding amortisation), which rose to €114.5 million, were impacted by factors such as the dismissal of the previous first-team technical staff and costs associated with covering long-term injuries.

Betis post profit for third consecutive year

Meanwhile, Real Betis recorded their third consecutive profitable season in 2024/25, with annual profits of €4.6 million and revenues increasing by 9 per cent to €207 million. Betis' financial success was driven by their performance in the UEFA Conference League and player transfers.

Ticketing income reached €31 million, UEFA contributions amounted to €17.4 million, and commercial revenues climbed to €37 million, all contributing to Betis' robust financial results for the season.

Bill Foley’s Black Knight group set to take full control of FC Lorient in major ownership overhaul

FC Lorient is on the verge of a significant ownership change, as current president Loïc Féry plans to integrate his personal stake into the Black Knight Football Club (BKFC), fronted by Bill Foley, making the American consortium the sole shareholder of the French club. This development was revealed in an interview with Féry published on Lorient's official website.

The process began in late 2022 when Bill Foley and BKFC became minority shareholders. Since then, Lorient has seen a top-ten finish in Ligue 1 and immediate promotion from Ligue 2 after relegation. Féry believes this move will provide Lorient with solid foundations within a group that boasts over $500 million in equity.

By merging his stake with BKFC, Féry will become one of the leading shareholders behind Foley, aligning Lorient with other clubs like AFC Bournemouth and Moreirense FC in a multi-club network.

Swift transition

This announcement comes despite Féry's previous assurance that no further changes in capital structure would occur before 2026. Nonetheless, he expresses confidence that all parties are aligned and anticipates finalising the transition swiftly.

Lorient, managed by Olivier Pantaloni, currently sits 17th in Ligue 1, level on points with Nantes and Brest in a tight relegation battle.

MLS will switch to a new calendar, whereby it will run from mid-July until the end of May, the elite US league has confirmed.

The introduction of the new calendar, which will be implemented from the 2027/28 season, comes as part of a plan to better align MLS with elite European divisions such as LaLiga, the Premier League, and the Bundesliga.

In addition, the league will also install a winter break from mid-December until the first or third week of January, with MLS aiming to avoid a potential clash with Super Bowl weekend.

According to The Athletic, MLS is also considering changes to its playoff format. The league will pivot to a single-table format, but will comprise five six-team divisions from 2027.

MLS' format change follows a two-year review process that dates back to October 2023, with the league revealing that 92 per cent of viewers supported the calendar change.

Scraps paywall for AppleTV matches

The league has also decided to remove the paywall within AppleTV, allowing all AppleTV subscribers to access matches going forward.

For the past three seasons since MLS inked its 10-year, $2.5 billion broadcast deal with AppleTV in 2022, users would need to have a separate stand-alone MLS subscription to view games.

Liverpool owners Fenway Sports Group walk away from Getafe takeover

Liverpool’s owners Fenway Sports Group (FSG) have withdrawn their interest in taking over LaLiga club Getafe.

FSG had been linked with a potential deal to acquire Getafe in recent months, with FSG completing a positive due diligence on the club back in September.

However, as reported by The Athletic, ‘senior figures’ with FSG have opted against the takeover, partially due to its potential cost, as well as strict spending constraints in Spain.

Looking to become multi-club organisation

The club’s current owner, Angel Torres, had reportedly lowered his asking price to around £100 million, after his previous valuations of the club had deterred prospective bidders in the past.

An agreement would have seen FSG pivot to a multi-club organisation, adding to the group’s ownership portfolio that also includes Premier League champions Liverpool, MLB’s Boston Red Sox, and the NHL’s Pittsburgh Penguins.

FSG have been looking to adopt a multi-club model since the appointment of Michael Edwards as CEO last year.

Leicester set for major overhaul of Championship club’s board

Leicester City are set for a major overhaul within the English club’s senior management team, according to UK media.

Jon Rudkin, who has served as the Championship side’s director of football since 2016, is set to step down from his role, taking on a new position ‘upstairs’ at the club.

In Rudkin’s stead, Leicester are understood to be looking to appoint a new sporting director.

Two relegations in three seasons

The club were relegated twice during Rudkin’s tenure, drawing significant backlash from Leicester fans as a result.

He will remain as a key figure at the club, although Leicester chairman Aiyawat Srivaddhanaprabha is looking to restructure its management team in light of recent results.

Sheffield Wednesday to pay players on time for November and December, administrator confirms

Sheffield Wednesday will be able to pay their players on time for November and December, the club’s administrator, Kris Wigfield, has confirmed.

The English club were placed in administration last month, incurring a 12-point penalty from the EFL, after former owner Dejphon Chansiri relinquished control of the Championship side.

Following the departure of the much-maligned Thai businessman, Wednesday fans decided to end their boycott of the club, instead purchasing match tickets as well as merchandise at the club shop.

As a result, the uptick in revenue has helped Wednesday pay players on time, having failed to do so for five of the previous six months before the team entered administration.

Wigfield, managing partner of administrators company Begbies Traynor, said: “This puts the club on a sounder footing going forward and comes at a time when serious bidders will be examining the finances and analysing the potential of this historic club.

“We all think it is very important that the fans know what a huge difference they are making.”

Expecting “concrete offers” in due course

With Wednesday currently fielding offers for the 28-day period until 21st November, Wigfield added: “We will hope to see concrete offers made soon as enquiries - which have been well into the double figures from across the globe - are thinned down into serious and viable bidders that can secure the long-term future of Sheffield Wednesday.”

He added that “even more patience will be required”, as the club looks for a suitable buyer.

Cagliari get green light for new stadium

Serie A club Cagliari Calcio have received final approval to build a new 25,000-seat ‘Gigi Riva’ stadium.

Cagliari have played home matches at the Unipol Domus since 2017, following the closure and part-demolition of the team’s previous home, the Stadia Sant’Elia.

The construction of the Gigi Riva Stadium comes as part of the Sardinian city’s bid to host matches during the UEFA Euro 2032 championships, which will be held across Italy and Turkey. The new venue will also have the possibility of expanding to a capacity of 30,000.

A decade-long wait

“We've been waiting for this news for ten years,” said Massimo Zedda, mayor of Cagliari. “Today, the decision-making conference, which approved the project for the new stadium, concluded positively.

Zedda continued: “We will proceed quickly with the next steps. As soon as Cagliari Calcio submits the updated economic and financial plan, we can begin working on the formalities for publishing the international tender for the construction and management concession for the new facility.”

American businessman Bill Foley has sold his 25 per cent stake in Hibernian FC back to the club's majority shareholders, the Gordon family, the Scottish club have announced. The decision comes after both parties acknowledged that their partnership was not yielding the desired results,

Foley, who also owns Bournemouth through his Black Knight Group, originally invested £6m for his share in the Edinburgh-based club in February 2024. While the exact financial details of the buyback have not been disclosed, it is expected that Foley will recover his initial investment and any additional funds he contributed.

The collaboration between Foley and Hibernian had been fraught with dissatisfaction from both sides over the past few months. Hibs Chairman Ian Gordon cited "philosophical differences" regarding the club's future direction as a key issue.

Gratitude for smooth transition

In the statement, Gordon expressed gratitude towards Black Knight Football Club for the smooth transition of shares and wished them well for the future. He also emphasised his confidence in Hibernian's teams to deliver success moving forward.

The partnership had been off to a challenging start, with Foley previously voicing criticism over certain managerial appointments at the club. Following the sale, Black Knight president Tim Bezbatchenko and Ryan Caswell have resigned from Hibernian's board, while Dan Barnett has been appointed as the new chief executive.

The Black Knight group continues to seek expansion opportunities for their sports portfolio, which includes teams in France, Portugal, and New Zealand.

Real Madrid are considering selling up to 10 per cent of the club to an external investor

Real Madrid CF are exploring the possibility of transforming into a public limited sports company (SAD), according to a report from El País.

President of the club, Florentino Pérez, is considering a sale of up to 10 per cent of the club to an external investor, with the remaining 90 per cent to be distributed among the club's 100,000+ members.

According to Pérez, this move would help establish a definitive valuation for Real Madrid, which he believes stands at €10 billion, despite current estimates being around €6 billion. This was a point he emphasised during the last members' assembly.

Would limit member ownership

The proposed structure would limit member ownership to a single share each, which could be sold but only to another member who does not already own one. To initiate this transition to an SAD, Real Madrid must first convene an extraordinary general meeting where representative members would need to approve a referendum on Pérez's proposal by an absolute majority.

Pérez is expected to present this proposal at Real Madrid CF's annual general meeting on November 23. He has previously expressed his commitment to ensuring that "the members are the true owners" and maintaining "effective control" within their hands.

The Premier League contributed €11 billion to the UK economy in 2023/24

The Premier League is generating €11 billion in gross value added (GVA), during the 2023/24 season. This figure represents a 21 per cent increase from the previous season and is fourteen times higher than that achieved in the 1998-1999 season, according to an annual report by EY published by the Premier League.

The league also supported over 100,000 full-time equivalent jobs and contributed €5 billion in taxes, with €2.736 billion coming from players and staff.

"Premier League clubs are proudly rooted in their communities; as the league continues to grow, it helps them invest even more in their staff, facilities, and local programs that support millions of people," stated Richard Masters, the Premier League's Chief Executive.

He further emphasised the league's role in generating significant economic value for the UK and promoting a positive image of the country globally. Masters also highlighted that the league's funding supports all levels of football, from professional and non-professional clubs to academy systems and grassroots football.

Impact beyond London

The economic impact of the English competition also indicates a decentralisation from London, with over 60 per cent, or €6.6 billion, of total economic contribution generated by clubs based outside London. Additionally, over 30 per cent, or 31.705 jobs supported were located in Northwest England.

In the 2023/2024 season, the Premier League generated €1.92 billion in broadcast rights exports, nearly matching the rest of the UK's television sector combined at €2 billion.

Hamburger SV reports record revenue and profit for the 2024/25 financial year

Newly promoted Bundesliga club Hamburger SV (HSV) have reported a record revenue of €126.5 million for the 2024/25 season, marking the highest income in their seven years in the second division.

This report also includes a net profit of €4.4 million, continuing the club's positive economic trend for the fourth consecutive year.

According to board member Eric Huwer, this financial success "underlines the successful overall development" of HSV and significantly enhances the club's financial flexibility. The club's equity ratio, inclusive of convertible bonds, stands at 48.1 percent, and it boasts net financial assets totaling €14 million.

"A milestone"

With liquid assets amounting to €36 million against financial liabilities of €22 million, Huwer highlights this as a "milestone in financial consolidation" that reflects HSV's economic stability and performance.

With HSV's return to the Bundesliga, the focus is on maintaining sporting success while further reinforcing financial stability. The overarching aim for HSV is to secure a permanent spot in the Bundesliga, ensure autonomy, and steadfastly continue on their strategic path, according to the club statement.

Genoa CFC and U.C. Sampdoria seek €26.2 million public funding for stadium renovation

Genoa and Sampdoria, the two football clubs of the city of Genoa, have requested public funding amounting to €26.2 million for the renovation of their Luigi Ferraris Stadium, according to a report from Calcio e Finanza.

The comprehensive project is expected to exceed €100 million in total investment. This request was included in a proposal submitted by Genova Stadium, a company shared by both clubs, to the City of Genoa on October 31, along with the feasibility study and financial plan.

€19 million of the requested funds would be provided as capital contributions, contingent on the progress of the stadium's refurbishment. The remaining €7.2 million would cover a 50-year free surface right for the stadium area.

Prepare for Euro 2032

The renovation aims to modernise the stadium and prepare it for potential Euro 2032 matches, which Italy is set to co-host with Turkey. This aspect will significantly influence the city administration's evaluation of the proposal.

A preliminary conference will be held on November 20 at the City Hall to analyse the submitted project. Within the following 60 days, the city administration must decide whether this proposal, or any alternative, is in the public interest, a prerequisite for continuing with approval procedures.

English FA and UEFA consider revamping European qualifying format

The English Football Association (FA), concerned that the qualification process for major international tournaments has become stale, is backing plans to revamp the European qualifying format. UEFA shares this concern, noting a decline in fan and broadcaster engagement due to expanded tournaments that have reduced the element of jeopardy, according to The Guardian.

England's early qualification for the 48-team 2026 World Cup highlights the issue, with their remaining matches, including one against Serbia, being of little consequence. FA chief executive Mark Bullingham emphasised the need for change, stating, "I think it’s really important to overhaul it."

Bullingham is part of a UEFA working group exploring alternative formats. One idea under consideration is a Champions League-style Swiss system model, which would involve facing a variety of opponents once in a larger league table setup. Another possibility is giving more weight to the Nations League in the qualification process.

"Discussions are ongoing"

FA chair Debbie Hewitt supports these changes, recognising the need for adaptation as football and tournament structures evolve.

UEFA president Aleksander Ceferin has confirmed that discussions are ongoing for a more interesting format without increasing the number of matches.

The Premier League's proposal to introduce a salary cap is facing opposition from both the Professional Footballers' Association (PFA), and some clubs that are prepared to legally challenge the move, according to BBC Sport.

The proposed top-to-bottom anchoring model (TBA), which would limit club spending on player wages, agents, and transfer fees to five times the income of the league's bottom club, is set for a vote by top-flight clubs next week.

PFA chief executive Maheta Molango has expressed strong opposition to the salary cap, stating on BBC Radio 4's Today programme: "You cannot artificially cap someone's ability to make a living." He emphasised that any measures around financial sustainability cannot be imposed unilaterally and must be negotiated.

Manchester clubs opposed

The current financial control system in place, known as profit and sustainability rules (PSR), allows clubs to incur losses of up to £105m over three years. However, it has been criticised for restricting investment. The Premier League is also considering a squad cost ratio (SCR), which aligns with UEFA's rules allowing clubs to spend up to 70 per cent of their revenues on squad costs.

Last year, 16 Premier League clubs voted for detailed analysis of TBA, with Manchester United, Manchester City, and Aston Villa opposing. Critics of TBA argue it could harm the Premier League's competitiveness in Europe and disincentivize growth. Under current proposals, breaches of the new rules could result in severe penalties, including point deductions.

Olympique Lyon reports 7 per cent revenue increase in first quarter of 2025/26 season

Olympique Lyon have reported a 7 per cent increase in revenue for the first quarter of the 2025-2026 season, with earnings reaching €70.8 million. This growth was largely fueled by the commercial sector, notably boosted by a new sponsorship deal with the Republic of Congo, as detailed in the club's financial report.

The partnership with the African nation contributed an additional €1 million to commercial revenues, which saw a 15 per cent increase to €7.7 million.

Player sales and loans continue to be a vital source of income for Lyon, controlled by Eagle Football. The club earned €40.7 million from these transactions in the first quarter, marking a 37 per cent increase from the same period in the previous season.

Falling broadcast income

This rise in commercial revenue and player sales income helped to compensate for declines in other areas such as matchday and television revenue. Ticket sales fell by 15 per cent to €6.2 million, while income from audiovisual rights dropped by 9 per cent to €8.3 million. A significant factor in the reduced revenue was the early termination of the DAZN-LFP contract in June 2025, which resulted in €1.8 million for the French league, one million less than the previous year.

Lyon also highlighted that they were informed by the league that "the first two years of operating the Ligue 1+ platform will be financially challenging, with a significant decrease in revenue" but expected a gradual increase thereafter.

Schalke 04 increases corporate bond offering from €50 to €75 million

FC Schalke 04 has increased its corporate bond offering from the initial €50 million to €75 million due to strong demand, as confirmed by the club in an official statement.

The German second division team's bond, set for the period 2025-2030, received approval for the increase from Luxembourg's Financial Sector Supervisory Commission (CSSF), with notification also sent to the Federal Financial Supervisory Authority (BaFin).

The club's statement highlighted the significant interest from professional investors, which "underscores the great confidence and credibility" Schalke 04 enjoys as it works towards financial stabilisation.

This expansion in the bond offering will allow Schalke to allocate more funds and offer a better exchange rate to all interested investors, depending on the final volume of subscriptions. The private placement, not part of the public offering, could potentially raise the issuance volume beyond €75 million.

Optimism

Christina Rühl-Hamers, FC Schalke 04's Director of Finance, Personnel, and Legal Affairs, expressed optimism about exceeding both the initial rescue goal for the 2021-2026 bond and partially refinancing the 2022-2027 bonds. She stated that surpassing these objectives provides Schalke 04 with a strong strategic option.

The 2025-2030 bond, with a fixed annual interest rate of 6.50 per cent and a maturity date of November 26, 2030, can be subscribed to until November 18, 2025. It includes a Bundesliga bonus of 1.50 per cent as a one-time payment upon Schalke's promotion up to and including the 2029-2030 season.

Juventus FC have announced the appointment of Damien Comolli as their new Chief Executive Officer, following the end of Maurizio Scanavino’s term in the role on November 7. The decision was made by the club’s Board of Directors, chaired by Gianluca Ferrero, during a meeting on Tuesday.

According to the announcement, "The Board of Directors appointed Damien Comolli as Chief Executive Officer, simultaneously terminating his previous role as General Manager, granting him administrative powers substantially in continuity with the previous structure."

Comolli, who joined Juventus as general manager earlier this summer, expressed his gratitude for the opportunity to lead the club and acknowledged the significance of Juventus in both Italy and the global football community. He stated, "Being in the position of CEO is an immense privilege and honor" and emphasised his ambition and focus on returning the club to winning ways.

Rich history in football

The 52-year-old Frenchman has a rich history in football management, having previously served as sporting director at Saint-Étienne, Liverpool, and Fenerbahce, and as director of football at Tottenham.

Comolli thanked Maurizio Scanavino for his guidance and contributions to the club's financial sustainability.

SS Lazio considers going public following Nasdaq visit

SS Lazio are considering the possibility of going public following a visit by several of their executives to Nasdaq in July. During their visit, they met with Jordan Saxe, a senior executive at the US stock exchange, to discuss opportunities for growth, innovation, and internationalisation that could come with a move to the stock market.

According to Il Corriere della Sera, SS Lazio's potential public listing would echo the recent steps taken by Cádiz CF, which listed its technology subsidiary on Nasdaq on October 31. The technology arm of Cádiz CF, Nomadar Corporation, has already seen its market capitalisation reach around 174 million just before its New York Stock Exchange debut.

Recently, SS Lazio was at the center of sale rumors, which the club denied through an official statement. They clarified that they had not received any offers or expressions of interest from Qatari funds or any other entities. "No offer, expression of interest, or proposal, formal or informal, has ever been received from Qatari funds or any other player, either in Italy or abroad," stated SS Lazio.

Plans for capital increase

The club's owner, Claudio Lotito, has plans for a capital increase and intends to renovate the old Flaminio stadium for Lazio's home games. This would be the first capital increase since Lotito acquired the club in 2004 but is contingent on approval from Rome's City Council.

In January, SS Lazio also entered into an agreement with cryptocurrency company Binance to become the main sponsor and launch a fan token. The deal is worth 30 million euros and could extend for three years.

Mass suspensions in Turkish football following betting scandal

The Turkish Football Federation (TFF) has suspended 1024 players, including 27 from the top-tier Turkish Super Lig, in a sweeping response to a betting scandal. The Professional Football Disciplinary Committee (PFDK), acting under Article 57 of the Football Disciplinary Instruction, has taken immediate action.

This unprecedented number of suspensions has prompted the TFF to enter into urgent talks with FIFA, seeking a special 15-day transfer and registration window to address the resulting squad shortages. This would be an extraordinary measure alongside the regular 2025/26 winter transfer period.

Due to the impact on team rosters, fixtures in the TFF 2. Lig and TFF 3. Lig have been delayed by two weeks. However, the Süper Lig and TFF 1. Lig will proceed as scheduled.

Investigation still active

For 47 players implicated in a single betting instance, their disciplinary referrals are under review, pending new evidence and information from official responses to avoid "irreparable damage" to those involved.

The investigation is still active, with the TFF maintaining communication with official institutions and considering expanding the inquiry based on new information. Notably, players from prominent clubs such as Galatasaray and Besiktas are among those affected by the suspensions.