Premier League outfit Brentford have reported a pre-taxation loss of £7.9 million for the year ended 30th June 2024. In 2023, Brentford revealed a profit of £9.2 million.

The overall loss comes despite the West London club’s record turnover of £166.5 million, the same figure as they generated last year. Expenses surged from £129.4 million to £156.8 million, of which the club's total wage bill stood at £114.4 million in 2023/24. Brentford made an operating loss of £29.2 million before player trading for 2023/24, after delivering a £4.4 million profit the previous year.

In the accounts, the club have cited player transfers as a key area of profitability, having generated £25.2 million in the disposal of players. By contrast, they reported a profit on playes sales of £5.6 million in 2022/23.

Brentford additionally brought in £10.5 million by the loan fee and wage recovery of goalkeeper David Raya, who spent the last campaign on loan at Arsenal before sealing a permanent move to North London last June.

Foundations for the future

After dropping seven places in their final Premier League standings for 2023/24 season - falling from seventh to sixteenth - the club’s broadcast income subsequently decreased slightly from £135 million to £127.5 million.

“Our financial results reflect a combination of significant investment across the club and a lower finishing position in the Premier League after a tough year hampered by player injuries,” said Cliff Brown, Chair at Brentford.

“We invested heavily in the playing squad, our academy, facilities and staffing in order to compete on the field and lay the foundations for the future.”
 

Vinicius Jr leads takeover of Portuguese club FC Alverca

Real Madrid and Brazil star Vinicius Jr has acquired an ownership stake in Portuguese second tier club FC Alverca, as part of a consortium comprising Spanish and Brazilian investors. Further details of the investment were not disclosed.

In a statement, the club confirmed that Ricardo Vicintin had sold his majority share in the club, which is worth between 70 and 80 per cent, according to spanish media.

"FC Alverca Futebol, SAD hereby announces that Eng. Ricardo Vicintin has sold his qualified stake in the public limited company to a group of Spanish and Brazilian investors."

Galactico investors

Matheus Ornelas will remain as chief executive of FC Alverca, with the club set to reveal further details on the new ownership group over the coming weeks.

The 24-year-old has become the latest Real Madrid player to become a part-owner of a football club, after Vinicius’ teammate Kylian Mbappe acquired a majority stake in French Ligue 2 outfit Caen last July.
 

Eintracht Frankfurt members approve capital increase

Eintracht Frankfurt members have approved a capital increase at a general meeting. The proposal, which was initially approved at the German club’s AGM in December, has now received the green light, after a majority of 78.48 per cent voted in favour.

The club will generate around €22.5 million through new shares, which could in turn increase to €66 million in the long term. In order to facilitate the capital increase, Frankfurt will take out a €15 million loan, as reported by Kicker.

The move is intended to bolster the equity of the club, which stood at €51.6 million at the end of the 2023/24 season. Frankfurt are aiming to increase equity to between €100 million and €120 million in the medium term.

A new milestone

Also at Monday’s meeting, executive board member Moritz Theimann announced that the club had surpassed 150,000 members, making it the third largest in the Bundesliga after Bayern Munich and Borussia Dortmund.

Having eclipsed the 150,000 mark, Frankfurt are now the world’s largest multi-sport club with a professional football team.

Premier League clubs Chelsea and Nottingham Forest are among 28 British sports teams that have received millions through a UK Government Research and Development (R&D) tax scheme for the past five years, according to The Times.

The scheme is intended to support new developments for the public good in science and technology.

Collectively, the 28 teams have claimed £13 million since the end of the 2019 tax year, as revealed by an audit of sports clubs’ financial accounts that was led by The Times.

Chelsea provided with more than £2 million

Chelsea’s accounts have revealed the UK Government’s HM Revenue & Customs (HMRC) provided Chelsea with more than £2 million in tax relief payments, over a three-year period from 2020 to 2023.

Fellow English topflight outfit Nottingham Forest meanwhile received a tax credit of £607,000, as per the club’s most recent accounts, while Fulham previously claimed £86,000 between 2019 and 2021.
 

DAZN confirms ‘$1 billion’ investment from Saudi Arabia’s SURJ

DAZN Group has confirmed a minority investment from Saudi Arabia’s SURJ Sports Investment. Although further terms were not disclosed, the agreement is believed to be worth $1billion for a 10 per cent stake in DAZN, as reported by Reuters last October.

The investment will see the launch of DAZN MENA, a new broadcasting joint venture focused on the Middle East and North Africa, while the fresh funding will help further drive the growth of the sports entertainment platform.

At present, DAZN’s International football broadcast rights portfolio includes Premier League, LaLiga, Bundesliga, Serie A, and the UEFA Champions League across various territories.

The growth of Saudi sports

SURJ, which is a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will through the collaboration leverage DAZN’s global reach across more than 200 markets internationally to provide live and on-demand coverage of Saudi sport, as well as events staged in Saudi Arabia.

“DAZN is the only truly global entertainment platform dedicated to sport, which makes us ideally positioned to expand access to sports content globally from Saudi Arabia’s growing sports sector,” said Shay Segev, CEO at DAZN.

“This is a milestone partnership for the group, which is bound to transform the sports entertainment landscape in Saudi Arabia and the wider region.”
 

Man Utd set to appoint Armstrong as CBO

Manchester United are set to hire PSG’s Marc Armstrong as the club’s new chief business officer, according to The Athletic.

Armstrong is expected to begin his role at Old Trafford in the next few weeks, where he will be tasked to help boost the clubs revenue in the day-to-day commercial activities.

In his new position, he will work with United CEO Omar Berrada, who has presided over the Red Devils’ commercial operations since joining the club from rivals Manchester City in January 2024, as well as collaborating with Sir Dave Brailsford, Jason Willcox, and Collette Roche, on the club’s footballing structure.

A proven track record

Armstrong has held his current position as chief revenue officer at PSG since June 2022, after initially joining the Ligue 1 champions in 2018.

Prior to his tenure in the French capital, Armstrong has held various executive positions at the NBA, the NFL, and England’s FA.
 

FIGC wins appeal as €4 million fine cancelled

The Italian Football Federation (FIGC) has won its appeal against a €4.2 million fine, which was imposed by the Italian Competition Authority (AGCM). The financial penalty has been overturned by the Regional Administrative Court of Lazio (TAR).

The sanction came after the Federation was accused of abusing its dominant position over the organisation of amateur youth football competitions by excluding Sports Promotion Bodies, and limiting their involvement.

However, the TAR ruling stated that "the intentionality of the obstructive and/or dilatory action by the FIGC in the stipulation of the conventions cannot be fundamentally contested."

FIGC responds

"We are very satisfied, because the correctness of the actions of the FIGC has been recognised, which has always been inspired by respect for the protection of children's health, the law and the CONI regulations,” said Gabriele Gravina, President of the FIGC.

“Before the third-party judge, we have demonstrated on the merits how the Antitrust investigation was influenced by misleading statements and was based on incorrect legal reasoning.”

Manchester City have won a legal dispute against the Premier League, with a tribunal ruling that sponsorship rules enforced between 2021 and 2024 were “void and unenforceable.”

The Associated Party Transaction (APT) rules were introduced to prevent clubs from striking inflated commercial deals with companies linked to their owners.

However, the tribunal found that elements of the rules were unlawful, backing City’s claim that the entire system during that period was invalid. The ruling could open the door for other clubs to seek compensation for undervalued sponsorship deals agreed under the voided regulations.

Premier League faces uncertainty

"The tribunal's decision has found that the three narrow aspects of the old APT rules, previously found to be unlawful, cannot be separated from the rest of the previous rules as a matter of law," the Premier League said in a statement.

"The result, the tribunal has determined, is that the previous APT rules, as a whole, are unenforceable.

"However, the previous APT rules are no longer in place, as clubs voted new APT rules into force in November 2024. This decision expressly does not impact the valid operation of the new rules."

Although the Premier League says its revised APT rules, introduced in November 2024, remain valid, City have launched a fresh legal challenge against them. The outcome of this separate case, expected later this year, could reshape financial controls across English football.

TV rights crisis: LFP will pay the clubs itself

The French professional football league (LFP) will step in to directly cover payments to Ligue 1 and Ligue 2 clubs, as the league navigates an ongoing dispute over domestic broadcasting rights, according to a report from L'Équipe.

This interim measure comes as the LFP awaits a legal ruling concerning a dispute involving DAZN. The broadcaster was due to pay an instalment in mid-February under its sublicensing agreement for Ligue 1 rights but has not yet made the payment.

To prevent immediate cash flow problems for clubs, the LFP will step in and cover the payments. This temporary solution is intended to protect the financial stability of clubs, many of which rely heavily on media rights revenue to operate.

Legal outcome pending

A decision from the Paris Commercial Court is expected in the coming weeks, with a key hearing scheduled for February 28, and could clarify whether DAZN is required to fulfill its payment commitments or whether the LFP will need to seek alternative solutions.

For now, the LFP's intervention offers short-term relief to clubs, though the long-term sustainability of French football's broadcasting revenue model remains uncertain.

USL to launch new top-tier league in 2027, challenging MLS

The United Soccer League (USL) has announced plans to introduce a new Division 1 league in 2027, placing it at the same tier as Major League Soccer (MLS).

This move would establish USL as the only organisation with a presence at every level of men’s professional soccer in the U.S.

USL President Paul McDonough downplayed the rivalry with MLS, stating, “I don’t think of it as a threat to MLS. I think we’re just gonna go and do our business.”

Requirements for division 1 approval

For Division 1 sanctioning, the U.S. Soccer Federation (USSF) requires a minimum of 12 teams across multiple time zones, with at least 75 per cent in metro areas of one million people. Stadiums must hold at least 15,000 seats, and clubs must meet financial and operational benchmarks, including broadcast contracts and full-time staff.

McDonough acknowledged that the league’s launch was delayed as USL monitored the recent NASL vs. MLS/USSF trial. “We probably were ready to go with this sooner,” he said. “But with everything pending with U.S. Soccer, we just put it on hold. But we have to get going, so now’s the time.”

Belgian Pro League clubs report €160m loss despite financial improvements

Belgian Pro League clubs continue to struggle financially, posting a combined loss of €160 million in 2024, despite some signs of gradual improvement.

The latest annual accounts, reviewed by the Licensing Committee, indicate that financial reforms introduced under the Football First plan in 2022 are beginning to take effect but have yet to fully stabilise club finances.

Pro League CEO Lorin Parys acknowledged both the progress and ongoing challenges. “There is still a lot of work to be done, but we see gradual improvement. The Football First measures are driving positive developments,” he stated.

Increased investment

At the same time, clubs have increased spending in key areas. Investments in youth football rose to €78 million, marking a 59 per cent increase over three years.

Women’s football spending grew by 30 per cent to €2.3 million, while contributions to social responsibility projects increased by 20 per cent to €1.3 million.

Manchester United warn staff: Leaks about job cuts damage the club

Manchester United management has warned employees that leaking information about the extensive cuts in the club is damaging both to colleagues and the club as a whole. This is stated in an email to staff, seen by The Telegraph.

In the email, sent on Friday, it is emphasized that “any leaks, whether accidental or intended, can be damaging to colleagues and the wider club.”

The warning follows a series of media reports that co-owner Sir Jim Ratcliffe plans to lay off another 100 employees. This is in addition to the 250 positions that were cut last summer as part of a comprehensive restructuring of the club.

Briefed in more detail

Manchester United has not officially commented on the email, but according to The Telegraph, the goal of the changes is to get the club winning again. This requires transformation both on and off the pitch, staff were told.

Employees have been summoned to a meeting on February 24, where they will be briefed in more detail about the plans.

The Premier League’s Profitability and Sustainability Rules (PSR) will remain in place for the 2024/25 season after clubs agreed that proposed financial reforms will not be ready in time, according to The Athletic.

At a meeting in London on yesterday, top-flight clubs discussed introducing a Squad Cost Ratio (SCR) system, which would cap spending on transfers, wages, and agent fees at 85 per cent of revenue – similar to UEFA’s 70 per cent limit.

However, no vote was held, and clubs accepted that the new regulations will require further work before a formal introduction in 2025/26.

Criticism from clubs

Anchoring – a separate proposal to limit top clubs’ spending to five times the prize money earned by the bottom-placed side – was also reviewed and will be monitored in the background next season.

PSR, which restricts clubs to losses of no more than £105 million over three years, has drawn criticism from clubs like Manchester United, Newcastle United, and Aston Villa, who argue it limits their transfer market spending.

Qatar warns PSG and BeIn Sports backing could be pulled after Al-Khelaifi indictment

Paris Saint-Germain president Nasser Al-Khelaifi has been indicted in France on charges of “complicity in vote-buying and infringement on voting freedom,” as well as “complicity in abuse of power."

The charges relate to an alleged attempt to influence a shareholder vote involving French businessman Arnaud Lagardère and the Qatari sovereign fund, a stakeholder in Lagardère’s group.

Following the indictment, Qatari officials have threatened to withdraw their investments in France, including PSG and broadcaster BeIn Sports, according to a report from france media RMC Sport.

A source close to the Qatari government claimed they are “tired of the false legal proceedings, blackmail and constant criticism” and feel unfairly blamed for issues in France.

Previous legal cases

The charges come two and a half years after Khelaifi was acquitted of corruption allegations in a case concerning World Cup broadcasting rights.

He was also found not guilty in February 2023 following a corruption inquiry into Qatar’s bid to host the 2017 World Athletics Championships.

Serie A takes Stats Perform to court over €200 million betting deal

Lega Serie A has taken Stats Perform to court over its sudden withdrawal from a betting rights agreement with the Italian league last October.

As reported by Italian media, the case centres around Stats Perform's failure to comply with the five-year contract worth a total of €200 million. It is understood the firm has failed to pay either the first tranche of the fee, due on 1st July 2024 or the second, due on 1st September 2024.

Lega Serie A has now followed up on its initial civil precautionary action in relation to the case.

“Malicious nature”

In a statement, Lega Serie A said: “In order to protect the regularity of the betting market on the Italian Serie A championship, the Coppa Italia and the Super Cup, [Lega Serie A] has long since filed a civil precautionary action aimed at ensuring that [Stats] Perform complies with the existing licensing agreement for the commercialisation of the rights to exploit images and data for betting purposes.

“Following further and specific checks, Lega Serie A reluctantly had to note the malicious nature of [Stats] Perform’s conduct, which – potentially assuming criminal relevance – required the filing of a complaint before the Milan Public Prosecutor’s Office”.

Everton, Forest and Leicester set to be warned over ‘unlawful’ gambling sponsorships

Everton, Nottingham Forest and Leicester City are to receive written warnings they could face fines and staff could face prison sentences over front-of-shirt sponsors that have been deemed “unlawful” in Great Britain, according to a report from The Daily Telegraph.

The move comes after the Gambling Commission announced that Everton’s front-of-shirt sponsor, Australian bookmaker Stake, will stop operating in the UK by 11th March.

That means Everton are the third Premier League club to promote a sponsor that cannot operate in Great Britain on the front of their shirts, along with Forest and Leicester.

Unlicensed gambling businesses

In a strongly worded statement, the Gambling Commission said Everton and two other Premier League clubs, understood to be Forest and Leicester, would now receive written warnings.

It said: “The letter will warn that club officers may be liable to prosecution and, if convicted, face a fine, imprisonment or both if they promote unlicensed gambling businesses that transact with consumers in Great Britain.”

French football is facing a fresh media rights crisis after Ligue 1’s main broadcaster DAZN decided to only pay half of the domestic TV rights money owed this month, prompting the LFP to take legal action against the UK-based streaming platform.

As reported by L’Equipe, DAZN only paid €35 million of the amount due to be received by Ligue 1 clubs for February when €70 million was expected. The other €35 million has been frozen as DAZN wishes to indicate it has the means to pay.

It is understood that DAZN has grown tired of the LFP’s perceived lack of results in the fight against piracy, and is also angry at Ligue 1 clubs for their limited help in giving the broadcaster editorial content.

LFP files court summons

The LFP has rejected DAZN’s allegations and filed a court summons for the broadcaster to pay its TV rights money share in full.

In a statement, the LFP said it “has taken note of DAZN's unfounded refusal to honour its financial commitments.”

It added: “The LFP, for its part, scrupulously respects all its contractual commitments and will do everything possible to assert its rights. In particular, the LFP has decided to refer the matter to the urgent applications judge in order to obtain an urgent order against DAZN to pay the sums provided for in the contract and to be ordered to perform all of its contractual obligations.

“The LFP intends to firmly defend the interests of French professional clubs, while hoping for an amicable solution to this dispute, which it hopes will be temporary.”
 

Manchester United to continue cost-cutting with fresh round of 200 redundancies

Manchester United are set to make a further 200 members of staff redundant as co-owner Sir Jim Ratcliffe continues his drive to cut costs, according to a report from The Guardian.

The move follows a 250-person cull last summer as part of a series of measures enacted by Ratcliffe which he says are to address the club’s finances. United have posted five consecutive full-year losses since last achieving profitability in 2018/19.

United’s staff are yet to be informed about the latest round of job losses but, as reported by The Athletic, the club’s executive has resolved they are necessary amid a challenging season.

Average of 1,112 monthly employees

Club accounts for the year ended 30th June, 2023 reported that United’s monthly employees had risen to an average of 1,112. Liverpool, by comparison, had 1,008 employees in the same period, while Arsenal reported 723.

Ratcliffe and his INEOS executives were of the view that United required “right-sizing” and the club embarked upon a redundancy programme, announced to staff in May, which led to around 250 employees being put out of work.
 

Premier League’s PSR replacement faces potential delays due to legal claims

There are fears among club chiefs that an agreement on the Premier League’s new financial rules may be delayed because of the legal challenges against the top-flight, according to a report from The Times.

It is understood that some clubs believe there is little point in having a final vote on new regulations until the outcomes of Manchester City’s two actions against the league’s Associated Party Transaction (APT) rules are known. There is also a legal threat from players’ union the PFA in the background.

The Premier League is due to end its Profitability and Sustainability Rules (PSR) at the end of the season. The options for replacing them are due to be discussed at a shareholders’ meeting today and although the Premier League is not ruling out a vote, one looks unlikely.

Squad Cost Rule

The favoured option is the Squad Cost Rule (SCR), which would limit clubs to spending 85 per cent of their revenue on player wages, transfers and agents fees. It follows UEFA’s similar rule, which has a 70 per cent limit.

One club chief told The Times that APT rules were “essential” to any financial system that replaces PSR, because if there are no restrictions on how much revenue clubs can raise from associated parties then the SCR would be virtually meaningless.

Another club executive said it was “almost pointless” agreeing to a new system until the outcome of the City legal cases is known.
 

Tottenham potential Qatari takeover plan – Levy could continue to run club

Daniel Levy could be given the chance to stay on at Tottenham Hotspur by a consortium seeking to buy the club, The Guardian has reported.

The newspaper has learned that a group of Qatari investors are willing to give Levy a long-term contract to continue running Spurs as executive chairman.

Retaining Levy would be a controversial move given the antipathy towards the chairman from many Tottenham fans, but it is understood the investors are keen to retain his expertise. It is thought they want control of Spurs but that the proposed takeover could take the form of a phased buyout.

Under one model being considered by the investors, Levy would be offered a management contract to run the club, which would remain in place even if Enic, which owns 86.91 per cent of Tottenham, becomes a minority shareholder.

Longstanding interest

Tottenham have been the subject of longstanding interest from potential investors in America and the Middle East, but no one has met the £3.75 billion valuation.

The identity of the Qatari bidders is unclear, but The Guardian has been told they are private individuals rather than the government-backed Qatar Sports Investments (QSI) or Sheikh Jassim, who tried to buy Manchester United two years ago.
 

Napoli president De Laurentiis rules out Maradona stadium revamp

Aurelio De Laurentiis, the Napoli president, has officially communicated to the mayor of the Neapolitan city, Gaetano Manfredi, that the Serie A club is not interested in pursuing a renovation of its Stadio Diego Armando Maradona.

As reported by Italian media, the decision definitively excludes Naples from the list of possible host cities for Euro 2032, which already saw the capital of Campania lagging behind the other contenders.

It was also reported that during a dinner between De Laurentiis and Manfredi, the Napoli president informed the mayor that he was working to build a new stadium with at least 60,000 seats.

Too late to be included

At the moment, however, no such project has been presented, and it is therefore too late to include Naples in the Italian Football Federation (FIGC)’s list to be presented to UEFA for the European Championships that Italy will host in 2032 together with Turkey.

Manfredi said: “The club is making its choices and we discussed the situation. It is still an interlocutory phase, however. Evaluations are underway.” The mayor also did not rule out a revamp of Napoli’s current home given there are no alternative projects on the table at the moment.
 

LaLiga has submitted a formal complaint against Real Madrid over the club’s recent complaints about refereeing decisions, after the league’s president Javier Tebas had threatened the club with legal action last week.

It comes after Madrid wrote an open letter to the Spanish Football Federation (RFEF) claiming Spain's refereeing system was "totally discredited," and that decisions against them represented "manipulation and adulteration of the competition."

The claims were rejected last week by fellow clubs at a meeting with LaLiga and the RFEF. As reported by Spanish media, the Spanish league has now filed a complaint to the Competition Committee, an independent disciplinary wing of the RFEF, asking it to sanction Real Madrid for calling into question the integrity of the competition.

RFEF and clubs also consider legal action

It is not yet clear what sanctions Madrid may face. However, reports have also indicated that the RFEF and other LaLiga clubs are also considering legal action. They believe Madrid have overstepped the line, and are currently evaluating what steps to take.

It is understood that Madrid are not concerned by the moves being made against them as they believe any defence they are required to put up will be based around numerous complaints from other clubs about Spanish refereeing over recent years.
 

UK opposition leader Kemi Badenoch accused of ‘own goal’ after scrapping support for regulator

Kemi Badenoch, leader of the UK’s Conservative opposition party, has been accused by the Football Supporters’ Association (FSA) of going back on her words after describing the game’s incoming regulator as “a waste of money”.

Speaking on The Telegraph’s Daily T podcast, Badenoch maintained she has consistently opposed the plans and suggested the body is now at risk of being an example of “so much rubbish that happens in government”.

However, the FSA hit back over an alleged “own goal”, claiming to have evidence that she previously expressed support for the regulator in a letter to a constituent.

Football Governance Bill

“It’s curious that Kemi Badenoch now opposes the regulator as we have seen correspondence she sent to a constituent a couple of years ago when she said ‘I support these reforms’,” the FSA said. “This is what’s known in football as an own goal, Kemi.”

Labour’s Football Governance Bill, currently making its way through the House of Lords, follows plans for an independent regulator first put in place by the previous Conservative government.
 

UEFA and ECA set to switch from TEAM to Relevent Sports for global rights

UEFA and the European Club Association (ECA) are set to drop TEAM Marketing, the Swiss agency that has sold Champions League rights since 1992, and replace it with the US firm Relevent Sports.

In a statement, UEFA and the ECA said the board of its joint venture UC3 “has agreed to enter into an exclusive period of negotiation with Relevent Sports over the global commercial rights to the UEFA men’s club competitions for the period 2027 - 2033.”

The statement added: “The decision follows an open tender process, launched last summer, which attracted bids from a number of global and regional agencies. UC3 anticipates concluding the process in the coming weeks and shall not be making any further comment in the meantime.”

US rights for three seasons

Relevent’s first Champions League deal with UEFA, struck in 2022, let the New York-based company market the US rights for three seasons up to 2026/27.

As reported by AP, influential officials from a number of Champions League clubs pushed for the move from TEAM toward a fresh approach by Relevent for the global rights. UEFA men’s club competitions have earned gross commercial revenue of at least €4.4 billion for each season up to 2026/27.

José María del Nido Carrasco, the president of Sevilla, has heavily criticised Real Madrid over recent complaints about refereeing decisions, and has accused the club of "trying to destroy Spanish football".

Madrid filed a formal complaint over the referee's handling of their 1-0 LaLiga defeat at Espanyol on 1st February, and asked the Spanish Football Federation (RFEF) to release audio recordings of conversations between the on-field referee and VAR.

Madrid's open letter called Spain's refereeing system "totally discredited," and said decisions against them represented "manipulation and adulteration of the competition." The claims were rejected by fellow clubs at a meeting with LaLiga and the RFEF.

“Honour of referees”

Speaking to DAZN ahead of Sevilla's 4-1 defeat to FC Barcelona on Sunday, Del Nido Carrasco said: "We have to differentiate two things: being able to modify the refereeing system and some aspects of refereeing, and Real Madrid's statement.”

He added: "Real Madrid are trying to destroy Spanish football, with Real Madrid TV, and in various other ways. … It brings into question the honour of referees and the competition. The world of football should denounce, publicly and in the courts, a statement which goes against football's integrity."

Borussia Dortmund post €7.7 million profit for H1 2024/25

Borussia Dortmund have reported a net profit of €7.7 million for the six-month period ending 31st December 2024, down from €70.6 million for the first half of the previous year.

The decline was largely due to a fall in net transfer income to €22.2 million, compared with €82.4 million during the first six months of 2023/24. Dortmund completed the sale of Jude Bellingham to Real Madrid for a reported fee of €103 million in June 2023.

The Bundesliga club also noted that the longer league phase of the Champions League means that income from international TV rights will be recognised at a later date during the year than was the case in the previous year.

Turnover falls to €244.5 million

Turnover for H1 2024/25, not including transfer income, amounted to €244.5 million, down from €256.5 million in H1 2023/24. Broadcast income was €98.2 million, down from €109.3 million, while matchday income was €25.4 million, down from €27.6 million.

Commercial revenue rose to €73 million, up from €70.5 million, and conference, catering and miscellaneous income climbed to €24.8 million, up from €22.7 million, but merchandise income fell to €23.1 million, down from €26.4 million.

As for costs, personnel expenses decreased to €118.1 million, compared with €126.7 million in the first half of 2023/24, but depreciation, amortisation and write-down costs climbed to €49.6 million, up from €46.6 million. Other operating expenses rose to €80.5 million, up from €78.9 million.

Belgian Pro League format changes on hold after proposals fail to secure vote

Proposals for the Belgian Pro League to adopt a new competition format mirroring the Champions League's Swiss model have been put on hold following a meeting of clubs yesterday.

Under the proposed changes, the regular season would be cut from 30 to just 16 gameweeks, followed by an extensive play-off system to decide the league champion and European competition qualifiers.

Six of Belgium’s biggest clubs –Anderlecht, Club Brugge, KRC Genk, KAA Gent, Royal Antwerp and Standard Liège – voiced their desire for the new format in a letter addressed to the Pro League but did not find support among the smaller teams.

Fresh alternatives

As reported by Belgian media, the Pro League put forward two proposed options but no vote took place at yesterday’s general assembly of professional clubs, and it was concluded that without the necessary majority, fresh alternatives must be considered.

It is understood the Pro League management still want to find a solution to the issue this month. The next meeting where the matter is due to be discussed is scheduled for 20th February.

Juventus hearing: 200 civil party applications accepted

Around 200 civil parties have been admitted to the proceedings that opened in Rome in December against the former top management of Juventus, Italian media have reported.

The civil party applications, which were accepted by the Rome preliminary hearings judge (GUP) Anna Maria Gavoni, were made, among others, by the Italian financial markets regulator CONSOB, as well as shareholders, investment funds and consumer associations.

The case follows an investigation into alleged irregularities in Juventus’ salary payments to players, and accusations of false accounting in relation to capital gains from player transfers.

Case moved to Rome

The investigation into the club’s accounts was initially launched by Turin prosecutors before the case was moved to a court in the Italian capital.

There are 12 suspects, among them former president Andrea Agnelli as well as other former directors Pavel Nedved, Maurizio Arrivabene and Fabio Paratici. Juventus and the individuals under suspicion have previously denied any wrongdoing.

Manchester City have escalated their battle with the Premier League after launching a legal challenge against its Associated Party Transaction (APT) rules for the second time in 13 months.

As reported by The Times, City’s lawyers have informed the Premier League they are seeking another arbitration hearing concerning the rules. It is understood City’s key issue is focused on the treatment of shareholder loans.

Last October, an independent arbitration tribunal concluded that some of the rules were unlawful and City warned that further legal action would follow if the Premier League “rushed” to introduce amendments before the panel had deliberated on its findings.

In a letter to clubs on Thursday afternoon, the Premier League chief executive, Richard Masters, revealed the latest development.

“The Premier League remains strongly of the view that the amendments passed in November were lawful and the APT rules comply with all competition law requirements. We consider that the new arbitration must be resolved as soon as possible and, to that end, have agreed that the same tribunal should be appointed to hear the new case. The parties are currently corresponding in relation to further directions.

“The APT rules remain in full force and effect and clubs remain required to comply with all aspects of the system.”

Fair market valuation checks

The arbitration tribunal findings should become known later this month but City have acted now in requesting a new arbitration. In their new case the club cite the fact that the original tribunal took issue with shareholder loans not being subject to the same fair market valuation checks as sponsorship deals.

Under the amended rules the existing shareholder loans have been set aside, meaning they will still not be subject to the scrutiny that could lead to retrospective fees running into many millions. This, City argue, provides clubs which have benefited from such loans with an unfair advantage.

FIFA report: New January transfer window record as spending reaches $2.35 billion

A record $2.35 billion was spent globally on international transfer deals in the January transfer window, with the spending fuelled largely by English and Saudi Arabian clubs, according to data from FIFA’s latest International Transfer Snapshot.

English clubs collectively spent the most, shelling out $621.6 million on transfer fees and recouping just $186 million from player sales to clubs in other countries.

The next biggest deficit was Saudi Arabia, where clubs spent more than $160 million above what they earned. The spending of $202 million was mostly led by Al Nassr, Al Hilal and other clubs owned by the Saudi Public Investment Fund (PIF).

Ten transfers of €30 million-plus

German clubs spent $295.7 million, mostly offset by earning $226.2 million in transfer sales. French clubs took in the highest total of transfer fees, $371 million, and spent $209.7 million.

In January 2024, only one transfer was reportedly valued at more than €30 million ($31 million). There were 10 such transfer fees agreed last month, including four to Manchester City, and topped by Colombia forward Jhon Durán’s $80 million move from Aston Villa to Al Nassr.

Premier League to consider cutting winter transfer window to two weeks

Premier League clubs are considering reducing the winter transfer window to two weeks and closing the summer transfer window before the beginning of the season, according to a report from The Daily Telegraph.

The proposal to shorten the summer window from its current length has been raised in talks between clubs since the end of the most recent window, which ran from 1st January to 3rd February. The aim is that it minimises disruption to managers and their squads once the games begin.

The summer window ended before the start of the season in 2018 and 2019, but this was abandoned because other leagues in Europe kept their window open until the end of August. Since then Saudi Arabia’s Pro League has become a major influence in the market and it is likely to be open for the full scope of the window – as laid out by FIFA.

Meeting of sporting directors

The debate over the timing of transfer windows happened at a meeting of sporting directors of the 20 Premier League clubs last Thursday and came ahead of a Premier League shareholders’ meeting this week.

The club owners and CEOs will decide whether the proposal has any chance of going to a vote. The chief argument concerns the integrity of the game and how the movement of players during the season might affect that.

Spezia Calcio takeover by FC32 multi-club group complete

The sale of Spezia Calcio by the Platek family to the multi-club ownership group FC32 has been completed following the agreement struck between the two parties at the end of January.

FC32, which is led by US investor Paul Francis, had signed a binding agreement for the purchase of 100 per cent of the Platek’s shares. As reported by Italian media, with the takeover now officially complete, the club, who are third in Serie B, have appointed a new board of directors.

Andrea Corradino is the new president, with Francis vice president and Andrea Gazzoli CEO. Also on the new board are the experienced football executive Charlie Stillitano, who is the executive chairman of the US-based sports media company and events promoter Relevent Sports, and football finance specialist Federico Mari.

Platform for footballers

FC32 is a collective of over 80 investors, including former athletes and industry professionals from across the world. With backing from three other American investors alongside Francis and a European fund, its primary goal is to provide a platform where footballers can be involved in the ownership and management of clubs.

The group has already acquired Austrian side St. Polten and Irish club Cobh Ramblers and were previously involved in negotiations to buy Australian team Newcastle Jets.

US businessman Glenn Straub interested in AC Ajaccio takeover

American investor Glenn Straub is interested in a possible takeover of the troubled Ligue 2 club AC Ajaccio, French media have reported.

According to his adviser Jose Lambiet, Straub arrived in Ajaccio ahead of the weekend for talks with the club's directors about its financial position and was planning to attend its home match against En Avant Guingamp on Saturday.

The Corsican club, who are currently 14th in the French second-tier, were provisionally relegated to the Championnat National by French football’s financial watchdog the DNCG in December.

Debts of €8 million

Ajaccio are now reported to be for sale for just €1, although the club’s adviser, Jordan Mathias of CMM Partners, has said he will take offers from buyers who are also able to take on the debt of the club, which totals around €8 million.

Straub, who is based in Palm Beach, Florida and is linked to the company that runs the Miss America beauty pageant which in November filed for bankruptcy, was recently in discussions over possibly buying the Belgian Pro League club Standard de Liege.

The English Professional Footballers’ Association (PFA) has threatened the Premier League with legal action if it tries to introduce a hard salary cap next season under new financial rules.

As reported by The Athletic, the players’ union has made its threat in a letter sent to the league and its 20 clubs amid concerns the Premier League is going to vote on the proposals at its shareholders’ meeting next week.

The Premier League is keen to bring in a cost-control measure known as ‘anchoring’, which would set a hard cap on how much any team can spend on its squad, with the cap being a multiple of the central payment the league makes to the team that finishes 20th in the table.

Hard limit

The PFA is strongly opposed to anchoring as it would clearly apply a hard limit on how much clubs can spend on wages, regardless of their own ability to meet the costs.

The union also claims the Premier League has not properly explained why it wants to bring in anchoring or given sufficient details on how it will work. The league, however, has strongly rejected this.

A Premier League spokesperson said: “We have complied with PFNCC requirements and the PFA has had multiple opportunities since March 2024 to provide feedback on the rules and the principles that underpin them.”
 

Borussia Dortmund dismiss technical director Sven Mislintat

Borussia Dortmund have announced the departure of technical director Sven Mislintat with immediate effect after 10 months in the role.

The decision comes two weeks after the Bundesliga club parted ways with head coach Nuri Sahin following a run of just one win in nine matches, with Dortmund subsequently appointing Niko Kovac as manager.

Mislintat’s dismissal continues a period of complication behind the scenes at Dortmund, with long-time CEO Hans-Joachim Watzke due to leave the club later this year.

Sebastian Kehl contract extended

Dortmund announced last month that sporting director Sebastian Kehl had extended his contract until 2027 following uncertainty surrounding his future.

Kehl had been a candidate for the newly-created managing director of sport role which was ultimately inherited by Lars Ricken in May. The Athletic has previously reported that Mislintat and Kehl have had a strained relationship.
 

Chelsea fans accuse Todd Boehly of “breach of trust” over ticket resale site

Chelsea fans have accused Todd Boehly of a “breach of trust” over his ownership of a ticketing platform found to be re-selling Premier League match tickets for thousands of pounds.

As reported by The Times, the Chelsea co-owner is a director and investor of Vivid Seats, an American website which allows users based outside of the UK to buy and sell tickets to concerts and sporting events, often at inflated prices.

Vivid Seats is listed by the Premier League as an “unauthorised ticket website”, with the league urging fans to “exercise extreme caution” when dealing with the site. It is a criminal offence for an unauthorised person in the UK to sell a ticket for a designated football match.

Supporters’ concerns

Boehly’s position raises the possibility that he is essentially profiting from a practice that his own club have denounced, and in a statement the Chelsea Supporters’ Trust called on Boehly to address supporters’ concerns.

“Vivid Seats currently lists hundreds of Chelsea FC General Admission tickets at significantly inflated prices,” a spokesman said. “As these tickets are not sold by the Chelsea FC website, they are considered by the club to be ‘illegal sales’.”

In a statement, Vivid Seats said: “Our policy restricts the sale of EPL [English Premier League] tickets from UK sellers. We can confirm that we do not have any UK sellers listing EPL inventory on our marketplace.” It added that “only the seller sets and receives the base ticket price.”
 

Manchester City’s Premier League charges ‘discussed by UK and UAE officials’

The 115 Premier League charges facing Manchester City have been discussed between UK and UAE officials amid concerns over the case’s potential impact on relations between the two countries, according to a report from Bloomberg.

Sources familiar with the matter told the newswire that the UAE has brought up the case and the possible wider impact in talks with the British government.

The UK is trying to repair recently strained relations with the UAE, and doesn’t want to get involved in the highly emotive subject of the charges against City, who have denied any wrongdoing. The club’s owner is Sheikh Mansour, the UAE vice-president.

Detrimental impact

However, UK officials are said to be privately concerned that the Premier League's decision could have a detrimental impact on Abu Dhabi's broader investment in Britain.

A UK government spokesman said the UK and UAE have a deep and long-standing bilateral relationship and that deepening trade and cooperation on defence and security is a top priority.
 

RFEF president Rafael Louzan to remain in power after court clears him of fraud

Rafael Louzan, the Spanish Football Federation (RFEF) president, can remain in the role until 2028 after being cleared of fraud in court.

As reported by Spanish media, Louzan's seven-year ban from holding public office was overturned by the country's Supreme Court yesterday.

A provincial court had ruled against Louzan back in 2022 for misconduct during his tenure as president of the Pontevedra Provincial Council. He appealed to the Supreme Court, which allowed him to run in the RFEF presidential election in December 2024.

Renovation of football pitch

According to the Supreme Court’s ruling, there was no corrupt practice when Louzan granted an €86,311 subsidy for the renovation of a football pitch in Moraña, Pontevedra.

If the charges were upheld, he would have been prohibited from exercising his role in charge of Spanish football.
 

UEFA considers scrapping extra time for Champions League knockout rounds

Discussions to scrap extra time from Champions League knockout rounds are reported to be gathering speed within UEFA in what would be a new step to reduce the number of minutes played by top clubs.

According to The Guardian, the topic of taking ties in UEFA’s club competitions straight to penalties is being given serious consideration, although a change midway through this TV rights cycle, which runs until the end of the 2026/27 season, is unlikely.

Extra time has long been a point of contention among European football’s stakeholders, with some players’ unions arguing strongly that its abolition would ease strains on a bulging calendar.

Fixture congestion

Cutting the additional 30 minutes from two-legged ties would go a small way towards alleviating the problems caused by late-season fixture congestion. It could also be popular among clubs that undergo the gruelling regimen of qualifying rounds in July and August.

Last season just three Champions League ties from the round of 16 onwards went into extra time, while none at all required an additional period in 2022/23. Four ties in the 2023/24 Europa League went the distance, down from six the season before.
 

Manchester United develop ‘Mission 21’ plan to become Premier League champions

Sir Dave Brailsford has unveiled a plan to staff at Manchester United called ‘Mission 21’, aimed at delivering a 21st English league title for the club, according to a report from The Times.

The former British Cycling chief is taking a more central role in performance at United alongside Jason Wilcox, the technical director, in the wake of Dan Ashworth’s departure as sporting director in December.

Brailsford is director of sport for INEOS, working across Sir Jim Ratcliffe’s sporting empire as a principal adviser in a relationship that dates back to the INEOS takeover of the all-conquering professional road cycling team in 2019.

Central figure in transformation

Manager Ruben Amorim remains very much in charge of first-team matters, but Brailsford is now a central figure in driving what United hope is a transformation of the performance culture after years of decline.

Brailsford has drafted the new blueprint for United’s future with the assistance of James Morton, a professor of exercise metabolism at Liverpool John Moores University and the head of nutrition and physical performance lead at Team Sky when they were dominating the Tour de France.

The Premier League’s chief football officer Tony Scholes has said that Chelsea and Manchester City will not be permitted to start the 2025/26 season later if they get to the final of the expanded Club World Cup.

Scholes said the league’s stance is simply down to the fact the “calendar is squeezed as much as it can be”, and attributed the issue to a problem “imposed upon us, particularly by FIFA”.

Progress through the competition could create complicated decisions around the contracted minimum break for players of three weeks. The Club World Cup is due to conclude on 13th July –33 days before the Premier League’s 16th August start, and potentially just 26 days before the Community Shield.

Semi-automated offside technology

Meanwhile, Scholes confirmed that the Premier League will press ahead with the implementation of semi-automated offside technology this season, and stressed “there is a conviction” its introduction “part way through the season will not raise any competition issues”.

Scholes also said the top-flight is planning to introduce in-stadium VAR announcements from next season in an attempt to provide greater understanding of key refereeing decisions. “Our intention is for the referee to announce VAR decisions in the middle of the pitch,” he said.
 

RFEF estimates €540 million will be invested to refurbish 11 stadiums for 2030 World Cup

The Spanish Football Federation (RFEF) has estimated that around €540 million will be invested to renovate the 11 stadiums to be used in Spain for the 2030 World Cup, which will be hosted jointly with Portugal and Morocco.

María Tato, a member of the RFEF’s World Cup executive committee, said the funds will come from different organisations involved in the tournament. "Five years before the World Cup, we have 60 per cent of the stadiums offered at full use and with the capacity to host World Cup matches,” she said.

The 11 stadiums are in nine host cities: Madrid, Barcelona, Seville, Malaga, Bilbao, San Sebastián, A Coruña, Las Palmas and Zaragoza. The venues were chosen based on technical, operational, financial and sustainability aspects.

Forty-five sub-venues

Tato, who was speaking at the first World Sports Congress, held at the National Institute of Physical Education of Catalonia (INEFC) in Barcelona, said 45 sub-venues have also been selected, which she said will require some investment to guarantee an optimal condition at the training grounds as well as ensuring the provision of facilities for the media and equipment.

"The World Cup is not only about stadiums,” she said. “It is about stadiums, base camps, training centres and lodgings.”
 

English National League clubs write to EFL requesting third promotion spot

All 72 clubs in the National League have formally asked the English Football League (EFL) to grant the fifth tier a third promotion place from the start of next season.

In a statement, the National League said the request is the first step in its ‘3UP’ campaign, a nationwide effort that will run until the summer, and follows an extraordinary general meeting of clubs last week from the National League and the sixth-tier National League North and National League South.

At present, only the National League champions are guaranteed promotion to EFL League Two, with the next six clubs entering a play-off for a second spot.

Wider financial reset

Three teams are promoted from the Championship and League One each season, with three teams coming down to replace them, while it is four-up/four-down between League Two and League One.

The EFL’s leadership has said it is open to the idea of extending three-up/three-down to the National League but wants to introduce it as part of the wider financial reset with the Premier League.
 

Watzke admits progress needed by Borussia Dortmund sporting management

Borussia Dortmund CEO Hans-Joachim Watzke has admitted there is room for improvement in the club’s sporting management but called for patience amid a difficult season on the pitch, with the team currently in 11th place in the Bundesliga.

Speaking at the SPOBIS Conference in Hamburg, Watzke was asked about the cooperation between managing director of sport Lars Ricken, sporting director Sebastian Kehl and external consultant Matthias Sammer.

"It's all about the question do the three harmonise with each other? And that still needs to be optimised,” Watzke said, before pointing out that the trio have only been working together for half a year.

“Pronounced egos”

The long-time Dortmund CEO, who is to step down from his role later this year after handing over the sporting department to Ricken last summer, added that in football there are "always pronounced egos", and that people will try to “test [the sporting department’s] limits".

Watzke said Ricken's task now is to make sure "that everyone marches in the same direction and if you then have the feeling in the medium term that he doesn't, you have to change something in the concept. But that's no longer my issue."
 

Lotito targets completion of new Lazio stadium by 2029

Lazio president Claudio Lotito is aiming to accelerate the club’s plans for a new stadium and has targeted completion by 2029 so the venue can be considered for Euro 2032, which will be hosted jointly by Italy and Turkey.

The Serie A club are eager to have their own ground, rather than continue to share the Stadio Olimpico with arch-rivals AS Roma, and have identified the currently defunct Stadio Flaminio as the best option on the table.

As reported by Italian media, Lotito has now sent a letter to the mayor of Rome Roberto Gualtieri outlining the specific objectives of the stadium project, which is estimated by the club to cost €392.6 million plus VAT.

Preliminary phase

In the letter, Lotito writes: "Our hope is that the preliminary phase will be completed by the end of 2025, to access the final phase in the first part of 2026 and the start of work in the second part of 2026.

“This would allow us to conclude the work in the first half of 2029 … [and] … deliver an international stadium to the city for the 2032 European Football Championships".
 

NWSL must create $5 million fund for players after abuse scandal settlement

The National Women’s Soccer League (NWSL) must create a $5 million fund to compensate players abused by coaches and team officials following a settlement between the league and three attorneys general.

The deal, which involves the AGs from Washington, Illinois and New York and the NWSL Players Association, was reached more than three years after allegations of harassment, emotional abuse and sexual misconduct led to investigations and prompted a series of changes by the league.

Numerous players who reported abuse are eligible for compensation, with any unclaimed money donated to the players’ association’s emergency and charitable fund. How the funds to players will be distributed was not immediately clear.

Vetting of coaches and officials

The agreement also requires the NWSL to “continue implementation of comprehensive reforms to improve player safety and well-being,” such as vetting of prospective coaches and team officials, multiple methods for players to report abuse, and the provision of counselling.

The league must also submit biannual reports to the attorneys general for the next three years, detailing the implementation of the settlement terms and reporting any complaints alleging misconduct. Failure to meet requirements laid out in the settlement would result in $2 million penalties.