JPMorgan Chase is speaking to institutional investors about raising more than £300 million of debt to support a stadium refinancing for Everton, according to a report from Bloomberg.

It is understood the bank is also providing a loan of £130 million to the Friedkin Group for the club it acquired from British-Iranian businessman Farhad Moshiri last month.

Everton plan to open their 53,000-capacity stadiumat Bramley-Moore Dock in August, with a series of test events due to take place before then. The club expects the new stadium to sharply increase matchday income, which totalled £17.3 million for the 2022/23 financial year.

Hospitality seats up to 5,500

According to Everton’s interim CEO Colin Chong, the number of revenue-generating hospitality seats at the club’s new home will jump to 5,500 from around 1,400 at Goodison Park.

Chong said in a recent matchday programme that the club has sold out all of its available seasonal memberships and its “new home is already becoming a commercial platform for growth.”

Barcelona's Dani Olmo and Pau Victor officially granted playing permission

FC Barcelona have received a significant boost as Spain's Council for Sports (CSD), the governing body overseeing sports in the country, has granted playing permission to players Dani Olmo and Pau Victor.

The decision comes after the CSD reviewed an appeal from the club and the players against the refusal of their registrations.

According to a statement released by the CSD on Wednesday, they have approved "the urgent precautionary measure" that was requested by FC Barcelona and the two players.

Until a final resolution is reached

The CSD's decision ensures that the validity of these licenses is maintained until a final resolution on the appeal is reached.

The CSD recognized that there could be a potential cause for complete nullity in this case and identified immediate and difficult-to-repair damages.

This development is a positive outcome for FC Barcelona, ensuring that both players can officially participate in matches while their appeal is being resolved.

Atalanta shareholding restructure gives club fresh financial boost

Atalanta’s financial outlook has been significantly boosted following recent changes to the club’s shareholding structure, according to a report from La Gazzetta dello Sport.

The stake held in the Serie A club by the group of US investors led by Stephen Pagliuca, who bought the club in February 2022, has risen from 55 per cent to 62 per cent, while the share of the team held by the Percassi family has fallen from 45 per cent to 38 per cent.

In addition, David Justin O'Connor, managing partner and co-founder of the US private equity firm Arctos Partners, which acquired a minority stake in Atalanta in May 2022, has joined the club’s board.

Recapitalisation of €72 million

Alongside the recent shift in the club’s ownership structure, Atalanta’s shareholders have approved a recapitalisation of €72 million, of which €67 million will come from the American group and €5 million from the Percassi family.

The move will provide additional financial resources as Atalanta look to build on recent success on the pitch, with projects including a planned investment of €20 million, including the purchase of land and works, in the expansion of its Zingonia sports centre.

West Ham in £4 million legal battle with London Stadium landlords

West Ham United are involved in a court battle with their landlords over a payment of nearly £4 million they were forced to make after the Czech billionaire Daniel Kretinsky acquired a 27 per cent stake in the club.

As reported by The Times, the East London club appealed against an “expert determination” that they had to pay the money as part of their lease agreement with E20 Stadium, a subsidiary of the publicly-owned London Legacy Development Corporation (LLDC).

West Ham are contesting £3.95 million of the £6.5 million it paid in March 2023 under the stadium lease penalty clause. A High Court hearing took place last month and the court’s judgment is expected later in January.

Added value

The clause was included to ensure that any added value West Ham’s owners benefited from after securing the lease would be reflected when they sold any shares.

E20’s accounts state that its management is disclosing the legal action as a “contingent liability”. The dispute may centre on whether the fee should be paid for new shares or only existing ones.

Tim Lewis, the Arsenal vice-chairman, has aired fresh concerns over English football’s incoming independent regulator, warning that its implementation could have significant adverse effects on the Premier League and lower divisions.

Lewis, alongside West Ham United vice-chairwoman Baroness Karren Brady, and Brighton & Hove Albion CEO Paul Barber, shared their collective fears over the potential impact of the new body in an article published by The Times.

All three officials echoed concerns about possible restrictions on investment, with Lewis pointing in particular to worries about the regulator having power over the scale of parachute payments for clubs relegated from the top-flight.

“Less enticing place”

Lewis said: “It will damage the Premier League. It will be a less enticing place for people to watch football. … Parachute payments are essential and just as important for clubs who are not at such a risk of relegation. The whole pyramid is dependent upon the Premier League’s success.”

A Department of Culture, Media and Sport spokesperson said: “The independent regulator’s remit is to maintain financial sustainability in English football, so excluding parachute payments, or the backstop, would seriously hinder its ability to operate effectively.”
 

Guangzhou FC kicked out of Chinese league due to heavy debts

In the latest blow to Chinese football, Guangzhou FC have been dropped from the country’s national league after a drawn-out saga related to the collapse of property developer China Evergrande, which bought the team in 2010.

The eight-time Chinese Super League (CSL) winners said they had been unable to pay off their debts and therefore did not meet the Chinese Football Association’s (CFA) requirements to compete in the 2025 campaign.

A club statement read: “In order to gain entry into the Pro League for the new season, the club is working hard to move forward. However, we regret that the funds raised were not enough to pay off due to the heavy historical debt and that access was ultimately not granted.”

Multiple clubs excluded

Guangzhou were not named in a list of 49 teams who had obtained a place in the CSL, China League One and China League Two for the 2025 season. Top-flight side Cangzhou Mighty Lions and third-tier Hunan Billows were also not granted access.

The CFA said it would “continue to follow up on clubs that have not obtained admission qualifications due to unpaid wages and debts, and handle them in accordance with relevant regulations.”

Monza takeover talks with Mario Gabelli stall with club bottom of Serie A

A potential takeover of Monza by the Italian-American tycoon Mario Gabelli is on hold after talks over a possible deal stalled, Italian media have reported.

Reports of a bid from Gabelli, who runs Gamco Investors, first emerged last October. The offer was understood to value the Serie A club at €60 million. However, discussions with the Berlusconi family holding company Fininvest are now said to be at a standstill.

While the reasons for the pausing of the process are unclear, speculation has suggested that the team’s current position at the bottom of the Italian top-flight, with just 10 points from 19 games, could be a contributory factor.

Need to recover investments

It is also thought that Fininvest's need to recover their investments made in Monza – including for infrastructure such as the stadium and the sports centre – has affected the negotiations.

Nevertheless, the Berlusconi family’s continued willingness to support the club has been illustrated by the injection of a further €40 million since the start of this season, bringing the total commitment since 2018, when Fininvest acquired the team, to around €300 million.

A group backed by individuals from Saudi Arabia and the US has signed an exclusivity agreement to acquire Eagle Football’s 45 per cent stake in Crystal Palace, according to a report from The Athletic.

It is understood the group, which includes Dallas Mavericks head coach Jason Kidd, former Morgan Stanley sports executive Bejan Esmaili and former Roc Nation attorney executive Wajid Mir, has had an offer for Eagle’s shares accepted.

The group’s funding comes from Mansoor and Haider Syed, two brothers who were born in Saudi Arabia but educated in the US who led a fund established to buy a football club.

Offer increased from $185 million

The initial proposal fell below the valuation that John Textor, the largest shareholder in Eagle and one of Palace’s four primary owners, was looking for. But the group has subsequently increased its offer, up from $185 million, and that has been sufficient to agree a deal.

The Athletic also reported that Sportsbank, a group brought together by the former Everton director and experienced football financier Keith Harris, is still seeking to invest in Eagle, which could scupper the potential deal with the US-Saudi group.
 

PSG could face Champions League ban over Mbappé wages dispute

Paris Saint-Germain could face sanctions from UEFA, including a potential Champions League ban, over Kylian Mbappé’s claim of €55 million in unpaid wages and bonuses against the club, French media have reported.

PSG are due to provide information to UEFA in relation to the case by 15th January and could face punishment from the European governing body, although the club are said to be confident they will avoid any penalties.

UEFA imposes strict rules on the financial viability of clubs participating in its competitions, including the absence of debt towards employees. Rule 82 of its Rules of Procedure states that a club must not have any arrears of payment on 15th July, 15th October and 15th January of the current season.

Ordered to pay sum owed

Last year, PSG were ordered by the LFP to pay Mbappé the sum owed from his time at the Parc des Princes but said in October they would refuse to do so on the basis that the player had agreed in August 2023 to waive the money.

In November, the French Football Federation (FFF) rejected PSG's request to reconsider the order to pay Mbappé, saying it was submitted a day late.
 

Lyon look to overturn DNCG sanctions at FFF appeal hearing

Lyon are reportedly set to appear before the French Football Federation (FFF)’s appeal committee this Friday as they seek to overturn the heavy sanctions imposed on the club by French football’s financial watchdog, the DNCG.

The Ligue 1 club have been placed under a transfer ban and will be relegated unless owner John Textor’s Eagle Football Group can dramatically improve the team’s finances before the end of the season.

However, as reported by French media, Lyon appealed against the penalties before Christmas, and are due to present their case as their American owner does all he can to ease the pressure on the club.

Official notification

A key argument for Lyon is that they didn’t receive official notification of the sanctions in writing, which is necessary for an eventual appeal, until a month after being first informed. Typically, sanctioned clubs receive such documentation within 48 hours.

Lyon are also expected to present new evidence of an improved financial outlook, including a cash injection of €100 million, €80 million of which was due to be paid by early January, as well as a number of new player sales.
 

PSG struggle to find suitable location for new €1 billion-plus stadium

Paris Saint-Germain are struggling to find an area suitable to build their future home as they consider options for a €1 billion-plus state-of-the-art stadium, according to a report from Le Parisien.

A number of architectural agencies are said to be working on plans for a new venue, and the club has been presented with different models of modular-designed stadia with a capacity ranging from 50,000 and 90,000 seats.

However, it is understood a key challenge faced by the Ligue 1 champions is finding a location in the Greater Paris area that would meet all their criteria after president Nasser Al-Khelaifi said the Parc des Princes is no longer fit for purpose.

Transport connections

PSG would want to build shops, restaurants, a clinic and a smaller stadium for their women’s team next to their new ground. It would also require good road and transport connections and be as close as possible to the club’s state-of-the-art training centre in Poissy.

Al-Khelaifi has said that building a new stadium is vital to PSG’s long-term prospects as the club looks to close the gap on some of their European rivals, many of whom boast modern and privately-owned grounds with a capacity of over 60,000.

LaLiga and the Spanish Football Federation (RFEF) have confirmed that FC Barcelona's attempt to re-register Dani Olmo and Pau Víctor for the second half of the season has been rejected.

The two bodies said Barcelona provided the documentation required to extend their spending limit for the season on 3rd January, after the 31st December deadline, too late for Olmo and Víctor, who had their registrations cancelled on 1st January.

In a joint statement released on Saturday, LaLiga and RFEF said the decision was made “in accordance with the literal interpretation of articles 130.2 and 141.5 of the RFEF's general regulations”, which state that the same club cannot re-register a player in the same season in which their registration was cancelled.

Barcelona to appeal

Barça have said they will appeal the decision at Spain's supreme sports court, the Consejo Superior de Deportes (CSD).

In a statement, the club said: "Barcelona expresses their disagreement with today's decision and will proceed to file the appropriate appeal before the CSD. Regarding the matter of the registrations, the club will not comment again until the matter is resolved by the CSD."

Denver lands 16th NWSL team at record $110 million expansion fee

Denver has secured the NWSL’s 16th franchise at an expansion fee of $110 million, according to a report from Sportico.

It is understood that backers of the Denver bid, principally IMA Financial Group CEO Robert Cohen, submitted their first payment to the league on 31st December.

The $110 million expansion fee is more than double the previous NWSL record for new teams and is also the biggest expansion fee ever paid in US women’s sports.

Plans to build new stadium

Former women’s professional player Jordan Angeli has been involved with Denver’s bid from the outset. The group has indicated it plans to build its own stadium and training facility but would expect to begin playing in a temporary venue.

It was previously reported that Denver was in exclusive talks with the NWSL, but the league has yet to publicly comment.

Italian clubs to face new limits on loan deals under FIGC rule changes

The Italian Football Federation (FIGC) has made a series of changes to the rules governing loan deals for professional footballers in Italy, bringing its regulations in line with the changes made to FIFA’s rules in May 2022.

As reported by Italian media, the changes will mean new limits on loan deals, with the maximum duration of a loan spell for a player dropping to one year.

In addition, each club will be restricted to having no more than eight incoming or outgoing loan deals in place at any given time, and the number of loan deals made between the same clubs will be capped at three, regardless of the age of the players involved.

Development of young talent

The changes are designed to reduce the interdependencies between clubs and to encourage the development of young talent. Most of the new rules do not apply to players who are under the age of 23 on 31st December of the year the relevant season begins.

The changes will come into force from 1st July 2025, ahead of the 2025/26 season, except for the limits on the number of loan deals a club can have, which will come into effect from 2027/28. Transitional rules are envisaged for 2025/26 (ten players) and 2026/27 (nine players) to allow for a gradual adjustment.

Hellas Verona takeover by US firm on hold as talks stall

The proposed takeover of Hellas Verona by the American firm Presidio Investors is on hold after negotiations came to a standstill over recent weeks, Italian media have reported.

An agreement for the sale of 100 per cent of the Serie A club’s shares to the Austin, Texas-based fund appeared close before the team’s home game against AC Milan on 20th December and then during the Christmas period, but completion of a deal is still pending.

It is understood that Hellas Verona president Maurizio Setti is trying to maximise the value of the sale and Presidio, represented by the law firm Hogan Lovells, is requesting further guarantees.

Valuation of €120-130 million

There are no specific deadlines to reach a formal agreement, even if the initial goal of the parties was to conclude the sale before January. The club's valuation being discussed is thought to be fluctuating between €120 million and €130 million, including debt with credit institutions.

As part of the potential agreement, Presidio would want to demolish the current Bentegodi stadium and construct a completely new venue on the same land.

As November drew to a close and advent loomed into view, English Premier League (EPL) clubs met on an autumnal Friday morning. The headlines from that meeting were dominated by the EPL’s proposed Associated Party Transaction rules (APTs) passing, with Manchester City on the losing side, but of perhaps greater consequence was the other announcement made that day.

Continuing a trend over a quarter-century long, the EPL confirmed to its member clubs that the next broadcast rights cycle would be its largest ever. Clubs from the other big European leagues doubtless winced; the EPL’s 2025 to 2028 rights cycle will generate £12.25 billion in income, a 17 per cent uplift on the league’s already market-leading 2022-25 figure.

Yet while that doubtless brought plenty of celebration to English boardrooms, a knock-on effect of the ever-increasing TV deals is likely to be exacerbated too. Just as clubs have enjoyed booming revenues, so have they spent more and more money to remain competitive. 

The impact at the bottom of the division has been clear: it is costing clubs more and more to survive in England’s top tier.

How much more – or how we measure those costs – is open to debate. Take transfer fees. A look at the last decade shows that promoted teams’ average spend on new players in their first season in the EPL has more than doubled. 

In 2014/15, Burnley, Leicester City and Queens Park Rangers spent an average of £25 million on transfers following their recent promotion; in 2023/24, the average across Luton Town, Sheffield United and Burnley was £58 million.

The average across the whole of the last 10 years is higher still, at £62 million. That figure was substantially impacted by the 2022/23 season, when the promoted trio of Fulham, AFC Bournemouth and Nottingham Forest combined to spend a whopping £386 million on new signings between them. 

In fairness, they’ll doubtless see it as money well spent. All three clubs survived and, at the time of writing, all three sit in the EPL’s top eight.

Forest and Bournemouth’s respective £170 million and £130 million spends that season are the highest of the last decade among promoted clubs, while three others have gone over the £100 million mark in their first season in the top tier. Of those, only Fulham in 2018/19 failed to survive immediate demotion.

Single season transfer fees aren’t the best barometer of a club’s overall spending, as some clubs enter the EPL already in possession of expensively assembled squads (Newcastle United in 2017 are a case in point), but it remains that only one club in the last decade has spent less than £40 million on new players and survived. 

That was the outlier of all EPL outliers: Leicester City in 2015, who’d go on to win the league just a year later.

Transfer fee spending has never been held up as directly correlated with success in football, though promoted clubs unsurprisingly spend heavily in the hope of building a squad worthy of retaining EPL status. 

The survival of that big spending trio of 2022/23 marked only the fourth time since 1992, when the EPL was formed, that all three promoted clubs had avoided relegation. Whether that can be viewed as a good thing for others looking to imitate their success is another matter entirely.

If transfer fees aren’t necessarily indicative of how a club will fare on the field, wages historically are. Though the relation isn’t exactly perfect, it’s largely true that the more a club spends on player wages, the higher up the league said club will land.

To that end, it’s of little surprise to see that just about every club in the last decade has increased its wage bill following promotion. 

The two exceptions are Queens Park Rangers in 2015, who were immediately relegated, and Newcastle United in 2017, whose ‘decreased’ wage bill only came about because their Championship figure included a chunky provision for ‘onerous employment contracts’. Ignoring that, United’s underlying wage bill also increased following promotion, albeit only by four per cent.

Wage bills for last season’s three promoted clubs aren’t yet available, but of the 27 new EPL clubs from the previous nine years, seven of them (26 per cent) more than doubled their staff costs following promotion. Of those, only two failed to survive their first season back, though all bar one of them – Nottingham Forest in 2022/23 – have been relegated since those cost uplifts were incurred.

While wage spend might correlate with league position, the costs are relative. 

Just because a team doubled its wages doesn’t mean that necessarily makes them competitive beyond the relegation zone; in the case of some, like Luton Town last season, the club’s wage bill in its promotion season was so far below that of EPL sides that even a doubling mightn’t prove enough to survive (again, we don’t yet know how much or at all Luton increased their wage bill last season, but we do know it wasn’t sufficient to avoid relegation).

The cost of finishing 17th in the EPL, just one spot above the relegation zone, has more than doubled since 2013/14. Then, 17th-placed West Bromwich Albion spent £65 million on wages. In 2022/23, Everton finished fourth bottom with a wage bill of £159 million, a 142 per cent increase.

Just assessing the change in the cost of finishing in one specific position isn’t free from variance. In each of the two seasons mentioned above, at least of the relegated teams actually had a higher wage bill than West Brom (in 2014) or Everton (in 2023).

A better indicator, and one that more clearly shows the rising costs of wages across the division in the last decade, is found when looking at the median wage bill of those clubs who survived while finishing in the bottom half of the table, i.e. teams that finished between 11th and 17th in a given season.

Doing so, once again, shows a sharp increase across the decade. As well, where the wage bills of clubs finishing 17th have jumped up and down a bit across the last 10 years, the median wage bill for surviving clubs has generally moved up with each passing year. In 2013/14, the median wage bill of a surviving bottom half team was £64 million. By 2022/23, that had risen to £142 million.

Of course, those rising wage bills have been made necessary by the rising incomes of EPL clubs. The median costs of survival would not have more than doubled if the revenues accruing to those same clubs weren’t on the up too. 

Yet it is debatable that the costs are being sufficiently offset, and over the last five years in particular there’s scant evidence that, at least in a financial sense, clubs are enjoying profitable bottom lines.

Where most EPL clubs were profitable in the half-decade to the end of the 2018/19 season, the period since has seen just 17 clubs out of a possible 83 (only three clubs have disclosed 2023/24 financials at the time of writing) post an annual profit. 

Moreover, profits are concentrated in a small band of clubs: Manchester City, Brentford, Brighton & Hove Albion and West Ham United account for 10 of those 17 profitable years.

In other words, a majority of EPL clubs make an annual loss, including those clubs that ultimately wind up getting relegated. In the EFL Championship, the clubs who make a profit or post the lowest losses tend to be those that get relegated, yet even that doesn’t seem to be the case in the EPL. In 2023, the relegated trio of Leeds United, Leicester City and Southampton booked combined post-tax losses of £210 million.

As wages are a club’s biggest cost, it’s safe to say rising wages have contributed heavily to the EPL’s shift to loss-making. English clubs make more money than ever, but they spend more than ever on trying to not only compete in the top tier, but also simply to survive there. Is it worth it?

Leicester City are facing a nervous wait to discover whether they will be charged by the Premier League with breaching its Profitability and Sustainability Rules (PSR) for a second successive season, according to a report from The Guardian.

The club are one of several in the top-flight who had to submit their accounts for the 2023/24 financial year by 5pm on 31st December, because they have recorded losses over the past two years, and will be told by 13th January whether they have breached PSR.

Leicester escaped a Premier League points deduction earlier this season after they were charged with a £24.4 million breach for the three-year period up to 2022/23. The club’s challenge was based on the fact it was no longer in the Premier League following relegation in May 2023.

Club most vulnerable to charges

However, having recorded losses of £92.5 million in 2021/22 and £89.7 million in 2022/23, Leicester are at risk of being charged with another breach, and are the club most vulnerable to charges this month. Chelsea, Everton and Nottingham Forest sold players last summer so are confident of complying with PSR.

Leicester – who are currently second from bottom in the Premier League on 14 points – have expressed confidence they will avoid another charge, but Premier League sources told The Guardian they feel the club may have a case to answer.
 

Masters highlights concerns over lack of consultation on Club World Cup decisions

Premier League CEO Richard Masters has expressed his concern over the decisions being taken around the new 32-team FIFA Club World Cup due to be held in the US in June and July.

In an interview for Sky Sports’ The Boardroom podcast, Masters said that domestic bodies, including leagues and players’ unions, are “not happy with the decisions that are being taken at a global level”.

Manchester City and Chelsea are the two Premier League teams involved in the tournament, and Masters said should either reach the Club World Cup final on 13th July it would create difficulty for their schedule, with the new Premier League season beginning four weeks later.

“Better outcomes”

Masters said: “So how does that work? With great difficulty I would say. We believe that if leagues and players’ unions were involved in the decision-making processes about how these competitions are put together, you’d have better outcomes. That’s what we’re calling for.”

The Premier League chief also spoke of “overloading players on the number of matches they have to play” in a calendar year and said the situation was at “a tipping point”.

FIFA has said that the new men’s football’s match calendar, which runs from 2025 through to 2030, was approved by relevant stakeholders across the sport.

Nottingham Forest owner Marinakis converts £82 million worth of loans into shares

Evangelos Marinakis, the owner of Nottingham Forest, has reduced the club’s debt by converting another £82 million of loans into share capital.

While the Greek businessman has done this on a number of occasions over recent years, this is the largest amount of money he has written off loans so far.

In March 2023, Marinakis turned £41 million of loans into share capital. He had converted sums of £12 million and £20 million in the two years prior to that. Just over a year ago, in December 2023, the sum involved was £11 million.

Unburdened by debt

The process helps to keep the club, who currently sit third in the Premier League table, unburdened by debt, and comes after Marinakis gave the green light to another round of investment in the transfer market last summer.

The shipping and media magnate has ambitions to see Forest make a return to European football and is expected to sanction further transfer business, most notably the addition of a striker, in January.
 

Premier League clubs face January window ‘changed for ever’ as spending curbs bite

Premier League executives and managers have warned that the transfer market may be changed for ever as so many top-flight clubs are unable to spend in January due to the league’s Profitability and Sustainability Rules (PSR).

The Daily Telegraph spoke to multiple figures within the game, with all painting a gloomy picture of Premier League finances. With the January transfer window now open, it is understood there is little excitement surrounding it as so few clubs are expected to be looking to recruit.

And with PSR biting, many are predicting that transfer fees and wages are going to fall, even though many players and agents have failed to appreciate that clubs are being forced to curb spending.

“Major readjustment”

One leading figure said “Premier League clubs are finding it hard to trade with each other”, adding: “There is a major readjustment happening across the Premier League. This is the reality of PSR and nobody I’ve spoken to at other clubs is expecting to do much in January in terms of recruitment.”

Another leading football executive, with years of experience in the game, said: “Players who would have moved for £60 million or £70 million in the past, could now cost £50 million. … That seems to be the direction of travel, but whether agents and players have realised this yet, I’m not so sure.”
 

Everton’s new stadium to host first match next month with 10,000 fans

Everton have announced that the first match at the club’s new stadium at Bramley-Moore Dock will take place next month, when the first of three test events will be held ahead of the £750 million venue’s formal opening later this year.

The first test event – an Everton under-18s friendly fixture – will be held on Monday 17th February in front of 10,000 spectators. The club said its under-21s will then play a friendly for the second test event in late March or early April, when the capacity will be increased to 25,000.

A statement from Everton said: “A third test event will be held later in the current season, details of which will be confirmed in due course.”

Restricted capacities

The club added: “The restricted capacities for the events are a requirement of the testing process that will allow the club to obtain the necessary licence and safety certificates to operate the stadium at full capacity from when it officially opens ahead of the 2025/26 season.”

For the opening test event fans will be located in the upper and lower sections of the South Stand, which has been designed to be similar to the ‘Yellow Wall’ at Borussia Dortmund’s Signal Iduna Park. Everton’s new stadium will have a total capacity of 52,888.

Ajaccio face “critical situation” after potential buyer withdraws from takeover deal

AC Ajaccio have said they are facing a “critical situation” after a prospective buyer of the Ligue 2 club withdrew from a potential takeover deal.

The Corsican club, who are currently second from bottom in the French second-tier, were provisionally relegated to the Championnat National by French football’s financial watchdog the DNCG last month.

In a statement released yesterday, Ajaccio said that “after requesting a postponement until December 31, while guaranteeing their commitment, [the potential buyers] finally withdrew.”

Decline in value of media rights

The club said that payment issues with a sponsor and the decline in the value of media rights in French football are key factors behind their current position, but stressed that “we are mobilised to find a solution even if there is reason to be worried”.

The statement added: “It must be clarified that [club president Jean-Noël] Fattaccioli's good faith cannot be called into question since he himself found €3 million paid to the club at the end of last June.”

Everton’s new US owners The Friedkin Group (TFG) are planning a major commercial revamp focusing on turning their new £500 million stadium into an “NFL-style” arena in a bid to transform the club’s revenues.

As reported by The Daily Telegraph, a key priority will be securing naming rights ahead of the move from Goodison Park to Bramley-Moore dock, with the first Premier League game in August 2025.

TFG, led by American businessman Dan Friedkin, also believe there is broader potential in selling as much advertising space as possible in and around the spectacular venue on Liverpool’s waterfront.

American football setting

The new approach raises the prospect of the Everton stadium resembling an American football setting once a broad portfolio of commercial partners are on board. Traditionally, English clubs have tended to focus on the perimeter fencing around the pitch for advertising.

TFG have studied the approach of many Premier League clubs – especially those in recently built arenas – and expressed bemusement about the contrast with US sports stadiums, especially in the NFL, where brand logos are blazoned on virtually every stand and around the big screens in every corner.

FC Barcelona's attempt to register Dani Olmo rejected by LaLiga

LaLiga have confirmed they have rejected FC Barcelona's attempt to register attacking midfielder Dani Olmo for the second half of the season as the club continues to face restrictions under the Spanish league’s spending controls.

Olmo moved to Barcelona from RB Leipzig in the summer in a €55 million deal but could only be registered on a temporary arrangement until the end of the calendar year due to LaLiga's financial constraints.

Barça have been trying to re-register Olmo as well as striker Pau Victor, but in a statement released ahead of the midnight registration deadline on 31st December, LaLiga said the club “has not presented an alternative that … would allow it to register any player starting next January 2.”

Application for new licence from RFEF

Barcelona have not given up hope of finding a solution and issued their own statement on 31st December, revealing they have applied for a new licence from the Spanish Football Federation (RFEF) to register Olmo and Victor.

The statement added: “The club wants to deny that it has requested or received any moratorium from any other body for the registration that is requested.”

According to Spanish media, RFEF sources have claimed the federation cannot process any licence without the approval of LaLiga, but it is understood the Catalan giants still believe they will be able to reach an agreement to keep Olmo.

West Ham United post £57.2 million profit for 2023/24

West Ham United have reported a profit of £57.2 million for the year ending 31st May 2024 after suffering a loss of £18.3 million the previous year.

The biggest factor behind the result was the club record transfer of midfielder Declan Rice to Arsenal for £105 million in July 2023, while West Ham’s 2023 Europa Conference League victory prize money was also reflected in this latest set of accounts.

The club’s finances for 2023/24 were further boosted by reaching the quarter-finals of the Europa League last season and finishing ninth in the Premier League after ending the previous campaign in 14th place.

Turnover for 2023/24 rose to £269.7 million, up from £236.7 million in 2022/23, with all the key income streams higher than the previous year.
Matchday income reached £44.6 million (£41 million in 2022/23), with broadcast revenue £167 million (£147.6 million), commercial income £41.9 million (£35.1 million) and retail income £16.1 million (£13 million).

Player trading profit of £96.3 million

The sale of Rice was the key driver behind a profit on player sales of £96.3 million, compared with £17 million in 2022/23. As for costs, West Ham’s total wage bill for 2023/24 was £161 million, up from £136.8 million in 2022/23.

The club said that in 2023/24 it also “continued to optimise its funding, repaying the outstanding MSD facility during this financial term, renewing its Barclays overdraft facility, and accelerating a number of future transfer fee receivables.”

Guardiola admits Manchester City would face financial issues without Champions League football

Manchester City manager Pep Guardiola has admitted that failing to qualify for the Champions League would create financial issues for the club, and raise the danger of being left in the European wilderness.

City are sixth in the Premier League table after a run of two wins in 14 games in all competitions and will need to finish in the top four to qualify for the Champions League for a 15th straight campaign.

In comments reported by The Times ahead of City’s 1-1 draw with Everton on Boxing Day, Guardiola claimed that every year finishing in the top four is his main aim and an achievement that most pleases his owners, for reasons of money and prestige. But it is a run the City manager knows is under threat.

“Now we’re at risk”

“Financial is an issue, of course it is, but it’s not just that,” Guardiola said. “When I said before, people laughed. It’s presumptuous, us winning the Premier League. They said, ‘Ah qualifying for the Champions League is not [such] a big success.’

“I know it is, because it happens with clubs in this country. They were dominant for many years and, after, they were many, many years not qualifying for the Champions League. … Now we’re at risk, of course we are. Definitely.”

Arsenal and Liverpool settle with insurers in Covid-19 dispute

Arsenal and Liverpool have agreed to settle their lawsuit against some of the country’s biggest insurers after pursuing a pandemic-related business interruption (BI) claim, according to a report from Law360.

The two Premier League clubs – along with Aston Villa, West Ham United, Tottenham Hotspur and Brighton & Hove Albion – pursued a BI claim against Allianz, Aviva, CNA Insurance, Zurich and Liberty in 2022.

The basis of the claim was formed on the UK Supreme Court’s January 2021 ruling in the Financial Conduct Authority (FCA)’s BI test case, which ruled that insurers are liable for BI losses in most cases, particularly when a policy offers cover for closure because of an outbreak of infectious disease.

Legal dispute

With the legal dispute set to go to trial in 2025, Tottenham, West Ham, Aston Villa and Brighton settled their claims. Law360 reported that this was negotiated by Paul Wordley, partner at solicitors Wordley Partnership, with a conclusion reached in the first half of 2024.

According to the report, Arsenal and Liverpool have now hammered out a settlement after recently striking an agreement with their insurers. Law360 said this was negotiated by Clifford Chance, which had been instructed to launch the class action lawsuit in 2022.

Real Madrid consider stadium name change after dropping ‘Santiago’ from digital platforms

Real Madrid are considering changing the name of their Santiago Bernabéu stadium after quietly dropping the word ‘Santiago’ from the club’s digital platforms, Spanish media have reported.

The change is currently limited to marketing and merchandising strategies. The stadium’s official website, for instance, now uses only “Bernabéu”, as do the club’s social media accounts, while the stadium tour is now known as the “Bernabéu Tour”.

The adjustments have sparked debate among fans and club members, as the current name honours Santiago Bernabéu, a pivotal figure in the history of Real Madrid who served as its president from 1943 to 1978.

Naming rights

The move has also led to speculation that it could be a preliminary step to sell the stadium’s naming rights. However, Real Madrid are yet to comment on that prospect or the recent changes seen online.

While commercial actions by the club do not require approval, any definitive change to the stadium’s name, including the selling of naming rights, would need to go through Real Madrid's General Assembly of members.

Sheffield United have announced that the takeover of the club by the US consortium COH Sports has been completed.

COH Sports is led by Steven Rosen, the founder and chairman of Cleveland-based private equity firm Resilience Capital Partners, and Helmy Eltoukhy, co-founder and chairman of California-based biotechnology company Guardant Health.

In a statement, United said the pair will join the club’s board as co-chairmen “with immediate effect”.

£111 million paid to Prince Abdullah

According to The Athletic, COH Sports is paying United’s former owner, Saudi Arabia’s Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, $135 million (£111 million) for the South Yorkshire club and its property assets.

The takeover brings an end to Prince Abdullah’s 11-year association with United, who have been up for sale for over three years. The club are currently top of the EFL Championship table as they seek an immediate return to the Premier League following last season’s relegation.

Atlético Madrid consider new €70 million capital increase

Atlético Madrid are considering a further €70 million capital increase to help finance the new ‘Sports City’ project that will redevelop the area surrounding the Riyadh Air Metropolitano, according to Spanish media.

The LaLiga club is planning a major revamp of the 265,000 sq m around the stadium, with the construction of new sports facilities including football pitches, an artificial beach for water sports, a small golf course and multi-sports complex as well as restaurants, shops and cinemas.

It is understood the capital increase may also be intended to compensate for recent player trading, including the sale of Álvaro Morata to AC Milan in July for €13 million. Atlético had signed the Spanish striker for €65 million from Chelsea back in 2019.

Other options presented

Atlético are due to hold a meeting this week at which the capital increase looks set to be approved. Other options being presented include taking on more bank debt or seeking venture capital funding.

If the capital increase does go ahead, it would be the second such action given the green light by the club’s shareholders within the past six months. In June, a €70.7 million capital increase was approved, with the club issuing 378,352 new shares.

New Serie A president Ezio Simonelli cancels meeting over Mondadori role

In his first act as the new Serie A president, Ezio Simonelli has cancelled a meeting of the League Council due to take place on 27th December after questions were raised over his independence and eligibility for the position.

Simonelli, a former accountant of the late Silvio Berlusconi, was elected as the new Serie A chief after securing 14 votes at the league’s assembly on Friday, with the remaining six ballots left blank.

As reported by Italian media, the meeting scheduled for 27th December had been convened by the outgoing Serie A president, Lorenzo Casini, to ascertain whether Simonelli had resigned from his role at the publishing firm Mondadori, owned by Fininvest, which also owns the Serie A club Monza.

Trio of club presidents

The issue of Simonelli's alleged ineligibility had been raised by a minority in the Lega Serie A assembly, led by a trio of club presidents: Claudio Lotito (Lazio), Aurelio De Laurentiis (Napoli) and Urbano Cairo (Torino).

However, it is understood that Simonelli has in the past few days self-certified his resignation from Mondadori’s board of statutory auditors and has delivered documentation to the Italian league to that effect.
 

The Premier League is in danger of losing a £100 million TV contract with one of its Mexican rights holders, Fox Sports Mexico, after it failed to make payments owed for this season, The Guardian has reported.

It is understood the Premier League is considering its options, which include legal action, cancelling the contract and taking Fox Sports’s live games off air in Mexico until it is paid.

The broadcaster has failed to pay several other sports organisations whose TV rights it owns, including CONCACAF and the NFL. The NFL ceased transmission of its games on Fox Sports Mexico last week.

Cashflow problems

Fox Sports has a four-year contract to broadcast live Premier League games in Mexico, which runs until the end of the 2027/28 season, but is struggling to honour its commitments because of cashflow problems.

The deal began this season after the Premier League’s contract with Paramount+ was cancelled. Under the terms of a joint arrangement with HBO Max worth around £50 million a year, Fox Sports holds rights to show around 100 Premier League matches each season, with 90 broadcast by HBO.

EFL rules to limit League One and Two clubs’ owner investment

The English Football League (EFL) has announced the approval of new rules for Leagues One and Two restricting the amount of money injected by club owners that can be spent on player wages and transfer fees.

Under the changes, which the EFL said in a statement are designed to “stem financial losses” and will come into effect from the 2025/26 season, clubs will only be able to spend a proportion of any investment over £500,000.

Owners in League One putting £1 million or more into a club will only be permitted to spend 60 per cent on player-related expenditure, while League Two sides will only be allowed to spend 50 per cent.

SCMP rules

The rules bring equity investment into line with the EFL's Salary Cost Management Protocol (SCMP). Under the current SCMP rules, League One sides can spend 60 per cent of turnover on wages and transfer fees and League Two sides 50 per cent, but 100 per cent of any equity investment.

In a further change to the rules, only 60 per cent, in League One, and 50 per cent, in League Two, of extra football income – such as prize money, cup earnings or transfer fees – will be able to be spent on player-related expenditure. Previously, all of this money could be spent on the squad.

Owners can still spend an unlimited amount of money on non-player related costs such as infrastructure improvements or community projects.

Lyon could sell ten players in January in bid to avoid relegation to Ligue 2

As many as ten players could leave Lyon during the January transfer window as the French club looks to avoid potential relegation to Ligue 2, L’Équipe has reported.

Under sanctions imposed last month by French football’s financial watchdog, the DNCG, Lyon will be relegated unless owner John Textor’s Eagle Football Group can dramatically improve the club’s finances before the end of the season.

Textor has said that Lyon will look to raise fresh funds, including from player sales by clubs across the Eagle group, and it is understood there could be several departures from the Ligue 1 club in January.

Cherki linked with PSG and Liverpool

According to L’Équipe, as well as several fringe players, there a number in the first-team who may be sold, including French midfielder Rayan Cherki if a large offer is put on the table. The 21-year-old has reportedly attracted interest from Paris Saint-Germain and Liverpool.

It is understood that others who could leave include Ghanaian winger Ernest Nuamah, Nigerian striker Gift Orban, French defensive midfielder Maxence Caqueret and Algerian left winger Saïd Benrahma.

Newcastle United player agents waiting on overdue payments owed by club

The representatives of several Newcastle United players have been left in the dark after fees the club owed them were not paid on time, according to a report from The Athletic.

A number of agents should have received commission instalments in September and were believed to still be waiting last week, with no explanation provided as to what was happening or when it would be resolved.

High-profile squad members who are partially remunerated via image rights have experienced a similar delay, although Newcastle said they have recently taken steps to fix that problem.

Financial processing issue

The issue is believed to be a financial processing matter at ownership level, rather than cash flow or a bigger complication, and has not impacted regular wages. The club said deposits have now been made or are on the way and accepted their communication should have been better.

Although paying agents late often occur across the industry, Newcastle’s case is unusually long, especially given that it is a standard contractual obligation. Image rights are slightly different in that an invoice must be sent and if it does not arrive promptly, that could cause a delay.

FIFA and Netflix agree US broadcast deal for Women’s World Cup in 2027 and 2031

Netflix has secured the US broadcasting rights to the Women’s World Cup in 2027 and 2031 in a deal which marks a further push by the streaming giant into live sports.

In a statement, FIFA said: “The historic deal will provide US-based fans with unparalleled access to every match live and to immersive coverage, including star-studded studio shows in what is set to be an unprecedented celebration of the women’s game.”

No details of the deal’s financial value were given, but FIFA president Gianni Infantino – who criticised broadcasters for undervaluing offers to show the 2023 tournament – said: “This agreement sends a strong message about the real value of the FIFA Women’s World Cup and the global women’s game.”

Documentary series

FIFA said that in addition to offering live coverage, Netflix will produce exclusive documentary series in the lead-up to both the 2027 and 2031 tournaments, “spotlighting the world’s top players, their journeys and the global growth of women’s football”.

Last month, Netflix aired a boxing match between retired heavyweight legend Mike Tyson and social media personality Jake Paul and will broadcast two NFL games on Christmas Day as part of a three-year deal announced in May.

Everton have confirmed that the takeover of the club by The Friedkin Group (TFG), led by American businessman Dan Friedkin, has been completed.

Friedkin, who is also the owner of AS Roma, agreed to purchase outgoing majority shareholder Farhad Moshiri’s 94 per cent stake in Everton back in September, and has now received regulatory approval for the move to go ahead.

In a statement, Everton said the club has been acquired by Roundhouse Capital Holdings Limited, an entity within TFG. The transaction was finalised following an agreement between Moshiri’s Blue Heaven Holdings (BHH) and Roundhouse for the sale of BHH’s majority stake.

Marc Watts new executive chairman

Everton also announced that Marc Watts has been installed as the club’s new executive chairman. Friedkin, the chairman and CEO of TFG, is proposed to be chairman of the club’s board while Watts will be responsible in his role for the management of the club.

Ana Dunkel, TFG’s chief financial officer and Colin Chong, the club’s interim CEO, will also serve on the board. Everton said additional appointments will be made in the coming weeks.
 

Genoa takeover: A-Cap claim throws purchase of club by Dan Şucu into doubt

The takeover of Genoa by Romanian businessman Dan Şucu announced by the club earlier this week has been cast into doubt after the US insurance firm A-Cap, the largest creditor of previous owners 777 Partners, claimed it owns the club and never agreed to sell it.

In a statement provided to Bloomberg yesterday, A-Cap said: “A statement was released by Genoa CFC purporting to sell the club to an outside party. This is false.”

On Wednesday Genoa announced that Şucu, who owns Rapid Bucharest, had taken a 77 per cent stake in the Serie A club after agreeing to subscribe to a €40 million capital increase, with 777 remaining as minority shareholders.

In a further statement on the club website yesterday, Şucu outlined some of his plans for the club, and said: “It is an honour and a great responsibility to become the reference shareholder of Genoa CFC.”

However, A-Cap – which took over the management of 777’s football clubs following the collapse of the Miami-based group’s multi-club ownership portfolio earlier this year – has insisted the takeover was never approved.

“Non-approved clandestine operation”

In A-Cap’s statement, a spokesperson for the firm said: “This alleged sale was executed without the knowledge, approval or signatures of the club’s shareholders and without the club’s shareholder’s board representatives.

“Any attempt to falsely represent the status of Genoa CFC will be vigorously contested by the club’s shareholders. We regret that club management wasted time on this non-approved clandestine operation.”

A representative for Genoa told Bloomberg that the recapitalization process is final and that Şucu is now the majority owner of the club. The representative added that both Genoa and Şucu were advised by legal firms throughout the process.
 

Sir Jim Ratcliffe injects further £79 million into Manchester United

Sir Jim Ratcliffe has invested another $100 million (£79 million) into Manchester United, in line with his agreement with the Glazer family struck nearly a year ago, a new filing to the U.S. Securities and Exchange Commission (SEC) has shown.

Ratcliffe pledged to inject $300 million on top of his $1.3 billion purchase price for his initial 25 per cent stake acquired last December. He made a $200 million capital injection in February and according to the SEC filing has now completed the transaction ahead of the 31st December deadline.

The $100 million injection means Ratcliffe has paid just over $1.5 billion for his shareholding in United, increasing his stake from 27.7 per cent to 28.9 per cent.

Ownership of shares transferred to INEOS

The SEC filing also showed that Ratcliffe has transferred ownership of his shares in United to INEOS, bringing the club in line with the rest of the sports investments in his petrochemicals company’s portfolio.

Ratcliffe had purchased his stake in United last December through Trawlers, a company he solely owned based in the Isle of Man. Through INEOS, he is now the largest single investor in United, although the six Glazer siblings collectively own the majority of shares, at more than 40 per cent.
 

Sheffield United takeover by American consortium set to go ahead

Sheffield United’s takeover by the US consortium led by Steven Rosen and Helmy Eltoukhy is set to be completed, The Daily Telegraph has reported.

According to the newspaper, an announcement is now imminent on the deal, which is said to be worth more than £100 million.

Reports had emerged of a deal in principle being in place from last month, around the time Rosen attended the Steel City derby between United and Sheffield Wednesday.

EFL approval

The final touches of the proposed takeover are now understood to have been finalised after the deal was approved by the English Football League (EFL) earlier this month.

United, who are currently top of the EFL Championship table, have been subject to takeover talks over the last few seasons with different parties.

Current owner Prince Abdullah had previously been in discussions with Nigerian businessman Dozy Mmobuosi but a takeover never materialised.

 

UK minister: Bin Salman would have to go through new owners’ test under regulator

Saudi Arabia’s Crown Prince Mohammed bin Salman would have to go through the new tougher owners’ and directors’ test set by the independent football regulator because of their ownership of Newcastle United, a UK government minister has told the House of Lords.

Baroness Twycross, a digital, culture, media and sport minister who is overseeing the passage of the Football Governance Bill, told fellow peer Lord Moynihan that anyone who has a high degree of influence over a club would have to pass the test — and that would include Bin Salman.

However, it is understood Twycross then left the chamber and later passed a handwritten note to Moynihan saying she may have to clarify that position. One peer involved in the debate said it was “a farce”, but that as it stands Bin Salman would have to go through the owners’ test.

Invited by prime minister

The prime minister, Sir Keir Starmer, invited Bin Salman to come to watch a match in England with him less than two weeks ago, on a visit to Saudi Arabia.

The Saudi prince and de facto ruler of the kingdom is the head of the Saudi Public Investment Fund (PIF), which owns Newcastle. The Premier League approved the takeover in 2021 only after receiving “legally binding assurances” that the Saudi state would have no control over the club.
 

Valencia CF owner Peter Lim faces allegations of irregular management

A Spanish court has admitted a complaint filed against Valencia CF owner Peter Lim and several club directors in which they are accused of alleged crimes of unfair administration and corporate crime, among others.

As reported by Spanish media, the legal step implies that the court considers there are sufficient indications to initiate a formal investigation into the accusations.

The complaint points to irregularities related to the management of the LaLiga club under the direction of Meriton Holdings, the ownership group led by Peter Lim, which holds the majority shareholding in the club.

Among the accusations are the falsification of annual accounts, simulation of contracts and alleged irregularities in capital increases. According to the complainants, these actions would have benefited the interests of Lim and his business group to the detriment of Valencia.

Tense AGM ended early

The reports emerged ahead of yesterday’s Valencia AGM. During a tense meeting, club president Lay Hoon Chan was interrupted multiple times by some of the fanbase’s representative shareholders — some of whom asked about the possibility of a takeover.

Lay Hoon said the club was not up for sale but that Lim would study any offers received. The AGM was ended early due to the continued disruptions and interruptions from many of the shareholders.

In a statement, Valencia said the club and its board of directors “regret what happened” at the meeting, adding that the “unacceptable behaviour on the part of a group of the 190 shareholders attending in person” meant the meeting could not take place “within channels of normality, civility and respect.”