The vote on proposed amendments to the Premier League’s Associated Party Transaction (APT) rules scheduled for today is believed to be on a knife-edge, according to a report from The Times.

Senior figures are said to have been frantically lobbying ahead of the shareholders’ meeting in London where the vote is due to take place. It follows a legal challenge by Manchester City, with 14 of the 20 clubs needed to back the Premier League’s proposal to update the rules.

It is understood there is growing confidence among some clubs that the league has enough support to win the vote, which is being seen as a watershed moment for the top-flight.

Efforts to block vote

It is thought that Wolverhampton Wanderers and Everton, who had voted against tougher APT rules a year ago, are now supporting the Premier League. That could mean efforts by City, backed by Aston Villa, to block the vote will fall just short of the seven clubs necessary to veto it.

However, The Times also reported that while the bulk of clubs are very much on the side of the Premier League in the dispute, it is thought possible that City may yet find support from Newcastle United, Nottingham Forest, Chelsea and Leicester City, as well as Villa.

Newcastle ‘seriously’ considering new stadium that would ‘more than double revenue’

Newcastle United are “seriously” considering building a new stadium and believe such a move would more than double their matchday and non-matchday revenue, the club’s chief operating officer Brad Miller has said.

No final decision has been taken and the club are continuing to look into the possibility of expanding and redeveloping St James’, but Miller, who was speaking at a ‘We Are United’ fan event, has given the strongest indication yet that relocation is a live option.

“The brilliant thing about St James’ is it is in an iconic location, the atmosphere and the competitive edge it gives the team on the pitch, and it has 52,000 seats already,” he said.

However, he added that “a new stadium has the potential to earn a lot more. … We are looking at it seriously as it does have the potential to earn more than twice as much in terms of revenue.”

Narrowed down options

Miller indicated that the club have narrowed down options, and two of the most serious considerations which are being further explored are “transforming” the present ground or moving close by to a new venue.

The first phase of the process, which has determined “the art of possible” and the costs involved, according to Miller, is complete, and a “decision stage” is pencilled in for “early” 2025.

Serie A adds extra summer transfer window before 2025 Club World Cup

Serie A has announced the introduction of an additional transfer window before the inaugural Club World Cup due to take place in the US next summer.

It marks the first such move by a top-flight league and comes after FIFA approved a proposal in October to give its national associations the option of introducing an “exceptional registration window” to “address technicalities and equalise inconsistencies created by differences in registration periods and domestic-season timings”.

In a statement, the Italian Football Federation (FIGC) said: “Taking into account the 2025 edition of the FIFA Club World Cup, at the request of the Lega Serie A and pending the definition of the specific regulation, it was decided to authorise an additional transfer window from 1st to 10th June 2025.”

Inter Milan and Juventus to represent Italy

The dates mean the extra window for the Italian top-flight will close five days before the start of the 32-team Club World Cup. Inter Milan and Juventus will represent Italy in the tournament, although every Serie A club will be able to sign players during the new window.

The FAs in Germany, Spain and England have yet to confirm whether they will introduce the same measure. This summer’s Premier League transfer window ran from 14th June to 30th August, starting 16 days earlier than Serie A, LaLiga, Bundesliga and Ligue 1, which all began on 30th June.

Leicester seek to ease fears over BC.Game sponsorship after bankruptcy reports

Leicester City have sought to ease fears over their front-of-shirt sponsorship deal with BC.Game after two companies behind the online casino were declared bankrupt.

It was reported earlier this week that the Court of Curaçao, in the Dutch Caribbean island where the firm is registered, had announced bankruptcy for Blockdance B.V. and Small House B.V., which are both operating companies behind the brand.

However, in a statement released yesterday, a Leicester spokesman said: "BC.Game have provided the club with the strongest assurances that they are actively appealing this case, and that the process which has been initiated in Curaçao is administrative in nature and has not arisen due to any concerns with their financial standing.”

“No issues with liquidity”

The statement added: "BC.Game have further assured us that they have no issues with liquidity and that they remain fully committed to meeting their ongoing contractual and financial obligations, including to the club, and that this case will not impact on BC.Game’s continuing international operations."

Leicester agreed a two-year contract with BC.Game worth $40 million in the summer in what was billed as the club’s biggest-ever such deal. The partnership can only last two years due to a Premier League ban on front-of-shirt sponsorship deals with betting firms from the 2026/27 season.

Marinakis accused of funding hooligans linked to death of policeman in Greece

Nottingham Forest and Olympiacos owner Evangelos Marinakis is fighting a case in Greece alleging he financed “sports violence” in an investigation relating to the death of a police officer last year.

According to Greek media reports, Marinakis and four other Olympiacos executives had been charged with covertly running a violent group of ultra hooligans.

A case was launched after riot police came under attack last December from a group of Olympiacos ultras following a volleyball match in Athens. During clashes, a 31-year-old police officer was struck in the thigh by a flare, and was taken to hospital, where he died three weeks later.

“Covertly directed”

Prosecutors handling the case have been reportedly investigating the possibility that fan group “Gate 7”, which was blamed for the attack, was “covertly directed at the highest level by members of the management or executives” at Olympiacos.

The Greek club swiftly rejected the charges, saying that Marinakis and the Olympiacos family “have a crystal-clear conscience”. It added that it was “yet another attempt to blackmail” Marinakis and the club to fulfil “specific political and business interests”.

The Premier League has told Aston Villa it plans to proceed with tomorrow’s vote on proposed amendments to its Associated Party Transaction (APT) rules despite the club calling for it to be postponed.

It comes after Villa argued, in a letter written to top-flight teams, that the vote should be pushed back by 90 days and warned that the Premier League will be “weakened” by any further public conflict with City.

As reported by The Guardian, the league is understood to have written back to Villa, agreeing with the sentiments around maintaining the privacy of the process while saying it is sticking to its plan to hold a vote at a meeting of the clubs in London.

Interest on shareholder loans

It is understood the most significant change to the APT rules being proposed is making the rate of interest on shareholder loans subject to the fair market value (FMV) test.

The rule amendment will not require fair market value interest charges to be backdated to the time the loan was first issued. However, it is thought the proposed amendment would mean an effective interest rate would be applied to any existing loan in future after a grace period – not just to new loans.

Aston Villa owner Nassef Sawiris speaks out over club’s position on APT rules

Nassef Sawiris, the Aston Villa owner, has said he is joining Manchester City in voting against proposed amendments to the Premier League’s Associated Party Transaction (APT) rules because the “embattled” league needs a “fresh start”.

In a statement shared with The Daily Telegraph, Egypt’s richest man also detailed his concerns over “astronomical” fees attached to legal challenges and the need to provide a “united front” to the UK Government as regulation looms.

Becoming the first Premier League owner to go public with his position, Sawiris said the league should delay tomorrow’s vote as it attempts to heal rifts that “began with the failed attempt to launch a Super League in 2021”.

Unanimous position

Sawiris confirmed Villa “will be voting against the proposed APT Rules” as clubs need time to reach a unanimous position.

He added: “In our view, a vote in 90 days on amended terms taking into consideration the tribunal’s findings will have a significantly greater chance of securing the unanimous support of all 20 Premier League clubs.”

Paris FC takeover: Arnault reveals plans to "build the best training centre in France"

Antoine Arnault, the son of French businessman Bernard Arnault, has said his family is aiming for Paris FC to build France's leading football academy as it looks to complete a deal alongside Red Bull to take over the Ligue 2 club later this month.

Arnault outlined at a press conference the family’s future ambitions for the club, announcing as a priority the training of young talents in Île-de-France and on a national scale.

"The Paris basin is the top pool of talent in the world, maybe the second if we take into account São Paulo” he said. “With the help of Red Bull, the heart of our strategy will be to build the best training centre in France.”

Academy players

Arnault added: “Today, too many young players cross Paris and end up elsewhere. … We want to build a team in which in the long term we will be able to field six, seven or eight players from the academy.”

He declined to say exactly how much money the family holding would put into Paris FC, but said media reports of at least €100 million, which could be pushed to €200 million if the club secures a spot in Ligue 1 next season, were roughly in the right ballpark.

Newcastle owners PIF make fresh £35 million injection into club

Newcastle United’s owners, the Saudi Arabian Public Investment Fund (PIF), have injected a further £35 million into the club via a single-share issue.

It marks the seventh injection of capital since the Premier League club was bought in October 2021 by a consortium led by PIF, and takes their total investment into Newcastle since the takeover to £337.9 million.

As with the majority of the previous injections, the latest equity share issue is to help with cashflow over the winter months and provides for day-to-day running costs.

One share purchased

Companies House documents show that via PZ Newco, the company in charge of Newcastle United, one share in the club was purchased on 30th October for £35 million.

The previous cash injections via share issues were in November 2021 (£38.5 million), January 2022 (£40 million), October 2022 (£70.4 million), February 2023 (£57 million), August 2023 (£60 million) and March 2024 (£37 million).

Premier League clubs set to push for greater share of data deal

Premier League clubs are lobbying for a bigger share of football’s increasingly lucrative data deal in a move that is likely to further inflame tensions with the English Football League (EFL), The Guardian has reported.

Under the terms of the current contract, the Premier League and EFL receive an equal split of money through the collective sale of their data rights, delivering around £35 million a year for each league.

The Scottish Professional Football League (SPFL) receives a significantly smaller share of the revenue in a deal worth a few million pounds to clubs north of the border.

Equal shareholders

The Premier League and EFL are equal shareholders in the company that manages the collection and sale of their data, Football DataCo. However, it is understood a number of Premier League clubs are arguing that as they have been the main drivers of this growth, they should receive a bigger share.

The commercial value of the deal has historically been relatively small but has grown significantly in recent years due to the huge increase in the volume of betting on football, alongside a far greater use of data by broadcasters.

LaLiga drops plans to switch FC Barcelona v Atlético Madrid fixture to Miami in December

LaLiga has dropped plans to host next month’s fixture between FC Barcelona and Atlético Madrid in the US, according to a report from The Guardian.

Miami had been earmarked as the venue for the match, a home fixture for Barcelona, on 22nd December. LaLiga would have needed permission from FIFA, UEFA and the Spanish Football Federation (RFEF) to make the switch.

No major European league has staged a competitive game in the US and LaLiga has accepted December will be too soon to break the mould by holding such a big-ticket encounter almost 4,500 miles away.

Fresh attempt

It is understood the Spanish top-flight still intends to host domestic games abroad in future, with a fresh attempt likely next season.

It comes after FIFA’s withdrawal in April from a legal challenge by match promoter Relevent, which is seeking to stage overseas league matches in the US. The following month, FIFA announced it was setting up a working group to look at the potential impact of competitive domestic matches being played abroad.

FIFA claims Clearing House has brought “game-changing benefits”

FIFA has claimed its controversial Clearing House (FCH) has delivered “game-changing benefits” in its first 24 months.

In its first report on the operations of the Paris-based organisation, FIFA said: “Since the system was rolled out in November 2022, more than $350 million has been allocated to over 5,000 training clubs of all categories across the world.”

It added that $156.6 million has “already been distributed in training rewards” by the FCH, and said that number “is expected to increase even further in future years”.

FIFA said many of the transfers completed in the past 24 months “still have outstanding installments which will continue to trigger training rewards in the future.”

It said “these amounts will come on top of the training rewards that will be paid for transfers completed in the coming years”, adding that “in 2024 alone, the total value of the training rewards distributed by the [FCH] so far is more than triple the amount paid in any year prior to the system’s implementation.”

Bureaucratic problems

Earlier this year, Off The Pitch revealed how bureaucratic problems at the FCH had led to significant delays to transfer payments, impacting hundreds of clubs globally.

In a statement accompanying FIFA’s new report, its chief legal & compliance officer Emilio García Silvero said: “While we dealt with different challenges in the first 24 months of operations, we remain committed to further improving the functioning of the Clearing House.”

He said this will be done “in coordination with key stakeholders, including clubs, member associations and leagues, with the aim of enhancing the user experience and simplifying the onboarding and payment processes, among other aspects.”

Aston Villa have rallied behind Manchester City in the intensifying row over the Premier League’s Associated Party Transaction (APT) rules, according to a report from The Daily Telegraph.

In a letter written to top-flight clubs seen by the newspaper, Villa argue that the vote on proposed amendments to the rules scheduled for this Friday should be postponed and warned that the Premier League will be “weakened” by any further public conflict with City.

Arguments raised by Villa, as the club suggest a 90-day postponement, include fresh potential legal challenges, ongoing uncertainties around the tribunal’s findings and also further changes to the rule book after the introduction of an independent regulator.

Prospect of more legal action

Villa’s intervention comes after City wrote again last week to Premier League teams – and the FA – warning that the proposed changes to the APT rules remain “unlawful”, and also raising the prospect of further legal action should they be given the green light.

In the league-wide email, City also included an 11-page letter they received from the Premier League, in which the competition strongly defended its position and accused its own champions of making “repeated and baseless assertions”.

Marinakis in talks to buy Vasco da Gama after 777 ownership collapse

Evangelos Marinakis, the owner of Olympiacos and Nottingham Forest, is in talks to buy a controlling stake in Brazilian club Vasco da Gama, The Daily Telegraph has reported.

The Greek billionaire is building a global multi-club group, including Olympiacos, Forest and the top-flight Portuguese club Rio Ave. Vasco da Gama, from Rio de Janeiro, were previously controlled by 777 Partners.

If Marinakis completed a purchase of the club it would likely yield a key role for the former Arsenal sporting director Edu Gaspar, who has accepted an unspecified role with the Greek shipping magnate’s investment group.

Investment possibilities

Marinakis has reportedly been looking at various investment possibilities, including in Italian Serie A club Monza.

Under the control of 777 Partners, Vasco da Gama were promoted back to the Brazilian top-flight in 2022, but the US investment group has been unable to sustain its financial model. The group is now under the control of the US insurance giant A-Cap, its biggest creditor, and the clubs are being sold.

Valencia CF achieve first profit in six years as wage bill falls by 21 per cent

Valencia CF have reported a profit of €0.17 million for the year ending 30th June, 2024, their first surplus for six years.

The small profit follows losses of €1.2 million in 2022/23 and €44 million in 2021/22, and was achieved largely due to a 21 per cent reduction in the total wage bill, which fell from €88.5 million to €70.2 million.

Salary costs for sports staff – made up largely of first-team players’ wages – were down by 19 per cent to €59.7 million, their lowest level in the last ten years. Amortisation costs also continued their downward trend, falling by 27 per cent to below €13 million.

The cost reductions compensated for a 10 per cent drop in turnover, not including player sales, to €106.9 million, down from €121 million the previous year.

The key factor was a 17 per cent decline in broadcast income to €60.1 million. The club has suffered from a series of mid or lower-table finishes in LaLiga over recent seasons, which is also impacting the amount the club receives from CVC.

Season tickets and members bring in €16.3 million

Other revenue streams remained relatively stable, with income from season ticket holders and members rising to €16.3 million, up from €15.2 million in 2022/23, while commercial revenue was €23.2 million, down slightly from €23.4 million.

In terms of extraordinary income, the club generated €16.7 million in capital gains from transfers, down 27 per cent on the previous year, while it added an extra €3.3 million due to favourable court rulings against the Treasury over VAT paid in previous seasons.

For 2024/25, Valencia have budgeted for turnover of less than €100 million and a further decline in the total wage bill to below €60 million, down 15 per cent.

Michele Kang pledges $30 million to US Soccer to "transform" women's football

American businesswoman Michele Kang has pledged $30 million to US Soccer, which the federation claims will "transform" women's and girls' football in the US.

In a statement, US Soccer said Kang's investment over the next five years "will scale competitive opportunities for youth players, expand and improve talent identification, and fuel professional development for female players, coaches, and referees".

The commitment by Kang, who owns NWSL team the Washington Spirit, French top-flight side Lyon Feminin and the English Women's Championship club London City Lionesses, is the largest ever made to US Soccer by a woman.

National team camps

US Soccer said the donation will allow it to double the number of national team camps it currently runs, specifically funding camps for women and girls, and also double the number of female coaches and referees by bringing new opportunities to an additional 70,000 across the country.

"Women's sports have been undervalued and overlooked for far too long," said Kang. "I hope this investment serves as 'seed capital' and spurs other donors to follow suit.”

Manchester United are planning a major shift in transfer strategy following the arrival of new manager Ruben Amorim from Sporting Clube de Portugal, The Daily Telegraph has reported.

It is understood the Portuguese coach will operate on a more modest budget to Erik ten Hag and will be tasked with maximising the untapped potential in the squad as the Old Trafford club aim to end the damaging and costly cycle of mass overhauls.

Ten Hag spent more than £600 million during his two-and-a-half-year reign, and United have averaged five new signings every summer for the past 10 years under four different managers.

Persistent upheaval

The United hierarchy are thought to have no plans under Amorim to rip up a squad they feel is capable of delivering far more and are determined to move away from a culture of persistent upheaval they believe to be financially unsustainable and destructive to coherent squad building.

With losses totalling £312.9 million over the past three years, United are under huge pressure to reduce costs to ensure continued compliance with the Premier League’s Profitability and Sustainability Rules (PSR) and UEFA’s own financial sustainability regulations.

Real Betis post €0.32 million profit for 2023/24

Real Betis have reported a profit of €0.32 million for the year ending 30th June, 2024, signalling a further stabilisation of their finances following the Covid-19 pandemic.

The LaLiga club also recorded a small surplus in 2022/23, of €0.17 million, which came after combined losses of €81.2 million over the previous three years.

Total revenues rose to €189.3 million for 2023/24, thanks largely to income from player sales more than tripling to €45.5 million.

Turnover, excluding player trading, was €138.6 million, down from €148.7 million in 2022/23, due largely to the club failing to qualify from the group stage of the Europa League after reaching the last 16 the previous season.

Broadcast income down 10 per cent to €83.9 million

Broadcast revenues fell by 10 per cent to €83.9 million, while commercial income declined by five per cent to €29.8 million.

Revenue from season ticket holders and members –more than 70,500 supporters in total – rose by 10 per cent to €20.7 million. However, other ticket sales income fell by 17 per cent to €4.2 million.

Real Betis’ wage bill amounted to €111.6 million, up from €94.6 million in 2022/23 but representing the club’s average figure for the last four years.

Lyon have been handed a provisional relegation to Ligue 2 and an immediate transfer ban by French football’s financial watchdog, the DNCG, following its mid-season meeting with the club last Friday morning.

In a statement issued later in the day, the DNCG confirmed the sanctions, with Lyon set to be relegated unless owner John Textor’s Eagle Football Group can dramatically improve the club’s finances before the end of the season.

Earlier this month, Lyon reported a loss of €25.7 million for the year ending 30th June 2024, following the €99 million loss incurred in 2022/23. The club’s financial debt reached €505.1 million as at 30th June 2024, compared with €458.5 million at the end of the previous year.

Alongside the 2023/24 results, Eagle announced a series of urgent measures to raise new financing for Lyon, including from player sales by clubs across the Eagle group, as well as its planned IPO on the New York Stock Exchange, and the sale of its 45 per cent stake in Crystal Palace. However, the DNCG was unconvinced by the plans.

Q1 2024/25 revenues down 46 per cent to €66.1 million

The developments came as Eagle announced that Lyon earned total revenues of €66.1 million for the first quarter of 2024/25 (ending 30th September 2024), down 46 per cent from the same period last year.

The primary reason was a sharp decline in transfer income, which fell 67 per cent year-on-year to €29.7 million. Excluding transfer income, revenues increased by 12 per cent year-on-year to €36.5 million, with the club’s participation in the Europa League a key factor.

Textor insists “we will not be relegated” in attack on DNCG decision

Lyon owner John Textor has insisted the Ligue 1 club will not lose their top-flight status following the decision by French football’s financial watchdog, the DNCG, to provisionally relegate the team to Ligue 2.

At a two-hour press conference on Saturday, Textor gave his response to the sanctions, and expressed his frustration in particular over the DNCG's decision to only assess the finances of Lyon, rather than all of the clubs in his Eagle Football Holdings group.

“At the DNCG, there are intelligent people but they work in a system and do not want to look at the global scale of what we do,” he said. “The DNCG has to digest a lot of figures in a very short time. We are a large organisation, and it is important to realise that all our clubs contribute. Our departments collaborate, our financial services collaborate.”

The American claimed the "imminent" sale of Eagle’s 45 per cent stake in Crystal Palace could alone cover "more than what OL needs", and that the club had several ways to cover its deficit "of around €100 million".

He added: “We will not be relegated, there is no chance. I know that our situation makes some sceptics. I prefer the Premier League system which punishes clubs differently. We have resources that go well beyond the club. Even if we fail on all our global initiatives, of €700 million, our owners will not let the group sink.”

Tensions with PSG resurface

Textor’s reaction to the DNCG's sanctions came after dramatic comments he made on Friday following his meeting with the watchdog and before its decision had been announced.

“The meeting went well. I’m confident in our numbers,” he said, before adding: “I can never be confident in the way a regulatory body looks at these things. I believe the DNCG is independent of some of these pressures you see, but we have a lot of enemies you know, within the league’s board [of directors], and a big club in Qatar.”

The comments appeared to indicate his tense relationship with Paris Saint-Germain, who are owned by Qatar Sports Investments, has not improved since the summer.
In July, reports emerged that PSG had threatened Textor with legal action following a series of public statements in which he directly or indirectly criticised the club.

Manchester City claim Premier League’s proposed new APT rules remain 'unlawful'

Manchester City have launched another stinging attack on the Premier League over its Associated Party Transaction (APT) rules ahead of a key meeting on the issue in London this Friday.

Clubs are set to vote on proposed amendments to the rules at the meeting, but according to The Daily Mail, City have again written to all the other 19 teams – and the FA – warning that the proposed changes remain “unlawful”, and also raising the prospect of further legal action should they be given the green light.

In the league-wide email, City also included an 11-page letter they received from the Premier League last Thursday, in which the competition strongly defends its position and accuses its own champions of making “repeated and baseless assertions”.

Clear warning

In what may be interpreted as a clear warning in the email, which is from City’s legal counsel Simon Cliff, he declares that the club’s “strong desire is to avoid any future costly legal disputes…and so it is critical that the PL gets it right this time round”.

An independent tribunal found last month that certain elements of the APT rules were “unlawful”, citing the exclusion of shareholder loans as a key area that needed to be addressed. City argued that the cost of such loans should be included in the league’s financial regulations.

FC Porto complete €115 million bond issue to refinance debt

FC Porto have announced the completion of a bond issue worth €115 million to refinance debt as the Primeira Liga club looks to ease its severe financial difficulties.

In a statement, the club said the bond, issued through its wholly-owned subsidiary Dragon Notes, has a maturity period of 25 years and fixed annual interest rate of 5.62 per cent.

The financing was achieved through private placement with institutional investors in the American securities market. J.P. Morgan acted as placement agent for the notes and Key Capital Partners as the club’s financial adviser.

“Financial burden”

Porto president André Villas-Boas said: “This operation will, above all, aid the sustainability of the club, not only in the long term, but also in the short and medium term, namely to face the financial burden it has, and to lower the cost of debt.”

Porto reported a loss of €21 million for 2023/24, with liabilities totalling €520 million.

Valencia CF announce financing deals to boost Nou Mestalla plans

Valencia CF have completed two major financing agreements which the club said will allow it to complete the long-awaited construction of the Nou Mestalla stadium.

In a statement, the LaLiga club said it has agreed a “long-term corporate credit facility of €121 million” and a “short-term bridge loan of €65 million.” It comes after the club hired the US bank Goldman Sachs to raise fresh funds.

The construction of the new stadium has been beset by difficulties since being first unveiled back in 2006, but the granting of a building licence in July this year has provided a major boost to the prospects of it hosting matches at the 2030 World Cup.

Capital markets

Valencia confirmed that the new €121 million corporate credit facility has been raised in the capital markets, while the €65 million loan is for “short-term bridge financing, with Goldman Sachs acting directly as creditor.”

The club added: “In this way, Valencia CF has completely refinanced its previous debt. … These operations position the club to complete financing for the Nou Mestalla project, which will allow construction to resume in January 2025 and make Valencia CF's future plans a reality.”

Real Madrid have become the first football club in the world to have its own theme park after Real Madrid World opened its doors in Dubai.

In a statement, the Spanish club said the site, which is promoted and operated by Dubai Parks and Resorts, has a surface area of six hectares –the equivalent of six football pitches – and features over 40 experiences.

Attractions include the Stars Flyer, the world's tallest flying chairs at 140 metres high, and Hala Madrid Coaster, the Middle East's first and only wooden roller coaster. The park will also serve as a meeting point for Madrid fans in the area to watch the club's LaLiga matches live.

Bernabéu Experience

In addition, visitors can explore exhibitions such as The Real Challenge, Road to Victory or Bernabéu Experience, while at Meet the Stars, fans can have their photo taken with life-size figures of legendary Los Blancos players.

The inauguration of the park was attended by Madrid’s director of institutional relations Emilio Butragueño and club ambassador Roberto Carlos. They were shown around the facilities and took part in a clinic with more than 100 children from the Real Madrid Foundation on a football pitch inside the park.

Ex-Inter Milan president Steven Zhang wins lawsuit against creditor

Inter Milan will not be required to pay back any salary to Steven Zhang for his time as club president after both Zhang and Inter won their case against the China Construction Bank at the Court of Milan.

As reported by Calcio e Finanza, in the legal clash with the bank, a creditor of Zhang, the court ruled in favour of both the son of the former Inter patron Zhang Jindong and the club.

The lawsuit had been ongoing for a number of years and followed a ruling issued by the Hong Kong Court in July 2022 over an unrepaid €320 million loan from the bank by Steven Zhang.

Appeal upheld

Last March, the Court of Appeal of Milan upheld the China Construction Bank’s appeal, deciding to recognise the Hong Kong ruling in Italy as well. However, Zhang and Inter have now won the case following the Court of Milan’s ruling.

In May this year, Oaktree Capital Management assumed ownership of Inter, when Suning, owned by Zhang Jindong, failed to meet a deadline for the repayment of its €395 million debt to the US investment fund.

Brady issues "closed shop" warning over independent regulator plans

West Ham United vice chair Karren Brady has warned that the UK government's proposed new independent regulator for English football would create a "closed shop" of top sides.

The Football Governance Bill, which includes the creation of the regulator, was debated in the House of Lords on Wednesday. Baroness Brady, who has held senior positions at clubs for 30 years, told peers there were "dangers lurking in this bill".

As reported by the BBC, the Conservative peer said planned "extreme redistribution" would "replace our brilliant but brutal meritocracy with the likelihood of a closed shop where survival not aspiration becomes a ceiling".

“Irresponsible owners”

However, Labour's Baroness Fiona Twycross defended the bill. "Irresponsible owners, unsuitable financial models and inadequate regulation have cast a shadow over too many of our clubs and too often it is fans who have had to fight to protect their club's identity, heritage and even its very existence," she said.

"The football industry has not gone far enough in tackling these issues, despite many opportunities to do so. That is why we are bringing forward this bill."

Le Havre AC to meet with DNCG amid €10 million deficit

Le Havre AC are to meet with French football’s financial watchdog, the DNCG, this morning for their mid-season review amid a tight financial outlook after being forced to limit their wage bill ahead of this season.

According to a report from L’Équipe, the club, who are currently 17th in Ligue 1, have a deficit of around €10 million and could be asked to reinject equity by the DNCG at today’s meeting.

It is also understood they are in conflict with the LFP over the amount they have received from the league’s investment deal with CVC Capital Partners.

No transfer fees

Le Havre were one of four French top-flight teams, alongside Stade de Reims, Montpellier HSC and Angers SCO, that did not spend a single euro on transfer fees during the summer window.

The Normandy club also parted company with their highest earner, Mohamed Bayo, who was on €100,000 per month, as he returned to his parent club Lille OSC, while André Ayew agreed to extend his stay on a reduced salary.

However, they were unable to sell some of their key players for the prices they were hoping for following the drop in the value of the LFP’s broadcast rights deal, which led to a more austere transfer window across the league.

Four of Manchester City’s main rivals have lodged legal notices reserving the right to seek compensation if the club are found guilty of serious charges among the 115 alleged breaches of Premier League rules, according to a report from The Times.

Sources told the newspaper that Manchester United, Liverpool, Arsenal and Tottenham Hotspur took the step of formally registering possible compensation claims via arbitration before a potential statute of limitations deadline last week.

If the charges against City are proven, clubs could claim for loss of income for missing out on the league title, qualification for the Champions League or other European competitions over the course of several seasons, which could total hundreds of millions of pounds.

Time limits

The charges against City are still being heard by an independent regulatory commission, with the outcome not expected until the new year. The club have denied any wrongdoing.

The commission can make an order for compensation to be paid but it is understood that, because of laws around time limits to register such claims, there was concern among the rival clubs that it would be too late to wait until the case had been resolved.

Paris FC takeover by Red Bull and Arnault family edges closer

The proposed takeover of Paris FC by Red Bull and the Arnault family has moved a step closer after a key meeting was held on Tuesday with French football’s financial watchdog, the DNCG.

As reported byL’Équipe, the meeting, which was also attended by the LFP, went smoothly, with Antoine Arnault outlining his family's motivations for investing in football. The businessman referred in particular to “education through sport.”

It is understood a further meeting will take next Wednesday between Arnault and Paris FC’s current president and majority shareholder Pierre Ferracci followed by the signing of a final agreement to seal the takeover.

Ferracci to keep 30 per cent stake

Under the planned buyout Ferracci will keep 30 per cent of his shares until 2027, when he is reportedly planning on exiting. Red Bull are expected to take a 15 per cent share, with the Arnault family, who own LVMH, becoming the new majority shareholder with a stake of around 55 per cent.

At Tuesday’s meeting, Arnault also outlined a series of key aims for the club, who are currently top of Ligue 2, although he said promotion to the French top-flight was only targeted within the next two years.

Parry: ‘Independent regulator review can end Premier League deadlock'

EFL chairman Rick Parry has said he hopes a "seminal" review of the game by a new independent regulator could help overcome the deadlock with the Premier League over greater financial redistribution.

The Football Governance Bill, which began its second reading in parliament yesterday, will give the regulator powers to assess the impact of the Premier League's parachute payments to relegated clubs as part of a 'State of the Game' review every five years.

In an interview with the BBC, Parry said the strengthened legislation is "an improvement" on a version introduced by the previous government, and which failed to become law before the General Election was called in May.

Revenue-sharing formula

The EFL chair said: "We’ve been real enthusiasts about the review, a proper independent analysis of the game's finances. We think it’s a seminal piece of work … that should form the basis for the solution for whatever the revenue-sharing formula is going to be.”

When asked if he was confident the Premier League and EFL could agree without the regulator having to enact its 'backstop power' to decide on a settlement, Parry said: "Not really. We’d love to get a deal done, but [there’s] no signs to suggest it's going to be straightforward or quick."

Atalanta post €9.8 million profit for 2023/24

Atalanta have reported a profit of €9.8 million for the year ending 30th June 2024, following the €3.8 million surplus achieved the previous year.

The figure marks the Serie A club’s ninth successive annual profit. Turnover for 2023/24 amounted to €242.1 million, up from €193.7 million in 2022/23, just below the club’s record of €242.7 million earned in 2020/21.

Revenues for 2023/24 were boosted by success on the pitch, with the club winning the Europa League and finishing fourth in Serie A.

Broadcast income reaches €101.8 million

Broadcast revenues reached€101.8 million in 2023/24, up from €59.1 million in 2022/23, with €60.6 million from Serie A and €35.9 million from UEFA. Commercial income rose to€26.3 million, up from €25.6 million the previous year, while matchday revenues were €17.1 million (€11.8 million in 2022/23).

Capital gains from player sales amounted to €70.9 million, compared with €63.2 million in 2022/23.
Total costs also increased, climbing to €226.8 million, up from €187.4 million the previous year, with Atalanta’s wage bill rising to €115.2 million (€84.4 million in 2022/23).

Lyon under pressure over financing measures ahead of DNCG meeting

Lyon are to appear before French football’s financial watchdog, the DNCG, on Friday morning for their mid-season meeting, with the club under renewed pressure after reporting further losses last week.

The Ligue 1 side suffered a loss of €25.7 million for the year ending 30th June 2024, following the €99 million loss incurred in 2022/23, prompting owners Eagle Football Group to announce a series of urgent measures to raise new financing over the coming months.

Eagle said it intends to raise extra funds for Lyon from player sales, including from other teams in the group, as well as from its planned IPO on the New York Stock Exchange, and the sale of its 45 per cent stake in Crystal Palace.

Potential sanctions

According to a report fromL’Équipe, Lyon believe they will be able to convince the DNCG that such measures will be enough to ensure the club’s finances are in better shape by the end of the 2024/25 season.

However, if the DNCG still holds doubts about the plans it could impose sanctions such as supervision of recruitment and payroll, or even relegate the club to Ligue 2 as a precaution if the money is not found by the end of the current campaign.

Bayern Munich to submit building application for new performance centre

Bayern Munich have moved a step closer to opening a new first-team performance centre after the club announced it will submit a building application to the City of Munich for its construction.

In a statement, Bayern said the plans for the new facility at the club’s training ground on Säbener Strasse were approved unanimously by its supervisory board at a meeting on Monday.

It comes after the club received a positive response to its application to the Munich city council for an examination of "essential points" for approval.

“Sustainable infrastructure"

Bayern said a "location and use analysis" by the club has shown that "all possible necessary uses for an adequate and sustainable infrastructure" could be accommodated in the new performance centre.

It added: “Säbener Strasse has been the home of FC Bayern for 75 years, and this project will create the conditions to continue to meet the highest national and international standards.”

Brighton & Hove Albion have let go the majority of their full-time recruitment scouts as part of a restructuring of the envied department, according to a report from The Daily Telegraph.

It is understood that staff at the club, whose owner Tony Bloom relies heavily on a secretive data model, were last week told that recruitment and the identification of players will now operate differently, with three full-time scouts being dispensed with. Others may have been redeployed.

The move underlines how successfully the club, who are sixth in the Premier League table, level on points with third-placed Chelsea, have used data in their recruitment, although club insiders insist they will be no more reliant on it than they have been.

Staff headcount

It is believed the excellent work of the scouts who have left has been recognised by Bloom and that Brighton plan to make appointments as part of the restructuring to take the total recruitment staff headcount back up to near its previous level.

However, according to The Telegraph's report, Brighton’s decision has caused intrigue and surprise within football, and has sparked fears within the scouting community that clubs could cut the number of full-time scouts they use as data becomes more and more prevalent.

Premier League strikes $560 million media rights deal with Thai platform Jasmine

Thai telecom carrier Jasmine International Pcl has agreed to pay $560 million for Premier League broadcast rights as it seeks to attract customers to its streaming business.

According to an exchange filing from the company, it has acquired exclusive rights for live Premier League and FA Cup matches in Thailand, Laos and Cambodia for at least three seasons starting from 2025/26.

The contract can be extended to as long as six seasons if the company receives written notification from the rights holder by 1st December. The initial three-year rights cost $233 million and the payment will rise to $560 million for a six-year contract.

Boon for Jasmine

The rights are set to be a boon for Jasmine as it competes against regional rivals such as True Corp., which currently broadcasts English football in Thailand.

Jasmine has more than 600,000 customers for its internet TV platform and has been expanding its content offerings. It is also seeking to increase its foothold in Laos and Cambodia.

Genoa investment search underway after 777 ownership collapse

Initial steps towards a sale of Genoa are set to be taken over the coming weeks following the collapse of majority shareholder 777 Partners' multi-club ownership portfolio earlier this year.

As reported by Italian media, the investment bank Moelis & Co. has been instructed to begin a search for potential investors in the Serie A club following similar operations led by the bank with other 777-owned clubs including Red Star FC and Standard Liege.

At present, 777 co-founders Josh Wander and Steve Pasko are still officially on the Geona board of directors. However, a shareholders' meeting is scheduled for the end of November to approve the club’s accounts for 2023/24, and it is expected an update on future potential changes will emerge at that point.

Verification of suitable offers

The hunt for new owners led by Moelis will start with a preliminary phase in which any interest will be assessed, followed by verification of any suitable offers.

777 Partners lost control over the numerous football clubs in its portfolio after a range of financial and legal difficulties facing the Miami-based group came to light.

Italian clubs eye potential benefits from proposed stadium reforms

Italian football clubs could be set to benefit from new legislation governing the construction or renovation of sports stadia, contained in a bill presented by Forza Italia senator Mario Occhiuto, and due to be debated in the Senate in the coming days.

As reported by Italian media, changes being proposed include extending the benefits provided for Special Economic Zones (SEZs) to the building of new stadiums or revamping of old ones, with simplified procedures that allow the issuance of permits within 45 days, and the possibility of appointing a commissioner to speed up the process.

Also included in the bill are significant tax breaks, with a tax credit set at 30 per cent for private investments that could be raised to up to 40 per cent for projects displaying high levels of commitment to environmental sustainability.

“Network of stadiums is obsolete”

Presenting the proposals at a press conference, Occhiuto said: "The network of Italian [football] stadiums is obsolete, with an average age of 61 years for Serie A facilities and 63 years for Serie B ones, and 93 per cent of Italian stadiums are publicly owned."

He added that the objective of the proposed reforms is to "review the concept of the stadium as a meeting place to expand its offer and use, and it is important that it is owned by the clubs".

Udinese CCO urges Italian government to back clubs' green initiatives

Magda Pozzo, CCO of Serie A club Udinese and daughter of club owner Giampaolo Pozzo, calls on Italian policymakers to remove barriers hindering football clubs from advancing environmental initiatives.

“It all starts with the stadiums, where clubs host matches and other major events with millions of attendees each year. But building a new stadium in Italy is extremely difficult, as authorities are unwilling to grant the necessary permissions,” Pozzo tells Off The Pitch.

Ranks high in sustainability.

“We’ve seen a few promising stadium projects stalled for many years due to bureaucracy. This stifles clubs’ business development and makes it challenging to establish a business model founded on the green agaenda without a modern stadium,” she adds.

A couple of weeks ago Udinese launched the club's new third kit, which has been created using Eco Fabric, a polyester that is made exclusively from recycled plastic.

In 2023, Udinese earned notable recognition by ranking fourth in the Brand Finance Football Sustainability Perceptions Index, behind only Liverpool, Real Betis, and Real Madrid.

Real Madrid have not budgeted for any income from the upcoming FIFA Club World Cup in their projections for the 2024/25 financial year.

In a document seen by The Athletic, Madrid said “there is no precise information on the subject”. Training bases, sponsors and broadcasters are yet to be announced by FIFA for the expanded 32-team Club World Cup, which will be played next summer in the US.

Madrid’s projections show that in total the club has budgeted revenues of €1.13 billion for 2024/25, an increase of €54.7 million from 2023/24. The club has seen a 14 per cent revenue growth based on their stadium, with an annual budget projection of €362.1 million.

Dispute over hosting concerts

A further question mark for 2024/25 concerns Real’s dispute with local residents about hosting concerts at the Santiago Bernabeu. The club has not included income streams for concert hosting at their stadium in their projections.

Residents mobilised a legal challenge against what they saw as unwarranted intrusions into their lives, and on 13th September, Madrid announced a decision to “provisionally reprogramme its agenda of events and concerts” at the stadium. No concerts are expected until at least April.

St. Pauli raise €8.5 million from sale of stadium shares to fans in first 24 hours

St. Pauli have announced that the sale of shares in their Millerntor Stadium to supporters has raised €8.5 million in its first 24 hours, with 6,600 subscribers taking up the offer.

The Bundesliga club are hoping to raise up to €30 million in fresh capital by selling shares to a new fans co-operative, Football Cooperative St. Pauli (FCSP) eG, with the process expected to run until the end of January.

The official sales phase of the cooperative began on Sunday at 10am, after a preliminary subscription phase that started on Thursday evening, and a launch event on Friday attended by celebrities including former St. Pauli players.

Majority stake

Individual supporters can buy shares at €850 each and the aim is to raise enough for the cooperative to purchase a majority stake in the Hamburg club’s stadium.

It is thought the co-operative fundraising model is the first of its kind in football. A key difference to other investor models is that regardless of how many shares an individual acquires, each person receives only one vote.

Premier League clubs target stadium capacity increase of at least 14 per cent in next ten years

Premier League clubs are looking to increase stadium capacity by a combined figure of at least 115,000 seats (14 per cent) over the next decade, according to analysis by the Financial Times.

It comes as English top-flight teams target stadium upgrades to boost revenues and aim to reap the benefits of rising ticket demand and reduce reliance on income from broadcasting and sponsorships.

Liverpool completed an expansion project last summer that took Anfield’s capacity to above 61,000, while Manchester City are in the process of adding thousands of seats to turn the Etihad into a 61,000-capacity arena, and Manchester United are consulting on a new stadium project.

Everton move to Bramley-Moore Dock

Everton plan to relocate to their new stadium on Bramley-Moore Dock in time for next season, while Aston Villa, Newcastle United, Nottingham Forest, Chelsea and Arsenal are among other clubs either planning or weighing up potential stadium renovations.

Some plans remain in the early stages but further projects are likely to be announced as more clubs actively consider upgrades.

Lazio president proposes new amendment to betting sponsorship ban on Italian clubs

Lazio president Claudio Lotito has presented a fresh amendment to the ban on Italian football clubs agreeing sponsorship deals with gambling firms.

The regulation, first introduced in 2019, prohibits sports teams in the country from "any form of advertising, even indirect, relating to games or bets with cash winnings, however carried out and by any means.”

As reported by Italian media, Lotito –who is also an Italian senator – has called for the removal from the text the words "even indirect", which would make it possible for football clubs to strike commercial deals with betting companies once again.

Estimated cost of €100 million per season

Lotito and other critics have pointed to an estimated cost of the ban to Italian football of around €100 million per season, and also stressed that analysis suggests it has contributed to a steady increase in the black market for betting.

During a hearing of the Culture Committees in the Italian Senate, Lotito said: “The absurd thing is that the previous government removed indirect sponsorship on betting out of demagoguery.”

Swansea City settle multi-million pound ‘tapping up’ dispute with Russell Martin

Swansea City and their former manager Russell Martin have settled their multi-million pound legal dispute over his defection to Southampton, according to a report from The Daily Telegraph.

As revealed back in April, Swansea sued Martin for “breach of contract” almost nine months after his controversial exit. Those proceedings were halted last Monday via a court order agreed by both parties, the existence of which has now been made public.

Swansea took Martin to the High Court after warning they would pursue “full compensation” over the departure of a manager who had more than a year remaining on his deal with them.

Premier League team

The club alleged Martin or his agent helped Southampton avoid paying £2 million versus £1.25 million for his services by informing his prospective employer the full figure only applied if he joined a Premier League team.

The legal claim lodged by Swansea revealed the league had been asked to launch a “tapping up” investigation into the circumstances of Martin’s June 2023 switch – after Southampton’s relegation to the EFL Championship – amid allegations he or his agent had spoken to the Saints without the Welsh club’s “written consent”.

Martin denied in his defence to the legal claim that he had been the subject of an illegal approach by his current team, stating it was his agent, Louie Evans, who had initiated contact in April last year.

FC Barcelona have announced a new multi-year kit sponsorship agreement with Nike coming into effect this season in a deal reported to be the biggest of its kind in world football.

In a statement released on Saturday, the club said it marks “a new start” for the two parties but not disclose details of the deal’s length or value. Spanish media reported that as well as covering the period up to 2028 when the current contract ends, it also includes an extension from 2028 to 2038, bringing it to a total of 14 years.

According to Mundo Deportivo, the value of the whole deal, dependent on certain add-ons, will be around €127 million per year on average and includes a signing bonus of around €158 million spread across the length of the agreement. The deal’s value will increase after 2028 and continue rising until 2038.

“Strategic role”

Barcelona said in their statement: “Nike has a key strategic role in the club’s retail operations and together with Barça Licensing & Merchandising will join forces in the development of specific plans related to product creation, supply chain and global distribution.”

Confirmation of the new deal comes after Barça had considered a significant offer from Puma and even the idea of creating and distributing its own apparel brand. This led to a legal dispute between Barcelona and Nike, with the American sportswear giant ultimately winning in court.

Swansea City chairman Andy Coleman confirms buyout agreement

Andy Coleman, the chairman of Swansea City, has confirmed he is part of a group of four investors set to take over the EFL Championship club after lead investors Steve Kaplan and Jason Levien agreed to sell their stake.

In a statement on Friday, Coleman said: “I along with Brett Cravatt, Jason Cohen, and Nigel Morris are buying out Steve Kaplan, Jason Levien, Jake Silverstein and all their investors. We’re also excited that new partners are joining us in making a major new investment in the club.”

Brett Cravat is an American businessman who secured a place on Swansea’s board of directors in the summer of 2023, while Nigel Morris is a British businessman who already has a minority stake in the club. Jason Cohen is a business associate of Cravatt’s.

Investment of £20 million

According to a report from The Athletic, Coleman’s portion of Levien and Kaplan’s shares will be the largest, followed by Cravatt and then Morris. The transfer of control will also see over £20 million invested into the club.

Levien, also the co-chairman and CEO of MLS team D.C. United, and Kaplan, led an ownership group that acquired Swansea at a valuation of £110 million when the side were in the Premier League in July 2016. The precise value of their sale is contested but it is understood the figure represents a vast drop on the initial investment.

Borussia Dortmund post €1.6 million profit for Q1 2024/25

Borussia Dortmund have reported a net profit of €1.6 million for the first quarter of the 2024/25 financial year, down from €52.4 million in the same period the previous year.

In preliminary figures for the three-month period ending 30th September 2024, Dortmund recorded total revenues, including player sales, of €141.3 million, compared with €213.2 million in Q1 of 2023/24.

The key factor was a decline in transfer revenues following the sale of Jude Bellingham to Real Madrid in the summer of 2023. Income from player trading was €19.3 million in Q1 2024/25, down from €82.3 million in the prior year’s first quarter.

Revenues excluding player trading rose to €107.3 million, compared with €102.3 million in Q1 2023/24. All income streams were up apart from merchandise sales, which fell from €15.5 million to €10 million.

Matchday revenue was €8.1 million (€7.7 million in Q1 2023/24), commercial income €35.9 million (€31 million), broadcast revenue €39.2 million (€37.8 million), and conference, catering and other income €14.1 million (€10.3 million).

Wage bill falls to €58.9 million

Dortmund’s wage bill fell from €61.8 million to €58.9 million, although depreciation and amortisation costs climbed from €23 million to €24.5 million. Other operating expenses rose from €36.3 million to €38.1 million.

Commenting on the results, Trion Reid, an analyst at Berenberg, said:
“Expenses were mostly in line with our expectations, but the operating deleverage on the lower revenue means that EBITDA of €25.7 million (down 68 per cent year-on-year) was below our €45.4 million estimate.”

He added: “While advertising revenue (up 16 per cent year-on-year) was ahead of expectations, matchday income (up 5 per cent) and merchandising (down 35 per cent) were weaker than we had forecast.”