Monday briefing: Masters tells Premier League clubs there is no quick fix to APT rule changes
Monday briefing: Masters tells Premier League clubs there is no quick fix to APT rule changes
IMAGO
Manchester City confirm Txiki Begiristain departure and name Hugo Viana as successor
SC Freiburg announce record financial results for 2023/24
Valencia CF present plans for Nou Mestalla completion by 2027
14 October 2024 - 4:30 AM
Premier League CEO Richard Masters has conceded there will be no quick fix to the legal dispute with Manchester City over the league’s Associated Party Transaction (APT) rules.
In a letter to top-flight clubs, seen by The Times, Masters wrote that officials would be taking “the necessary time to develop our proposals and the associated draft rule amendments” following City’s legal challenge. The letter appears to mark a clear change of tone from the Premier League over the issue.
Last week it was announced that an independent panel had found the APT rules break competition law in two specific ways, including that shareholder loans should not be excluded from the rules.
The Premier League released a statement saying it would continue to operate its APT system with changes that “can quickly and effectively be remedied by the league and clubs”.
However, City then responded in an email to clubs that warned against a “knee-jerk reaction” that “would be likely to lead to further legal proceedings with further legal costs”.
Emergency meeting
Sky Sports News has reported that an emergency meeting for the 20 Premier League clubs is due to take place in London on Thursday to discuss the fallout over the City case.
It is understood clubs have provided the league with details of their shareholder loans over the past week, as proposals are drawn up to amend the APT rules and ensure they comply with competition and public law.
Manchester City confirm Txiki Begiristain departure and name Hugo Viana as successor
Manchester City have confirmed the departure of Txiki Begiristain as the club’s director of football and named Hugo Viana of Sporting CP as his replacement.
The announcement follows reports last week that Begiristain was expected to leave at the end of this season.
In a statement, City said: “Txiki will leave his current post following the club’s involvement in this summer’s FIFA Club World Cup and will be succeeded by Hugo Viana of Sporting CP.
“Viana will begin his full-time role in the summer of 2025, but will collaborate with Txiki in the preceding months to ensure a smooth transition.”
Primeira Liga title
Viana was appointed as Sporting's director of football in 2018 and helped the club win the Primeira Liga title in 2020/21 and 2023/24 as they overcame strong competition from Benfica and FC Porto.
SC Freiburg announce record financial results for 2023/24
SC Freiburg have announced a record net profit of €40.8 million and turnover of €203.1 million – also a historic high – for the year ending 30th June 2024.
The figures follow the profit of €16.1 million and turnover of €175.3 million earned in 2022/23 for the Bundesliga club.
Freiburg reached the last 16 of the Europa League for a second successive season in 2023/24 and Oliver Leki, board member for finance, organisation and marketing, noted that the financial results were also boosted by “high transfer surpluses”.
Player sales to Brentford
Leki pointed in particular to the sales of German winger Kevin Schade and Dutch goalkeeper Mark Flekken, who both moved to Brentford in the summer of 2023. Schade was sold for €24 million and Flekken for €13 million.
Freiburg’s record financial results provided a significant boost to the club’s balance sheet, with equity of €151.9 million as at 30th June 2024, up from €111.1 million a year earlier, while total assets amounted to €189.2 million, compared with €149.1 million at the end of 2022/23.
Valencia CF present plans for Nou Mestalla completion by 2027
Valencia CF have presented details of their plans to complete the construction of the Nou Mestalla within the next three years to the City Council of Valencia.
In a statement on Friday, the LaLiga club said the documentation consists of more than 1,500 plans across 4,500 pages covering aspects such as the concrete and metal structures, roof and interior architecture.
In July this year, the club announced that work on the stadium was set to resume within the following six months after the council granted it the mandatory building licence for the plot of land where the partially built venue sits.
The council set a series of conditions, including the presentation of an ‘Execution Project’ within three months, which the club has now done, one day ahead of the deadline.
Capacity of 70,000
According to Spanish media, it has been agreed that the work on the stadium must start before 12th January, 2025 and be completed by the summer of 2027, with "partial milestones" set along the way. The stadium is due to have a capacity of 70,000 spectators.
It was also reported that the project’s budget has been increased by a further €20 million. Last week, media reports claimed the total budget needed to complete the stadium was €120 million, of which €80 million will come from the LaLiga Impulso project with CVC Capital Partners.