Manchester City have launched legal action against the Premier League that could have far-reaching consequences as they seek to end the league's Associated Party Transaction (APT) rules.

It was reported back in February that City were warning of the threat of legal action against the rules and The Times has now revealed that the club went ahead with it, filing their claim on 16th February. City believe the rules are unlawful, and are seeking damages from the Premier League.

According to The Times, the case, which has become a battle between the most powerful clubs in the country, will be settled after a two-week private arbitration hearing starting on Monday.

115 alleged breaches

As well as having a major impact on the league itself, City's appeal could have a huge effect on the separate hearing set for November into City’s 115 alleged breaches of Premier League rules, which the club deny. Sponsorship deals funded by companies linked to Abu Dhabi are central to the accusations against them.

Introduced in December 2021 in the wake of the Saudi-led takeover of Newcastle United, the APT rules are designed to prevent clubs from inflating commercial deals with companies linked to their owners.

However, within an 165-page legal document City argue they are the victims of “discrimination”, describing rules they say have been approved by their rivals to stifle their success on the pitch as a “tyranny of the majority”.
 

Watford target £17.5 million injection with 10 per cent share offer to fans

Watford have become the first major English club to offer fans the chance to buy shares in the club via the digital economy, with 10 per cent of the club being sold off in a crowdfunder.

In a statement, the EFL Championship club said it is seeking £17.5 million from the sale, based on a valuation of £175 million, to raise funds and help build a team who can return to the Premier League.

Supporters will be able to invest a minimum of £49.76 for four shares, with investors also given access to tokens which could lead to perks such as meeting with the owners, coaches and players and priority over tickets.

Bought using pounds or dollars

The shares will be available as “digital equity” via the American online investment platform Republic and its platform in Europe, Seedrs. However, they can be bought using pounds or dollars rather than cryptocurrency.

Republic has previously worked on similar projects with clubs lower down the leagues including AFC Wimbledon and Altrincham. Watford –owned by Italian Gino Pozzo since 2012 – have been seeking investment for the last few years.

FC Augsburg sale mulled by Blackstone executive David Blitzer

David Blitzer, the American businessman who is a key investor in FC Augsburg, is considering a potential sale of the Bundesliga club that could value it at more than €150 million, according to a report from Bloomberg.

An investor consortium led by Blitzer, who is a senior executive at the private equity firm Blackstone, is understood to be working with financial services firm Lazard to assess interest in the German club. Deliberations are said to be at an early stage and potential suitors haven’t been approached yet.

Blitzer invested into Augsburg back in 2021. In 2015, the club’s then president Klaus Hofmann acquired a 99.4 per cent stake in the club via his vehicle Hofmann Investoren. Six years later, Blitzer’s Bolt Football Holdings acquired a 45 per cent stake in the holding.

Revenues of €90 million in 2022/23

Augsburg, who finished the 2023/24 season in 11th place in the Bundesliga, the team’s best position since 2014/15, posted revenues of around €90 million for the 2022/23 financial year. German clubs are often valued at up to two times their revenues in transactions.

Earlier this year, Blackstone pulled out of the bidding to buy a stake in the Bundesliga’s media rights business, a controversial process which was abandoned after fan protests. Augsburg abstained from a vote among German clubs over the proposed deal.

Manchester United and Manchester City are set to be allowed by UEFA to compete in the same European competitions as other clubs under the same ownership next season, according to a report from The Times.

United and Nice, the Ligue 1 club owned by Sir Jim Ratcliffe’s company INEOS, have both qualified for the Europa League, while City are in the Champions League along with LaLiga side Girona, who are also part of City Football Group.

Yesterday was the deadline for submissions on multi-club ownership to UEFA’s Club Financial Control Board (CFCB), and a ruling on the two Manchester clubs and others is expected within the next two weeks.

Less leeway in future

It is understood the CFCB is set to approve the Manchester clubs’ submission subject to certain conditions. However, they are to be told that the 2024/25 season will be viewed as transitional, with less leeway to be given in future seasons.

The CFCB is expected to say Girona and Nice should he operated via a “blind trust” by a panel approved by UEFA. That model was used in the 2023/24 season in a deal for AC Milan, Toulouse and their American owner RedBird Capital.
 

AS Saint-Étienne takeover by Ivan Gazidis-led group completed

AS Saint-Étienne have confirmed that the takeover of the club by Kilmer Sports, the Canadian group led by the former Arsenal and AC Milan CEO Ivan Gazidis, has been completed.

In a statement, the French club, who earned promotion back to Ligue 1 on Sunday after defeating Metz in the relegation-promotion playoff, said Gazidis will become the club’s new president and will be assisted by Huss Fahmy and Jaeson Rosenfeld, executive vice presidents in charge of football at Kilmer Sports.

The terms of the deal were not disclosed but last month L'Équipe reported that the agreement was expected to value the club at between €20 million and €30 million.

More than 20 years of ownership

The takeover marks the end of more than 20 years of ownership of Saint-Étienne by Bernard Caïazzo and Roland Romeyer. They initially wanted to find new owners back in April 2021 when the club were still in Ligue 1, but dropped the idea following the team’s relegation in 2021/22.

However, last November it was reported that the duo had been forced to begin the search for a buyer, with losses of between €15 million and €20 million since the club dropped down to the second tier.
 

EFL approves Burton Albion takeover by Nordic Football Group

Burton Albion have confirmed that the takeover of the League One club by the Swedish-based Nordic Football Group (NFG) is complete following approval of the deal by the EFL, with long-serving chairman Ben Robinson selling his majority stake.

In a statement, Burton also announced that the outgoing chairman’s daughter Fleur Robinson has been appointed as the club’s new CEO, following three years in the same role at Wrexham, while Robinson's son, Ben Robinson Jr, will remain "an integral part of the club’s operations".

Ole Jakob Strandhagen will become Burton's chairman, while NFG’s founder Tom Davidson, sporting director Bendik Hareide and commercial director Kevin Skabo also join the new board.

Almost 40 years in charge

Robinson's time in charge, totalling almost 40 years over two spells as chairman, has brought a new home at the Pirelli Stadium, in 2005, followed by promotion to the EFL in 2009, with a team built by Nigel Clough.

However, Burton’s fortunes on the pitch have declined over recent years. They finished 20th in League One last season, when they lost on the final day but stayed up as Cheltenham Town also lost.

Everton have confirmed that 777 Partners’ proposed takeover of the club has fallen through after the US investment firm’s deadline to complete the purchase of Farhad Moshiri’s 94.1 per cent stake passed on Saturday morning.

Moshiri has opted not to grant another extension and the Merseyside club are now free to talk to other investors. In a statement, Everton said they will “assess all options for the club’s future ownership.”

The club added that its “board of directors recognises the considerable level of financial support 777 Partners has provided the club over recent months and would like to take this opportunity to thank them for this.”

Loans totalling £200 million

Since last September, 777 has loaned Everton around £200 million to cover working capital and construction costs for the club’s new stadium at Bramley-Moore Dock and would become junior creditors.

Doubts over the Miami-based group’s takeover bid accelerated over recent weeks amid a crumbling business portfolio, accusations they are guilty of fraud running into hundreds of millions of pounds, and the appointment of crisis management specialists.

Spanish Super Cup deal: Piqué investigated over alleged illegal payments from Saudi Arabia

The former FC Barcelona star Gerard Piqué has been put under official investigation for his alleged role in illegal payments that were made to relocate the Spanish Super Cup to Saudi Arabia.

A Spanish judge, Delia Rodrigo, said there were indications of financial misconduct in a deal between Piqué’s company, Kosmos, and the Spanish Football Federation (RFEF) back in 2019, when Piqué was still playing for Barcelona and competing in the Super Cup.

Rodrigo wrote: “The facts under investigation in the present proceedings originate from possible illegalities with criminal implications in contracting or agreements.”

“Success bonus”

According to the court documents, the then RFEF president Luis Rubiales, the Saudi government-owned Sela Sport Company and Piqué signed a ten-year agreement in which Kosmos would receive €40 million as a “success bonus” for the switch to Saudi Arabia.

However, documents confiscated by police raids in March showed that another €4 million a year was to be paid as a commission to Piqué’s sports entertainment company, which had its assets frozen in April.

Piqué has since retired from playing and has always defended the deal, insisting it was legal. Police arrested Rubiales and other RFEF employees in April. He was quickly released and the investigation was then expanded to include Rubiales’s successor, interim president Pedro Rocha.

Juventus to rejoin ECA after withdrawing from European Super League plans

The European Club Association (ECA) has announced that Juventus are to rejoin as members after the club withdrew from plans to form a European Super League.

The Italian giants were one of 12 clubs who signed up to form a breakaway Super League back in 2021 and were excluded from the ECA as a result. Nine have since been readmitted, with Juve becoming the tenth.

In a statement released on Saturday, ECA chairman Nasser Al-Khelaïfi said: “ECA's door is always open to clubs who believe in collective interests, progressive reform and working constructively with all stakeholders – we are delighted Juventus will rejoin the European football family.”

Juventus started the process of withdrawing from the ESL last year, but required authorisation from Real Madrid and FC Barcelona. The Serie A club’s withdrawal leaves the two Spanish sides as the only teams to maintain interest in forming a breakaway league.

ECA membership rises to 658 clubs

The ECA’s statement followed a meeting of its Executive Committee in London, where it was also announced that the ECA’s membership has now grown to 658 clubs, up from 266 at the beginning of the 2023/24 season, with 100 per cent membership in 20 countries.

Watford hold talks with Anthony Joshua representatives over potential investment

Financial experts working with British boxer Anthony Joshua have held exploratory talks with Watford over an investment in the club, according to a report from The Athletic.

Although not directly involved in discussions himself, the two-time heavyweight champion was approached about the possibility of becoming involved in the EFL Championship club and talks are said to have been at “entry level”.

The proposal that was discussed is undisclosed at this stage but sources close to the talks suggested that Joshua’s potential involvement may be as part of a consortium proposition.

Club valued at £150-£175 million

Watford – owned by Italian Gino Pozzo since 2012 – have been seeking investment for the last few years and have previously held discussions with other parties regarding a minority stake in the club. Watford value the club at around £150-£175 million.

‘AJ’, as he is commonly known, has strong connections to the club. He was born at Watford General Hospital next to the club’s Vicarage Road ground, grew up in North Watford on the Meriden Estate and went to school in nearby Kings Langley.

Leeds United have announced that Red Bull is to acquire a minority stake in the EFL Championship club, marking the Austrian energy drink company’s first move into English football.

Leeds, who earlier this week lost the Championship play-off final to Southampton, also confirmed in a statement that Red Bull will become their new front-of-shirt sponsor from next season in a multi-year agreement, as well as being their exclusive energy drink partner.

Terms of the investment were not disclosed, but Leeds chairman Paraag Marathe told the Financial Times that Red Bull would be neither the largest nor the smallest minority investor in the club, with the financial figures set to fluctuate if Leeds were to return to the Premier League.

Name and logo unchanged

Red Bull was a pioneer of the multi-club strategy that has become increasingly common in football, building a portfolio of teams in places such as Leipzig, Salzburg and New York.

Each of those clubs are named for the brand, but Leeds said in their statement that “the name and logo of Leeds United Football Club will remain unchanged.” Marathe added: “Leeds will never be the Leeds Red Bulls. We will forever be Leeds United Football Club.”
 

Premier League and LaLiga threaten Club World Cup boycott amid player welfare concerns

FIFA’s new 32-team Club World Cup, which is due to begin next summer two weeks after the Champions League final, is at risk of being boycotted by teams from England and Spain, according to a report from The Daily Mail.

It is understood that Premier League and LaLiga chiefs have major concerns over the toll the revamped competition will take on players, and have threatened to pull their clubs out unless it is rescheduled.

Premier League CEO Richard Masters and LaLiga president Javier Tebas as well as Maheta Molango, the CEO of English players’ union the PFA – are all said to be on board with the boycott threat and are considering legal action.

Mandatory three-week break

The PFA believes that under the current schedule for the Club World Cup players may be forced to return to action without having the mandatory three-week break at the end of the season that is written into all professional contracts.

Molango said: “Football is killing its own product. … Current player workloads are unsustainable.” Masters was due to discuss the situation with Tebas and Molango at yesterday’s FIFPro and PFA Player Workload Conference in London.

Manchester United’s non-football staff have been invited to take redundancy en-masse as co-owner Sir Jim Ratcliffe continues to make sweeping changes across the club.

As reported by The Athletic, an email sent out earlier this week told employees they have just seven days to make a decision about whether they wish to remain in their jobs at United.

Employees have been given until 5th June to decide whether to take what the club describe as “voluntary resignation”, although some staff, who did not wish to be named, argued it looked a lot more like a voluntary redundancy programme.

Early bonus payment

According to The Guardian, club staff who accept the offer in time will be entitled to early payment of their annual bonus, which would ordinarily be paid in September and can be worth four-figure sums for some staff.

Earlier this month, United employees were told by Ratcliffe that working from home would no longer be permitted and that staff must return to the office by 1st June at all locations, including the club’s offices at Old Trafford and in London, as well as their Carrington training base.

 

German 50+1 ownership rule safe for now after cartel office examines CJEU rulings

Germany's cartel office has said it still has no overall objections to the 50+1 ownership rule for professional football clubs in the country following recent rulings from the European Court of Justice (CJEU).

However, as reported by Kicker, the cartel office said it would not reach a final decision on whether the rule conforms with European antitrust law until an examination of club licensing practices by the German Football League (DFL) is complete.

It comes after the CJEU’s December 2023 ruling on UEFA and FIFA’s response to the European Super League, and proceedings with the International Ice Sports Federation (ISU), with the court ruling that athletes may also participate in events that are not subject to ISU control.

“Not an intended restriction of competition”

In a statement, the cartel office noted that the CJEU had determined for the first time "that an exemption from antitrust law is only possible for sports association regulations that are not particularly harmful to competition in themselves.”

According to the current opinion of the cartel office, the DFL's 50+1 rule is "not an intended restriction of competition and is therefore in principle exceptional".

 

Sampdoria takeover: Ferrero denies formal agreement with Gestio Capital and makes fresh legal threats

Sampdoria’s former president Massimo Ferrero has claimed the acquisition of the club by Gestio Capital has not been formally agreed despite reports earlier this week indicating the deal had been approved by all parties.

Italian media reports had stated that an agreement officially sanctioning the purchase had been signed on Tuesday by Ferrero, as well as former trustee Gianluca Vidal, and new president Matteo Manfredi.

However, according to Il Secolo XIX, news of a formal approval had been leaked by the club. The newspaper reported that Ferrero immediately intervened on the agreement, explaining "there is no signature from me. I have already taken further legal action, both civil and criminal. I'm going to have it cancelled."

Demand for €2.5 million

It is understood Ferrero claims to have put a signature on a document last week which was "never returned countersigned", and is also demanding payments amounting to around €2.5 million to cover some of his salaries as president, an item not covered by the official agreement.

Il Secolo XIX also reported that following Ferrero's vehement denial of a formal approval of the takeover, the counterparties will have to execute a series of agreements between now and October, formalising them through a set of preliminary obligations.

 

FIFA statement on UEC ‘meeting’ sparks controversy over where power lies at top of football

FIFA has sparked controversy after it released a statement seeking to clear up the circumstances surrounding a “meeting” with the Union of European Clubs, which seeks to give a voice to small and medium-sized teams in Europe.

In the statement, released on Monday, FIFA said it “wishes to clarify the context and substance of a ‘meeting’ between FIFA staff members and individuals from the Union of European Clubs (UEC) last week.”

The global governing body added: “This exchange was in no way a formal engagement of any official standing, and rather was one of circumstance to address general questions regarding the operations of the FIFA Clearing House.

“FIFA regrets and rejects any indication that it was anything otherwise. FIFA would like to take this opportunity to state for the record that it recognises only one single interlocutor and counterpart representative body for club football in Europe, that being the European Club Association.”

Boosting ECA’s ego

According to a report from The Independent, the statement raises questions about where power lies at the top of the game, with FIFA feeling it had to publicly explain the “meeting” while essentially boosting the ego of the ECA.

The newspaper said it is understood some in the ECA were put out by social media posts, which were felt as if it looked like the UEC was claiming recognition by FIFA.

 

Valencia CF claims Nou Mestalla boost after sale of land next to stadium

Valencia CF have declared that plans to finally complete the Nou Mestalla have received a major boost after announcing the sale of the land surrounding the new stadium.

In a statement, the LaLiga club said it has reached an agreement with a subsidiary of the Valencia-based investment firm Atitlan Group “for the sale of the tertiary land annexed to the Nou Mestalla”.

The club added that the deal “represents a great advance” towards the completion of the project, which has been beset by difficulties since being first unveiled back in 2006.

Deal worth €30 million

According to Spanish media reports, the deal with the Atitlan Group is worth around €30 million and was reached following discussions over the past year. It is understood that on the land, which covers 40,000 sq metres, two towers will be built that will house a hotel, offices and commercial premises.

Valencia added in their statement: “The agreement is subject to the approval of the urban planning instruments and licenses necessary for the development of both the stadium and the tertiary buildings planned by the buyer.”

Premier League clubs will be asked next week to agree to new financial proposals aimed at boosting English sides’ competitiveness in Europe by reducing the impact of UEFA’s coefficient payments, The Times has reported.

The proposal, put forward by Crystal Palace, aims to give clubs such as Aston Villa – who were surprise qualifiers for next season’s Champions League – more flexibility around spending and financial losses.

If approved the move would alter the Premier League’s Profitability and Sustainability Rules (PSR), allowing clubs to claim the difference in coefficient funding between themselves and the top club in Europe as allowable losses.

“Artificial” impact

The proposal, which will go to the Premier League’s annual meeting next week, targets the “artificial” impact of coefficient payments, which are based on a club’s past ten years of results in European competitions.

The move could allow Villa, who are believed to be close to the line in terms of breaching PSR’s maximum £105 million losses over three years, an extra £20 million to £30 million in allowable financial losses.

Dutch clubs back investigation into KNVB governance

Clubs in the Netherlands have approved a proposal for the Dutch FA (KNVB)’s governance of professional football in the country to be investigated by an independent body.

As reported by Dutch media, at a vote during Monday’s general meeting of the 34 professional clubs, which is held twice a year, Ajax and Feyenoord were the only two clubs to abstain, with all other teams voting in favour of the move.

The proposal was put forward by AZ Alkmaar, who finished in fourth place in last season’s Eredivisie and have been making the case for well over a year that an investigation is needed into how decisions are made within the KNVB.

KNVB accused of favouritism

Last year, AZ Alkmaar sent a letter to the KNVB accusing its decision-makers of, among other things, favouritism, and suggested that PSV, Ajax and Feyenoord also known as – PAF – occupy a preferential position within the association.

Following Monday’s approval of AZAlkmaar’s proposal, a committee will now elaborate further on what the investigation into the Dutch FA’s governance will look like.

Sheffield United takeover edges closer as US consortium submits plans to EFL

The proposed takeover of Sheffield United by a consortium of Silicon Valley-based private investors has moved a step closer after the group submitted their plans to the English Football League (EFL), according to a report from The Daily Telegraph.

Negotiations are said to have progressed between the American investors and Prince Abdullah, the owner of the South Yorkshire club, over a sale worth more than £100 million.

After talks were accelerated over the last week, it is understood that members of the consortium have travelled to England as they attempt to close the deal, with due diligence completed on the buyers’ side.

Owners and directors’ test

According to the report, the plans have now gone to the EFL, which would be required to conduct an owners and directors’ test and ask the potential owners for information about their plans for the future and proof of funds before approving any takeover.

There is said to be confidence the final steps will be completed so the new owners can assume control over the summer. Sheffield United will play in the EFL Championship next season following their relegation from the Premier League.

CBS Sports president David Berson: Champions League games in US ‘routinely talked about’

David Berson, the president and CEO of CBS Sports, has revealed that Champions League and other UEFA club competition matches taking place in the US is an idea the network would welcome and is “something UEFA would like.”

At a press conference ahead of this weekend’s Champions League final, Berson was asked by The Athletic if any discussions have taken place with UEFA over more meaningful access for US football supporters and games to take place in the country.

“It’s a good question and you’re right,” Berson said. “That is something that is routinely talked about. … I would not be surprised if over the course of these next six years, you’ll see that in play. It’s something we welcome. I think it’s something UEFA would like.”

Legal dispute settled

The possibility of taking one-off fixtures outside of their usual jurisdictions increased earlier this year after FIFA settled a legal dispute with the American promoters Relevent Sports.

UEFA president Aleksander Ceferin has previously told the Men in Blazers podcast that Champions League matches in the US is a possibility.

Sampdoria takeover by Gestio Capital finally approved after signing of formal agreement

The acquisition of Sampdoria by Gestio Capital, the London-based wealth management advisory firm led by Matteo Manfredi, has finally been given formal approval following proceedings in a Milan court yesterday.

After a wait of several weeks, an agreement that officially sanctions the purchase was signed by the club’s former president Massimo Ferrero, former trustee Gianluca Vidal, and Manfredi himself, who is now officially the club’s new president.

The move follows a long-running dispute between Sampdoria’s old and new owners. Under the agreement signed by all parties, all the requests on both sides have now lapsed – seen as marking a definitive break with the club’s recent past.

99.6 per cent of shares

Gestio Capital, which initially took over Sampdoria last June, now owns 99.6 per cent of the shares in the club after the Ferrero family’s remaining shareholding, representing around 21 per cent of the club, was absorbed by the London-based firm.

Reports last year had indicated that Aser Ventures, founded by the former Leeds United owner Andrea Radrizzani, had acquired Sampdoria together with Gestio Capital, but Manfredi’s company owns the club outright.

A Spanish court has ruled that FIFA and UEFA “abused their dominant position“ and “prevented free competition” by opposing the establishment of the European Super League, reports senior correspondent, James Corbett.

The judgement was published on Monday by the Madrid Commercial Court. The full implications are unclear, but it aligned with a prior ruling by the European Court of Justice (CJEU) which instructed both governing bodies to “halt anti-competitive behaviour.”

The court found that FIFA and UEFA had enforced ”unjustified and disproportionate restrictions” on free market competition, a conclusion reached following a case initiated by A22 Sports Management, the promoters behind the Super League project.

The CJEU had previously determined that the prohibition on the Super League violated European law, citing a lack of clear criteria from UEFA for approving new competitions.

Judge rejects blanket bans in football

Judge Sofia Gil Garcia, in her Monday ruling, articulated that it is impermissible to impose blanket prohibitions on future football initiatives, stating, "To admit the contrary would be tantamount to accepting a kind of ban ... on any football competition project that competes with the current Champions League."

Despite its initial collapse, the Super League has remained in the shadows, with eleven of the initial twelve clubs retaining shareholdings in the company behind it. The rebel clubs also retain a vested interest in ongoing litigation which, as Off The Pitch has previously reported, has seen settlement agreements with governing bodies largely or wholly curtailed.


 

A22 and UEFA claim victories from Madrid court ruling on European Super League

A22, the company behind the European Super League project, and UEFA both claimed victories from yesterday’s ruling by Madrid’s commercial court over the response of UEFA and FIFA to the ill-fated launch of the original ESL back in April 2021.

In a statement from A22, its CEO Bernd Reichart said: “We welcome the ruling of the Madrid Court. It's an important step towards a truly competitive and sustainable club football landscape in Europe.

“For too long UEFA has been allowed to control and dominate club football at European level. UEFA’s statutes and the aggressive actions taken to protect its monopoly have stifled innovation for decades and clubs should not have to fear threats of sanctions simply for having ideas and conversations.

“The era of the monopoly is now definitively over. We look forward to continuing our dialogue with clubs of all sizes to improve club football at international level to make it more accessible and compelling for fans of all ages.”

UEFA’s authorisation rules

However, UEFA also welcomed the Madrid court’s verdict. A statement read: “UEFA is pleased to note that the judge confirmed the validity of a pre-authorisation system being in place for third party competitions to be approved under UEFA’s authorisation rules and recognised the undoubted benefits of such rules for the football sporting system.

“The court also confirmed that the current version of UEFA’s authorisation rules (as adopted in June 2022) is not affected by today’s ruling.

“Further, the court has not given the green light to, nor has it approved, projects like the Super League. In fact, the judge has asserted that the Super League project has long been abandoned and that she cannot be expected to rule on any abstract projects.

“In short, the judgment does not give third parties the right to develop competitions without authorisation and does not concern any future project or indeed any modified version of an existing project.”

 

John Textor has said he is actively looking to sell Eagle Football’s 45 per cent stake in Crystal Palace and is exploring the purchase of alternative English clubs, including Everton.

The American businessman said he has appointed the Raine Group to find a suitable investor to buy his shareholding in Palace. The move comes after failing to take a majority stake in the club amid differing views over the multi-club model in particular.

In a statement on Friday, Textor said “an integrated sporting model, such as ours at Eagle, is simply not a perfect fit for Crystal Palace”. Eagle Football has majority stakes in Ligue 1 club Lyon, Belgian Pro League side RWD Molenbeek and Brazilian first division outfit Botafogo.

Potential Everton deal

Should the sale of his Palace shareholding be completed in time then Textor will look to purchase another English club, with the American telling The Athletic he has begun talks over a potential deal with Everton.

He said he has held preliminary discussions “with the existing constituents – different groups, different lenders, different equity holders.” Due to Premier League ownership rules, before he can make any formal approach to Everton through Eagle, the group must first sell its stake in Palace.

777 Partners’ football investments to come under review

Fresh questions have been raised about the future of 777 Partners and its multi-club ownership model in football after it emerged that the investment bank Moelis & Co. has been hired to review the American investment firm’s portfolio of teams.

As reported by Bloomberg, Moelis has been appointed by New York insurance company A-Cap, a major lender to 777, and is evaluating a range of potential options for 777’s football holdings, including possible sales.

A-Cap’s loans to 777 are secured against some of the Miami-based group’s assets. It comes after 777’s control of Brazilian club Vasco da Gama was suspended, and the Belgian side Standard Liège was placed in the hands of the courts in the country earlier this month.

Everton takeover on verge of collapse

777’s proposed takeover of Everton is now on the verge of collapse. Last week, owner Farhad Moshiri confirmed to the Everton fan advisory board that he has received “unsolicited approaches from other parties” interested in buying the club.

However, Moshiri – who agreed to sell his 94 per cent stake back in September – said he won’t negotiate with anybody until the expiry of the sale agreement with 777 at the end of May.

Negreira case: FC Barcelona won’t face bribery charges, court rules

FC Barcelona will not face bribery charges over their €7.3 million payments to the former vice-president of the Spanish FA’s refereeing committee, José María Enríquez Negreira, following a court verdict in the city on Friday.

Bribery charges were added to the case last September after Barça, along with ex-club officials and Negreira himself, were indicted in March for corruption, breach of trust and false business records over the payments.

The status of those initial charges has not changed. However, on Friday Section 21 of the Provincial Court of Barcelona ruled against a judge’s decision to pursue the further potential charges of bribery.

“Absolute innocence”

Barcelona and Negreira have both denied any wrongdoing. A club statement released on Friday read:

“FC Barcelona hereby wishes to express its utter satisfaction with the sense of the resolution issued today by the Barcelona court insofar as it confirms the defence presented by the club and rejects the hypothesis of the alleged crime of bribery.

“We maintain our conviction that justice will prevail and the events pertaining to this indictment can be definitively clarified, thereby demonstrating the club’s absolute innocence.”

Labour to address parachute payments with independent regulator, Parry tells EFL clubs

English Football League (EFL) chairman Rick Parry has told clubs that under a Labour government an independent football regulator would address the contentious issue of parachute payments.

In a letter to the 72 EFL clubs seen by The Athletic, Parry admitted it was “something of a disappointment” that there was not enough time to get the Football Governance Bill into law ahead of the UK general election on 4th July.

However, he added that “it is certainly not the end of the process … far from it,” noting that the opposition Labour Party, which has a significant lead in the polls, has been an enthusiastic supporter of the policy.

Backstop powers

The EFL chair went on to point out that Labour have been arguing for the regulator to have the right to assess whether parachute payments have a negative impact on the financial sustainability of other EFL clubs – and for the issue to be part of the body’s backstop powers.

Parry wrote: “We were much heartened to see an amendment tabled by Shadow Minister for Sport Stephanie Peacock, on behalf of the Labour front bench, which called for the regulator to be able to determine whether parachute payments could be included in the backstop.”

Atlético Madrid launch €70.8 million capital increase

Atlético Madrid have launched a capital increase which could generate up to €70.8 million of funds as the 30th June deadline for Spanish clubs to comply with LaLiga’s spending rules edges nearer.

As reported by Spanish media, Atlético are to issue 378,352 new shares, equivalent to around 7.1 per cent of the club. Each share will be sold at a nominal value of €8.50 and an issue premium of €178.60.

The capital increase could cover any losses that may have occurred in 2023/24. The final amount will depend on whether all the current owners agree to buy shares or whether a new partner is brought in.

Plan to sell stake in international subsidiary

It was also reported that Atlético are aiming to sell a minority stake in the club’s subsidiary that controls Atlético Ottawa of the Canadian Premier League and Atlético de San Luis of Liga MX.

The proposal to bring fresh investment into Atlético de Madrid International Holding, as well as the capital increase, are expected to be approved at a shareholder’s meeting on 24th June.

Italian government sets up body to oversee sports teams’ finances

Italy's government has agreed to set up a committee to oversee the budgets of sports teams, including professional football clubs, as part of efforts to tackle financial issues and ensure fair competition.

A draft decree seen by Reuters ahead of a cabinet meeting which approved the plan said the "independent committee" would look after "the legality and regularity" of clubs' finances to ensure they are properly managed and sustainable.

It will be able to issue opinions which may lead to measures concerning "admission, participation and exclusion" of clubs from professional competitions.

Outrage among sports officials

Initial reports of plans by the Italian government to oversee club finances sparked outrage earlier this month among top sports officials, concerned that such measures could pave the way for political interference in their affairs.

Sports minister Andrea Abodi said: "The common goal is not only to reduce debts, but above all to work on the respect of fair competition and enable the supervisory bodies ... to take the right decisions."

The independent regulator for English football is set for a further delay after prime minister Rishi Sunak announced the next UK general election will be held on 4th July.

As reported by The Times, the regulator will not be approved by parliament before polling day in a blow to campaigners who were pushing for the new body.

The Football Governance Bill had yet to go to the House of Lords, and Whitehall insiders said there was an acceptance that there was not enough time before the dissolution of parliament on 30th May to pass the legislation.

Labour runaway favourites

The Labour Party, who are the runaway favourites to win the election, are also in favour of a regulator, but may decide they want to change some parts of the legislation.

One senior football figure told The Times the best hope was for the Bill to not go through in this parliament, but to re-emerge in a different form under Labour, with added clauses to address cost control.
 

Crystal Palace sporting director Dougie Freedman turns down Newcastle and agrees new contract

Dougie Freedman looks set to stay as Crystal Palace’s sporting director after turning down an approach from Newcastle United and agreeing a new contract, according to a report from The Guardian.

Palace chairman Steve Parish was said by club sources to be “doing everything he can” to help persuade Freedman to stay given his impressive recruitment since becoming sporting director in 2019.

It is understood the former Scotland striker has now decided to remain at the South London club after agreeing a new contract that contains a significant pay rise.

Joint-highest Premier League finish

It is also believed Freedman had second thoughts about leaving Palace after such a successful end to the season brought their joint-highest Premier League finish of 10th.

Freedman held talks with Newcastle officials this month about potentially succeeding Dan Ashworth, who remains on gar­dening leave before an expected move to become Manchester United’s sporting director.

Oaktree Capital has announced that it has “assumed ownership” of Inter Milan after the club’s Chinese owners Suning failed to repay its €395 million debt to the American firm before Monday’s deadline.

Alejandro Cano, managing director and co-head of Europe for Oaktree’s Global Opportunities strategy, said the group’s initial focus was ensuring “operational and financial stability” for the club.

He added: “We are committed to the long-term success of the Nerazzurri and believe our ambitions for the club are united with those of its passionate fans in Italy and around the world.”

Three-year loan

Oaktree had anticipated that Suning would sell Inter before the three-year loan reached maturity and structured the transaction in such a way that it could benefit financially from a sale.

However, a source close to Oaktree told The Financial Times that the firm was “in no rush to sell the club”, adding: “We are patient investors. … We’re planning to invest time and effort.”

 

Sheffield United in advanced talks with American group over takeover deal

A consortium of Silicon Valley-based private investors have revived their hopes of a takeover at Sheffield United following their relegation from the Premier League, according to a report from The Daily Telegraph.

The capital investment fund was interested in buying the South Yorkshire club a year ago after promotion from the EFL Championship but no deal was struck with owner Prince Abdullah over a sale worth around £115 million.

Sheffield United have since returned to the Championship after one season back in the Premier League, picking up just 16 points last season and finishing bottom of the table.

Player options

It is understood there have been further discussions in the last weeks and the potential new owners have been looking at player options for the summer in the transfer market.

A source close to the US consortium told The Telegraph that there have been advanced talks over a takeover and there is hope of a breakthrough in the next month. The group has also appointed an English-based technical advisor to liaise with the potential deal.

 

Atlético Madrid’s €350 million Sports City complex set to be ready by 2026

Construction of Atlético Madrid’s new Sports City has moved a step closer, with the site expected to be ready by the end of 2026 following completion of the design and planning stages of the project.

As reported by Spanish media, Atlético have now applied for licenses from the Madrid City Council to start building the complex, with the total cost estimated to be €350 million.

The sports hub, which will span over one million square metres, will sit next to the Metropolitano Stadium as Atlético seek to transform the surrounding area into one of the main sports and leisure attractions in Spain.

New training facility

The site will feature a new training facility, featuring six football fields, a gym and medical centre. There will also be a 6,000-seater stadium for Atletico’s women’s team and youth teams, as well as a hotel and commercial spaces.

In addition, indoor and outdoor public facilities will be built for sports such as football, basketball, handball, volleyball and futsal, as well as surfing, golf, climbing, skating, paddle tennis and zip lining.

 

Dan Ashworth email blunder set to be crucial in arbitration hearing over move from Newcastle to Man Utd

An email that Dan Ashworth sent to himself about being approached by Manchester United could be crucial in the forthcoming arbitration hearing against his former club Newcastle United, The Times has reported.

Ashworth is attempting to force Newcastle to let him out of his lengthy gardening leave early so he can start work at Old Trafford as the new sporting director after the two clubs failed to agree on a compensation fee.

It has now emerged that Ashworth emailed the incoming Manchester United CEO Omar Berrada saying he wanted to take the sporting director job after the pair had held a conversation in early February – and that he also sent a blind copy to his own Newcastle email address.

The email, discovered by Newcastle, was sent weeks before Ashworth told executives at the north east club that he wanted to stand down and appears to show that talks had been taking place in secret and would therefore constitute an illegal approach.

Ashworth to argue he was sacked by Newcastle

Ashworth will argue at the arbitration that he was sacked from Newcastle rather than resigning, according to a report from The Daily Telegraph.

In effect, his argument is that he was not asked to formally write down his resignation by CEO Darren Eales and should not have been placed on gardening leave until he did so. He will therefore argue he was removed from his position rather than asking to step down.