Manchester United have reported a loss of £25.8 million for the three-month period ending 30th September 2023, despite earning record first quarter revenues of £157.1 million.

The loss compares with a deficit of £26.5 million for the corresponding period in 2022/23, while the total revenues compare with the £143.7 million earned in Q1 the year prior.

The increase in revenue was primarily driven by record matchday and commercial earnings for the quarter, as well as broadcasting income from participation in the Champions League group stages.

However, United’s wage bill rose to £90.3 million, up from £82.3 million, following a summer in which the club made seven new signings, including Rasmus Hojlund, Andre Onana and Mason Mount, for a total of £178 million.
​
​EBITDA for the period stood at £23.3 million - only £0.3 million lower than in Q1 2022/23.

The profit from player sales for the quarter was £29.5 million – up from £16.6 million in Q1 2022/23 – due primarily to the departures of Fred, Anthony Elanga and Dean Henderson.

United have revised their projected revenues for the 2023/24 financial year down to between £635 million and £665 million, having previously estimated income of between £650 million and £680 million, due to their early elimination from the Champions League.

The first quarter results also revealed that United made a further £100 million drawdown on their revolving credit facility since the end of last season, increasing the club’s total borrowings to £733.2 million.

United paid Raine Group $31.5m to facilitate Ratcliffe deal

Meanwhile, it has emerged that United paid the Raine Group $31.5 million to help facilitate Sir Jim Ratcliffe’s £1.3 billion bid to buy a 25 per cent stake in the club.

The New York-based merchant bank met with United in June 2022, five months before the Glazers announced a strategic review, and were tasked with acting as the club’s financial advisor during the process.

 

RedBird closing in on sale of Toulouse to Otro Capital

AC Milan owner RedBird Capital Partners is close to finalising the sale of French club Toulouse to another American investment firm, Otro Capital, according to L'Equipe.

Although it is yet to be formally announced, a source told the newspaper the deal is 90 per cent complete, with links between representatives of the two companies helping to facilitate the transaction.

Otro Capital, which specialises in sports and media, was founded by three former RedBird executives – Alec Scheiner, Niraj Shah and Isaac Halyard – who were all on Toulouse's board of directors until last summer.

UEFA MCO rules

The three executives resigned, along with RedBird founder Gerry Cardinale, as part of efforts to ensure the club complied with UEFA’s rules over multi-club ownership and European competition.

Under the regulations, two clubs with the same owner cannot be guaranteed permission to compete unless one is in the Champions League and the other in the Europa Conference League.

After AC Milan failed to qualify from this season’s Champions League group stage, both the Italian giants and Toulouse are now competing in the Europa League. In July, UEFA cleared the clubs to play in Europe after they agreed to take steps to ensure they were run independently.

New York-based RedBird acquired an 85 per cent stake in Toulouse for just over €10 million in 2020. Under the firm’s ownership, the team has earned promotion to Ligue 1 and last season won the Coupe de France.

 

Sporting Clube de Portugal pave way for minority investor by raising stake in SAD to 88 per cent

Sporting Clube de Portugal have taken a further step towards finding a potential new minority investor by raising their stake in the Ltd. company (Sporting SAD) from 84 per cent to 88 per cent.

The development has come after the club successfully bought back Mandatory Convertible Securities (VMOC) from Novo Banco using future media rights income. Sporting bought back €51.4 million worth of bonds for just €15.4 million, paying 27.9 cents on the euro.

The debt restructuring is set to make a path to new investment at Sporting easier by giving the club’s management greater control over such decisions.

The Portuguese giants have called an extraordinary meeting of their assembly members for 6th February to approve the greater control they are seeking over the SAD. The club will also take a vote on a new bond issue worth €50 million.

Capital to rise to €202 million

The increase in Sporting’s stake in the SAD is due to be completed on 15th February. As a result, the capital of the company will increase from the current €150 million to €202 million, of which around €177 million will be controlled by the club.

Earlier this month it was reported that Sporting have held exploratory talks with potential investors from around the world over the sale of a minority stake. It followed reports towards the end of last year indicating that Chelsea co-owners Todd Boehly and Behdad Eghbali have “very concrete interest” in a stake.

 

Preston North End chairman Craig Hemmings criticises lack of progress over Premier League-EFL deal

Preston North End chairman Craig Hemmings has criticised the Premier League over its failure so far to agree a financial settlement with the EFL after the Championship club posted a £12.2 million loss for the year ending 30th June 2023.

The deficit was down from a loss of £16.9 million in 2021/22. Turnover increased to a record £15.6 million, up from £13.8 million the previous year.

In a club statement announcing the financial results, Hemmings said: “I make no apologies for again commenting on the lack of level playing field in the Championship, due to some clubs benefiting from huge financial advantages, given to them via the Premier League parachute payments.”

He added: "We have lobbied consistently about a financial re-balancing of the football pyramid. … Whilst it is likely to be at least a couple of years before the [new independent regulator for English football] is in situation, it is a very encouraging step.

“Unfortunately, even though they have been repeatedly requested to do so by Government, the Premier League has thus far either refused, or has been unable, to agree to any new financial model with the EFL. Let us hope, for the benefit of all football, good sense prevails sooner rather than later."

Season ticket sales highest for over 60 years

Preston said their record revenues earned in the 2022/23 financial year were driven by “substantial improvements across all income streams, most notably season card and matchday ticket sales.”

Season ticket sales were the highest for over 60 years at 11,981, up from 7,557, while the average home game attendance rose to 16,269, up from 12,501. Shareholder financial support for 2022/23 was around £11 million.

 

Watford owner Gino Pozzo could face trial over alleged tax fraud charges at Granada

Watford owner Gino Pozzo could face trial on tax fraud charges in Spain related to his former ownership of Granada, according to media reports.

Spanish prosecutors claim he was part of a “long-term criminal plan” and if found guilty he could face 12 years in prison and fines of $40 million for what they call “a fraudulent strategy”.

The Public Prosecutors Office has outlined its case against Pozzo and four other defendants, including Granada, following a five-year investigation. If it progresses a criminal trial will take place at the National Court in Madrid.

Gino Pozzo faces three separate charges for “fraud in excess of €600,000”, which he has denied. The Pozzo family owns Watford and Udinese and previously controlled Granada between 2009 and 2016.

Spanish prosecution documents dated November 2023 allege that during that period Pozzo engaged in the “complex movements of funds linked to transfers and their financing” to “obtain illicit economic benefits to the detriment of the Spanish Treasury.”

“Complex strategy” involving capital gains

The prosecutors claim Pozzo engaged in “the execution of a complex strategy” which allowed “capital gains obtained by the club through the transfer of professional football players to be artificially transferred to Luxembourg and were not taxed in Spain, thus obtaining a considerable economic profit.”

Earlier this week it was reported that Watford are in talks with the American multi-club ownership group The Football Co. (TFC) over the sale of an initial minority stake in the club.

The EPL CEO Richard Masters has confirmed an agreement in principle to pool media rights revenues with the Football League reports Senior Correspondent, James Corbett.

The deal, which is set to come in in 2025/26, opens up the way for a joint sale of media rights when existing contracts end.

Speaking before MPs at a Culture Media and Sport select committee hearing, Masters claimed that the deal would “essentially double” existing solidarity payments between the EPL and the EFL.

His counterpart, Rick Parry, said that the EFL would take 14.75 per cent of net media revenues from the deal, amounting to around £125 million annually over the first five years of the deal.

Independent regulator

But while acknowledging that it represented a “significant amount” and “a step in the right direction” it was “not the right answer. Parry said that it didn’t address concerns about the “cliff edge” between the EPL and Championship finances or the concerns laid out in the government’s White Paper on an independent regulator.

“We're very committed to the regulator, as you know. We're very committed in particular to carrying out the review of the football system, the independent review. Our belief is when that is done, when that review is completed, it will show that there is still a major systemic issue with finances,” he said

Parry pointed out that under the existing system, clubs relegated to the Championship had on average £110 million to spend on wages and transfers as a result of parachute payments, but those that didn’t had just £20 million.

“Clubs have to chose between sustainability and competitiveness. It’s a ludicrous choice,” he said.

Masters used the session to deny that the EPL had tried to kick a “new deal for football” into the long grass, saying that clubs had voted on proposals at two shareholder meetings before Christmas, without success. He said that they were meeting again over two days earlier next month and the issue was on the agenda for the first day. “I consider it the number one priority of the Premier League,” he said.

 

Masters: 777’s Everton takeover delayed over lack of “satisfactory answers”

Richard Masters has confirmed that 777 Partners takeover of Everton has been delayed because the governing body is still to receive “satisfactory answers” as part of its scrutiny of the takeover.

The Miami-based investment group had a bid for the club accepted by Everton’s majority shareholder Farhad Moshiri in mid-September and said at the time they expected to complete the deal by Christmas. Four months on the deal is still to close, amidst a succession of negative reports about 777’s business practices.

“Some processes take a matter of weeks,” Masters told MPs. “Some, if we haven't had satisfactory answers to the questions that we have asked, it takes a lot longer.”

Both the New York Times and the Norwegian investigative magazine, Josimar, have previously reported that key regulatory submissions have not been submitted to the EPL

Asked how long he expected a decision to take, Masters replied: “I don't know. I can't say. It is a very difficult question to answer”, subsequently adding that he hoped it would be “weeks”.

Multiple investigations

On Monday, Everton were charged for a second time with breaching the EPL’s profit and sustainability rules. Masters denied that the charges were politically motivated, with the parliamentary hearing imminent.

“I don't think it's messy. It's a very solemn duty, I have to say,” he said. “Nobody likes enforcing the financial rules. It's the first time the Premier League has done it.”

Masters refused to be drawn on comparisons between the fate of Everton and Manchester City, who have 115 charges against them. He said that a hearing for the City case had been set, but wouldn’t say when. He also confirmed that Chelsea were under investigation for rule breaches.

 

Watford potential investors revealed as U.S. multi-club group The Football Co.

Watford are in talks with the American multi-club ownership group The Football Co. (TFC) over the sale of an initial minority stake, according to The Athletic.

Reports of discussions between the EFL Championship club and a US investment group emerged earlier this month, and the potential new investor has now been named.

TFC’s talks with Watford – which have been active since at least last month – are said to be based around a valuation of £150 million to £200 million, with the possibility of a full takeover part of negotiations.

Representatives of TFC, which was established at the start of 2023, attended Watford’s most recent home game against Chesterfield in the FA Cup on 6th January, although the group’s chairman, the former US Marine and Goldman Sachs managing director Peter Grieve, was not among them.

As well as Grieve, TFC includes several other investors, some of whom already hold executive positions in football, business and marketing. Grieve is already co-owner of Bantu Rovers, a top-flight club in Zimbabwe, while another connection of the group is known to have links with a team in Slovenia.

Acquisitions in South America and CONCACAF region

In an interview with Off The Pitch in January 2023, Grieve said TFC had already made acquisitions in South America and the CONCACAF region, and that it had forged connections with “academies throughout the developing world”.

Grieve was previously in advanced discussions with another Championship club, Hull City, in 2016 but negotiations did not lead to an agreement. Last year, talks started over investment in Brazilian side Atletico Mineiro.

 

EFL exploring “all avenues” to expel rogue owner

EFL chairman, Rick Parry says that his organisation is “exploring every possible avenue” to force Reading owner Dai Yongge out of the club.

Yongge, who bought Reading in 2017, has cut financial support for the club following its relegation from the Championship last May.

Hundreds of protesting supporters invaded the pitch on Saturday, prompting the abandonment of its game against Port Vale. Reading are currently 21st in League One, three points from safety, and face potential points deductions as a result of Saturday’s action.

In a statement on Monday the EFL said: “We urge Mr Dai either to fund the club adequately or to make immediate arrangements to sell his majority shareholding to appropriate new owners so everyone can move forward with renewed optimism.”

Parry said at a parliamentary session on Tuesday that the league had pushed for a disciplinary committee to disqualify Dai before Christmas, but that the panel had found that that was not warranted and issued him with a fine instead.

“If he won't put money into the club, he's not going to pay the fines,” mused Parry.

“If you have a disqualified owner, then the natural consequence or the logical consequence for that owner is to divest. Whether Dai Yongge is going to do anything that's logical, frankly, remains to be seen.

“What we're trying to do is to explore every possible avenue that's open to us. That is the most logical one, that rather than punishing the club, punishing the fans, we start to punish the owner in an attempt to force a resolution.”

Fresh challenge

Parry said that the issue was complicated by the fact that Dai had sold Reading’s training ground and stadium to a company controlled by Dai and his brother, Dai Xiu Li – “a loophole that has thankfully now been closed” – and was refusing to engage eith the league.

“It's pretty extraordinary for an owner to effectively just sit there and do nothing,” he said. “That's a new one. We haven't seen that one before, so it's a fresh challenge.”

Parry called on the government to hasten its legislation to introduce an independent regulator, saying that he had seen drafts showing that it included “statutory powers to force divestment.”

“That's a massive step forward,” Parry added. “It's one of the reasons we are hoping that we get the regulator as soon as possible. Sadly, we're not going to get it in the next three weeks, which I think is the sort of time frame we're looking at.”

Everton are facing a second points deduction this season after being charged with another breach of the Premier League’s profitability and sustainability (PSR) rules, while Nottingham Forest have also been charged.

The Premier League said in a statement that the two clubs have been referred to an independent commission over the charges, which have been made “as a result of sustaining losses above the permitted thresholds for the assessment period ending Season 2022/23.”

Under the rules, clubs are permitted to make losses totalling no more than £105 million over three years, although certain costs can be deducted, such as investment in youth development, infrastructure, community and women’s football.

An independent commission will hear the new cases by mid-April, with appeals to be completed by the end of May, and any sanctions imposed will take effect this season.

In November, Everton were handed an immediate ten-point deduction for a P&S breach relating to the period ending 2021/22, but they are appealing against the sanction.

In a statement, the club said: “The Premier League does not have guidelines which prevent a club being sanctioned for alleged breaches in financial periods which have already been subject to punishment, unlike other governing bodies, including the EFL.

“As a result - and because of the Premier League’s new commitment to deal with such matters “in-season” - the Club is in a position where it has had no option but to submit a PSR calculation which remains subject to change, pending the outcome of the appeal.

“The Club must now defend another Premier League complaint which includes the very same financial periods for which it has already been sanctioned, before that appeal has even been heard. The Club takes the view that this results from a clear deficiency in the Premier League’s rules.”

Forest limited to losses of £61 million

Under the PSR rules, if a club has been in the EFL during the assessment period the amount of losses allowed are even smaller. Forest would therefore be limited to losses of £61 million – £13 million for 2020/21 and 2021/22 when they were in the Championship plus £35 million for 2022/23.

Forest suffered a deficit of £45.6 million in 2021/22, when they were promoted from the Championship, and made a loss of £15.5 million the previous year. The club’s owner, Evangelos Marinakis, has invested more than £250 million on transfer fees since their return to the Premier League.

A statement from the club read: “Nottingham Forest acknowledges the statement from the Premier League confirming that the club has today been charged with a breach of the league’s Profitability and Sustainability Rules. The club intends to continue to cooperate fully with the Premier League on this matter and are confident of a speedy and fair resolution.”

 

777 Partners facing fresh lawsuit as investor claims $30 million in damages

Everton’s prospective new owner 777 Partners is facing another lawsuit after an investor started legal proceedings against the Miami-based investment firm, citing damages of more than $30 million, according to a court summons filed in New York last week.

Change Lending LLC – the owner of The Change Company, the largest community development financial institution (CDFI) in the US – invested $17 million in 777 and its sister company 600 Partners in two tranches of preferred equity in September 2022 and February 2023.

Under the terms of the deal, if 777 failed to provide requested financial information to Change, or any “reputational risk” emerged, Change could make 777 buy back the preferred equity at the same price, plus any unpaid dividends.

The summons details Change’s attempts to get 777 to provide it with financial statements, including an audited balance sheet of 777’s assets. Frustrated by “delays and excuses”, Change told 777 it was triggering its repurchase rights in September 2023.

777 “initially signalled they would cooperate” with Change’s request but senior executives, including 777 co-founder and majority owner Josh Wander, “strung Change along for weeks”, making “excuse after excuse”, only to then stop responding entirely.

“Unsatisfactory financial condition”

In summarising its case, Change says it has “determined that the 777 Entities were in unsatisfactory financial condition” and that 777 has “exposed Change to unacceptable reputational risks”.

As a result, it says, Change is entitled to “compensatory and consequential damages” and all of its legal costs. 777 must now answer the complaint within 20 days of 9th January, the day the summons was served.

 

PSG stadium dispute: Paris mayor asks ex-France president Nicolas Sarkozy to help bring club back to table

The mayor of Paris, Anne Hidalgo, has asked the former French president Nicolas Sarkozy to help revive negotiations between Paris Saint-Germain and the Paris city council over the future ownership of the Parc des Princes stadium, L’Équipe has reported.

The development comes amid a breakdown in communications between the French champions and the Paris town hall over the potential sale of the venue to the club, with neither party having been in communication with the other for over a year.

PSG aspire to own their historic stadium, which they currently lease from the city council. However, the town hall has so far refused all offers from the club, as they would prefer not to sell the ground, and say that the club’s estimates are far below what they would be willing to accept.

The city council has attempted on more than one occasion to bring PSG back to the negotiating table, but the offers have been rebuffed or ignored. According to L’Équipe, this has led Hidalgo to contact Sarkozy, who is a notable fan of Les Parisiens, to help bring the club back to the table.

However, it is thought that a message of reconciliation provided by Sarkozy has so far fallen flat, with reports indicating it has either not been received or has gone down poorly among the club’s hierarchy.

Three months to decide

PSG president Nasser Al-Khelaïfi has informed the city council publicly that it has three months to decide on whether to sell the Parc des Princes, and that otherwise the club will look to move away from their stadium.

It is understood that PSG have been examining their options away from the Parc des Princes, and outside of Paris, with the site of a new stadium in the town of Montigny-le-Bretonneux currently assessed by PSG for its viability.

Earlier this month, it was reported that the club have decided not to pursue a move to the Stade de France after withdrawing from the race to buy the French national stadium.

 

EFL urges Reading owner Dai Yongge to ‘fund club adequately or sell majority shareholding’

The EFL has called on Reading owner Dai Yongge to either sell his majority shareholding in the club or meet his funding requirements for the League One team after handing out a fresh £50,000 fine to the Chinese businessman.

Reading are facing an increasingly dire financial crisis under the ownership of Dai, who first took charge of the club in 2017, and their home match against Port Vale on Saturday was abandoned early in the first half following a pitch invasion from protesting supporters.

Reading have been deducted 16 points across the last three seasons as a result of EFL charges, including four this campaign, and Dai was also personally charged with misconduct last month after failing to deposit 125 per cent of the club’s monthly wage bill into a designated account following a number of delays to wages.

That resulted in Dai receiving an initial fine of £20,000. In a statement, the EFL said a further £50,000 suspended fine has now been imposed after he missed Friday’s latest deadline to meet the same funding obligations.

The EFL said it “will now consider all available options it has under the Regulations and will have no hesitation in bringing further charges against Mr Dai.” 

The league added: “In the meantime, and for the sake of the future of Reading FC, its staff, supporters, and local community we urge Mr Dai either to fund the Club adequately or to make immediate arrangements to sell his majority shareholding to appropriate new owners so everyone can move forward with renewed optimism.”

In the hearing over the misconduct charge against Dai, the EFL had argued that he should face a 12-month disqualification. However, the independent commission ruled it would “not achieve the immediate objective of sourcing the required funds.”

Reading are also facing a separate charge over a continued failure to settle tax bills with HMRC that is due to be heard by a commission at the start of next month.

Repercussions likely for abandoned match

The EFL said it will meet with Reading fans this week to discuss the latest developments. However, the abandonment of Saturday’s game will likely lead to repercussions.

“The EFL Board will discuss events at Saturday’s match during its meeting later this week as it has a responsibility to the League’s member clubs and the competition to ensure all 72 clubs meet the requirements of the rules as previously agreed by EFL clubs,” it said.

The German Football League (DFL) has expressed its opposition to the notion of a revenue-sharing agreement similar to that agreed between Serie A and DAZN as it prepares to launch its tender for the next cycle of domestic Bundesliga TV rights.

The DFL is waiting for Germany’s cartel office, the Bundeskartellamt, to rule on whether the ‘no single buyer rule’, which blocks the exclusive sale of live rights to a single broadcaster, will be removed before launching the tender in the next few months. However, in the meantime informal talks are said to be taking place.

Under the current deal, which finishes at the end of the 2024/25 season, the DFL earns €1.1 billion per year, mostly from DAZN and Sky Deutschland. The Bundesliga is believed to be facing a significant challenge in maintaining at least the same figure in the next cycle, given the market conditions.

However, the idea that the DFL shares in the success of subsequent subscription sales for DAZN, but receives a lower guaranteed amount, has been rejected by the league. DFL joint-CEO Steffen Merkel has argued that guaranteed revenues are needed for clubs to better plan their budgets over the
course of the cycle.

Speaking to German newspaper Bild, he said: "As soon as you include sales-dependent components in a contract, the offers for rights packages are no longer comparable one-to-one. For example, if one broadcaster offers us €100 million and 50 per cent of subscription revenues, and another offers us €120 million but only 20 per cent of revenues, we have a problem when it comes to comparing the two proposals."

DAZN revenue-share key to Serie A deal

Last October, Serie A agreed a deal worth at least €4.5 billion with DAZN and Sky Italia to retain the rights to show matches in Italy for the five-year cycle running from 2024/25 to 2028/29.

The inclusion of a revenue-sharing agreement with DAZN was key to ending months of stalemate in the talks. Serie A CEO Luigi De Siervo claimed that as a result, the total value of the deal could “far exceed that of the previous three years” and reach the publicly stated target of €1 billion per season.

 

West Brom in talks with American businessman over potential £60 million takeover

West Bromwich Albion are reported to be in advanced talks with American entrepreneur Shilen Patel over a potential takeover of the EFL Championship club.

According to The Daily Telegraph, Patel has emerged as the preferred choice for Albion’s Chinese owner Guochuan Lai, with a period of exclusivity set to be granted this month, after making progress towards an agreement in recent weeks.

Last month it was revealed that three parties were keen to buy the West Midlands club, who are beset by financial difficulties and facing the prospect of losing first-team players in the January transfer window.

Patel is now said to be at the front of the queue to complete a takeover, which will cost an estimated £30-35 million, with additional loans taking the overall price closer towards £60 million.

Software company founder

Previously the founder and CEO of HealthAxis Group, a software company based in Tampa, Shilen Patel is the son of Dr Kiran Patel, whose net worth is an estimated $400 million. Shilen Patel has now assumed control of the family business.

Lai acquired West Brom from Jeremy Peace for more than £200 million in July 2016. He has come under heavy scrutiny after declining to pay back a £5 million loan which was paid to one of his companies in June 2021.

 

Negreira case: FC Barcelona paid ‘to get sporting benefit,’ ex-referee tells police

A fresh development in the Negreira case has emerged which raises further questions for FC Barcelona over the club’s payments to the former vice-president of the Spanish FA’s refereeing committee, José María Enríquez Negreira.

According to documents seen by El Mundo, Jose Luis Gonzalez Gonzalez, a former LaLiga referee, has told Spanish police how he understood that Barça hired Negreira’s services "to get some kind of sporting benefit.”

Gonzalez Gonzalez also stated that Negreira would have made Barcelona understand "that he had some power over the referees" in Spain.

As the investigation into the case continues, El Mundo has obtained access to 21 statements made by referees to the Spanish Civil Guard, with Gonzalez Gonzalez's deemed to stand out the most.

Gonzalez Gonzalez, who retired in 2020, also expressed his belief that Negreira and his son "took advantage" of Negreira's position "to obtain an economic benefit".

In addition, the former match official branded the consultation reports that Negreira's son prepared "useless" and a "mere formality" to "justify" the payments Barça made to Negreira.

"My opinion is that Negreira reached an agreement with the directors or members of FC Barcelona [for them] to benefit in a private capacity from these payments", he stated.

Payments of €7.3 million-plus over 17 years

The Negreira case was initially brought after prosecutors filed a complaint last March over payments of more than €7.3 million over 17 years to firms owned by Negreira, allegedly for referees to act in favour of Barcelona. Both the club and Negreira himself have denied any wrongdoing.

Barcelona were originally charged with alleged corruption in sport, corruption in business, false administration and the falsification of commercial documents. Charges of bribery were added in September after a judge said Negreira "exercised public functions" as vice-president of the Spanish FA’s refereeing committee, equating him to a civil servant.

 

Sampdoria capital gains investigation: Six former board members summoned by prosecutors

Six former members of the Sampdoria board of directors have reportedly been summoned to appear before the Genoa Public Prosecutor's Office as part of the investigation into the club’s accounting practices.

According to La Repubblica, the suspects, who were board members under Massimo Ferrero’s ownership of the club, are accused of various violations, including "false corporate communications, issuing invoices for non-existent transactions, and fraudulent declaration through the use of fictitious invoices in relation to the purchase and sale of footballers".

It was also reported that prosecutors now have access to confidential information relevant to the case obtained from the computers of a number of professionals, including lawyers, accountants and auditors.

The purpose of the summons is to examine the material found on the computers in a selection process carried out “in adversarial proceedings for non-repeatable acts”.

The investigation aims to uncover details of Sampdoria’s approach to capital gains, including the alleged use of false invoices, relating in particular to the transfer of players from 2018, including seven who moved between Sampdoria and Juventus.

As well as Ferrero, the club’s former vice-president Antonio Romei and ex-board member Alberto Bosco, who is still working at the club as chief operating officer, are under investigation.

Guardia di Finanza investigation into Ferrero

Ferrero became Sampdoria owner back in 2014, but resigned as president in December 2021 following his arrest by the Italian law enforcement agency Guardia di Finanza as part of an investigation into corporate crimes and bankruptcy.

There is reported to be a connection between that investigation and the allegations against Sampdoria over their financial management. The Guardia di Finanza investigation revealed alleged violations, including false accounting, defrauding the state and embezzlement of public funds used to settle debts of Ferrero's film companies in Rome.

 

Saudi Pro League expands number of foreign players allowed at each club

The Saudi Pro League has changed its rules to increase the number of foreign players allowed, with each club now permitted to register ten non-Saudi players, up from the current eight.

Only eight will be able to take part in each match, and of the ten overseas players allowed, eight will be without an age limit, but two would have to be born after 2003 in order to “boost investment in young talent”, the league said.

The changes will come in from the 2024/25 season. There will also be another change, with squads squeezed from 30 players to 25.

Top global stars

Since the flagship signing of Cristiano Ronaldo in December 2022, the Saudi Pro League has attracted a number of other top global stars, including Neymar, Sadio Mane, Karim Benzema and Jordan Henderson.

The majority of foreign signings have been captured by one of the ‘big four’ teams owned by Saudi Arabia's Public Investment Fund (PIF): Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal.

However, Henderson, who joined Al-Ettifaq last July, is reportedly in search of a move back to Europe over concerns about his England prospects ahead of this summer’s Euro 2024.

Newcastle United CEO Darren Eales has admitted that the club may have to sell at least one of their star players to avoid breaching the Premier League’s profit and sustainability rules after the club announced a loss of £73.4 million for the year ending 30th June 2023.

That figure follows the £72.9 million deficit the club suffered in 2021/22. The losses will be significantly reduced for PSR calculations once factors such as depreciation, youth development and the club’s academy are considered.

However, in a video interview on the club’s website, Eales conceded that to be compliant with the regulations – which allow for losses of no more than £105 million over a three-year period – Newcastle will have to consider selling players, including some of their biggest stars.

Asked if any of Alexander Isak, Sven Botman and Bruno Guimarães could be sold this summer, Eales said: “On any player, at any time, it depends on circumstances. It’s difficult to say specifically on certain players, but I can say that, if we’re going to get to where we want to get to, at times it is necessary to trade your players.”

He added: “It is counterintuitive and part of the system of PSR that there is an incentive to trade your players if you want to reinvest, by the nature of the boundaries.”

Newcastle, who were acquired by Saudi Arabia’s Public Investment Fund in October 2021, have spent more than £400 million on players since the takeover.

Total revenues reach £250.3 million

The club’s accounts for 2022/23 show that total revenues rose to £250.3 million, up from £180 million the previous year, with significant increases across all the main revenue streams.

Matchday income reached £37.9 million (£27.5 million in 2021/22), broadcast revenues climbed to £165.5 million (£124.1 million), and commercial income rose to £43.9 million (£26.5 million).

Operating expenses for the year totalled £230.2 million, up from £206.3 million in 2021/22, with the club’s wage bill amounting to £186.7 million, compared with £170.2 million the previous year. Amortisation costs reached £86.8 million, up from £49.7 million. The club made a profit on player trading of £2.8 million, down from £5.8 million in 2021/22.

In the 2022/23 season, Newcastle finished in fourth place in the Premier League, earning Champions League qualification for the first time in 20 years. They also reached the EFL Cup final, their first major cup final in 24 years.

 

A22 CEO Bernd Reichart: Plans for new European competition have support of 40 to 50 clubs

Bernd Reichart, CEO of A22, the sports management company set up to support the European Super League, has claimed that plans for a new European competition have the support of between 40 and 50 clubs and “will revitalise domestic leagues".

In an interview with the Spanish sports newspaper El Mundo Deportivo, Reichart was speaking in the wake of the European Court of Justice (CJEU)’s verdict on the Super League delivered on 21st December.

On that same day, following the announcement of the CJEU’s decision, A22 unveiled a proposal for a new competition “based on sporting merit” which it said would involve 64 men's and 32 women's teams playing midweek matches in a league system across Europe.

Asked by El Mundo Deportivo how many clubs are interested in the project, Reichart said: “We have been in contact with all those who we had previously visited … to configure and create this proposal. Our format is based on an exchange with the parties involved in football, primarily the 40 or 50 clubs with whom we have been talking.”

The German media executive, who once again declined to name any teams that could become part of the new league, was then asked whether such a number would provide a good base for the competition to be launched at the start of the 2025/26 season.

“Right now we don't venture dates,” he said. “We want to do things right. We share proposals and visions with the fans: the best football in Europe, with more attractive matches than the old and the new Champions League and also for free.”

“Does not invade the national calendar”

Reichart was also quizzed about fears that clubs would reserve their best players for the Super League, snubbing the national leagues. "This is already happening on some days. There are European and national tournaments,” he said.

“The Super League does not invade the national calendar. It pairs and maintains the competitive dynamic of qualifying for the Super League with a good year in the domestic tournament. This strengthens the clubs that return with economic resources and the best talents in their domestic league. They can build better teams and retain or sign talent. And that also fuels and revitalises the national championship.”

 

Los Angeles FC set to complete Grasshoppers takeover and ‘help Bayern Munich comply with UEFA MCO rules’

MLS club Los Angeles FC are reportedly closing in on a deal to buy the Swiss Super League team Grasshopper Club Zurich, German outlet Kicker has reported.

Talks on a potential agreement were first revealed by Bloomberg last October and came after LAFC invested in Austria’s FC Wacker Innsbruck last April.

According to Kicker, if completed the deal to acquire Grasshoppers would help Bayern Munich, who began a joint venture with LAFC last year, comply with UEFA’s regulations over multi-club ownership and participation in European competition.

Unveiled last March, the partnership between Bayern and LAFC, called Red&Gold, is designed to boost player development for both teams, with each club owning 50 per cent of the venture's shares.

The collaboration has since been joined by the Gambinos Stars Africa academy in Gambia, founded by Helmut Hack, the former president of Bundesliga 2 club Fürth, and in December it acquired majority ownership of Uruguayan first division club Racing de Montevideo.

Multi-club strategy

The managing director of Red&Gold, which is registered at Bayern's Säbener Strasse training ground, is the Bundesliga club’s head of youth development Jochen Sauer, and the initiative is a key part of the German giants’ own multi-club strategy.

It is understood that if LAFC acquired Grasshopper Club Zurich, and if either the Swiss team or Innsbruck were to qualify for Europe, Bayern would avoid questions from UEFA over its MCO rules, since LAFC would hold shares in the clubs, rather than Bayern itself.

Eagle Football Holdings, the investment vehicle of Lyon’s American owner John Textor, is exploring selling its 45 per cent stake in Crystal Palace, according to a report from The Independent.

Internal talks on the prospect are said to have deepened over the last two weeks, although they are still at an early stage and no formal negotiations with outside parties have yet begun.

The prospective sale is believed to be only at a formative stage for now, with no bank as yet mandated to begin the process. However, it is understood the idea has been discussed enough that it has been spread to potential buyers.

Majority control

Early soundings have indicated that most buyers would only consider the move if they could take majority control of Palace, and that would almost certainly mean buying out Steve Parish’s 10 per cent stake, due to his outsized voting rights.

Such a development would have wider implications for the club and the Premier League. Parish has long been the figurehead of Palace but also the leading voice among ‘the other 13’ in the top-flight, standing up to the most powerful clubs over key decisions about the game’s future.

Along with his stake in Palace, Textor owns French club Lyon, Brazilian side Botafogo, Belgian team RWD Molenbeek and US-based football academy FC Florida, with all his football investments grouped under Eagle Football Holdings.

 

Everton hire top UK barrister for appeal over ten-point deduction

Everton have reportedly added Laurence Rabinowitz KC, one of the UK’s leading barristers, to their legal team for the club’s appeal against their ten-point deduction handed out last November after being found to have breached the Premier League's financial rules.

Rabinowitz is regarded as a ‘super silk’ and specialises in commercial litigation. According to The Times, he will lead the Merseyside club’s appeal and work in tandem with James Segan KC, who represented Everton at the original hearing.

The appointment of Rabinowitz is regarded by Everton as a coup given that he is in huge demand and they believe he falls alongside Lord Pannick KC – who has been hired by Manchester City in their fight against 115 Premier League charges – and Jonathan Crow as the best in the UK.

Mitigating factors

The decision to hire Rabinowitz is said to demonstrate Everton’s determination to challenge the punishment, delivered by an independent commission for breaching the Premier League’s profit and sustainability rules, when the case is reconvened in the near future.

The rules allow for losses of £105 million over a three-year period. Everton accepted they had gone above that threshold by £9.7 million, but argued that a number of mitigating factors, including interest on stadium loans, should have been taken into account.

The club lodged an appeal with the chairman of the Premier League’s judicial panel and a new commission will now hear the case. The appeal does not allow new evidence to be presented but will instead focus on the regulatory process followed by the three-man panel who decided upon the ten-point deduction and what was presented in the commission’s conclusion.

 

Bordeaux handed wage bill and transfer spending limits by DNCG

Bordeaux have received fresh sanctions from the DNCG, French football’s financial watchdog, which has imposed restrictions on the Ligue 2 club’s wage bill and transfer business amid their continuing financial difficulties.

In a statement, the LFP said that following the DNCG’s latest review of club finances for the 2023/24 season, the body has decided to impose a “supervision of the payroll and transfer allowances.” Bordeaux attended a DNCG hearing last month.

The Bordeaux-based newspaper Sud Ouest reported that the club was expecting the DNCG to take action, and was hoping to avoid further punishment such as relegation or a transfer ban. According to the newspaper, the club’s projected loss for the year is €30 million, with a shortfall in income of between €5 million and €10 million.

Bordeaux released a statement following confirmation of the sanction, which read: “As the club has been committed for the last three years to a responsible management approach aimed at gradually reducing its wage bill and generating more income from player sales than it invests in the transfer market, this decision to limit the wage bill and transfer fees will have no impact on the club’s operational management.”

The six-time top-flight champions, who are currently 13th in Ligue 2, are now expected to proceed with further player sales this month. According to radio station France Bleu, all but a handful of players in the squad are on the market.

Talks continue with potential investors

Meanwhile, L’Équipe has reported that Bordeaux, who are owned by Luxemburgish-Spanish businessman Gérard Lopez, were hoping to strike a deal with a minority investor in time for yesterday’s deadline after being given a month from the initial 14th December DNCG hearing to deliver further guarantees.

No third-party investment has materialised as of yet, despite indications that talks were underway with investment funds – two of them American and one European. Lopez, who has been at the helm since 2021, is said to remain in talks with potential partners.

 

Motherwell CEO Derek Weir: Club need external investment but are not in financial trouble

Derek Weir, the outgoing CEO of Scottish Premiership club Motherwell, has reiterated that outside investment is needed, but has denied the club is in a precarious financial position.

In a lengthy interview on Motherwell’s YouTube channel, Weir said he and chairman Jim McMahon believe that a new investor alongside the Well Society, which is in control of 70 per cent of the fan-owned club, could be essential to provide advice and extra funding.

Weir – who stepped up to the role of CEO on a temporary basis early last year and is expected to relinquish his position at the end of March – said: “We have cash in the bank. Other than the well-trailed long-term government post-Covid loan, that’s the only debt the club has.

“We will have cash in the bank at the end of this season. That, combined with the cash that the Well Society has, will see us forward for I suspect at least another season, probably beyond that.”

“Not in financial difficulty”

Weir added: “We have some other income there, so the club is absolutely not in financial difficulty, that would be the wrong impression. But if you look at the cash balance that we had a few years ago on the back of transfers and loans, a significant part of that has been utilised. We are getting through the cash that we’ve got.

“Somebody sitting alongside the Well Society, working with them and providing an extra security, would be a really good thing for this club.”

The Italian Football Federation (FIGC) is reported to be considering a radical overhaul of the professional game in the country that would involve a major reduction in the number of teams across its top three divisions.

According to SportItalia, FIGC president Gabriele Gravina has proposed a “substantial reform” of Italian football that would impact Serie A as well as the lower leagues.

It is believed the federation is looking to reduce the number of teams in both Serie A and Serie B from 20 to 18, while the number of clubs in Serie C – currently made up of 60 teams, divided geographically into three different groups – would also be reduced to 18 in total.

Idea backed by Inter Milan and Lazio

Initial consultations with clubs on the proposed reforms have sparked vastly different reactions. The idea is said to have been welcomed by some of Italy’s biggest teams, with Inter Milan CEO Beppe Marotta and Lazio CEO Claudio Lotito among those reported to have backed the proposal.

However, it is understood the plans are facing clear opposition from small and medium-sized clubs over fears they would be at risk of not playing in the professional divisions.

 

 

Sunak insists independent regulator will be able to force Premier League to ‘fairly’ redistribute revenue

Rishi Sunak, the UK prime minister, has restated his commitment to bringing in an independent regulator for English football as frustration builds over the lack of progress on a financial settlement between the Premier League and EFL.

As reported by The Athletic, Sunak was at a ‘PM Connect’ question-and-answer session at EFL League Two club Accrington Stanley’s Wham Stadium on Monday.

The club’s owner Andy Holt asked Sunak if he still supported the introduction of a regulator and, if he does, whether it will have the power to break the “impasse” that exists between the Premier League and the EFL on finding a new, more equitable financial distribution between the leagues.

Sunak said: “It’s important that the incredible financial success that we enjoy at the top end of football is shared throughout the football pyramid so clubs like (Accrington Stanley) can benefit from that and we can nurture the sport for generations to come.

“That’s why the regulator will have the powers, if needed, to impose financial redistribution settlements.”

The prime minister added: “Now, my hope is that the Premier League and the EFL can come to some appropriate arrangement themselves that would be preferable.

“But, ultimately, if that’s not possible, the regulator will be able to step in and do that to ensure we have a fair distribution of resources across the football pyramid, of course promoting the Premier League but supporting football in communities like this up and down the country.”

Football governance bill

A ‘football governance bill’ covering the independent regulator was included in the King’s Speech last November. The first reading of that bill is expected in the coming weeks and, as it has cross-party support, its passage is a formality.

However, many Premier League clubs are still opposed to the regulator’s introduction.

 

 

Nottingham Forest and Everton set to learn fate over potential financial breaches next week

Nottingham Forest and Everton will find out next Monday whether they will face new Premier League charges for breaching financial regulations, according to a report from The Daily Telegraph.

Forest are under scrutiny over their transfer spending, while for Everton, who are already fighting to overturn a separate 10-point deduction, stadium costs have been cited as the main cause of any potential overspend.

Both clubs are said to have been scrambling to avoid the prospect of penalties, and last week it was reported that Forest have appointed leading sports lawyer Nick De Marco to argue their case.

The two clubs are thought to be confident that they will not face sanctions, but it is understood that several Premier League teams are on high alert as potential charges are announced.

Fast-track rules

New fast-track rules agreed over the summer mean any Premier League club which breaks straightforward profit and sustainability rules – which permit losses of up to £105 million over a three-year period – will have the sanction imposed before the end of the current campaign.

For Everton, Forest and other clubs, that meant accounts for the 2022/23 financial year had to be submitted before 31st December, instead of March.

 

Aston Villa set for lucrative kit deal with Adidas

Aston Villa have secured a significant kit deal with Adidas to replace Castore as their kit manufacturer starting next season.

The agreement, which encompasses the men's and women's teams as well as the academy, is reported to be a long-term contract worth multiple millions of pounds.

According to the Telegraph, the deal was facilitated by Villa's billionaire Egyptian owner Nassef Sawiris, who holds approximately seven percent of Adidas and was instrumental in hiring manager Unai Emery.

Sawiris' ambition for the club to align with top-tier manufacturers mirrors his vision for Villa's future success. Under Emery's leadership since October 2022, Villa has seen a remarkable upturn in form, currently sitting second in the Premier League.

Player complaints about the quality of Castore's "wet-look" shirts, which appeared saturated and clingy when wet, did not aid Castore's cause at Villa.

Despite efforts by Castore to address these issues with new shirts designed to avoid saturation problems, Villa opted to switch manufacturers. The Premier League will review the deal as part of its related-party transaction approval process, but no complications are expected.

First time

Adidas currently supplies kits for four other Premier League clubs: Manchester United, Arsenal, Nottingham Forest, and Fulham. Aston Villa has previously partnered with numerous kit manufacturers but will be teaming up with Adidas for the first time in their history.

The prospective new Everton owner, 777 Partners, has provided the club with a fresh loan of $50 million (£40 million), according to The Athletic.

The latest sum takes the American investment firm’s total cash injection in the Merseyside club so far to more than $180 million (£142 million) after providing a loan worth tens of millions in September.

It is understood the latest boost will not be available for player transfers, but instead will be used for ongoing stadium costs and working capital.

The club’s new Bramley-Moore Dock stadium is due to open at the start of the 2025/26 season, with current majority shareholder Farhad Moshiri estimating the costs will run to £760 million ($926 million).

Still awaiting Premier League approval

777 Partners is still awaiting Premier League approval for its proposed takeover, which was cleared by the UK’s Financial Conduct Authority (FCA) last month. Moshiri signed an agreement with the Miami-based group in September to acquire his 94.1 per cent shares in Everton in full.

 

Borussia Dortmund CEO Hans-Joachim Watzke to step down in 2025

Hans-Joachim Watzke is to step down from his role as Borussia Dortmund CEO next autumn after deciding not to extend his contract when it runs out at the end of 2025.

In a joint announcement from the club and Watzke, the 64-year-old said: “I will no longer renew my contract. I will be stepping down from management in the fall of next year.”

He added: “My 20th anniversary is next year. I had the feeling it was the right time. I wanted to be in charge of my own future. Very grateful to BVB to have had that privilege and responsibility.

“I will be released from the responsibility for sporting matters in June at the latest. I want to focus on the transition and strategy. The final decision came over Christmas. Have been thinking about it for a long time, thought about leaving in 2022 but had to stay during Covid.”

DFB vice-president

Watzke became Dortmund’s club treasurer in 2001 and went on to take up the role of CEO in 2005. Additionally, since December 2021, he has been vice-president at the German Football Association (DFB).

Watzke is also chairman of the supervisory board of the German Football League (DFL) and has been a member of the UEFA Executive Committee since April 2023.

 

Manchester United identify sporting director targets as INEOS leads audit of club performance

Manchester United have reportedly identified at least four targets as potential directors of football following the agreement with INEOS owner Sir Jim Ratcliffe to acquire a 25 per cent stake in the club.

The British billionaire’s company is to take charge of football operations under the deal, and according to The Independent, the INEOS director of sport Sir Dave Brailsford will examine the scale of the operation surrounding the performance of the club in an eight-week audit.

Once the process is complete, it is understood that Brailsford will decide whether the football structure will be controlled by one primary director of football or whether the role will be split into two: one director of football and one sporting director.

The audit, mandated by INEOS as they also go through the Premier League Owners and Directors Test, is said to be primarily an attempt to understand "the performance challenge".

Primary targets

However, some primary targets are already believed to have been sounded out for roles at the club. Monaco sporting director Paul Mitchell is seen as a contender, while Brailsford's own main choice is said to be former Liverpool official Julian Ward.

Ward's former Liverpool colleague Michael Edwards has long been an option but, as with Newcastle United's Dan Ashworth, it is understood he would be reluctant to move to Old Trafford unless the financial package and terms were particularly tempting. Expected CEO Jean-Claude Blanc will have the primary say.

The outcome of the audit will also detail other key appointments, but there will be no major decisions taken until its conclusion. This is likely to mean a quiet January transfer window and ensure Erik ten Hag is safe as manager until the end of the season.

Lorenzo Casini, the president of Serie A, has said the European Court of Justice (CJEU)’s verdict over the European Super League delivered last month provides an opportunity for domestic leagues in Europe to protect clubs across the pyramid more effectively.

In a wide-ranging interview with Corriere della Sera, Casini said: "Super League? The Court did not criticise UEFA's monopoly per se, but the possible abuses of a dominant position. It does not condemn the pyramid system of football, but points to corrective measures. The League defends the centrality of the national championships.”

He added: “This can be an opportunity for everyone, including UEFA and FIFA, to improve the functioning of sports institutions. And it can be an opportunity to give the leagues a greater weight to protect all clubs."

Call for commitment to stadium revamps

Casini also commented once again about the state of football stadia in Italy, and said he hoped there would be substantial progress in the year ahead on improving the venues used across the Italian game.

"The hope for 2024? May it be the year in which everyone, starting with the government, is committed to improving the situation of the stadiums. It's unbelievable that Italy is so far behind in terms of sports facilities, if you think that the first amphitheatres were born in ancient Rome.”

 

MPs summon Premier League chiefs to explain delay over EFL financial settlement

Premier League chiefs are set to appear before MPs later this month to explain the delay in agreeing a financial settlement with the English Football League (EFL), according to a report from The Times.

The newspaper understands that the culture, media and sport select committee is to hold a session in mid-January to ask the Premier League and the EFL about the lack of progress. The Premier League CEO Richard Masters or its chairwoman Alison Brittain, as well as the EFL’s chairman Rick Parry, are expected to appear.

The move is said to reflect growing pressure from the UK government for a funding deal to be concluded, with a number of EFL clubs in financial difficulties. The EFL has argued that a financial reset is needed to close the increasing funding gap with the Premier League.

So far, the 20 Premier League clubs have delayed a vote on a proposal put forward by league officials for a ‘New Deal’ for football worth an extra £915 million over six years to the 72 EFL clubs. The top-flight clubs want to know exactly how much each will have to contribute to the settlement before agreeing to it.

“We risk more clubs collapsing”

Dame Caroline Dinenage, who chairs the select committee, said back in June that there was an urgent need for the Premier League and EFL to reach an agreement.

She said then: “Unless the football authorities get their act together soon on agreeing a fairer share of revenue, we risk more clubs collapsing, with the devastating impact that can have on local communities.”

 

Manchester City sued by Superdry over Asahi Super ‘Dry’ training kit sponsorship

Manchester City are facing legal action from fashion brand Superdry, which has alleged the club of trademark infringement on its training gear, The Daily Telegraph has reported.

City announced in July that beer manufacturer Asahi Super ‘Dry’ would feature on both their men’s and women’s training kit during the 2023/24 season.

However, in a High Court claim, the sports casual clothing label claims “the differences between Super ‘Dry’ and Superdry are so insignificant that they may go unnoticed by the average consumer.”

The claim includes several pictures of City players in training kit and details how the club announced that ‘Super ‘Dry’ Asahi 0.0%’ would be carried on sportswear, including “long-sleeved zip tops and short-sleeved shirts.”

“Injunction to restrain”

In papers lodged in London on 15th December, Superdry requested an “injunction to restrain” City from using its name. The fashion brand is also pursuing costs, although it is “presently unable to quantify the exact financial value of this claim.”

Philip Roberts KC, acting for Fox Williams LLP on behalf of Superdry, also warned of a demand for the “destruction or modification upon oath of all goods and other items... [which] would constitute a breach of the injunctions.”

Sporting CP are considering selling a minority stake in the club as they look to tap into investor demand for Europe’s historic football teams, according to a report from Bloomberg.

A source told the newswire that the Portuguese giants have held exploratory talks with potential investors from around the world. The source added that discussions are in the early stages and there’s no certainty they’ll result in a deal.

A path to new investment at Sporting has been made easier by a debt restructuring completed in December that gave the club’s management greater control over such decisions.

Top of Primeira Liga

Sporting CP are one of Portugal’s big three teams, alongside FC Porto and Benfica, and are currently top of the Primeira Liga table.

Founded in 1906, the club is known for its model of discovering and developing young and talented players before selling them on for large fees. Its most famous export is Cristiano Ronaldo.

 

UEFA imposes €1.5 million January transfer limit for AS Roma

UEFA have reportedly imposed a spending limit of €1.5 million on AS Roma for the January transfer window as part of its ongoing settlement agreement with the club.

The four-year agreement, made back in September 2022, came after Roma failed to meet their financial fair play requirements with European football’s governing body. The club was handed a €35 million fine but only paid €5 million due to the terms of the agreement.

According to Il Corriere dello Sport, Roma have now been notified by UEFA that they can only operate within the settlement agreement that they previously reached in the current window, leaving them with the limited budget of €1.5 million.

The restriction means Roma can only sign players on loan, either at no cost or involving very low fees. However, an exception could come if outgoing transfers are completed, which may bolster their spending allowance.

Roma sporting director Tiago Pinto to leave club

Meanwhile, Roma have confirmed that sporting director Tiago Pinto is to leave the club after the January transfer window has been completed. In a statement, the club said the two parties had agreed “to mutually part company, effective from Saturday, February 3rd.”

The Portuguese former left-back, who took up his role at Roma at the beginning of 2021 and was previously director of football at Benfica, said: “After three years, I believe that my cycle in Rome has come to an end.”

During Pinto’s time at the club, Roma have won the Europa Conference League in 2021/22 and reached the final of the Europa League in 2022/23.

 

NWSL club Portland Thorns sold for league-record $63 million to Bhathal family

NWSL side Portland Thorns have confirmed that the Bhathal family, investors in the NBA’s Sacramento Kings, have completed their takeover of the club in what is reported to be a league-record $63 million deal.

In a statement, the Thorns, who are one of the NWSL’s eight inaugural teamsand have won a league-high three championships, said that RAJ Sports, led by Lisa Bhathal Merage and Alex Bhathal, have “formally assumed controlling ownership” of the club.

Merage will serve as controlling owner and NWSL governor, while Bhathal will serve as NWSL alternate governor. The statement added that a key component of the new ownership is “RAJ Sports’ commitment to advancing plans for a new first-class, purpose-built, women’s soccer-specific training facility.”

The new owners have agreed to pay $63 million to acquire the club, according to Sportico. That figure eclipses the $53 million expansion fees committed recently by new ownership groups in the Bay Area and Boston. Existing teams in both Chicago and Washington D.C. sold in the past few years for around $35 million.

Investigation into abuse

The Thorns have been up for sale for more than a year following a lengthy investigation into abuse within women’s football in the US, which led the NWSL to accuse Thorns leadership of failing to take appropriate action in light of allegations of player abuse and sexual misconduct against a former head coach.

The Bhathals briefly owned the Orlando Thunder of the World League of American Football in the early 1990s and were part of the group that bought the Sacramento Kings and their arena in 2013 for $534 million. The franchise is now said to be worth $3.46 billion.