West Ham United are reportedly eyeing interest from Qatar after a stake of up to 10 per cent in the club was put up for sale by Vanessa Gold, the daughter of the club’s late joint-chairman David Gold.

As reported by The Times, the stake has drawn interest from international investors and club insiders believe the opportunity may attract an offer from Qatar following Sheikh Jassim bin Hamad al-Thani’s failed bid to buy Manchester United.

Ms Gold’s family has a 25 per cent shareholding in West Ham and she is working with the Rothschild bank to sell part of that stake. It is believed that if the price was right, Ms Gold may be willing to sell the entire shareholding.

Kretinsky not expected to buy shares

According to The Times, the Czech billionaire Daniel Kretinsky, who acquired a 27 per cent stake in West Ham in 2021, is understood to have been consulted on Ms Gold’s decision to sell but he is not expected to buy the shares. Other investors have already been sounded out.

David Sullivan retains the biggest stake in the east London club at just under 39 per cent, while the financier Tripp Smith has 8 per cent.

In a statement published by West Ham on Tuesday, Ms Gold, who succeeded her father as joint-chairman of the club after his death in January, confirmed she was looking to sell part of the family share.

“I would consider selling a proportion of our shares to the right partner,” she said. “I have spoken to each of the other three major shareholders at West Ham United, David Sullivan, Daniel Kretinsky and Tripp Smith, who have been very supportive.”

FIFA confirms Saudi Arabia as sole bidder for 2034 World Cup after Australia decides not to bid

FIFA has announced that Saudi Arabia are the sole bidder to host the 2034 World Cup after Australia opted against mounting a rival bid.

The global governing body said the hosts for 2034 as well as 2030 will be confirmed at a FIFA congress in late 2024.

FIFA announced last month that Spain, Portugal and Morocco were the sole joint bidders for the 2030 World Cup, with the opening three matches due to take place in Uruguay, Argentina and Paraguay to mark the tournament’s centenary.

Football Australia said in a statement it had “explored the opportunity” of seeking to host the 2034 event, but had “reached the conclusion not to do so”.

The association added that it will instead focus on bids to host the Women’s Asian Cup in 2026 and the men’s Club World Cup in 2029.

FIFA had said the 2034 World Cup would be held in Asia or Oceania, and an Australian bid was regarded as the only potential challenger to Saudi Arabia, which announced its intention to bid shortly after FIFA’s decision.

Johnson points to tight turnaround

Football Australia CEO James Johnson said Australia would have found it difficult to compete with Saudi Arabia's bid.

Speaking to reporters in a video call from Doha, he said: "We have to be realistic, Saudi is a strong bid, they've got a lot of resources. ... Their government top down are prioritising the investment in football and that's difficult to compete with.”

Johnson also expressed dismay at having such a tight turnaround to explore hosting in 2034, with FIFA calling for bids on 4th October, giving would-be hosts just three weeks to submit their expressions of interest.

"It was a little bit of a surprise that it was going to be an earlier process, but look, we're adults and we've just tried to roll with it and deal with the cards that we've been given," he said.

Bournemouth owner Bill Foley in advanced talks over minority stake in Hibernian

Bournemouth owner Bill Foley is in advanced talks about buying a minority stake in Scottish Premiership club Hibernian as he looks to expand his multi-club group, The Athletic reports.

Foley is the managing partner of Black Knight Football Club, a group of American investors who acquired Bournemouth last December and then purchased a 30 per cent stake in French side Lorient a month later.

Last month, the group, which includes Chicago Bears minority owners the Ryan Family and Hollywood actor Michael B. Jordan, was named as the preferred bidder for the new A-Leagues franchise in Auckland, New Zealand.

Crossroads moment

Foley’s move for Hibs marks a crossroads moment for Scottish football, as it has previously resisted the march of the multi-club groups. Until now, the Scottish FA has blocked anyone who owns at least 25 per cent of another professional club in Europe from buying shares in Scottish clubs.

However, with multi-club ownership now common across Europe, that ban has quietly been replaced with a more case-by-case approval process, although nobody has tested it yet.

That could be about to change, though, with Edinburgh-based Hibs among several Scottish clubs in talks with multi-club investors. Dundee, Dundee United and Livingston are three of the clubs currently on the market.

Sheffield Wednesday owner Dejphon Chansiri asks fans for £2 million to prevent lengthy transfer ban

Dejphon Chansiri, the controversial owner of Sheffield Wednesday, has asked fans to raise £2 million within the next few days to save the club from a multi-window transfer embargo.

The Thai businessman made the remarkable request in an interview with Sheffield newspaper The Star, and said the funds were needed to help the club pay an outstanding debt to HMRC and cover wages.

The Owls, who are bottom of the Championship after making their worst ever start to a season, were put into a registration embargo by the EFL last week for late payment of the HMRC fee, which Chansiri confirmed was due on 23rd October.

Chansiri said he had a “cash-flow problem” and also admitted that players and club staff might not be paid in October.

Under EFL regulations, Wednesday could face a lengthy transfer ban if the monies owed to HMRC are not paid by 10th November and if wages due at the end of last month were not paid.

Clubs who accrue 30 days worth of breaches within a year, running from 1st July to 30th June, are liable to be banned from registering new players for three transfer windows.

“Don’t call yourselves the owners”

Chansiri said: "If 20,000 people gave £100 then it's £2 million, and it'd be clear –so we can finish it. That would cover everything, HMRC and the wages.”

Addressing Wednesday fans, he added: “If you don’t want to save your club, then don’t call yourselves the owners and me the custodian.”

Last month, Chansiri warned he would not put any more money into the club after apparent “insults” from supporters. In a lengthy statement published on the club’s website, he wrote: “I am not willing to inject more money while I am being treated unfairly by those fans.”

Financial transactions relating to the signings of Willian and Samuel Eto’o will be scrutinised as part of the Premier League’s investigation into secret transfer-related payments made by Chelsea under Roman Abramovich’s ownership, according to a report from The Times.

Sources have told the newspaper that the transfers of the Brazilian midfielder Willian and the Cameroonian striker Eto’o from the Russian club Anzhi Makhachkala in August 2013 are part of the investigation after they were flagged up by Chelsea’s current owners.

Anzhi signed Willian for £30 million from Shakhtar Donetsk in January 2013, and then sold him to Chelsea for the same amount in August that year. Eto’o joined Chelsea on a free transfer a day afterwards.

The Times understands that financial records indicate that payments may have been made to “Russian entities” that were separate to any transfer fee. There is no suggestion either player had any knowledge of separate payments.

Secretive offshore companies

As revealed by The Times back in August, the Premier League is investigating payments of millions of pounds by Chelsea between 2012 and 2019 to secretive offshore companies.

The payments were uncovered during the due diligence process that was undertaken by the Todd Boehly-Clearlake Capital consortium when they were buying the club from Abramovich last year.

After the takeover was concluded, Chelsea then reported these payments to the English FA, Premier League and UEFA. As well as the payments to offshore companies and Russian entities, at least one alleged payment to a player’s family is believed to be under scrutiny.

 

Former RFEF president Luis Rubiales given three-year ban by FIFA

Former Spanish Football Federation (RFEF) president Luis Rubiales has been banned from all football-related activities for three years by FIFA.

The governing body had provisionally suspended Rubiales for an initial period of 90 days after he kissed the Spanish forward Jenni Hermoso on the lips during the medal ceremony at the Women’s World Cup final in Sydney in August.

Rubiales, who eventually stepped down as president in September, claimed the kiss was "mutual", but Hermoso has consistently said it was not and later filed a legal complaint against him.

In a statement released on Monday, FIFA said its Disciplinary Committee had found that Rubiales acted in breach of article 13 of the FIFA Disciplinary Code, which relates to offensive behaviour and violations of the principles of fair play.

“FIFA reiterates its absolute commitment to respecting and protecting the integrity of all people and ensuring that the basic rules of decent conduct are upheld,” the statement added.

Rubiales to appeal decision

FIFA said the decision “remains subject to a possible appeal”, which later on Monday Rubiales confirmed he intends to pursue.

In a post on X (formerly Twitter), the Spaniard said: "I will go to the last resort so that justice is done and the truth shines. Due to the many efforts of some politicians, media and institutions, the disproportion and injustice committed is becoming increasingly clear.”

 

Ex-Newcastle owner Mike Ashley in talks with Reading about takeover

Former Newcastle United owner Mike Ashley has flown to Reading for talks about a potential takeover of the troubled EFL League One club, talkSPORT has reported.

The radio station understands that delegates from Ashley's Frasers Group flew into Berkshire by helicopter on Sunday to meet representatives of Reading's current owner, the Chinese businessman Dai Yongge.

Reading are struggling with severe financial problems and have already been docked four points this season for failing to pay their players on time and neglecting to comply with an EFL order to deposit funds in an account.

The club, who are bottom of League One on six points, are also under a transfer embargo for failing to pay their tax bill to HMRC. The latest fan protest against Yongge came on Saturday, when supporters held a march before the club’s home game against Portsmouth, which ended in a fifth successive league defeat.

Earlier this month, Reading denied that a takeover had been agreed following media reports indicating the British businessman and former Formula One team backer William Storey was poised to acquire the club.

However, Reading did reveal they had been approached with declarations of interest in purchasing the club from “several parties” as Yongge looks to sell.

Previously linked with Derby and Charlton

Ashley, whose turbulent 14-year tenure at Newcastle came to an end in October 2021 when Saudi Arabia's Public Investment Fund (PIF) acquired the club, has since been linked with a return to football ownership and had previously been reported to be keen on Derby County and Charlton Athletic.

Real Madrid are set to borrow around €370 million from institutional investors to help finance the renovation of their Bernabeu stadium, according to a report from Bloomberg.

Sources told the newswire that the club is raising the money through a private debt-issuance, which will be paid back with funds from ticket revenues in what is called a waterfall payment structure.

Madrid have raised debt several times since 2019 to pay for their stadium renovation. The project, which is mostly complete, will increase the ground’s capacity, and also includes the installation of a removable pitch that will allow the club to shift the grass surface into storage while it hosts other events, such as concerts or tennis matches.

General assembly to take place on 11th November

Because Real are owned by the club’s members, the borrowing must be approved by them at a general assembly. The club confirmed on Friday that the next general assembly will take place on 11th November.

 

Inter Milan take legal action over missed payments from DigitalBits sponsorship deal

Inter Milan have confirmed they are pursuing legal action against Zytara, owner of the club’s former sponsor DigitalBits, after the agreement was terminated due to missed payments over the last two seasons.

An update on the saga was included in the financial statement covering the club’s 2022/23 financial year, released on Friday by Inter Media and Communication, which manages and operates the club’s media, broadcast and sponsorship business.

Inter revealed that the Court of Milan has issued an injunction requested by the club following their termination of the contract with Zytara, and said “we are currently proceeding with the fulfilments necessary to properly notify the counterpart.”

The club added: “On May 26, 2023, we exercised a plea of full default against the sponsor, declaring the sponsorship agreement terminated for non-performance by Zytara Labs.

“In order to protect our interests, with the support of an outside law firm, we then proceeded to file with the Court of Milan an appeal for an injunction against Zytara Labs, also taking into due consideration the costs associated with the respective alternatives envisaged and the concrete possibilities of obtaining from the sponsor the sums owed by them under the aforementioned agreement.”

No payment made since end of 2021/22 season

Inter confirmed that since the end of the 2021/22 season no payment has been made by Zytara to the club for contractual fees or performance bonuses relating to the sponsorship deal.

Under the four-year partnership signed with Inter, DigitalBits was the club’s sleeve sponsor for the 2021/22 season, before replacing Socios as the main shirt sponsor for the 2022/23 campaign. Inter said Zytara still owes the club €31.4 million: €1.6 million for 2021/22 and €29.8 million for 2022/23.

After removing the cryptocurrency firm’s logo from their website, billboards and youth and women’s team shirts, at the end of April 2023 Inter also removed it from their men’s team shirt and ordered the “immediate payment of any outstanding amounts contractually due at that date,” the club said.

Inter began their agreement with current main sponsor Paramount+ for the final few games of last season, including the Champions League final.

Manchester United have reported a net loss of £28.7 million for the year ending 30th June 2023 despite earning revenues of £648.4 million – a record high for a Premier League club.

The deficit comes after the club made a loss of £115.5 million in 2021/22, when revenues reached £583.2 million. The record earnings were generated despite United being in the Europa League, rather than the Champions League, last season.

The club’s failure to qualify for UEFA’s elite competition led to a decrease in broadcast income to £209.1 million, down from £214.9 million. The club said playing in the Europa League was “mostly offset by improved performance in both domestic and continental competitions.”

Commercial income for 2022/23 rose to £302.9 million, up from £257.8 million the previous year, with sponsorship revenues climbing to £189.5 million compared with £147.9 million in 2021/22, which United said was due to new sponsorship agreements and the club’s 2022 pre-season tour.

Matchday revenue reached £136.4 million, compared with £110.5 million the previous year, which United attributed to the team playing seven more home games across all competitions, as well as “strong demand for match by match hospitality offers.”

Wage bill falls to £331.4 million

Total operating expenses for 2022/23 were £681.1 million, down from £692.6 million the previous year, with United’s wage bill falling to £331.4 million, compared with £384.2 million in 2021/22, which the club said was due to squad turnover and the team not playing in the Champions League.

Other operating expenses for the year rose sharply to £163.2 million, up from £117.9 million the previous year. United said this was “primarily due to costs associated with the men’s first team pre-season tour and increased matchday costs associated with progression in domestic cup competitions.”

The Old Trafford club also reported long-term debt of £507.3 million, down from £530.4 million at the end of 2021/22. The figure was given as $650 million in the accounts – unchanged from the previous year – but United said the year-on-year change in the exchange rate meant the figure in sterling was lower for 2022/23 compared with the previous year.

Inter Milan confirm €85 million deficit for 2022/23

Inter Milan have recorded losses of €85 million for the year ending 30th June 2023, after suffering a deficit of €140 million the previous year.

Turnover, not including income from player sales, amounted to €425.5 million, compared with €439.6 million in 2021/22, but total costs decreased to €465.5million, down from €527.9 million.

Broadcast revenues reached €196.5 million, up from €155.8 million in 2021/22, due largely to the team’s run to the Champions League final, while matchday income rose to a record €78.9 million, compared with €41.7 million the previous year, driven by the easing of Covid restrictions as well as the club’s performances on the pitch.

However, commercial revenues fell to €74.5 million, down from €81.7 million in 2021/22. Income from player sales amounted to €37 million, with capital gains totalling €29 million.

As for expenses, the club’s total personnel costs fell to €226.9 million, compared with €248.4 million in 2021/22, with the wage bill for players amounting to €142.9 million, down from €152.5 million in 2021/22.

Depreciation and amortisation costs declined sharply to €122.2 million, compared with €168.7 million in 2021/22, of which €89.9 million related to players, down from €101 million in 2021/22.

Net debt as at 30th June 2023 amounted to €308.8 million, compared with €268 million at the end of the 2021/22 financial year.

New stadium a priority

Commenting on the results, Inter president Steven Zhang said: “Last year, the club achieved a major reduction in losses thanks to the process of financial rebalancing that we are following with the combined action of reducing costs and increasing revenues.

“The continued support of the majority shareholder has helped sustain the club's ambitions and development.”

Corporate CEO Alessandro Antonello added: “Our most important mid-to-long-term goal is the construction of a new stadium owned by Inter. Time is the crucial factor now and our current focus is on plans to build a new stadium in the Rozzano neighbourhood.”

Lyon ‘considering US flotation’ as losses rise to €99 million

Lyon are reportedly considering a listing on the New York stock exchange next year as well as the sale of non-core assets after announcing losses of €99 million for the year ending 30th June 2023, up from €55 million the previous year.

The Ligue 1 club, who were taken over by John Textor last December and a currently bottom of the league, plans to focus on men's football and the consolidation of its financing, which involves divesting non-strategic assets, and it is also mulling a potential IPO.

It emerged last month that Lyon have invited bids for either 40 per cent or full control of the 16,000-seater LDLC arena, a new multipurpose venue due to open next month. The club is at the same time exploring the sale of its US women’s team, OL Reign. In May, Textor’s Eagle Football Holdings sold a 52 per cent stake in Lyon’s women’s team to US businesswoman Michele Kang.

The French club are also aiming to reduce their overall debt. The latest accounts show that financial liabilities rose to €458.5 million, up from €383.4 million in 2021/22.

Spiralling wage bill

Total revenues for 2022/23 rose to €289.7 million, up from €252.6 million in 2021/22. Income not including player sales reached €199.1 million, compared with €160.5 million the previous year, while player trading generated €77.3 million, up from €53.6 million.

However, personnel costs spiralled to €156.7 million, compared with €99.4 million, while external costs rose to €52.4 million, up from €40 million.

777 Partners could pay reduced price for Everton if club are deducted points

777 Partners, the prospective new owners of Everton, are expected to pay a reduced price for the club if a points deduction is imposed for an alleged breach of the Premier League’s financial rules, according to The Times.

Everton’s case is currently being heard by an independent commission after they recorded losses of £304 million over a three-year period, well over the permitted amount of £105 million set out by the Premier League.

Earlier this week, The Daily Telegraph reported that the Premier League has recommended Everton are given a 12-point deduction. The hearing has now finished, with the commission considering its verdict.

Everton have stressed they have complied with the rules and insisted they would “robustly defend” their position, arguing that exemptions, including those related to the coronavirus crisis, would clear them of any wrongdoing.

According to The Times, the planned takeover by 777 Partners has contingency plans in place should the club be deducted points and if they are relegated as a result.

Any points deduction would be imposed straight away and docking 12 points would leave Everton on minus five for the season so far.

Factored into deal

Sources with knowledge of the takeover process told The Times that Everton’s case, and the possible repercussions, have been factored into the deal and will affect the final price 777 pays.

Three possible sanctions are said to have been outlined to 777: a heavy fine, a transfer embargo and a points deduction. It is understood the takeover has been structured so that any of those sanctions, as well as relegation this season, would result in 777 paying a lower price and the whole deal is heavily performance related.

Manchester United CEO Richard Arnold ‘expected to leave’ if Sir Jim Ratcliffe completes bid for 25 per cent stake

Richard Arnold is expected to leave his role as Manchester United CEO if Sir Jim Ratcliffe’s bid for a minority stake in the club goes through, The Athletic reports.

Arnold has held the position since taking over from Ed Woodward last February. However, with the club’s board set to vote on selling a 25 per cent share in the club to Ratcliffe, it is understood that Arnold’s future has been discussed.

Ineos owner Ratcliffe is seeking sporting control through his proposed £1.3 billion investment and part of his plan is to shake up the club structure.

While not technically a football decision, it is believed that Arnold understands his departure would be likely in that scenario. However, the exact timeline for his exit should a deal be completed remains unclear.

Given the complexities of Ratcliffe’s bid, the process could yet take several weeks and in that period Arnold will continue to lead the club.

Ex-Juventus CEO Jean-Claude Blanc in line for interim job

According to The Athletic, former Juventus CEO Jean-Claude Blanc is under consideration to replace Arnold, at least in the interim. The French executive left a high-ranking role at Paris Saint-Germain last December to oversee the entire Ineos Sport portfolio.

The Premier League has recommended that Everton are given a 12-point deduction over the club’s alleged breach of profit and sustainability rules, The Daily Telegraph has reported.

Everton’s case is currently being heard by an independent commission after they recorded losses of £304 million over a three-year period, well over the permitted amount of £105 million set out by the Premier League.

Though the final decision will be made by the commission, The Telegraph understands that the Premier League is seeking a points deduction as punishment if the Merseyside club are found guilty.

Everton are facing a number of potential other sanctions, including a fine and/or a transfer embargo, but the recommended punishment by the Premier League is understood to be significant.

Everton have stressed they have complied with the rules and insist they will “robustly defend” their position, arguing that exemptions, including those related to the coronavirus crisis, will clear them of any wrongdoing.

Verdict expected later this week

According to The Daily Mail, a verdict on Everton's case is expected later this week after the disciplinary hearing into the alleged breaches started in secret.

A 12-point deduction would put Everton in grave danger of relegation. The club are currently in 16th place, three points off the relegation zone.

 

AC Milan owner RedBird injects €40 million into club for new stadium

AC Milan owner RedBird Capital Partners has reportedly injected €40 million into the club to support the construction of its new 70,000-seat stadium as plans for the venue continue to develop.

According to an internal document seen by Calcio e Finanza, the objective of the capital increase, which has been provided by ACM Bidco BV, the Dutch holding company being used by RedBird, is to "cover the expenses and investments related to the new stadium project and strengthen the capital of the [club]."

Last month, AC Milan completed the first formal step in receiving approval of its plans as it presented to the San Donato Milanese town council an urban development proposal for the ‘San Francesco’ area, including a major regeneration project and new transport links.

At the end of the club’s shareholders' meeting held earlier this week, AC Milan president Paolo Scaroni said: "We are moving forward in San Donato, studying all the financing hypotheses and working on it. Until the variant is approved, there will be no need for additional expenditure beyond the €40 million of expenditure of the preliminary project."

Stadium due to open by 2029

Last month it was reported that AC Milan have chosen American architecture firm Manica to design the new stadium, which is due to open in 2028 or 2029. The ground is expected to have two tiers rather than the three levels available around most of the San Siro.

The new venue will feature a club store and a 300 square metre museum, while two giant screens, the biggest in Italy, will be placed inside the stadium. There will also be a vast square outside the main entrance for fans to gather before and after matches.

 

Newcastle ‘threaten AC Milan with multi-million pound lawsuit’ as Sandro Tonali faces 10-month ban

Newcastle United have reportedly threatened AC Milan with a multi-million pound lawsuit as midfielder Sandro Tonali prepares to be hit with a lengthy ban from the sport.

Tonali, signed by the Tyneside club for £52 million from Milan this summer, is set to be given a 10-month suspension for illegal betting on football, which will rule him out for the remainder of the season.

Corriere dello Sport has reported that Newcastle are now seriously considering filing a lawsuit against Milan, having been left angry with the Italian giants for selling them a player that is now set to be unavailable for the majority of the season.

Corriere dello Sport also claimed that Tonali's £7 million-a-year salary will be suspended by Newcastle, although the club are yet to confirm this.

Italian media have also reported that Tonali admitted to betting on his own teams to win matches, and his agent recently claimed the 23-year-old is a gambling addict.

Tonali’s lawyers seek plea bargain

Tonali’s expected suspension will rule him out until the first few weeks of next season, meaning he will miss the 2024 European Championship, should Italy qualify.

Tonali’s lawyers have met with federal prosecutors in Italy this week, as well as the Italian Football Federation (FIGC), to negotiate a plea bargain. It is understood that is now close to a conclusion and the 23-year-old will be allowed to train with his Newcastle team-mates in England during the worldwide ban.

It is thought Tonali will have an additional eight-month suspended sentence included in his punishment, in which time he will receive therapy for his gambling addiction and will take part in anti-gambling initiatives.

 

Negreira case: Last five FC Barcelona presidents meet to agree “unified position”

FC Barcelona have revealed that the last five presidents of the club – Joan Laporta, Josep Maria Bartomeu, Sandro Rosell, Enric Reyna and Joan Gaspart – have met to agree a “unified position” following fresh developments in the Negreira case over the past week.

In a statement released on Wednesday, Barcelona said Laporta and the former presidents had “an informal dinner together” on Tuesday evening.

The club said the meeting took place “in order to consolidate and settle a unified position against the attacks and slander that have been attempting to unsettle life at the club, and which have intensified of late.”

Barcelona added: “Current president Joan Laporta accepted the proposition made by Joan Gaspart at last Saturday's General Assembly of Delegate Members, as a means to consolidate an unbreakable stance and forge cohesion among the club's membership.

“Over dinner, the five gentlemen analysed the current situation at FC Barcelona and reached a consensus on certain issues, the overarching aim being to support the club's best interests, especially with regard to affairs related to the incessant attacks on FC Barcelona throughout its history, and most especially of all in recent times.”

Laporta faces bribery charge

Last week, current president Joan Laporta was charged with suspected bribery over the payments made by Barcelona to the former vice-president of the Spanish FA’s refereeing committee, José María Enríquez Negreira.

The bribery charge relates to Laporta's first spell as Barça president, from 2003 to 2010, after the judge overseeing the case ruled the latter years of that tenure should not be time-barred.

The Negreira case was initially brought after prosecutors filed a complaint back in 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. Along with the club itself, Negreira has denied any wrongdoing.

 

Sampdoria owners Radrizzani and Manfredi continue search for new investors to support plans for club

Sampdoria owners Andrea Radrizzani and Matteo Manfredi are reported to be continuing their search for new investors to support the Italian club on and off the pitch.

When the new owners completed their takeover back in May, they admitted they were looking for a partner to provide additional support, both financially and from a sporting perspective.

According to Tuttosport, that search remains ongoing despite there being no shortage of requests for information from investors across the world, especially Asia.

Potential investors from Singapore and Indonesia, as well as London, are said to have met Radrizzani and Manfredi at the club’s stadium and attended matches.

Reedtz brothers could broker meetings

Present in the stands at Sampdoria on Sunday were the Danish brothers Alexander and Christoffer Reedtz, founders of Football Radar, a London-based company that specialises in the analysis and study of sports betting.

In 2019, the two brothers led a group that took over EFL League 2 club Notts County. The pair are not considered to be possible future partners at Sampdoria, but it is understood their friendship with Manfredi could see them act as intermediaries for future meetings between the Sampdoria ownership and investors from Northern Europe.

SRJ Sports Investments, the new vehicle set up by Saudi Arabia’s Public Investment Fund (PIF) to further expand the country’s presence in sport, has appointed former Australian Professional Leagues (APL) boss Danny Townsend as its new CEO.

SRJ said Townsend will lead its “strategic direction” and play an “important role in driving the organisation’s growth in the local and global sports investment sector”.

Townsend’s mooted departure from his role at the APL, which owns and runs the A-Leagues, was confirmed last week. Before taking the APL top job he was CEO at Sydney FC (2017-2022) and managing director at Nielsen Sport (2016-2017).

Professional Fighters League investment

SRJ has been established to accelerate the growth of the sports sector in Saudi Arabia and the wider Middle East and North Africa (MENA) region, with a focus on technology, media, programming, IP rights and the commercialisation of venues.

In August, the vehicle made its first investment in the Professional Fighters League (PFL). The $100 million-plus minority investment will help launch two new PFL endeavours next year: a PFL league for the MENA region and the company’s ‘Super Fight’ pay-per-view arm.

Los Angeles FC consider buying Grasshopper Club Zurich

The Chinese owners of Grasshopper Club Zurich are in early-stage talks to sell the Swiss Super League team to MLS club Los Angeles FC, according to Bloomberg.

A source told the newswire that a deal isn’t guaranteed, and that since LAFC has shown interest, the owners of Grasshopper have tried to attract rival bidders. Jenny Wang, the wife of billionaire Fosun International founder Guo Guangchang, first put the Swiss team up for sale in April.

LAFC, currently in second place in the MLS western conference, earlier this year launched a joint venture with Bayern Munich to develop talent, and in April invested in Austria’s FC Wacker Innsbruck.

LAFC is owned by Brandon Beck, Larry Berg and Bennett Rosenthal. Beck is co-founder of Riot Games. Berg is a senior partner at 26 North, while Rosenthal is a co-founder of Ares Management Corp.

Other owners include Peter Guber, CEO of Mandalay Entertainment Group and co-executive chairman of the Golden State Warriors. The actor Will Ferrell also has a stake.

Average crowds of under 6,000

Grasshopper Club Zurich, one of Switzerland’s oldest football teams, was founded in 1886. It currently ranks 9th in the country’s Super League, averaging crowds of under 6,000 at a stadium it shares with FC Zurich. The team has won the Swiss Championship 27 times, most recently in 2003.

Plans to build a new stadium in the city of Zurich have been complicated by the UBS takeover of Credit Suisse, originally the project’s lead financier and adviser.

Bologna losses ease to €16.3 million for 2022/23

Bologna have posted a loss of €16.3 million for the year ending 30th June 2023, after suffering a deficit of €46.7 million the previous year.

The result was achieved due to an increase in both operating revenues and capital gains from player transfers. Regular income reached €82.8 million, up from €65.2 million in 2021/22, with commercial revenues rising by €5 million to €17.9 million.

In a statement, the Serie A club said: “For the first time after three years characterised by the pandemic, the full opening of stadiums has been allowed, thus allowing the growth of revenues from ticketing and hospitality.”

Income from capital gains saw an even bigger increase, climbing to €34.5 million, compared with €15.2 million the previous year. The club said that “positive effects of the recovery in turnover in the industry were … felt in market values, which returned to pre-pandemic volumes.”

Wage bill remains €69 million

As for costs, Bologna’s wage bill remained unchanged at approximately €69 million, while other operating expenses were broadly in line with the previous year.

Commenting on the overall result for the year, the club said: “The loss, already covered by the shareholder with the capital payments made during the year for approximately €19 million, represents a further investment in the technical growth of the team and the consequent enhancement of the corporate brand.”

Schalke 04 post €9.3 million profit for H1 2023

Schalke 04 have reported a profit of €9.3 million for the first six months of the 2023 financial year, running from 1st January to 30th June 2023, after suffering a €19.9 million loss in the same period the previous year. It is the first time since 2018 the club have posted positive figures.

The German club were relegated from the Bundesliga last season on their return to the top-flight and have made a poor start to the current season, lying third from bottom in Bundesliga 2.

Turnover in the first half of 2023 reached €81.7 million, up from €55.9 million in the first six months of 2022. Schalke said the increase was due to their top-flight status, in particular the far higher income from media rights.

The club also pointed to increased matchday revenues from playing in the Bundesliga, as well as several large events held at the VELTINS-Arena following the lifting of all Covid restrictions.

The accounts also show that Schalke reduced their overall liabilities from €180.1 million as at 31st December 2022 to €165.1 million. Financial liabilities also fell, from €139.8 million to €126.5 million. The club has forecast a seven-figure profit for the whole of 2023.

“Painful setback”

Christina Rühl-Hamers, board member for finance at Schalke, said: “These half-year figures reflect just how important top-flight status is for Schalke. That is why we set out with a budget of around €40 million for the first team in the hope of achieving survival.

“Despite those conditions and a solid second half of the season, we sadly weren’t able to make that happen. It’s a painful setback that carries financial consequences.”

H.I.G. Capital weighs sale of sports media rights manager Sportfive

US-based investment firm H.I.G. Capital is considering a sale of Sportfive, three years after taking full control of the international sports marketing agency, according to a report from Reuters.

H.I.G. is said to have hired global financial services firm Citi to explore a sale of the business now the company is performing well, with the Miami-based firm keen to capitalise on its success.

A source said deliberations are at an early stage and a sale could happen next year unless markets deteriorate further.

Headquartered in Hamburg, Germany, Sportfive manages events, media rights, brands and sponsorship sales across sports including football, handball, Olympics events, esports and American football, and boasts a network of 1,200 experts across 15 countries.

The company handles media rights for high-profile football events including the United Soccer League, the organiser of the second and third-tier North American men’s competitions.

German clubs among clients

Other Sportfive football clients include German clubs Borussia Dortmund, Hertha Berlin, VFB Stuttgart, Augsburg, Eintracht Frankfurt and Bayer Leverkusen, as well as French side Lyon.

H.I.G.’s ownership of Sportfive dates back to January 2020 when it took a 75.1 per cent stake in what was then the sports marketing arm of French media and retail group Lagardere. The buyout group took full control of the company in 2021.

AC Milan have reported a profit of €6.1 million for the year ending 30th June 2023 – the first surplus achieved by the club since 2006 and a significant improvement on the €66 million loss suffered in 2021/22.

In a statement summarising the results, Milan said the small profit was earned due to a 36 per cent increase in total revenues to €404.5 million, a club record figure and up from €297.6 million the previous year.

Broadcast income reached €174.9 million, compared with €133.1 million in 2021/22, thanks largely to the club’s run to the Champions League semi-finals, where they lost to rivals Inter Milan.

There were also sharp increases in commercial revenues, which amounted to €127.3 million, up from €82.9 million in 2021/22, and matchday income, which climbed to €72.8 million, compared with €32.5 million the previous year.

Income generated by capital gains from player transfers was just €200,000, compared with almost €5.6 million in 2021/22.

Total costs for 2022/23 amounted to €389.6 million, up from €352.6 million in 2021/22. The wage bill increased slightly, reaching €161.9 million, compared with €159.6 million in 2021/22, while depreciation and amortisation costs were lower at €62.8 million, down from €66 million the previous year.

“New important chapter of evolution”

AC Milan were acquired by the American investment firm RedBird Capital Partners last August. Commenting on the 2022/23 results, club chairman Paolo Scaroni said: “This marks an important step in our club's history with a return to net profit after 17 years.

“We are heading towards a new important chapter of evolution in the development of our club, supported and made possible by Gerry Cardinale's strategic vision, the expertise of RedBird, the competence and determination of the entire management team led by our CEO Giorgio Furlani, and the talent of our teams, who will continue to thrill and excite our fans."

 

DAZN and Sky agree €4.5 billion deal to keep Serie A domestic TV rights

DAZN and Sky have retained the rights to show Serie A matches in Italy for the next five seasons after Italian clubs approved bids worth on average €900 million per year on Monday, the league has announced.

After four months of negotiations, the Serie A clubs met in Milan to review the final offers for the five-year cycle running from 2024/25 to 2028/29. Of the 20 clubs, 17 voted in favour of the deal, which is worth at least €4.5 billion.

DAZN will be paying €700 million and Sky €200 million, with the total base fee lower than the €927.5 million per year for the current three-year cycle. DAZN have been paying €840 million per year and Sky €87.5 million under the current agreement.

The deal for the next cycle also includes a revenue-sharing agreement with DAZN. Serie A CEO Luigi De Siervo claimed this could allow the total value of the deal to “far exceed that of the previous three years” and reach the publicly stated target of €1 billion per season.

De Siervo said that according to the most conservative estimates the revenue-sharing arrangement can bring an extra €60 million in additional income per year. Under the agreement, once DAZN earns more than €750 million from subscribers any extra revenues will be split 50-50 between the streaming platform and Serie A.

Napoli owner De Laurentiis: “A total defeat for Italian football”

The only two clubs to vote against the offer for the next five-year cycle were Cagliari and Salernitana, while Napoli abstained. Fourteen ‘yes’ votes were required for the proposal to be accepted.

The decision to accept the offer from DAZN and Sky drew sharp criticism from Napoli owner Aurelio De Laurentiis, who interrupted De Siervo during a press briefing to tell reporters: "It's a total defeat for Italian football. These deals will be the death of Italian football.”

 

Morocco to spend €1.3 billion on stadia for 2030 World Cup

Morocco is to invest €1.3 billion on infrastructure for the 2030 World Cup, with the funds to be used for the renovation of six stadiums and the construction of a new venue in the Casablanca region, according to Spanish media reports.

The African country has won the right to host the tournament jointly with Spain and Portugal, with the opening three matches due to take place in Uruguay, Argentina and Paraguay to mark the World Cup's centenary.

Morocco is planning to modernise its stadiums to enable it to host as many matches as possible, and it is expected that many of the planned renovations will be completed by 2025, when it will host the Africa Cup of Nations. Around €868 million will be allocated to improving current stadia.

Competition with Madrid to host final

The construction of the new stadium in Casablanca is designed to help Morocco bid to win the 2030 World Cup final. As reported by The Times, the venue for the final may become a source of tension, with Morocco pushing hard to host the match despite initial expectations it would be played at Real Madrid’s Bernabéu stadium.

While the original plan had been for Madrid to have the final, sources told The Times that Morocco has made a pitch. Spain, Portugal and Morocco are expected to come up with an agreed position within the next few months but it is FIFA that will make the final decision.

FC Barcelona president Joan Laporta has delivered another staunch defence of the club’s actions in relation to the Negreira case days after he was charged with suspected bribery over the payments made by the Catalan club to the former vice-president of the Spanish FA’s refereeing committee, José María Enríquez Negreira.

During his address to Barça members at their ordinary general assembly, held remotely on Saturday, Laporta said: "However much they speculate, search, dig around and smear, they will not find anything because there is nothing and we have done nothing that we have been accused of as an organisation.

“They cannot prove anything they accuse us of as true. We will win the judicial case and Barça will be acquitted.”

Laporta, whose first spell as Barça president, from 2003 to 2010, has become part of the investigation by Spanish prosecutors into the case, also claimed that the legal battle facing the club stems from a historical connection with Real Madrid among the Spanish authorities.

"There is a sociological support of Real Madrid in the spheres of power that has always existed and it is taking advantage of the Negreira case to sully the image of the club,” he declared.

“This sociological support of Real Madrid is panicking because it is suffering the effect of the best Barça in history once again, that we are winning again and we are once again admired for how we play and loved for what we do."

Club performing “much better” financially

Laporta also claimed that Barça are performing “much better” financially, and stressed that the “economic levers” deployed in 2022/23, when the club won the LaLiga title for the first time since 2018/19, have helped revive the club’s fortunes on the pitch.

Barcelona posted a huge profit of €304 million for 2022/23, up from €98 million in 2021/22. Total revenues were €1.259 billion – a figure which included €600 million from the sale of 25 per cent of the club’s LaLiga media rights and 49 per cent of its digital unit Barça Vision.

For 2023/24 the club have forecast turnover of €859 million and a profit of €11 million, and said that no economic levers will be used during the year.

 

LaLiga plans easing of spending limits to boost clubs’ transfer activity

LaLiga is planning to relax its economic controls, which dictate the amount a club can spend on transfer fees and wages each season, according to Spanish media reports.

It is understood the move is designed to allow Spanish clubs to be more competitive in the transfer market. This summer, LaLiga teams spent the lowest amount on new signings among Europe’s ‘big 5’ leagues, with a total outlay of €453 million. That figure compares with €3.018 billion for Premier League clubs and €767 million for teams in the Bundesliga.

The main change to its economic controls being proposed by LaLiga is to modify the agreement reached with clubs in 2022 to deal with the losses derived from the impact of Covid-19.

Under the original agreement, the debts accrued from the pandemic were to be paid off over the next five years, but this could now be extended to ten years to allow teams to spend more on players.

Capital increases

LaLiga is also said to be considering changes to its spending limits across a number of other areas, including capital increases and amortisation of investment in infrastructure, as well as the registration rules for clubs that exceed any limits.

For the current 2023/24 season, LaLiga has reduced the total spending limit for top-flight clubs by 16 per cent, with the aggregate cap falling to €2.563 billion.

 

A-Leagues could be forced to buy out largest shareholder Silver Lake by 2029

The A-Leagues could be forced to buy out its largest shareholder, the American private equity firm Silver Lake, by 2029 – a move that would require the cash-strapped league to find hundreds of millions of dollars or a new investor to stay afloat, according to a report from The Sydney Morning Herald.

Silver Lake, which has a stake of more than 18 per cent in Manchester City parent the City Football Group, acquired a 33 per cent stake in the A-Leagues for AU$140 million back in 2021, when Australian football was in financial trouble during the Covid-19 pandemic.

An investigation from The Sydney Morning Herald has uncovered some of the generous terms Silver Lake extracted from Australian Professional Leagues (APL), which owns and runs the A-Leagues, as part of that deal.

According to the newspaper, filings with the Australian Securities and Investments Commission reveal the investment gives Silver Lake significant control over the future of professional football in the country and the right to sell its A-Leagues’ stake back to APL at market value from 2029.

Modest increase

Even a modest increase in value of Silver Lake’s AU$140 million investment in the APL would require the league to find hundreds of millions of dollars to buy out the private equity giant.

If the value of the investment increased by 40 per cent over the eight years, for instance, APL would need to pay Silver Lake almost AU$200 million.

Corporate documents seen by The Sydney Morning Herald show that the terms of its investment also give Silver Lake preferential rights over A-Leagues clubs if the APL were to be liquidated, which potentially could be triggered if it could not meet financial obligations.

 

Joel Glazer to have say in Manchester United football matters despite deal with Sir Jim Ratcliffe

Joel Glazer is expected to retain involvement in football matters at Manchester United once Sir Jim Ratcliffe’s purchase of a 25 per cent stake in the club has been ratified, The Times reports.

While Ratcliffe is expected to take charge of the sporting arm of United as part of the agreement, it is understood Glazer will form part of a three-man football committee with the British billionaire and his director of sport at Ineos, Sir Dave Brailsford.

According to the newspaper, the make-up of that committee means the power will ultimately be with Ratcliffe and the former British Cycling boss, who remains the team principal at Ineos Grenadiers.

However, sources told the Times that it was “ludicrous” to think the Glazers would surrender all control when they retain the majority stake in the club. Joel currently operates, alongside his brother Avram, as the co-chairman at United.

Agreement still being finalised

Ratcliffe’s £1.3 billion deal for 25 per cent of the club was due to be ratified at a United board meeting last Thursday but the finer details of the agreement are said to be still in the process of being finalised.

Media reports indicate it could be another two or three weeks before Ratcliffe’s purchase is presented to the Premier League for approval. That process, along with meeting New York Stock Exchange requirements, could take a further eight weeks.

Steve Parish, the chairman of Crystal Palace, has confirmed that Premier League clubs are discussing the introduction of strict wage limits for the first time as part of efforts to maintain competitive balance, Off The Pitch reporter Jonathan Dyson writes.

Speaking yesterday at the Leaders in Sport conference in London, Parish said that UEFA’s new squad cost rule, which limits spending on wages, transfers and agent fees to 70 per cent of club revenue, “will have some effect, but it does also run the risk of creating a permanence, because if you have 70 per cent of a bigger turnover, you can spend more money.”

Back in June, The Times reported that the Premier League was considering a similar proposal limiting spending to 85 per cent of turnover, as well as a salary cap ‘anchoring’ model that would lead to the amount any team can spend on wages being linked to the amount of TV money paid to the lowest-placed club.

Commenting on the latest discussions among Premier League clubs, Parish said: “There is change afoot. … UEFA squad cost caps are one idea, or maybe something that's a bit more rigid than that, with a hard cap at the top that doesn't take turnover into account, where there's maybe vagaries of how that turnover has come about.”

Impact of multi-club ownership on transfer market

During his panel session at Leaders, Parish also said he has significant concerns about the impact of multi-club ownership on the transfer market across Europe, arguing that signing young talent from the continent is becoming harder for a Premier League club outside of the ‘big six’ as a result.

“You’ve now got large pools of capital that are suddenly in our market to find players,” he said. “And whereas before, the £15-20 million player from Europe that was on the way up – that was a market kind of reserved for challenger Premier League clubs.

“Now you've got a lot of clubs around Europe that are owned by very wealthy owners in other areas, and they're in the market for those players to get them ready and then to move them into their top club.”

The American businessman and Lyon owner John Textor has a 40 per cent shareholding in Crystal Palace through his Eagle Football Holdings investment vehicle. Textor also has a 90 per cent stake in Brazilian club Botafogo, and 80 per cent stake in Belgian team RWD Molenbeek.

Parish said there are also “a huge amount of benefits” to a multi-club strategy, before adding: “So we need to find the right balance. We need to have an open debate about it.”

 

FC Barcelona forecast €11 million profit for 2023/24 “without levers”

FC Barcelona have forecast a profit of €11 million for the 2023/24 financial year following the huge surplus of €304 million the club posted for 2022/23, up from €98 million in 2021/22.

The Catalan club projected that turnover for 2023/24 will drop to €859 million, down from €1.259 billion in 2022/23 – a figure which included €600 million from the sale of 25 per cent of the club’s LaLiga media rights and 49 per cent of its digital unit Barça Vision.

In a statement, Barça said the revenues forecast for the next financial year “do not include any extraordinary input, meaning that they are solely made up of the ordinary income from the calendar year.”

FC Barcelona’s economic vice president Eduard Romeu commented: "We are returning to ordinary current income. That means without extraordinary operations, without levers, or sales."

Temporary move from Camp Nou

Barça said turnover will also drop in 2023/24 due to the temporary move to the Lluis Companys while the renovation work on Camp Nou is taking place.

The club said a profit will still be achieved “thanks to an additional effort in the commercial area, a major cutback in ordinary expenditure and a very significant reduction in salaries paid to the professional sports teams.”

Barcelona have projected commercial income of €378 million in 2023/24, up from €351 million in 2022/23, "thanks to the Barça brand, which continues to push the club towards a high degree of global interest."

 

European Super League CEO Bernd Reichart in fresh attack on UEFA ahead of ECJ ruling

Bernd Reichart, the CEO of A22 Sports Management, the company behind the European Super League, has reignited the war of words with UEFA with a fresh attack on the European governing body over its running of the game and its response to the proposed new competition, Off The Pitch reporter Jonathan Dyson writes.

During a speech that concluded the Leaders in Sport conference in London yesterday, Reichart insisted that a number of clubs across Europe are supportive of A22’s plans, unveiled back in February, for a multi-division format featuring between 60 and 80 teams based on sporting performance with no permanent members. However, he did not name any of the clubs he claims are behind the proposals.

The German media executive spoke confidently about the upcoming ruling from the European Court of Justice (ECJ) over whether UEFA and FIFA abused a dominant position under European competition law by blocking the creation of the Super League and seeking to sanction the clubs involved following the original botched launch in April 2021.

“Last November, we began a broad and open dialogue on the future of European club football,” Reichart said. “Since then, we have spoken to dozens and dozens of football clubs and other football stakeholders.

“Now, the vast majority of them follow the assessment that the very foundation of European football is under threat, and that the football ecosystem in Europe is more and more unsustainable.

“The catalyst for the necessary change will come from the resolution of the European Court of Justice. The Court will decide … on whether the fundamental values and freedoms of Europe will also be applied and be enforced within European football.”

“Unusual governance”

Reichart added: “To understand what major change that could be, one must understand how really unusual the governance of European football works.

“European club football is in the hands of one single Swiss private organisation residing on the shores of Lake Geneva. And they are a regulator. They are a sanctioning body. They are market gatekeeper and they are a dominant commercial operator, all together in a multibillion euro industry, with several 100,000 jobs, and that's absolutely unseen in any other economic activity.

“At the same time, all entrepreneurial risks solely reside on the shoulders of the football clubs. … UEFA, on the other hand, is managing an economic activity where they have no risks, no costs, only revenues. And actually no competitor. That sounds astonishing doesn't it.”

Reichart noted that within UEFA’s current 20-strong executive committee, only two members are club representatives. “Beyond this clubs have no ability to think freely, to act freely, or let alone organise or govern themselves on a European level in the very same manner as they do domestically,” he claimed.

“In almost all European countries, domestic leagues are run independently by the clubs. But UEFA statutes prohibit this best practice on a European level. This construct is not only incompatible with the fundamental freedom and values of the European Union or Europe, it's also against common sense.”

 

English FA CEO Mark Bullingham claims FA Cup will be “even stronger” amid talks over domestic calendar from 2024/25

Mark Bullingham, CEO of the English FA, has insisted that the FA Cup, the organisation’s flagship competition, has a bright future as discussions continue about a potential shake-up of domestic football in the country, Off The Pitch reporter Jonathan Dyson writes.

Back in July, it was reported that the FA could effectively cede control of the FA Cup if it accepted a proposal from the Premier League to sell overseas media rights for the trophy for ten years from 2024/25.

Also under discussion were said to be the scrapping of replays entirely – they have already been dropped from the fifth round onwards – as well as playing other games on the same weekend as the FA Cup final.

Speaking yesterday at the Leaders in Sport conference in London, Bullingham described suggestions that the FA could give up control of the competition and other speculation about its future as “absolute nonsense.”

Noting that the FA Cup delivers between 60 and 70 per cent of the FA’s annual revenues, he said: “It’s incredibly important to us and of course we will keep running it and growing it. … We’ve seen the competition go from strength to strength over the last few years.”

Discussions with Premier League and EFL

Bullingham said he was confident that the FA Cup would be “even stronger” once the discussions between the Premier League and English Football League (EFL) about the domestic calendar and other issues are concluded.

“We’ve got a scenario with the calendar post-2024 where there are more UEFA games coming in and we need to find space for them,” he said. “We’ve had really productive conversations with the Premier League and EFL on what the future calendar can look like.

“We’re starting from the point of view of how do we make sure that all three of our competitions are still really strong. And I think we’re getting to a really good place on that.”

He added: “We’re not quite finalised but I’m really confident that the FA Cup post-2024 will be even stronger than it is now – great for fans, great for broadcasters and we’ll be in a good place.”

Fresh concerns have emerged about the planned takeover of Everton by 777 Partners after it was reported the amount the American investment firm has loaned the Merseyside club has risen to £40 million.

The loan was initially reported as £20 million but according to The Times the figure has almost doubled, and is being used as working capital for wage costs that Everton’s income cannot cover. The loan to Everton by 777 can be converted to equity if the takeover is approved.

The revelation came as The New York Times reported that 777 has not provided audited financial statements to the Financial Conduct Authority (FCA), which it must do for the takeover to be approved.

Insiders at Everton and 777 insist the takeover remains on track for the end of the year, but the FCA and the Premier League will want guarantees about the company’s finances before approving it.

Standard Liège questions

The FCA and Premier League will also ask 777 to provide proof of funds and the source of those funds. The Miami-based firm also faced similar questions during its takeover of the Belgian club Standard Liège last year.

According to The New York Times, 777 told the Belgian football federation’s licensing committee that it could not provide the firm’s most recently audited accounts but the committee agreed on a compromise, with the alternative being withdrawing a licence for one of the country’s most historic clubs.

 

Serie A clubs to suffer financial blow as tax law to be tightened from 2024

Serie A clubs are set to suffer a major financial blow after it emerged that the Italian government is planning to remove sports men and women from the tax reliefs provided by the Growth Decree, a law that applies to workers who move residence to Italy.

The regulation allows for the taxation on the wages of workers who relocate to Italy to be lower than on the wages of domestic workers, and has allowed Italian clubs to reduce the tax on salaries for certain players by around 50 per cent.

According to La Gazzetta dello Sport, Italy’s government has decided that the law will no longer apply to football players and other athletes from 2024 as part of a strict tightening on the tax reliefs provided for by the Decree.

While the restrictions on the use of the Decree will come into effect from 1st January next year, La Gazzetta reported that it will also have an impact on some of the signings made by clubs this summer from 1st July.

Both Milan clubs to be impacted but Lukaku a special case

Among the clubs set to be affected following signings this summer include Inter Milan, who bought Marcus Thuram and Benjamin Pavard, and AC Milan, whose new signings included Ruben Loftus-Cheek, Tijjani Reijnders, Christian Pulisic and Samuel Chukwueze.

Other clubs due to be impacted include Juventus (Timothy Weah), Napoli (Jesper Lindstrøm, Natan and Jens Cajuste), Lazio (Taty Castellanos, Daichi Kamada and Matteo Guendouzi), and Roma (Houssem Aouar and Evan Ndicka).

Romelu Lukaku, however, is set to be a special case. Because the Belgian striker, currently on loan at Roma from Chelsea, had already benefited from the Decree when he played on loan at Inter Milan last season, it is understood that he is destined to keep the reliefs in his contract.

 

Negreira case: Laporta charged with suspected bribery as investigation extends into first spell as president

The Negreira case involving FC Barcelona has taken a dramatic new turn after the club’s president Joan Laporta was reportedly charged with suspected bribery over the payments made by the Catalan giants to the former vice-president of the Spanish FA’s refereeing committee, José María Enríquez Negreira.

According to Spanish media, the charges relate to Laporta's first spell as Barça president, from 2003 to 2010, after the judge overseeing the case ruled the latter years of that tenure should not be time-barred.

Laporta, who returned as Barcelona chief in 2021, was not initially named as a defendant when charges for alleged bribery were filed against the club last month. Former presidents Josep María Bartomeu and Sandro Rosell, as well as Negreira and his son, Javier Enríquez Romero, were listed among the accused.

However, Joaquín Aguirre, the judge in charge of the case, ruled on Wednesday that Laporta and his board of directors should be added to the probe, from the time the payments were made, as it is a case of continued bribery.

This change to the investigation means it can cover the 10-year period prior to the last payment made to Negreira, in 2018, therefore encompassing the final two years of Laporta's first tenure.

Payments of more than €7.3 million over 17 years

The Negreira case was initially brought after prosecutors filed a complaint back in 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. Along with the club itself, Negreira has denied any wrongdoing.

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

 

Saudi sports vice minister compares Saudi Pro League spending with early years of English Premier League

A senior figure at Saudi Arabia’s Ministry of Sport has compared the heavy transfer spending of the Saudi Pro League with that of the English Premier League in the 1990s, claiming the SPL is a “disruptor” just as the EPL was when it was established, Off The Pitch reporter Jonathan Dyson writes.

Speaking yesterday at the Leaders in Sport conference in London, Bader Alkadi, vice minister at the Saudi Arabian Ministry of Sport, said: “Are we disruptors? Yes. But are we doing it with the intention of improving the system overall? I think definitely yes.

“And that's a cycle that happened earlier. I think the Premier League in the 1990s … I was here in London and I experienced that firsthand. Definitely it was great and was better for the people and for the football itself and the industry.”

Asked whether the Premier League and other top European leagues should be concerned about the growth of the SPL, he added: “We're here to grow and to play with them and to succeed together and ensure that we get Saudi to the place where it deserves to be.”

Vice minister makes further light of sportswashing question

Alkadi provided an overview of the vision for sport in Saudi Arabia, centred around mass participation, the development of elite athletes, the hosting of major events, and sport’s contribution to the country’s GDP.

He was also quizzed about the extent to which the plans revolve around sportswashing. The Crown Prince of Saudi Arabia, Mohammed bin Salman, told Fox News last month that he would “continue doing sportswashing” due to its impact on the economy there and did not care what others thought of that.

Alkadi was asked on stage at Leaders in Sport: “Some say it's all about sportswashing? What do you say?”. In response, he said: “That would have been a difficult question before the Crown Prince answered it a few weeks ago.” Amid laughter from the audience and himself, he added: “It's not difficult any more.”