Morocco, Spain, and Portugal have been awarded the hosting rights for the 2030 World Cup, with the opening three matches set to take place in Uruguay, Argentina, and Paraguay.

The decision to award the opening games to South America is in celebration of the tournament's centenary. All six countries involved will automatically qualify for the tournament, making it the first World Cup to be held across three continents.

The opening match will be played at Uruguay's Estadio Centenario, the same stadium that hosted the final of the inaugural World Cup in 1930. The opening ceremony, however, will still take place in Morocco, Spain, or Portugal.

With six countries hosting matches, this will be only the second World Cup to be played across multiple nations with the 2026 tournament in Canada, Mexico and the United States the only other edition to have more than two host nations.

FIFA President Gianni Infantino expressed his satisfaction with the joint bid, highlighting its message of peace, tolerance, and inclusion. He also mentioned that FIFA would welcome bids from other confederations for future tournaments.

Saudi bid for 2034

Later on Wednesday, Saudi Arabia confirmed its intention to bid to host the 2034 men’s World Cup.

The Saudi Arabian Football Federation (SAFF) said that it sought to deliver a “world-class tournament” in the 25th edition, and said its bid would draw inspiration from the country’s “deep-rooted passion for football”.

 

Britain and Ireland to host Euro 2028

Britain and Ireland will be confirmed as the hosts of Euro 2028, with the final set to take place at Wembley Stadium. This comes after Turkey withdrew its bid for the tournament and instead opted for a joint bid with Italy for Euro 2032.

The formal awarding of Euro 2028, featuring 24 teams, will be ratified by UEFA's executive committee on October 10.

The decision to host Euro 2028 in Britain and Ireland follows the abandonment of a bid for the 2030 World Cup. This will mark the first time since Euro 1996 that an entire major men's football tournament will be held in the British Isles.

The host nations, including England, Scotland, Wales, Northern Ireland, and Ireland, are expected to play qualifying matches for Euro 2028. UEFA's plan reserves two automatic spots for any host nation that fails to qualify, with additional spots allocated if necessary. Matches will be held at ten stadiums across the five nations.

Confident in its approval

The British and Irish Football Associations released a joint statement expressing excitement about their bid and the lasting legacies it will create. The bid will be presented to UEFA on October 10, and they are confident in its approval.

 

Premier League plans to revamp TV rights sale in the UK

The Premier League is set to make significant changes to the sale of its TV rights in the UK ahead of the upcoming auction, according to Financial Times.

One of the key changes is extending the duration of the deal to four years and eliminating the smaller tranche of games offered to Amazon. Instead, the league will focus on fewer, larger packages in order to increase revenue. This decision was made based on feedback from broadcasters who found the current terms risky and wanted more time to invest in production and broadcast elements.

The newspaper writes that in addition, there are plans to significantly increase the number of games auctioned from the current 200. Matches will be spread across Friday to Monday, including earlier slots on Saturdays. However, rumors of an additional Sunday night game are unlikely to materialize.

Auction to begin

Officials are also considering reducing the number of auction packages from seven to potentially five. This would remove the small package that attracted tech and streaming companies in the previous auction, forcing them to bid for larger packages.

The auction is expected to begin in the coming weeks, with bids anticipated from broadcasters such as Sky, DAZN, and TNT Sports. The changes aim to generate higher revenue by offering more games over a longer period, even if the cost per game decreases.

 

Investigations launched into Wolves' sleeve sponsor for illegal streaming allegations

Wolverhampton Wanderers and the Premier League are conducting investigations following allegations that the club's sleeve sponsor, 6686 Sport, has been illegally streaming games on their Chinese language website.

The claims were made by investigative football site Josimar, stating that 6686 Sport, an Asian bookmaker, has been providing free access to matches from the Premier League, Bundesliga, Serie A, and other competitions without having the official broadcasting rights or paying for them.

Wolves, who entered into a partnership deal with 6686 Sport earlier this year, are addressing the issue with the company, according to the Athletic. The sponsorship agreement between Wolves and 6686 Sport is considered the largest sleeve sponsorship in the club's history. The Premier League is also aware of the situation and is looking into it.

30 years in prison

The piracy of Premier League content has been taken seriously by the league in recent years. In May, five individuals were sentenced to over 30 years in prison for their involvement in an illegal streaming network.

Both Wolves and the Premier League are committed to protecting their intellectual property rights and ensuring that broadcasting rights are respected. Investigations will determine the extent of any wrongdoing and appropriate actions will be taken based on the findings.

According to The Times, British billionaire Sir Jim Ratcliffe is considering making an offer for a 25 per cent stake in Manchester United. This move, which would leave the Glazer family in control of the club, comes after Ratcliffe had initially proposed buying a controlling stake. The potential offer is said to be around £1.5 billion.

The proposal is seen as an attempt to break the deadlock in the ongoing sale process of the club, which has been ongoing for ten months.

However, it leaves the future of Manchester United uncertain as the issue of control at Old Trafford has yet to be resolved. The newspapers sources suggest that this initial purchase could be the first step in a more prolonged takeover by Ratcliffe and his company Ineos.

A and B-class

Ratcliffe had emerged as the frontrunner to buy Manchester United ahead of Qatar's Sheikh Jassim bin Hamad Al Thani.

However, concerns were raised about legal challenges from minority shareholders if Ratcliffe were to acquire the majority stake owned by the Glazers. To mitigate this risk, Ratcliffe's latest proposal allegedly involves buying an equal amount of A and B-classed stock.

 

Three clubs threaten legal action against Everton's prospective owners

Burnley, Leeds, and Leicester, have written a joint letter to American investment firm 777 Partners, the prospective owners of Everton, informing them of their intention to sue the club for £300 million if they are found guilty of breaching Premier League spending rules, reports the Daily Mail.

The letter was sent pending the outcome of a Premier League independent tribunal on October 25th. The three clubs are unhappy that Everton's charges were not addressed last season, potentially helping them avoid relegation. They argue that if Everton is found guilty, they deserve compensation for the loss of top-flight income for one season.

Burnley, Leeds, and Leicester have formally notified the Premier League of their intention to sue and are prepared to claim £100 million each. Forest and Southampton, who were part of the initial alliance against Everton, have reportedly withdrawn from the legal action.

Significant obstacle

Any legal action from rival clubs would pose a significant obstacle to 777 Partners' plans to acquire Everton, as questions about the source and sufficiency of their funding remain unanswered.

The Miami-based investment firm has already loaned Everton around £20 million to address cash-flow issues.

 

Real Madrid initiates legal action against accusations of referee bribery

Real Madrid are taking legal action in response to accusations made by former police commissioner Jose Manuel Villarejo, who claimed that the club bribed referees.

Villarejo made these allegations during a radio interview, implicating Real Madrid president Florentino Perez in illegal activities involving payments to match officials.

In March, FC Barcelona and former vice-president of the Spanish football refereeing committee, Jose Maria Enriquez Negreira, were indicted on charges of corruption, breach of trust, and false business records. FC Barcelona have consistently denied any.

According to Villarejo, similar practices were carried out by Real Madrid but were never pursued. He stated, "All presidents have done it. Florentino Perez too. Somehow, at Real Madrid, before this (Barca's Negreira case), the same thing had already been detected." Villarejo further claimed that prosecuting anything involving Perez would be impossible as he is considered “untouchable”.

False accusations

In response to these allegations, Real Madrid released a statement announcing their intention to take legal action against Villarejo for his false accusations.

"The president of Real Madrid C.F., Florentino Perez, has ordered the immediate filing of the corresponding legal action against the ex-commissioner Villarejo for the false accusations made on the Catalan radio station RAC1," the statement read.

Jose Manuel Villarejo, 72, was arrested in 2017 on charges of bribery and extortion, among other alleged offenses. He went on trial in 2021.

 

UEFA denies reports of new Super League-style competition

UEFA has denied reports suggesting the launch of a new Super League-style competition managed directly by the European football governing body and the European Club Association (ECA).

The denial comes in response to an article by El Pais claiming that such a tournament could be introduced from 2027.

The UEFA statement emphasized their opposition to any form of Super League and stated that they are eagerly anticipating the introduction of the new club competition format in 2024.

UEFA highlighted that the new format will prioritise national performance for qualification, provide fans with more important European matches, ensure better competitive balance, and maintain an open competition where every game matters.

Three tiers

The reported concept of the UEFA's alleged new idea includes three tiers of European leagues, each involving 18 teams, with a system of promotions and relegations between them. The number of changes between the first and second tiers would be limited to two per season to accommodate stronger clubs' desire to maintain their status.

 

Media: Investor triggers resale clause to exit investment in Olympique Lyon

Iconic Sports, a company that helped finance John Textor's takeover of Olympique Lyonnais, is seeking to exit the investment, according to L'Equipe.

The firm made a €75 million equity investment in Eagle Football to help fund the €800 million takeover of Lyon last year.

However, they now want a reimbursement of the initial investment due to an alleged agreement with Eagle Football that was not honored. It remains uncertain whether Eagle Football will be able to repay the sum, as Textor has not yet sold all the assets he had hoped to.

The exact details of the disagreement between Iconic Sports and Textor have not been disclosed. At the time of the investment in Eagle Football, Jamie Dinan, co-owner of Iconic Sports, said about John Textor:

"John is a visionary who has built an era-defining platform, and together we have a sophisticated strategic vision, business plan and growth strategy for Eagle Football, which we believe will position our clubs for competitive success and create value for all of our stakeholders."

Meeting with financial watchdog

This development adds to the challenges faced by Lyon since the takeover, including a strained relationship with former president Jean-Michel Aulas and poor performance on the pitch, with Lyon currently at the bottom of the Ligue 1 table after seven matchdays.

On top of this John Textor is set for another meeting with the DNCG, French football's financial watchdog, despite promising a big January transfer window.

The DNCG had imposed restrictions on Lyon's summer spending after Textor failed to present €60 million in club funds. This resulted in limited spending and strict supervision of transfers and salaries.

While Textor believed the constraints would be lifted for the January transfer window, L'Équipe reports that an extension of the restraints is possible.

Premier League clubs had £124.8 million claimed back in unpaid tax by HMRC investigators in the most recent financial year, according to accountancy group UHY Hacker Young.

This amount is more than double the £58.7 million claimed the previous year. The reclaimed payments include National Insurance on agents' fees, tax on benefits in kind, and image rights. Benefits in kind encompass arrangements made for players and their families, such as flights and hotels.

Previously, it had been suggested that Premier League clubs had avoided paying £250 million in tax by using dual representation contracts when paying agents. Dual representation allows clubs and agents to avoid employment taxes and VAT on the large commissions paid to football agents in transfers and contracts.

Under this arrangement, an agent receives payments for acting for both the club and player involved in a deal, rather than solely from the player they represent.

According to Tax Policy Associates, the fees paid to agents through dual representation contracts reportedly escape income tax, national insurance, and VAT when paid by the club. The increasing proportion of agents' fees being paid by clubs has drawn the attention of HMRC, prompting investigations into whether all tax due on these payments is being paid.

HMRC focuses on tax compliance

Elliott Buss of UHY Hacker Young stated that HMRC now has the tax affairs of these clubs in its sights. HMRC will continue to scrutinize arrangements between clubs, players, and agents to ensure proper tax compliance.

The organization works closely with the football industry to address tax risks proactively.

 

Media: UEFA and ECA collaborating on new Super League concept

UEFA is reportedly working on a new Super League concept in collaboration with the European Club Association (ECA), according to Spanish newspaper El País.

The proposed Super League would consist of three divisions, each with 18 teams, and would replace the current European competitions such as the Champions League. The divisions would be named the Super League, Europa League, and Aspiring League, with four promotion and relegation spots between the second and third divisions.

However, the Spanish newspaper reports that the more powerful clubs are concerned about the risk of relegation and have threatened to break away if the Court of Justice of the European Union rules against UEFA's monopoly on football tournaments.

They are apparently requesting that a possible relegation should be determined by the average performance over the last three or five seasons, rather than a single year.

Addressing scheduling concerns

To address scheduling concerns, each division would be divided into two groups with a final phase. National leagues may also play a role, with winning the domestic title or achieving a good position potentially earning clubs financial bonuses and additional points in the Super League standings.

According to the media there are still many details to be worked out, including whether matches should be played on weekends. The project is expected to begin after the 2024-2027 rights cycle for the Champions League.

Chelsea’s owners are considering increasing their borrowing by as much as £250 million as they look to continue their heavy spending in the transfer market, according to a report from Bloomberg.

Bank of America Corp. is understood to be advising Todd Boehly and Clearlake Capital as they weigh taking on more debt under existing loan agreements.

A source told Bloomberg that the owners of the West London club already had £800 million in loans in place, with the option of taking the limit on these to £1.05 billion, and that lenders were invited to attend Chelsea’s match against Aston Villa last month.

The source added that deliberations are ongoing and no decisions have been taken on the final amount of any additional borrowing.

Stamford Bridge revamp

As well as continuing to sign new players, Chelsea’s owners are looking to fund a redevelopment of Stamford Bridge and invest in more football clubs.

Last month, it emerged that Chelsea have raised around $500 million in fresh investment from US alternative asset manager Ares Management to help fund those projects.

 

Premier League and EFL set to sell TV rights together in ‘historic deal’

The Premier League and English Football League (EFL) are set to sell their broadcast rights together for the first time in what would be a historic deal following further discussions over a new financial settlement, according to a report from The Daily Mail.

Under the terms of a proposal from the Premier League presented to clubs at a general meeting held in Derby last Thursday, the EFL would also receive 14.75 per cent of their pooled media rights from next season and an £88 million bonus payment this season, with collective selling to begin in 2028.

Whilst the exact figures will depend on future broadcast deals the 14.75 per cent share is expected to more than double the current £130 million in solidarity payments the Premier League provide to the EFL, a figure which excludes parachute payments.

While the deal presented is only for the collective selling of overseas TV rights from the 2028/29 season onwards, it could be extended to include domestic broadcast deals in the future.

More live games could increase value of Premier League domestic rights

News of the potential deal came as it emerged that Premier League clubs are confident of securing the first rise in broadcast income for domestic rights for almost a decade after agreeing significant changes to the auction process.

As reported by The Times, the next TV deal will have at least 50 more live matches a year and possibly more, will be for four years rather than three in an effort to attract more broadcasters, and the league’s sales team are considering cutting the number of packages from seven to five.

At Thursday’s meeting clubs approved the process of sending a tender to broadcasters but with flexibility for the sales team to decide on packages and final match numbers.

The auction, which is expected to be held this year, could be for up to 270 live matches a season, depending on displaced kick-offs, but will have a minimum of 250, which will be 50 more than under the existing deals.

It will mean only a third of the 380 Premier League games a season will not be on TV, with those matches the ones played during the Saturday 3pm blackout. It is likely to mean more televised matches on Sundays as well as Friday, Saturday and Monday evenings – but there will be no Sunday-night slot.

 

Fresh concerns over 777 Partners’ Everton takeover as Vasco da Gama handed FIFA transfer ban

Fresh doubts have emerged over the suitability of Everton's prospective new owner 777 Partners after Vasco da Gama, a Brazilian club owned by the US investment firm, was reportedly handed a transfer ban by FIFA over late payments to clubs.

According to Brazilian newspaper Globo, Vasco owe Nacional of Uruguay $2 million for the signing of Puma Rodríguez and $1.5 million to Argentina’s Atletico Tucuman for the purchase of Manuel Capasso, and have also fallen behind on payments for Leo Jardim to French club Lille.

Globo reported that all three clubs have launched legal action over the fees owed. The Brazilian transfer window is currently closed and will not reopen until next summer, by when the debts are expected to be paid off.

£500 million deal

The development will raise new concerns about the prospect of 777 Partners’ takeover of Everton.

The Miami-based firm reached an agreement last month to acquire owner Farhad Moshiri’s 94.1 per cent stake in a deal reported to be worth £500 million. Everton said the sale is expected to be completed later this year, but is subject to Premier League, FA and Financial Conduct Authority approval.

Other Premier League clubs are said to have already expressed worries over 777’s acquisition of the club, with the concerns stemming from the uncertainty over the source of 777’s funding for the deal.

Owners are also said to be worried about the potential reputational damage to the Premier League, with the company currently involved in fighting several court cases in the US.

 

Ajax post €39 million profit for 2022/23 and reveal KPMG to investigate Mislintat

Ajax have reported a profit of €39 million for the year ending 30th June 2023 despite a difficult season on the pitch, after suffering a loss of €24.3 million in 2021/22.

Last season, the Dutch giants finished third in the Eredivisie and failed to qualify for the Champions League for the first time in 13 years. The team’s form has dipped even further at the start of the current campaign, sparking fan protests, while Pier Eringa, chairman of the club’s supervisory board, has stepped down.

Total revenues for 2022/23 increased by 4 per cent to €196.3 million, up from €189.2 million the previous year.

In a statement summarising the results, the Dutch giants said the profit was achieved mainly as a result of the transfers of Antony dos Santos and Lisandro Martínez to Manchester United and Sébastien Haller to Borussia Dortmund, with the total amount earned from player sales in 2022/23 reaching €113.3 million, compared with €37.8 million the previous year.

The club said it earned significantly lower income from European competition after failing to qualify from the group stage of the Champions League and moving into the Europa League. In 2021/22 Ajax reached the last 16 of the Champions League.

Decrease in wage bill

However, revenues were boosted by extra income from ticket sales compared to the previous season, when some matches were played without spectators due to the Covid-19 restrictions, and also by increased commercial revenue.

Expenses fell by 3 per cent to €191.6 million, mainly due to a decrease in the club’s wage costs after not paying bonuses to players following the disappointing results.

Ajax also said that equity stood at €236.6 million at the end of the 2022/23 financial year, and that the executive board and supervisory board propose to pay a dividend of €0.9 per share.

The club added that for 2023/24 it expects to earn another positive net result, again thanks to player trading following the sales of Jurriën Timber, Edson Álvarez, Calvin Bassey and Mohammed Kudus, among others.

KPMG to investigate Mislintat

Ajax also revealed that the global accounting firm KPMG is carrying out the external investigation into the transfer activities of the club’s former director of football affairs Sven Mislintat, who was dismissed late last month.

Ajax said KPMG is investigating “the role and interests” of Mislintat “in specific transactions during the period in which he was employed by Ajax, under the ultimate responsibility of the Supervisory Board.”

 

Sheffield Wednesday owner Dejphon Chansiri says he will stop funding club and attacks fans

Sheffield Wednesday owner and chairman Dejphon Chansiri has said he will not put any additional money into the club and launched a scathing attack on the club’s supporters following protests over recent weeks.

Chansiri, who claimed his family have received abuse, has offered to sell the club provided a new owner can prove that they have the funds.

In a lengthy statement to Wednesday fans published on the club’s official website on Friday, the Thai businessman said: “From now, I will not put additional money into the club. If you say you are the owner and I am the custodian, then show me how to be the good owner and help save your club.”

Chansiri, whose family controls the Thai Union Group and led a consortium to acquire Wednesday in 2015, added: “You want me to leave but you want me to spend money? If you want me to leave, then show me how to run the club and invest the money before I do that.

“You have no right to ask me to leave. I am the one who saved the club and spent the money for the club, I am the one who needs to pay around £2 million on average every month.”

Tennis balls thrown on to pitch

Wednesday earned promotion to the English second-tier after winning last season’s League One play-offs, but currently sit bottom of the EFL Championship, having drawn two and lost seven of their nine league games.

There have been chants during games for Chansiri to leave the club and supporters threw tennis balls on to the pitch during the game against Middlesbrough last month, which briefly disrupted the match.

 

Athletic Bilbao break even for 2022/23

Athletic Bilbao have reported that the club broke even during the year ending 30th June 2023, Jon Uriarte’s first as president, after suffering a loss of €10.6 million the previous year.

Total revenues were €123.9 million, down from €126.6 million, but operating income reached €119.1 million, compared with €109.3 million in 2021/22. The club pointed to the ending of Covid restrictions as a key factor behind the increase, with sponsorship and commercial income up by €6.8 million.

Athletic said a significant contribution to this growth came from revenues linked to the stadium, including ticketing, the San Mamés VIP Area and museum, as well as the retail-textile area.

Operating expenses fell to €123.8 million, down from €126.5 million, which the club said was due to a lower wage bill and containing “non-strategic expenses”.

Revenues of €128.7 million forecast for 2023/24

Athletic are anticipating a further improvement in their finances next year. The budget approved for 2023/24 projects turnover of €128.7 million, increasing the available capital by 9 per cent.

"The budget deepens the progressive improvement of operating income, expecting a strong contribution from the marketing of the San Mamés VIP Area, the achievement of new sponsorships, as well as the segment of new businesses," the club said.

FC Barcelona have reported a huge profit of €304 million for the year ending 30th June 2023, up from €98 million in 2021/22.

Turnover was €1.259 billion, while expenses were €1.165 billion. The results include €600 million in income from the ‘economic levers’ that led to 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 summarising the results, the club pointed to record commercial revenues of €351 million, up 43 per cent on the previous year, as well as record merchandise sales of €100 million. Sponsorship deals brought in €200 million, boosted by agreements with 20 new partners.

Net debt fell to €552 million, down from €680 million. This does not include any of the separate financing agreements worth €1.45 billion for the funding of the Camp Nou revamp and Espai Barca development.

Barcelona said they expect a drop in revenue to €859 million and a profit of €11 million for 2023/24, due primarily to the temporary move to the Lluis Companys while the renovation work on Camp Nou is taking place.

Negreira case: Spanish police raid refereeing committee HQ as court document shows Barcelona suspected of bribery

Barcelona’s latest financial results were announced amid fresh developments in the Negreira case.

Spanish police raided the headquarters of the Spanish FA’s refereeing committee (CTA) in Madrid on Thursday as part of the investigation into the case. According to the BBC, the judge presiding over the case demanded documentation from the CTA, which was not sent and prompted the raid.

Meanwhile, a court document seen by Reuters has shown that Barcelona have been placed under formal investigation for suspected bribery as part of the investigation.

The latest developments follow the complaint filed by prosecutors back in March over alleged payments of more than €7.3 million over 17 years to firms owned by the former vice-president of the CTA, José María Enríquez Negreira.

Barcelona and Negreira have both denied any wrongdoing and no arrests were made during the search in Madrid.

FSG sells minority stake in Liverpool to US private equity firm

Fenway Sports Group has announced the sale of a minority stake in Liverpool to the US private equity firm Dynasty Equity, ending FSG’ssearch for investment in the club.

The two firms did not reveal the financial details of the deal but it has been reported to be worth in the region of $100-200 million (£82-£164 million)”.

In a statement, FSG said: “The minority investment will primarily be used to pay down bank debt incurred during the global pandemic and capital expenses made to enhance Anfield Stadium, build the AXA Training Center, repurchase Melwood training ground and, most recently, acquisitions during the summer transfer window.

“Longer term, the partnership between Dynasty and FSG will also explore further growth opportunities for Liverpool F.C.”

Melwood repurchase

Liverpool’s debt before the repurchase of Melwood and this summer’s transfer spend was around £150 million. As reported by The Guardian, FSG is uncomfortable carrying that amount of debt and began considering outside investment after the pandemic.

Dynasty’s involvement is said to be small and passive, and does not affect the operation of the club or represent the first step towards a sale.

Premier League offers EFL extra £358 million over three years

In the latest attempt to agree a new financial settlement with the English Football League (EFL), the Premier League has presented a plan to increase redistribution to the EFL by £358 million over the three seasons to 2025/26, with a series of conditions attached.

As reported by The Guardian, under the terms of the deal EFL clubs would receive an extra £88 million this season, an extra £101 million in 2024/25 and an extra £169 million in 2025/26.

Championship clubs would get 75 per cent of the money paid by the Premier League, League One clubs 15 per cent and League Two clubs 10 per cent.

EFL clubs believe they are being offered 14.75 per cent of the Premier League’s net media revenue, well below the 25 per cent they were hoping for. The Premier League argues the amount equates to about 21 per cent once transfer levies and other payments are taken into account.

EFL clubs were presented with the details of the redistribution deal on Thursday at a general meeting held in Derby. The Premier League is waiting for feedback from the EFL before returning to its clubs in the hope that a formal proposal can be made. The 72 EFL clubs would then vote on that proposal.

Extra EFL Trophy matches

One of the Premier League’s caveats for providing additional funding is that its under-21 clubs invited to play in the EFL Trophy – 15 are participating this season – must be guaranteed more matches.

Another is that League One and Two clubs must set aside part of their allocation for facilities, meaning it could not all be used for transfer fees or player wages. The Premier League is also insisting that parachute payments must continue despite EFL opposition.

Lyon plan to go public via SPAC merger called off

Lyon owner John Textor’s plan to take the Ligue 1 club public via a special purpose acquisition company (SPAC) merger combining his Eagle Football Holdings vehicle with Iconic Sports Acquisition Corp has been called off.

In a statement, Iconic said it will redeem all of its issued and outstanding Class A ordinary shares as of 11th October, because it “will not consummate an initial business combination within the time period required.”

Iconic added: “The previously announced agreement between Iconic Sports Eagle Investment LLC, an affiliate of the Company’s sponsor, Iconic Sports Management LLC, and Eagle Football Holdings Limited .. providing that the Company may enter into a business combination with Eagle Football, has expired.”

Textor had agreed a provisional deal to combine Eagle Football with Iconic a day after completing his takeover of Lyon last December. The agreement valued Eagle Football at $1.2 billion, and would have been the first attempt to list a multi-club football vehicle.

$75 million stake

Iconic’s backers, who included hedge fund billionaire Jamie Dinan and former banker Alexander Knaster, took a $75 million stake in Eagle Football as part of the original agreement, and sources have told The Financial Times they now have the option of recalling their investment.

1. FC Köln post €12.4 million profit for 2022/23

1. FC Köln have reported a profit of €12.4 million for the year ending 30th June 2023, after suffering a loss of €15.7 million the previous year.

Turnover for 2022/23 reached €172.2 million, up from €148.4 million, with the increase driven by the club’s participation in the Europa Conference League and a surplus on player trading.

Competing in Europe generated around €13 million in income, while the sales of Anthony Modeste and Salih Özcan to Borussia Dortmund brought in around €10 million.

Acknowledging the importance of these factors in the improved financial results, managing director Philipp Türoff said: "We have had a strong year with a good result, mainly due to special effects.”

Equity reaches €15.7 million

1. FC Köln also revealed that liabilities fell from around €66 million to €50.5 million and equity grew from just €3.6 million to a remarkable €15.7 million.

"With great discipline, we have come closer to our goal of setting up FC's cost structures in such a way that positive business results can be achieved in the future even without special effects," said Türoff.

Saudi Arabia to target top European referees

Saudi Arabia are looking to recruit leading referees from the Premier League and across Europe on a full-time basis, according to a report from The Times.

The newspaper understands that referees in England and throughout Europe –including some who appeared at the 2022 World Cup in Qatar – have been sounded out about whether they would be interested in moving to the Gulf state.

Referees from overseas are able to officiate matches in the Saudi Pro League on a one-off basis. Saudi clubs can request international referees for high-profile matches amid concerns about whether local officials can handle the pressure.

Officials from New Zealand, Argentina and Paraguay have taken charge of matches in the Pro League this season, but The Times has learnt that initial contact has been made with referees based in Europe about the prospect of working in Saudi Arabia full-time.

It is thought that the Pro League will try to recruit officials over the next six-to-12 months as the next phase of the league’s development.

Clattenburg warning

The Times also reported that the former Premier League match referee Mark Clattenburg has warned that English referees who are tempted to move full-time to the Gulf state will risk being blocked from the Champions League, Euros and World Cup.

Clattenburg, who was director of refereeing in the Gulf state from 2017-18, ended up missing out on going to the 2018 World Cup despite being under the impression that the move to Saudi would not affect his chances.

He told The Times: “My problem with the idea of having full-time referees going there from Europe is that I can’t see referees giving up the chance to referee in the Champions League, Euros or World Cup unless they are at the end of their career.

“I thought I would be able to still go to the World Cup taking one of the European places but FIFA and UEFA insisted I should be viewed as a Saudi referee and I did not want to take the place of anyone from there.”

Napoli president Aurelio De Laurentiis has been placed under investigation by the Rome public prosecutor's office on suspicion of false accounting in relation to capital gains from player transfers, Italian media have reported.

The investigation is related to Napoli's €76.4 million signing of Nigerian striker Victor Osimhen from Lille in July 2020. As part of the deal, the Italian club sold four players to the French side for €20.1 million: goalkeeper Orestis Karnezis and academy players Claudio Manzi, Luigi Liguori and Ciro Palmieri.

Notably, none of the three academy players ever played for Lille, while Karnezis played just one game for the club in the fourth round of the Coupe de France. It is suspected that their transfer fees were overvalued in an effort to inflate capital gains.

Italy’s Financial Police, the Guardia di Finanza, gathered documents indicating that potential balance sheet fraud had taken place and went on to inform Naples' public prosecutor’s office.

Osimhen threatens Napoli with legal action over TikTok post

Meanwhile, in a separate development, Osimhen has threatened Napoli with legal action following a social media post that appears to mock the striker.

A TikTok video, since deleted, featured a clip of Osimhen’s miss from the penalty spot in Napoli’s 0-0 draw against Bologna last Saturday with a bizarre sped-up voice dubbed over the top.

Osimhen, who scored 31 goals across all competitions as Napoli won the title for the first time in 30 years last season, berated manager Rudi Garcia as he was substituted with four minutes to go in the stalemate.

The player’s agent Roberto Calenda said on X (formerly known as Twitter): “What happened today on Napoli’s official profile on the TikTok platform is not acceptable. We reserve the right to take legal action and any useful initiative to protect Victor.”

 

InvestCorp preparing formal bid to buy Inter Milan

The Bahrain-based fund InvestCorp is moving closer to making a formal offer to buy Inter Milan, the TV channel Abu Dhabi Sports has reported.

The fund, which is backed by Saudi investors, is understood to have presented its offer directly to Raine Group, the US investment bank appointed by Inter president Steven Zhang to find possible buyers for the club.

According to Italian newspaper Tuttosport, the bid is set to be around €1.3 billion, and InvestCorp has been working for months to raise capital to present an attractive offer.

It is believed that due diligence has been underway over the past few weeks and a formal bid will be put forward soon for consideration by the Zhang family.

€85 million loss confirmed for 2022/23

News of the possible bid came as Inter reported a loss of €85 million for the year ending 30th June 2023, down from €140 million in 2021/22.

Total revenues reached €425 million, including a €60 million surplus on player trading. Income was boosted by the Nerazzurri’s run to the Champions League final and the return to full stadia following the ending of Covid restrictions, resulting in record matchday income of €80 million.

Inter said it anticipated media and prize money revenues from UEFA of around €100 million for its Champions League participation, along with media rights income of around €88 million from Serie A.

Operating costs were €465.5 million, compared with €528 million in 2021/22, thanks to a reduction in the club’s wage bill.

 

Lyon seeking to raise €300 million from bond market and sell assets

Lyon are aiming to raise around €300 million from the bond market and to sell some of their assets including a new 16,000-seater arena as owner John Textor looks to reorganise the club’s finances.

The American businessman told the Financial Times he has hired Goldman Sachs to raise the targeted funds from the bond market. He said the money raised would be secured against the club’s stadium, and used in part to refinance existing loans from about a dozen different banks.

Lyon had €321 million net debt at the end of 2022, according to the club’s most recent financial statements, which showed a first half net loss of €60.7 million.

Textor, who previously said he wanted to pay off all Lyon’s debt not linked to the club’s stadium within two years, said he was currently in the process of “paring off non-core assets to focus on football”, and that Lyon had been “way too heavy on physical assets”.

He added that the money generated from asset sales could be better used to invest in youth academies and player development, as well as reducing debt linked to his takeover last December, when the American acquired the club at a valuation close to €900 million, by far the highest price ever paid for a French team.

Multipurpose venue

Lyon have invited bids for either 40 per cent or full control of the LDLC arena, a new multipurpose venue due to be completed later this year.

The club is also exploring the sale of their US women’s team, OL Reign, which could fetch about $50 million based on the recent sale of a new team franchise in the same league.

In May, Textor’s Eagle Football Holdings sold a controlling stake in Lyon’s women’s team to US businesswoman Michele Kang. The deal is still awaiting approval from the French authorities.

 

Pier Eringa resigns from Ajax board as chaos at club deepens

Ajax have announced that Pier Eringa, chairman of the club’s supervisory board, has decided to step down as the chaos engulfing the club continues to deepen.

In a statement, the Dutch giants said Eringa, who was appointed in March, will transfer his duties in the coming days and formally step down on 2nd October.

The departure of Eringa follows the abandonment of the club’s home game against Feyenoord on Sunday, when Ajax fans hurled flares on to the field in protest, with their team 3-0 down. The game was finished behind closed doors on Wednesday, with Feyenoord completing a 4-0 victory.

The result means Ajax are now winless in five matches and sit 14th in the Eredivisie. They finished third last season and failed to qualify for the Champions League for the first time in 13 years.

Mislintat investigation extends beyond Sosa signing

After Sunday’s abandoned match, Ajax dismissed Sven Mislintat as director of football affairs, although the club insisted the decision was “unrelated” to the investigation launched last week into Mislintat over an alleged conflict of interest relating to the signing of Croatian defender Borna Sosa from VfB Stuttgart.

According to Dutch media reports, that investigation, which is being carried out by the Dutch Shareholders' Association (VEB), is also examining several other transfers completed while Mislintat was at the club.

Mislintat is said to have asked most of the 12 new players signed this summer to choose agent Arthur Beck, who in June took a stake in Mislintat's company Matchmetrics, a commercial data system for scouting footballers.

VEB director Gerben Everts told Dutch radio station NPO Radio 1 on Tuesday evening: "The transfer of Sosa seems to be the tip of the iceberg. There are indications that there is more to it. There seem to be texts to players who were told just before the transfer that they will not be able to make their dream transfer if they do not transfer to Beck. That may be common in football, but it is not possible with a listed company."

 

Chelsea receive Premier League approval for Infinite Athlete shirt sponsor deal

Chelsea are finally set to unveil sports data company Infinite Athlete as their new front-of-shirt sponsor after receiving Premier League approval of the deal, according to a report from The Daily Telegraph.

The agreement, covering the rest of this season, is believed to be worth in the region of £40 million, and the firm’s logo could appear on the Blues’ shirts for next Monday night’s Premier League game against Fulham.

Infinite Athlete, which was only launched at the start of August, is understood to have provided the Premier League with details of its funding and revenues in order to satisfy fair market value rules.

Sources insisted to The Telegraph that the original deal presented to the Premier League has not been forced to undergo any dramatic change or be significantly revalued under the rules.

Stamford Bridge revamp plans suffer blow

Meanwhile, Chelsea’s plans to redevelop Stamford Bridge could be blocked after a military veteran took out an interim court injunction against a proposal to sell a 1.2-acre site.

As reported by The Evening Standard, the West London club secured an agreement in principle to buy the land, which houses 100 military veterans and their war widows, for an estimated £60 million in July.

Some of those who face relocation are reportedly furious with the prospect of needing to move, with an injunction having now been lodged with Wandsworth County Court in London.

Stoll, the charity that houses the veterans and has the final say on the proposed sale, is currently using an independent legal firm to finalise their consultation period ahead of a decision next month.

 

English FA proposes £15 million WSL loan to fund creation of new holding company

The English FA has offered to lend £15 million to fund the setting up of the new holding company which will run the commercial activities of the women's professional game in the country, according to Sky News.

It is understood the proposal was tabled at a meeting of key stakeholders earlier this month, including the FA, the Women's Super League (WSL) and its participating clubs, and comes after months of talks about how to fund the expansion of the women’s game.

Sources told Sky that the loan offer was raised as one of the options under discussion, although a formal agreement could yet be some way off. The funding would be aligned with governance rights such as a special share that would be held by the FA.

The 'newco' being established to oversee the WSL and the women's Championship will run the professional game on a standalone basis.

Nikki Doucet close to being appointed CEO

Clubs were informed at the same meeting that the FA is now close to finalising the recruitment of Nikki Doucet as the first CEO of the women's professional game in England.

An announcement about the appointment of Doucet, a former banker and Nike executive, is said to be likely next month.

Bottom of Form British billionaire Jim Ratcliffe is reworking his bid to purchase Manchester United in an effort to resolve the ongoing deadlock in the takeover process, according to a report from Bloomberg.

Ratcliffe is said to be collaborating with his advisors to address concerns raised by minority investors in the Old Trafford club regarding the terms of his offer.

The Ineos owner’s initial proposal sought to acquire 69 per cent of the shares in United that are currently owned by the Glazer family.

However, this arrangement left limited benefits for holders of the club's remaining stock, including investors such as Lindsell Train, Ariel Investments LLC and Eminence Capital.

Potential legal action

It was previously reported by Bloomberg that one of the top three shareholders in United had sent a letter to the club's board, cautioning that independent directors could potentially face legal action if they recommended a bid that favoured one group of shareholders over another.

Manchester United shares rose 2.5 per cent following the news of Ratcliffe’s fresh attempt to acquire the club. He remains in competition with a group of Qatari investors led by Sheikh Jassim bin Hamad al-Thani.

UEFA accused of presenting ‘untrue’ evidence to inquiry on Champions League final chaos

UEFA is facing fresh questions over the near-disaster at last year’s Champions League final in Paris after The Guardian revealed that the European governing body has been accused of presenting “completely untrue” evidence to its own independent inquiry into the chaos, in order to protect its safety and security unit from criticism.

The allegations have been made by UEFA’s then operations director, Sharon Burkhalter-Lau, an events management specialist, who was second in command in the planning of the match at the Stade de France between Liverpool and Real Madrid.

The game descended into a near-fatal disaster where the safety management operation failed, and thousands of supporters suffered long static queues, crushing, dangerous policing and attacks by local thugs.

UEFA appointed a panel of experts to review the debacle, and it concluded that UEFA had “primary responsibility” because it failed to monitor and oversee the safety plans and operation in Paris.

However, the panel said this failure was not principally the fault of the safety and security unit whose role is to oversee safety, but of Burkhalter-Lau’s events division, because it had “marginalised” the unit.

Best friend of Ceferin

Since 2021 the safety and security unit has been headed by Zeljko Pavlica, best friend of UEFA president Aleksander Ceferin. Pavlica’s level of experience and expertise to qualify him for European football’s most senior stadium safety role has been questioned by some safety professionals.

In memos sent to UEFA’s general secretary, Theodore Theodoridis, and three other senior officials, seen by the Guardian, Burkhalter-Lau rejected as “completely untrue” UEFA’s evidence that the unit had been marginalised.

In response to questions from The Guardian, UEFA said it established an “internal working group” after the near-disaster at the final and the setting up of the review.

“The group, and UEFA more broadly, had numerous discussions about the events in Paris, some of which reflected the different views internally on the events and actions of that night,” UEFA said.

“Some of those differences were also reflected in the evidence given by various UEFA directors to the panel, evidence that was given in good faith and to the best of the individuals’ knowledge and recollection.”

Chicago Bears investors buy minority stake in AFC Bournemouth

American billionaires the Ryan family, who have held a significant minority stake in the NFL’s Chicago Bears since the 1980s, have acquired a minority stake in AFC Bournemouth.

As reported by The Athletic, the investment brings together two titans of the American insurance industry: Bill Foley, the managing partner of Bournemouth’s parent company Black Knight Football Club, and Pat Ryan, the founder of global insurance firm Aon.

The group led by Foley, the chairman of property insurance firm Fidelity National Insurance, bought Bournemouth last December and has since acquired a large minority stake in French side Lorient.

As well as their shareholding in the Chicago Bears, the Ryans have stakes in the Penske motorsport group and several sports technology brands, while Foley owns the current NHL champions the Vegas Golden Knights.

Current NHL champions

Ryan Sports Ventures, the Ryan family’s sports investment arm, now joins Foley, Hollywood actor Michael B. Jordan and several other investors in the Black Knight partnership, which has recently been linked with a move for Auckland’s new A-League franchise as part of its aim to create a multi-club group.

Canal+ attacks LFP over broadcast rights as it opts not to take part in auction

Canal+ CEO Maxime Saada has launched a scathing attack against France’s Professional Football League (LFP) after declaring the pay-TV channel would not take part in the forthcoming auction of domestic broadcast rights.

As reported by The Financial Times, Saada told staff in an internal memo on Monday that the “sole objective” of the LFP “was to sideline Canal+ in favour of Amazon”.

Saada criticised the French governing body for “conditions and the total lack of transparency”, adding that entering the auction would be “pointless for the group”.

The LFP hit back against the criticism, saying the upcoming auction would “strictly respect” competition rules and be “totally transparent”. Referring to the charge it was favouring Amazon, the league said it “had no deal of any kind with any company whatsoever”.

Long-running battle

The salvo is the latest in a long-running battle between the LFP and Canal+, which used to be the main broadcaster of top-flight football in France but has curbed its commitment to the sport in the past decade because of costs and competition from rivals.

Candidates have until 17th October to apply for the upcoming auction for rights from 2024 to 2029. The bidders are expected to include online streaming services such as Amazon and DAZN. Qatar-backed pay-TV player beIN Sports is also reviewing whether to bid.

Real Madrid to pursue Apple sponsorship after CEO Tim Cook visits club

Speculation about the possibility of a sponsorship deal between Real Madrid and Apple has increased following a visit from the American tech giant’s CEO Tim Cook to the Spanish club’s headquarters in Valdebebas, The Athletic reports.

In images posted by Cook to his Twitter account, he was seen holding a club jersey alongside Madrid president Florentino Perez in their trophy room. He also watched first-team training, later greeting manager Carlo Ancelotti and captain Nacho.

Although officially the visit was not business-related, Cook still met the club’s most important executives – including senior directors Jose Angel Sanchez and Manolo Redondo, as well as the recently appointed head of retail and licensing Alex Wicks, who also serves as head of partnerships.

As was the case when he made a similar trip to Bayern Munich last September, Cook was keen to learn more about how the youth teams are managed, what their goals are and how they handled the GPS data produced during matches and training sessions via iPad.

But Cook’s visit is also being viewed in the context of a recent history of developing relations between Real and Apple.

Apple TV documentary

Long before Real reached an agreement with Apple TV to distribute the recent documentary La Decimocuarta: Until The End, they had already sounded out Cook’s firm over whether there was a possibility of a wider sponsorship deal something Apple has never done with a football club.

“Hopefully one day it will be done,” said one Real executive, while another said: “Anything is possible. We have already collaborated with them on the documentary.”

Inter Milan are set to report a loss of €80 million for the year ending 30th June 2023, according to Italian media.

As reported by Il Corriere dello Sport, the club’s board will discuss the closing of the financial statements for 2022/23 at a meeting today, with the accounts due to be approved by shareholders at the end of October.

According to estimates by Calcio e Finanza, the Nerazzurri ended the year with a deficit of €80 million, which would represent a marked improvement on 2021/22, when the club suffered a loss of €140 million.

Matchday income of €80 million

Inter’s run to the Champions League final and the return to full stadia following the ending of Covid restrictions, which resulted in matchday income of €80 million, are believed to be among the key factors behind the reduced losses.

It is believed this boost to revenues helped reduce the impact of the issues surrounding the sponsorship deal with Digitalbits, which lead to a loss of income of around €30 million.

Inter’s agreement with current main sponsor Paramount+ for the final few games of last season, including the Champions League final, also helped soften the blow, yielding €4 million.

 

Ajax sack director of football affairs Sven Mislintat after match with Feyenoord abandoned

Ajax have dismissed Sven Mislintat as director of football affairs after chaotic scenes over the weekend culminated in the club’s home game against Feyenoord being abandoned.

According to Dutch media reports, on Friday Mislintat shocked Ajax players by storming into the dressing room at the club’s De Toekomst training ground to talk about the possible dismissal of head coach Maurice Steijin, who was understood not to be present at the time.

However, following the suspension of Sunday’s Eredivisie clash, with the Dutch giants 3-0 down after Ajax fans hurled flares on to the field in protest, the club confirmed in a statement that it was Mislintat who was leaving with immediate effect.

Ajax said: “the lack of broad support within the organisation is the reason behind this decision”, and insisted it was “unrelated” to the investigation launched last week into Mislintat over an alleged conflict of interest relating to the signing of Croatian defender Borna Sosa from VfB Stuttgart.

“Unrest in and around the club”

Interim CEO Jan van Halst said: "Several attempts to restore broad support have not led to the desired outcome. This leads to unrest in and around the club, also due to the disappointing results.

“Sven has put in tremendous effort for Ajax in recent months, for which we are grateful. It is now in Ajax's best interest to move on with joined forces and find its way back to sporting success."

Ajax are 14th in the Eredivisie and winless in four matches. They finished third last season and failed to qualify for the Champions League for the first time in 13 years.

 

English FA launches investigation into top agent, secret hearing and ‘false evidence’

The English FA is investigating whether a powerful football agent submitted false evidence to an arbitration hearing involving a Premier League footballer, according to a report from The Times.

The newspaper has revealed that a police investigation uncovered evidence which they believe showed that incomplete evidence was served for a private FA hearing to settle a dispute between the agent and a player he had acted for in a transfer between two Premier League clubs.

According to The Times, prior to the hearing, the tribunal made a specific request that the agent submit certain information to all interested parties. The agent did so via his lawyers. However, police officers were able to identify evidence suggesting that the information provided had been changed.

While the Crown Prosecution Service (CPS) rejected a police application to prosecute the agent, the lawyer and other individuals, sources told The Times that officers supplied a full intelligence report to the FA integrity unit with the details. The newspaper said it knows the names of those involved.

In a brief statement to The Times, the FA confirmed that the matter was indeed being investigated. “Our investigation is ongoing so we can’t comment further at the moment,” a spokesperson for the governing body said.

Number of concerns

The Times reported that the police investigation revealed a number of concerns around football’s private dispute resolution system. Sources said that police officers were surprised that evidence is not always tested to the levels demanded by the criminal justice system.

 

English FA accused of double standards over betting rules for players and owners

The English FA is facing claims of double standards after a Guardian investigation revealed that the owner of a Premier League club may have benefited from bets on the game placed in his own name.

The disclosures involve Matthew Benham, owner of Brentford, whose star striker, Ivan Toney, is serving an eight-month suspension for breaking the FA’s strict gambling rules.

According to The Guardian, Benham is one of a select few multimillionaire club owners who enjoy an opaque arrangement with the FA that allows them to be involved in betting.

The newspaper has seen evidence that appears to show Benham has made money from bets on football placed in his own name, via a UK-based gambling syndicate called MSPP Admin. Benham said he abides by all FA betting rules.

The governing body prohibits anyone involved in football from betting on any match, anywhere in the world, under laws designed to protect the integrity of the sport, resulting in tough penalties for footballers, including the England striker Toney.

Calls to reveal full terms of deal with owners

The FA is now facing calls to reveal the full terms of its deal with the owners, which has been in place for a decade.

Other proprietors that the FA allows to run a betting business while owning a football club include the Coates family behind Bet365 and Stoke City, and the Brighton owner Tony Bloom. There is no suggestion that any of them have benefited from bets placed in their own name.

 

Southend United could be rescued by UK Government fund with proposal to buy Roots Hall for £4.5 million

Financially stricken National League club Southend United could be rescued from collapse by the UK Government’s Levelling Up fund, The Daily Telegraph reports.

Ministers invited fresh applications for the community ownership fund earlier this month to help locals “seize back control of prized community assets”.

A proposal to buy Southend’s dilapidated home ground, Roots Hall, which is up for sale at £4.5 million, has now been submitted as part of a supporter group solution supported by MPs.

Ten-point deduction

Last month Southend were handed a 10-point deduction by the National League after being given a last chance to pay their debts and avoid liquidation by the courts.

Owner Ron Martin is willing to sell his stake in the club for £1. However, in a statement on the club website, his “principal terms” for a sale also include payment of £4.5 million for the ground.

The maximum community ownership grant appears to be £2 million but The Telegraph understands local councillors have indicated the local authority would also support a purchase.

VfB Stuttgart have followed Ajax in launching an investigation into the transfer activities of Sven Mislintat after an alleged conflict of interest relating to the €8 million move of Croatian defender Borna Sosa to the Dutch giants from the Bundesliga club earlier this month.

Mislintat, who became director of football affairs at Ajax in April, previously worked as sporting director at Stuttgart. In a statement to German media late last week, the Bundesliga club said it “is investigating Mislintat's transfer activities due to recent developments."

Earlier in the week, Ajax had confirmed they were investigating Mislintat over the issue. The club said the recent transfer of a player was facilitated by a scouting agency that may have a stake in a football data firm partially owned by Mislintat. The player concerned is believed to be Sosa.

Ajax not suspending Mislintat over legal action fears

According to Dutch media, Ajax have opted not to suspend Mislintat over fears of him responding with legal action.

De Telegraaf reported that Pier Eringa, chairman of the club’s supervisory board, told a members’ extraordinary general meeting that the investigation into Mislintat extends beyond the Sosa transfer.

When asked by members why the supervisory board is not suspending the club’s director of football affairs, Eringa said it was due to “prudence” and “proportionality”, adding that Ajax is afraid of legal action from Mislintat. However, the majority of Ajax members reportedly still want him to be suspended.

 

UK government admits to discussing Manchester City’s Premier League charges with its embassy in Abu Dhabi

The UK government has admitted to The Athletic that its embassy in Abu Dhabi and the Foreign Commonwealth & Development Office (FCDO) in London have discussed the charges levelled at Manchester City by the Premier League.

The revelation has come following a freedom of information request from The Athletic to view all correspondence between the FCDO and the British Embassy in Abu Dhabi relating to the charges facing City between 1st December 2022 and 1st March 2023.

The Athletic said the UK government is refusing to disclose the correspondence over fears it could risk the country’s relationship with the UAE. City’s owner, Sheikh Mansour, is the vice president and deputy prime minister of the UAE, and his brother, Sheikh Mohamed bin Zayed Al Nahyan, is the country’s president.

The website reported that on 10th May, the FCDO confirmed it “does hold information falling within the terms” of its request, but delayed handing over the correspondence while considering whether it is in the public interest from an international relations perspective.

Then on 6th September, the FCDO, citing Section 27(1)(a) of the Freedom of Information Act (FOIA), told The Athletic: “We acknowledge that releasing information on this issue would increase public knowledge about our relations with the UAE. The disclosure of information detailing our relationship with the UAE government could potentially damage the bilateral relationship between the UK and the UAE.”

The Athletic said it has appealed this decision.

Alleged breaches of financial rules

In February, the Premier League directed 115 charges at City, which relate to a series of alleged breaches of financial rules between 2009/10 and 2017/18.

City are accused by the Premier League of not providing accurate financial information, “in particular with respect to its revenue (including sponsorship revenue), its related parties and its operating costs”.

The club deny the allegations and in a previous statement pointed to “a body of irrefutable evidence” that will clear them of any wrongdoing.

 

Lazio post €29.5 million loss for 2022/23

Lazio have reported a loss of €29.5 million for the year ending 30th June 2023, after recording a deficit of €17.4 million in 2021/22.

The result marks the fifth consecutive annual loss the Serie A club has suffered, and came despite turnover reaching €148.3 million, up from €135.3 million the previous year.

In the 2022/23 season, the club finished second in Serie A and reached the last 16 of the Europa Conference League after failing to qualify from the group stage of the Europa League.

Broadcast revenues amounted to €102 million, compared with €85.6 million in 2021/22, while competition revenues reached €17.9 million, up from €10.5 million.

Income from sponsors and advertising was €20.7 million, down from €23.9 million. The sharpest decrease, however, could be seen in capital gains from player transfers, which fell to €4.6 million, down from €24.9 million in 2021/22.

Wage bill rises to €110 million

Operating costs climbed to €143.7 million, compared to €130.2 million in 2021/22, with the club’s wage bill rising to €110 million, up from €99.1 million, due largely to higher individual and collective bonuses for the improved results on the pitch.

 

Sevilla to increase investment in stadium revamp to €300-350 million

Sevilla vice president and CEO José María del Nido Carrasco has revealed that the club is increasing its investment in the revamp of its stadium to between €300 million and €350 million, up from the €200 million announced more than a year ago.

Del Nido outlined the latest plans for the modernisation of the Ramón Sánchez-Pizjuán Stadium at last week’s World Football Summit, held in Seville.

He said that capacity will be increased to 55,000 seats, up from the current 43,883, and that there will be new hospitality areas, with 10 per cent of the total capacity to be allocated to VIP seats.

The vice president added that the stadium works will begin in 2026 and the aim is for the revamp to be complete by 2028, by when the venue will also be available for use for a range of non-matchday activities 365 days a year.

Sports and business campus

Del Nido said the project will include the “conversion of the sports city into a sports and business campus,” with the current complex, which includes the club’s training facility, to feature accommodation, a gym and office area. "We are working on several lines so that the sports city also generates business for the club,” he said.

Tottenham Hotspur chairman Daniel Levy has confirmed he is open to selling a stake in the club, The Times reports.

Levy is believed to value Tottenham at about £4 billion and would consider selling up to 25 per cent. Levy and his family own a 29.88 per cent stake in Enic, the investment company which owns 86.58 per cent of Tottenham. The remaining 13 per cent is owned by 30,000 small shareholders.

“I’ve got no real interest to leave Tottenham, but I have a duty to consider anything that anyone may want to propose,” Levy said. “It’s not about me, it’s about what’s right for the club.

“We run this club as if it’s a public company. If anyone wants to make a serious proposition to the board of Tottenham we would consider it, along with our advisers, and if we felt it was in the interests of the club we would be open to anything.”

At the start of this year Levy met Nasser Al-Khelaifi, the president of Paris Saint-Germain and chairman of Qatar Sports Investments, and in recent years the club was subject to interest from US private equity firm MSP Sports Capital, among others.

Stadium sponsor not crucial in funding debt repayments

Levy also revealed that finding a sponsor for the Tottenham Hotspur Stadium is not crucial in repaying the debt used to fund the building of the venue, a year on from talks with Google and previously Uber, FedEx and Amazon.

“If we get the right naming-rights partner and when I say that, I mean somebody who pays the right money in the right sector – then we are willing to consider doing it,” Levy said. “But we’re not as tied to doing it now as perhaps we would’ve been when we first looked at building the stadium.”

Premier League and EFL set to agree on new financial settlement despite Championship club anger

The Premier League and English Football League (EFL) could agree within weeks on the proposed new financial settlement worth an additional £130 million a year, despite anger from Championship clubs over new cost controls, The Daily Telegraph reports.

According to the newspaper, two second-tier clubs have protested privately over fresh terms which allow relegated Premier League teams to maintain spending powers above new UEFA limits.

In addition to receiving parachute payments, relegated clubs would be allowed to spend on wages and transfers at 85 per cent of revenue. That level of spending was secured initially to allow smaller clubs in the top-flight to compete with the so-called ‘Big Six’ as UEFA’s new 70 per cent cap began.

Existing Championship teams, however, would be restricted to 70 per cent in return for receiving increased solidarity payments. To counter concerns of unfairness, the EFL has negotiated an “equity top-up” as part of the deal. One source estimates that add-on would amount to another 20 per cent of spending.

“Gone off the deep end”

“Not all clubs know the detail but there are understandably some that have gone off the deep end,” one insider told The Telegraph. “The Championship clubs are trying to be responsible rather than just blindly accepting the cheque. I’m not sure that spending 90 per cent is entirely sensible.”

Despite the reservations, there is said to be broad support elsewhere in the game at the new solidarity system to fend off more radical restrictions brought by an independent regulator. New limits of 90 per cent would be a significant improvement on averages of 110 per cent in the Championship in recent years.

Mohammed bin Salman says he will continue ‘sportswashing’ if it grows Saudi Arabia’s GDP by 1 per cent

The Crown Prince of Saudi Arabia, Mohammed bin Salman, has indicated for the first time that he has been “sportswashing” the country’s image by investing in the likes of Newcastle United, and in bringing Cristiano Ronaldo to the country, as well as through other sports such as with LIV Golf.

In a stunning admission, bin Salman, who is the Gulf state’s de-facto leader, told Fox News that he would “continue doing sportswashing” due to its impact on the economy there and did not care what others thought of that.

“If sportswashing increases my GDP by 1 per cent then I will continue doing sportswashing,” he said.

Asked if he was “OK” with a term coined by critics of such activity, he replied: “I don’t care. I have 1 per cent growth GDP from sport and I’m aiming for another 1½ per cent – call it whatever you want. We’re going to get that 1½ per cent.”

Human rights violations

Saudi Arabia has been accused of investing hundreds of millions of pounds in sport to distract attention from human rights violations committed by the country.

They include the execution of 81 men in a single day last year, women’s rights abuses, the criminalisation of homosexuality, the restriction of free speech, and its role in the war in Yemen.

Bin Salman currently chairs his country’s Public Investment Fund (PIF), which last year led a takeover of Newcastle and launched LIV Golf. PIF has also taken control of four Saudi Pro League clubs – Al-Ahli, Al-Hilal, Al-Ittihad and Al-Nassr – who have recently secured high-profile signings including Ronaldo and reigning Ballon d’Or holder Karim Benzema.