American buyout financier Ares Management Corp has been offering funds to support a takeover of Manchester United, Reuters reports.

The firm is the latest US asset manager to seek a financing role in the race to buy the Premier League club. Hedge fund Elliot Management is also looking to finance a bid, having ruled out a full takeover of the club. Oaktree Capital is also reported to have offered financing to bidders.

A source told Reuters that Ares, which oversees roughly $350 billion in assets, has offered funds in the form of structured equity to at least one bidder. However, it is understood this bidder turned down the funding because the terms were unattractive.

Dedicated sports fund

Ares recently raised $3.7 billion for a dedicated sports fund with a mandate to invest in leagues and teams. It was unclear whether Ares has been looking to finance bids for Manchester United through that fund, which has already invested in Atletico Madrid and Inter Miami CF, or another vehicle.

The investment manager was among the financial backers for American businessman John Textor's acquisition of Olympique Lyonnais in December.
 

Bundesliga media rights business stake sale to launch in early March

The German Football League (DFL) is poised to begin the sale of a stake in the Bundesliga's media rights business that could fetch €2.7 billion.

Sources have told Reuters that the DFL plans to launch the formal sale process in early March, with the league aiming to find a buyer for "at least" 15 per cent of the business.

The holding company that controls the media rights is valued at between €15-18 billion, meaning a 15 per cent stake could be worth around €2.7 billion.

Prospective investors are likely to begin with due diligence in early March, with initial bids collected at the end of March and two or three preferred bidders selected at the start of April.

In mid-April, it is expected that Bundesliga clubs will review and give the green light for final talks before final bids are collected in May. A final decision is anticipated at the end of June, with a two-thirds majority sign off required from the clubs.

Bidders considering offers

Private equity firms including Blackstone, CVC, KKR and Advent are among bidders considering offers, with American investor Sixth Street looking to make a bid with its sports and entertainment portfolio firm Legends.

Bridgepoint and EQT had also previously reportedly shown interest in the business.

Media: Hertha Berlin at risk of losing €100 million investment deal with 777 Partners

Hertha Berlin are in danger of seeing the proposed investor deal with American investment firm 777 Partners fall through, according to a report from German newspaper Bild.

Last November, 777 Partners and Tennor Holding – the company owned by Hertha investor Lars Windhorst – announced that an agreement had been reached to acquire Windhorst’s shares in the Bundesliga club.

Windhorst joined Hertha as a shareholder in the summer of 2019 and acquired a total of 64.7 per cent of the shares in the club for €374 million. However, last October he offered Hertha the buyback of his shares following a major fallout with the club’s hierarchy.

The proposed deal with 777 Partners is worth €100 million, to be invested over six instalments by 2026. In return, the US company would receive 78 per cent of the shares in the club.

“On the home straight”

In January, Hertha appeared confident that the agreement would become official within a few weeks. On January 19th, Hertha president Kay Bernstein told the Hertha Base podcast: “We’re on the home straight with 777.”

However, it appears the deal is now at risk of not taking place at all. It is understood that Windhorst, who still owns 64.7 per cent of Hertha’s shares, is yet to come to an agreement with 777 Partners despite the previous announcement.

If the two parties can’t agree, the investors may walk away, leaving Hertha, who are currently second from bottom in the Bundesliga, with an uncertain financial outlook.

Leading player agent bodies have said they are engaging in coordinated litigation to stop FIFA’s recent agent reforms, saying the changes pose an existential threat to their industry and will lead to “market failure”.

Last month FIFA implemented its biggest changes to the rules governing agents in a generation, introducing basic service standards for football agents and their clients. These include a mandatory licensing system, prohibition of multiple representation to avoid conflicts of interest and the introduction of a cap on agent fees.

“We have multiple actions across multiple different territories that are impending,” said Fahri Ecvet, Wasserman’s COO of Global Football, and a director of the Association of Football Agents (AFA), a UK trade representative body.

Ecvet was speaking at a conference event at Wembley on Tuesday co-hosted by the EFAA, UCFB and the University of Amsterdam, at which he was joined by other leading agents.

“There is going to be lawsuits,” said Jonathan Barnett, chairman of Stellar-ICM and president of the Football Forum (FF).

Barnett, who is one of Europe’s leading agents, representing the likes of Gareth Bale and Jack Grealish, added: “I don't get into the minutiae of it all, but there is going to be lawsuits. We will win and if we don't, it's going to change the face of agency and players and everything else.”

Rob Jansen, founding president of the European Football Agents Association (EFAA), said that the reforms were a “one man fight by Gianni Infantino – president of the most corrupt organisation in the world”.

Coordinated action

Ecvet said that he believed that he was in a “good position” to say that the regulations were unlawful “in various different territories.”

“When you look at all the different aspects of European competition law and even take European law out of it in different territories around the world, on the face of it, this is a restraint of trade and the law is on our side,” he said.

“The burden sits with FIFA to prove that it's lawful. We think they're going to have very difficult job in proving that. It's obviously our job to take this on and when we're doing that.”

He also said that he believed that FIFA may have underestimated the agents’ determination and grit to fight this “because we're here to the very, very last moment.”

“We're not going anywhere. We're not going to allow the industry to change in the way they want it to change. And we call upon all agents around the world to support us in that.”

He described “a really, really good working relationship” amongst the three agents bodies and promised that this would be utilised to defeat FIFA’s plans.

“We've realized that the best way and the only way to really defeat FIFA is for us to be unified,” he said.

Fahri Ecvet explained that the three agent bodies have regular working meetings, without being detailed about what these meetings were specifically about. But he assured that they have multiple actions across multiple different territories that are impending. And in order for that to be successful, “we need to be in good communication with one another.”

“We're working on all of that, and we're working through the regs on a practical basis to work out the parts that we think are okay and the parts that we think are not okay and our legal challenges are going to be based on all of them.”

Market failure

FIFA say the reforms with “reinforce contractual stability, protect the integrity of the transfer system and achieve greater financial transparency.” But the reforms have drawn a mixed response from those across the industry. Some agents favour the greater professionalisation that they promise, but many are critical of the cap on commissions, which they say are geared towards stopping excesses at the top of the market, will leave less well-paid players unrepresented and force smaller agencies out of business.

Ecvet said that the new rules were designed to favour clubs and warned of “market failure”.

“The second you have a superstar player that is a free agent that comes into the market and there's a bidding war it's very unlikely that clubs will adhere to that transparent 3 percent that FIFA are hoping for,” he said.

“We want transparency. We encourage transparency. But our fear is that the system will drive things underground. And that's really not what we want.”

The fee cap, he added, would limit the services agencies provide players.

“We do everything we possibly can to make sure we act in the players best interests and provide players with the easiest possible life in whatever is that they want to do,” he said. 

“How exactly does this system encourage and enable us to do that if they are significantly limiting our ability to be able to provide those services?”

Barnett said that the fee cap would see large agencies, such as the one he ran, having to make redundancies, and he warned that smaller ones would go out of business.

“We are a major company with 7,000 employees,” he said.  “They're not going to go through anything that's illegal or anything wrong, so our figures will go down. We'll have to cut services back and players will suffer.”

Better policing

The Huddersfield Town and former EFL CEO David Baldwin said that there was a need for better “policing” of agents after FIFA deregulated the industry in 2015 but questioned whether the new rules solved the problem.

Deregulation, he said, created a scenario where what he termed “the good, the bad, and the ugly” operated in the industry, but added that most experienced football executives knew who to work with and who not to work with.

“Could the re-regulation of that actually filter some of [the bad actors] out? I think this is more about the policing going forward, not necessarily the governance rules that try and prevent it in the first,” he said.

“So if there's a mechanism for better monitoring and better intervention, when people do step outside the lines, that's probably a better way forward to work on a daily basis.

Baldwin said that agents aren't going any time soon, and they're fundamental to getting deals done. According to him it's about the relationships you build with them, and it's about being able to define who's a good operator, who will work with you, who's on a win win relationship.

“And if you find that you've got people who are poor, operators choose not to use them. You know, the marketplace for players is broad enough, and you'll soon sort out the wheat from the chaff.

“Ultimately, clubs don't like to go into direct dialogue with each other because they always think there's a bit of cloak and dagger going on. An agent operating in a good way can smooth out all of that, and to get to the root of whether a deal can be done quite quickly. And actually, when you were talking about transfer windows where the clock is ticking, you sometimes need it to happen pretty quickly.”

Open to consultation

Barnett dismissed FIFA’s recently unveiled Football Agent Working Group as “a waste of time”, claiming that he hadn’t heard of any of its members. He said the world governing body was run by “complete morons” but added that he wouldn’t be averse to sitting down with FIFA “with a blank sheet of paper and work out what needs to change.”

Off The Pitch understands that Barnett and others held talks with FIFA in 2018 but turned down further invitations. Barnett acknowledged that he had on one occasion walked out of talks with the world governing body.

“We're not such a terrible organization. There are good agents, there are bad agents and that's in every field - there are good and bad people.

“We need to sit down and I've got no problems sitting down. We can explain to them how the agency works. We've got no problem with people coming into those meetings who understand football and have a proper discussion and come out with rules that are sensible and proper, and that that I believe is the future.”

How did he see the future of the agent business?  “As it stands at the moment I think it's a great business,” he said. “I've loved every minute of it in my life. I’ve been very fortunate, I built up a nice business and it’s been very good to me and I think it's a very good business to be in.”

FIFA was contacted for comment.

Everton have rejected it has any ties with Alisher Usmanov, the under sanctions Russian oligarch, and played down speculation that costs on its new stadium have risen by as much as 50 per cent reports Senior Correspondent James Corbett.

The leadership of the embattled Merseyside club, who rose out of the EPL relegation zone following Saturday’s 1-0 victory over Leeds, have been engaged in an extraordinary stand off with their own supporters, who protested in large numbers against the board prior to that game and the two preceding home fixtures.

Everton’s board have been absent from matches at Goodison during that time citing “security concerns”.

Fan Advisory Board Q&A

After being posed by around 50 questions from the club’s Fan Advisory Board (FAB) in January, the club published a 13-page document dealing with many of those questions on Monday evening. The FAB’s chairman Jaz Bal had previously held face to face talks with Everton’s majority shareholder Farhad Moshiri in January, which was broadcast on the club’s website.

These ranged from the club’s football strategy to its new stadium on the banks of the Mersey to its alleged ties with Usmanov, who is a close associate of Moshiri. Usmanov’s nephew Savor Ismailov was also briefly an Everton director in 2021 but was forced to stand down after being investigated by police on assault charges. Ismailov, like his uncle, has since been placed on a UK government sanctions list following Russia’s invasion of Ukraine.

Responding to a question asking if Usmanov had a financial interest in Everton, the club responded: “Mr Usmanov does not have any financial interest in Everton.”

Asked: “Is it true that Mr Usmanov was present during interviews with potential new managers?” The club responded: “Mr Usmanov has never interviewed potential managerial candidates for Everton Football Club - or candidates for any other position within the Club.”

However, Off The Pitch understands that Usmanov was present in discussions with at least one of the seven permanent managers to have been appointed since Mr Moshiri’s 2016 takeover.

Usmanov himself has previously spoken of his interest in investing in Everton and his holding company USM was a generous sponsor of the club prior to the Ukraine war, when Everton cut all ties.

“I am thinking about my investment into this club,” he told the FT in January 2020. “There are many ways [to invest]. It is not obligatory for me to participate myself. I could sponsor them. I could be a shareholder.”

New Stadium

Last month in a TalkSport interview and again when he talked to Bal, Moshiri appeared to contradict statements made by Everton in relation to its new stadium costs being fixed. Moshiri said that the half billion project would cost £750 million and that he was considering outside investment to make up any shortfall.

“The cost of the new stadium has not risen by 50%,” the club statement said. “The construction costs of the stadium have not changed. In April 2022, the Club signed an agreement with Laing O’Rourke that provided cost certainty on the stadium.”

It went on to say that the figure referenced “considered the costs not just associated with the build of the stadium but also the planning and preparatory stages of the project, financing, ancillary and potential developments in the local area.”

It added: “As per the budget the Club has in place for the project, there has been no change in the costs of constructing the stadium.”

LaLiga clubs respond to alleged FC Barcelona referees chief payments

LaLiga clubs have issued a joint statement in response to the allegations that FC Barcelona paid €1.4 million to the former vice president of LaLiga referees.

The accusations, which came to light earlier this month, claim that the Catalan giants made payments to DASNIL 95, a company owned by former match official Jose Maria Enriquez Negreira, during Josep Bartomeu's presidency across three seasons between 2016 and 2018.

The joint statement was released by the Executive Committee of LaLiga, which represents the position of 40 of the 42 clubs that play in the top two Spanish leagues – all apart from Barcelona and Real Madrid.

The statement read: “Yesterday, during the Division Meeting, most of the LaLiga Clubs expressed their deep concern about this case, which they consider to be of the utmost seriousness, so the proposal for a joint communication received the unanimous support of all LaLiga SmartBank clubs and all LaLiga Santander clubs except two, who objected to this joint communiqué for different reasons.

“LaLiga and its Executive Committee reject and repudiate the facts, and are deeply concerned and actively working to clarify any irregularity that may have occurred around the Negreira case, whether sporting or otherwise.

“LaLiga is following this matter very closely and will act firmly within the competences and limits allowed by law.”

Tebas calls for Laporta resignation

Meanwhile, in a separate move, LaLiga president Javier Tebas has called for the current Barcelona president Joan Laporta to resign if he cannot explain the club's payments to Negreira.

Tebas insisted that Laporta must provide some answers to the club's 33 payments to Negreira or step down from his role at Barça if he fails to do so.

He told Spanish news outlet Sport.es: “If [Laporta] doesn't explain why it was paid, I think he would have to resign.”

 

European Club World Cup spots ‘to be decided by Champions League performances’

UEFA coefficient rankings are to be used to select the majority of the 12 European clubs for FIFA’s expanded 32-team Club World Cup in 2025, according to The Times.

Sources have told the newspaper that eight of the 12 spots would be filled via coefficient rankings, with the other four places going to the Champions League winners from 2022-25.

UEFA’s club coefficients are calculated by performances in European competition over the previous five years.

Under discussion

There would be a cap of two places per country from the coefficient spots but up to four including the Champions League winners. The system is under discussion between FIFA, UEFA and the European Club Association.

If confirmed, it would mean that Real Madrid, as last season’s European champions, have already qualified for the new tournament.

 

Real Madrid and FC Barcelona remain top of LaLiga spending limits table

LaLiga has confirmed its spending limits on clubs following the winter transfer window, with Real Madrid and FC Barcelona once again having the two largest salary caps by some distance.

Real Madrid topped the list with its limit remaining at €683 million, while Barça’s fell slightly to €648 million, down from €656 million in the summer.

The Catalan giants’ limit is not negative after the triggering of its “economic levers” last year, which allowed it to spend around €150 million on new players during the summer.

However, it is expected that for the next transfer window Barcelona’s limit will be much lower. LaLiga president Javier Tebas has already explained that the club will have to reduce its wage bill by around €200 million ahead of next season.

Atletico Madrid (€316 million, down from €341 million), Sevilla (€191 million, down from €200 million) and Villarreal (€151 million – no change) completed the top five clubs with the highest limits.

The limits of both Atletico and Sevilla, as well as Barcelona, have been reduced following their elimination from the Champions League, with Atletico also failing to move into the Europa League.

Total down €30 million from summer

LaLiga’s spending limits indicate the maximum amount each club can spend during the season after the winter window, including on the first team in relation to players, managers and coaching staff, as well as on reserves and youth systems.

The aggregate salary caps of LaLiga clubs following the winter window amounts to €3.02 billion, down €30 million from the €3.05 billion total in the summer.

The difference in the total is much more marked when compared with the limits of February 2022, with an increase of €975 million, up from €2.04 billion. The difference can be largely explained by the turnaround for Barcelona, whose limit went from €-144 million in February 2022 to €656 million in September 2022.

Birmingham City and a “number of individuals” have been charged by the English Football League (EFL) with alleged rule breaches following an investigation into a takeover bid.

The charge – which didn’t name any individuals – comes following the collapse of a takeover bid led by the former Barcelona and Milan striker, Maxi Lopez, in December.

“Following the conclusion of an investigation into the proposed acquisition of Control at Birmingham City, the EFL has today charged the Club and a number of other individuals with alleged breaches of EFL Regulations,” the EFL said in a statement.
“The EFL has been considering whether the Club, any Official(s), and/or any Persons involved with the proposed acquisition of Control complied with the requirements of the Regulations in relation to the Owners’ and Directors’ Test (OADT).

“Having comprehensively reviewed all relevant issues, the EFL has now determined there is sufficient evidence to justify issuing various charges of Misconduct.

“The charges allege that a number of people were allowed to and did act as Relevant Persons and/or acquired Control of the Club without the prior approval of the EFL, and associated breaches.

“The multiple matters will now be referred to an independent Disciplinary Commission and due to them being subject to ongoing proceedings, the EFL will not be making any further comment.”

New owners

Lopez and Paul Richardson, a lifelong Birmingham fan and fashion entrepreneur, were part of the consortium hoping to buy Birmingham City from current owners BSHL. Their company Maxco Capital was unable to agree revised terms after being granted exclusivity to complete a takeover last summer.

Richardson said at the time that he was “bitterly disappointed” with the collapse of the deal.

“We really hope that BCFC finds an owner who is as passionate about this club as we are,” he said then.

Sevilla speak out on referee’s scandal

Sevilla became the first club to speak publicly on the referees scandal that has consumed Spanish football, expressing its “concern and indignation” and calling on LaLiga and the RFEF to “get to the bottom of” Barcelona's alleged payments to the vice-president of the Committee of Referees, Jose Maria Enriquez Negreira.

It was alleged earlier this month that Barca had paid a series of payments to a company owned by Jose Maria Enriquez Negreira, the former vice-president of Spain’s Technical Committee of Referees in Spain. The public prosecutor has opened an investigation but LaLiga say they are unable to open their own formal process due to a statute of limitations rule.

Bottom of the matter

However, Sevilla have urged LaLiga and the Royal Spanish Football Federation (RFEF) to “promote and take part in all proceedings that may arise from this case once the investigation has been completed.”

“Sevilla FC wishes to express its concern and indignation at the information that, day by day, has come to light through the media, making it clear that it is absolutely necessary to get to the bottom of the matter in order to clarify what happened and who is responsible,” the club said in a statement.

“The serious nature of the facts known so far, which call into question or sow doubts about the integrity of Spanish football competitions, also leads Sevilla FC to publicly request that LaLiga and the RFEF, as the highest representatives of Spanish football, with the RFEF also being the highest authority responsible for the refereeing collective, that, when the time comes, they promote and take part in all proceedings that may arise from this case once the investigation has been completed.

“Finally, it is the wish of Sevilla FC to state that, beyond the clubs and their institutions, the fans of all teams deserve respect, and it is the responsibility of the leaders to provide the necessary environment so that the integrity of the competitions in which we participate is never called into question.”

Henry: Investment sought in Liverpool, but club not for sale

Liverpool principal shareholder, John W. Henry, has distanced Fenway Sports Group (FSG) from an outright sale of Liverpool, saying talks remained ongoing with potential minority investors but that the club wasn’t for sale.

In a rare interview with the Boston Sports Journal Henry reiterated comments made in November when he said that FSG were interested in further investment in Liverpool following a report which claimed they were inviting offers to buy the club.

"Are we selling LFC? No."

“I know there has been a lot of conversation and quotes about LFC, but I keep to the facts: we merely formalized an ongoing process,” he said. “Will we be in England forever? No. Are we selling LFC? No. Are talking with investors about LFC? Yes. Will something happen there? I believe so, but it won't be a sale. Have we sold anything in the past 20+ years?”

FSG, which also owns Major League Baseball's Boston Red Sox and the National Hockey League's Pittsburgh Penguins, has previously taken outside investment, selling a 10 per cent stake to RedBird Capital Partners for around $735 million in April 2021.

Man Utd Supporters Trust raise Qatar bid concerns

Manchester United’s Supporters Trust (MUST) has raised concerns following a bid by a Qatari banker to buy the club.

Sheikh Jassim Bin Hamad J.J. Al Thani, Chairman of QIB, one of the leading banks in Qatar, last week tabled a bid to buy United, with a separate bid coming from the billionaire founder of Ineos, Jim Ratcliffe.

MUST, which had previously published a list of “asks” for any new owner - to restore the Club to the top of European football, invest in the teams, the wider Club and the stadium, to ensure financial stability, and to work in true partnership with fans at all times – said in that “further considerations” arose following what it termed “an effective “nation-state” bid emanating from Qatar”.

These included, MUST said, “questions about sporting integrity given the exceptionally close links between this bidder and the owners of other European clubs including PSG.”

Women's and LGBTQ+ rights

The Supporters Trust also mentioned its concerns about women’s rights and LGBTQ+ communities. Homosexuality is criminalised in Qatar. “We also note the importance that any owner respects the rights of all people,” they added in a statement. “Many supporters have raised concerns over discrimination that women face in Qatar. Other fan groups have expressed their concerns about the intolerance of the LGBTQ+ community, concerns which we fully support.”

They added that any new owner need to “explicitly commit” to supporting the manager, Erik Ten Hag, after the “enormous strides” taken this season.

MUST called on dialogue between Manchester United and the fans ahead of any bid being accepted.

Police concern after Schalke horror attack

German police have voiced concern about further violence at the Bundesliga derby between Schalke and Borussia Dortmund next month following a brutal attack on Schalke fans on Sunday.

Several hundred Schalke fans were attacked while waiting to take buses to Berlin for a match against Union Berlin after a group of at least 100 rival fans showed up intent on violence.

A baseball bat and other tools were used in the brawl and a bus driver was among the injured, police said, adding that the attackers were already gone when they arrived.

High-risk game

At least four people were seriously injured in the attack, with police blaming Rot-Weiss Essen and Dortmund fans. Both clubs are regional rivals to Schalke.

“We appeal to the clubs and both sets of fans not to let the situation escalate further in the coming weeks,” a police spokesman said on Monday.

The derby between Schalke and Dortmund, Germany's biggest local rivalry, was already considered a high-risk game by authorities. Dortmund are level on points at the top of the Bundesliga while Schalke are bottom. The incident also raises scrutiny on German football ahead of next year’s Euros, which will be hosted in the country.

The £4 billion ($4.8 billion) bid tabled by a Qatari banker for Manchester United last week would shatter the record set for a sports franchise, but falls below the revenue multiples set in recent US sports M&A valuations and deals a leading analyst tells Off The Pitch.

Questions have also been raised about the source of funds for the deal, after a foundation being used as a vehicle for the proposed purchase of the club was shown to have no footprint.

On Friday it was confirmed that Sheikh Jassim Bin Hamad J.J. Al Thani, Chairman of QIB, one of the leading banks in Qatar, had tabled a bid to buy United.  The billionaire founder of Ineos, Jim Ratcliffe, has also confirmed a bid to buy the club. 

Sources have told Off The Pitch that the Qatari bid is worth $4.8 billion – a significant premium on United’s current New York Stock Exchange valuation of around $4 billion – and more than the previous sports M&A record of $4.65 billion, paid last year for NFL’s Denver Broncos.

Raine, the boutique investment bank handling the sale, have declined to comment on the sale process or give a guide valuation. However, prior to its engagement by United, Raine’s founder, Joe Ravitch, made public comments in which he implied a valuation of up to $10 billion.

Other media reports have suggested that United’s current owners, the Glazer family, are seeking at least $6 billion.

Market trends

A $6 billion valuation would be more in keeping with current market trends says Achille de Rauglaudre, a McKinsey alumni and former Toulouse executive, with a special expertise in multi-club ownership and sports investment, but even that may not be enough to tempt the Glazers to sell.

A sale price of $6 billion would imply EV/revenue multiples of 7.7x. According to research by De Rauglaudre this would be above recent leading football M&A deals, consistent with historic transactions carried out in the US, but behind the current boom trend for US franchises.

Last year Chelsea traded at $3 billion (5.2x multiple on $580 million 2020/21 revenue) and AC Milan, with a $1.3 billion EV (4.6x multiple on $280 million 2021/22 revenue).

While these prices were generous in relation to the average valuation of a Top 30 European football team (an implied multiple of 3.6x) they fall below those in the United States. NFL, NBA and MLB franchises are typically valued at multiples of 7.9x of income, according to De Rauglaudre’s research.

However, he points out that the Phoenix Suns NBA franchise were valued at $4 billion earlier this month, which would imply a 13.3x multiple on $300 million 2021/22 revenue. “This suggests multiples in US sports franchises keep booming as well,” he says.  “Not to mention soaring MLS valuations at 10.2x average multiple in 2022.”

Greater flexibility

The fact that the Qatari bidder for United is touted as a private individual rather than a fund, notionally gives more flexibility to meet whatever asking price the Glazers may seek.

“Usually institutional investors and PE firms are quite conservative on multiple increase between acquisition and exit, rather betting on actionable levers such as revenue growth and Ebitda improvements,” he says.

 In other words while a private equity fund will apply their own methodology, a private individual (as Sheikh Jassim notionally is) will pay as much as they want or can afford to secure a prestige asset. Is this the sort of external market factor that could see a valuation soar into the stratosphere? 

“A PE firm will usually ‘retro-engineer’ their leveraged buyout model starting with their fund objectives in terms of IRR (internal rate of return, usually at least 15 per cent and 20-25 per cent in most cases) on a given timeframe (5-8 years) and determine the maximum acquisition price they can pay while staying in these IRR ranges,” De Rauglaudre explained via email.

“Thus, they won't bid beyond a certain EV/revenue multiple and acquisition multiple based on the various assumptions of their model.

“On the contrary, private investors will either have longer holding periods or lower / more flexible return objectives (and sometimes no return objectives at all when it's just about a trophy asset). Thus they will have way more willingness to pay in a competitive process.”

De Rauglaudre also believes that private bids – unlike the investment funds that secured Chelsea and AC Milan – like Sheikh Jassim and Ratcliffe’s may ultimately prove more attractive to the selling party and also raise the final price.

“PE firms use debt leverage most of the time because their return model relies on it - the more debt PE firms can raise, the more flexibility they will have to be competitive on the price,” he says.

“Private investors can also raise debt but they may as well have the flexibility to pay 100 per cent equity for a given asset, which will give them a status of ‘safer’ buyer - which is probably why the Qatari consortium highlighted this point in their bid.”

Nature of the bid

Sheikh Jassim’s advisors were keen to emphasise that his bid came from his “personal wealth” and that any takeover would be “completely debt free”. They declined to comment on the size of the bid.

However they said the money would come via Sheikh Jassim’s Nine Two Foundation, which will look to invest in United’s teams as well as the stadium and wider infrastructure of the club and local community.

The Nine Two Foundation, they said, was Qatar domiciled.

However, the Nine Two Foundation appears to have no digital footprint, nor do records of it appear to be held at the Qatar Financial Centre (QFC). The QFC holds a Public Register in which “QFC-licensed company details and information are searchable, accessible and available to all.” However a search of the register elicits no details of the Nine Two Foundation there.

An upcoming UK Government White Paper is expected to legislate that owners who cannot prove the source of their wealth won’t be able to complete takeovers.

We asked Sheikh Jassim’s advisors for registration details of the Foundation but they chose not to respond.

Sheikh Jassim bin Hamad al-Thani, the chairman of Qatari bank QIB, made an official bid for Manchester United on Friday, offering a minimum of £4bn via his Nine Two Foundation. The bid included a promise to redevelop the club's infrastructure without incurring any debt.

Sheikh al-Thani submitted the bid before the 10 pm "soft" deadline on Friday, by which time all potential buyers had been expected to lodge their opening offers for the club. The Nine Two Foundation confirmed the bid for 100 per cent ownership of Manchester United, stating that the bid aimed to restore the club to its former glories on and off the pitch and place fans back at the club's heart.

“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports," a statement read.

Fan-centred approach

Sir Jim Ratcliffe, INEOS chairman and Britain's wealthiest individual, also confirmed his bid for "majority ownership" on Saturday after widespread reports of an offer on Friday.

INEOS said it intended to invest in Manchester United to make them the top club in the world once more.

“We also recognise that football governance in this country is at a crossroads. We would want to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive, fan-centred approach to ownership. We want a Manchester United anchored in its proud history and roots in the northwest of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League,” the statement from INEOS read.

Sheikh al-Thani's bid and INEOS' bid were submitted during the sale process of the football club, which has been owned by the Glazer family since 2005.

Borussia Dortmund reports rise in revenue and net profit for H1 2022/2023

Borussia Dortmund have reported preliminary results for the first half of 2022/23 and reveal an increase in revenue and net profit.

The club's consolidated revenue was €221.6 million, up 4.2 per cent from the previous year, with income from match operations and catering contributing significantly to the rise. This was due to
Signal Iduna Park being able to return to full capacity during the period.

However, the total operating proceeds, which also includes transfer income, fell two per cent to €308.2 million from €316 million. This was the result of lower transfer income, down 16 percent to €86.6 million, given the significant income generated by the transfer of Jadon Sancho to Manchester United in the year prior.

The club's consolidated net profit rose by 7.2 per cent to €40.2 million, compared to €37.5 million for the same period last year. EBITDA was up slightly to €101.6 million, compared to €100.1 million.

Resilient consumer-exposed stock

The club's total wage bill increased two per cent to €112.3 million. Depreciation, amortisation, and write-downs within the group declined slightly from €51.2 million to €51 million.

Trion Reid, an analyst at investment bank Berenberg, said in a comment: “We continue to see Borussia Dortmund as relatively resilient consumer-exposed stock, which still trades below its pre-COVID-19 levels despite the ongoing recovery from the pandemic and currently-elevated private investor interest in football clubs.”

DAZN set to bid for future Premier League TV rights

There could be another broadcaster for English football fans to subscribe to after the head of the sports streaming platform DAZN has said that securing domestic Premier League rights is a “high priority” as it aims to establish itself as a major player in the British market.

DAZN has 20 million subscribers across the world but has a relatively low profile in the UK, and Shay Segev, its chief executive, said to the Times that the platform is positioning itself to compete with Sky, BT Sport and Amazon Prime for Premier League packages.

It already holds the domestic rights in Italy for Serie A football, paying €840 million per season

"Strong enough to position ourselves"

Segev told The Times: “Football is obviously very big in the UK and EPL is an option on our menu. If the question is do we have any ambition to go to this market, the answer is of course yes. And it’s not only ambition it’s a high priority on my list.

“The question is the economic situation, the competition and whether we will be in a position to be strong enough to position ourselves as the best. I am very, very confident that in the mid to long-term we can be a big player in the UK.

“Whether this takes, two years, five years, seven years, time will tell.”

Media: 777 Partners considering investment in Everton

Miami-based 777 Partners is considering an investment in Everton, according to sources close to the firm and the Premier League club, writes the Athletic.

The company, whose managing partners are Steven Pasko and Josh Wander, has already established a network of football clubs, including Genoa in Italy, Vasco de Gama in Brazil, Standard Liege in Belgium, and Red Star in France. In November 2022, 777 Partners reached an agreement to acquire a controlling stake in Hertha BSC.

Although Everton's owner, Farhad Moshiri, has repeatedly denied that the club is for sale, he is open to investment to help fund the construction of their new stadium.

MSP Sports Capital, another American firm, has also engaged in talks with Moshiri regarding a potential investment in Everton. Sources close to Everton suggest that MSP is not the only interested party. According to a report in Financial Times last week, MSP is also interested in making a bid for Tottenham Hotspur, another Premier League team.

Funding for new stadium

Moshiri has been actively searching for investment opportunities for nearly a year, as he attempts to finance the construction of the new stadium at Bramley-Moore Dock. He initially estimated the cost of the stadium to be £500 million, but later revised the figure to £760 million.

"The club is not for sale, but I have been talking to top investors, really quality, to bridge a gap on the stadium," Moshiri told Everton's fan advisory board in January.

Sheffield United’s preferred buyer sued in US court

The Nigerian businessman Dozy Mmobousi, the preferred buyer of Sheffield United for £90 million, is facing a demand for a jury trial in the US over his failure to pay the CEO of his Tingo Mobile company nearly $300,000.

The latest revelation about Mmobousi's unpaid debts, which stretch from Africa to Europe and the US, is unlikely to help his cause as he undergoes the English Football League’s owner’s and director’s tests.

This also raises questions as to whether Mmobousi actually has the money to buy the club if he can't pay his staff in his main business or the rent on his living accommodation - he is also taken to a UK court for not paying rent.

Dismiss the claim

According to a complaint filed in the US District Court of Connecticut, the CEO of Tingo Mobile Sukhdeep Bhogal is requesting damages of no less than $296,016.72, as well as 200,000 shares of THI and civil penalties of $5,000, and punitive damages,

Mmobousi’s lawyers have requested more time to prepare a motion to dismiss the claim.

Fresh speculation about the future ownership of Tottenham Hotspur has emerged after The Financial Times reported that Iranian-American billionaire Jahm Najafi is preparing a $3.75 billion takeover bid for the Premier League club.

Najafi, the co-founder and chairman of US investment firm MSP Sports Capital, is said to be working with a consortium of investors to structure the bid and is “weeks away” from formally approaching Spurs owner Joe Lewis and the club’s chairman Daniel Levy.

The Najafi and MSP-led offer would value the club’s equity at approximately $3 billion before adding about $750 million of debt on the club’s books.

The bid is understood to be structured so that MSP and its partners will put forward 70 per cent of the purchase price, while backers from the Gulf, mainly from Abu Dhabi, will contribute the remaining 30 per cent.

Everton talks

MSP already has stakes in McLaren Racing and several European football clubs, including G.D. Estoril Praia in Portugal and Spain’s AD Alcorcon. Last October it also agreed a deal to buy ESPN’s majority holding in the X Games extreme sports competition.

Last month, Bloomberg reported that MSP had held “preliminary discussions” with Everton owner Farhad Moshiri about acquiring a stake in the club. Najafi, along with the MSP CEO Jeff Moorad and vice president Pete Taylor, were in attendance at Goodison Park during Everton’s loss to Southampton on 14th January.

Question marks over Spurs bid

Following the report of MSP’s interest in Tottenham, question marks were raised about the potential takeover bid, with The Guardian reporting that Spurs have said there has been no approach from Najafi.

Also, according to The Daily Mail, the Iranian-American’s anticipated offer of $3.75 billion (£3.1 billion) for Tottenham will fall short of the club’s valuation.

The Mail understands that Spurs owner Lewis values the club at between £4-4.5 billion –with a proposed sale at £3.1 billion described as “impossible” by sources.

ENIC – which is connected to Lewis and Levy – purchased a 26 per cent stake in Tottenham from Lord Alan Sugar for £21.9 million back in 2000, and they have since increased their stake in the club to 85.5 per cent.

Aston Villa owners agree deal to buy 46 per cent of Portuguese club Vitoria SC

Aston Villa’s global expansion plans are set to move a step forward after owners Nassef Sawiris and Wes Edens agreed a deal to acquire a 46 per cent stake in Portuguese club Vitoria SC.

In a statement, Aston Villa confirmed that V Sports, the holding company of the Premier League club, has entered into a sale and purchase agreement with the Primeira Liga side in a deal worth an initial €5.5 million.

“V Sports aims to create a synergy amongst clubs in its group that will encourage the sharing of worldwide scouting networks, academy coaching methodologies, best practice and youth academy development strategies across Europe and Africa,” Aston Villa said in their statement.

New management team

Sawiris said: “Discussions, which have been ongoing for almost two years, have progressed thanks to the positive steps taken by the new management team led by [Vitoria president] Antonio Miguel Cardoso whose energy and vision has been a crucial component in reaching this agreement.”

Cardoso added: “Since first meeting we found out that Mr Nassef Sawiris is a man of serious commitments and available to be the right partner which VSC needs in this important moment of our history.”

Vitoria said in a statement that the agreement is pending the approval of the club’s members at its next General Assembly, which is to be scheduled soon.

Olympique Lyon post €60.7 million loss for H1 2022/23

Olympique Lyon have reported a loss of €60.7 million for the first half of the 2022/23 financial year despite turnover increasing by 16 per cent to €134.8 million.

The total revenue included the first payment of €16.5 million coming from CVC’s investment in the commercial subsidiary of the LFP, which more than offset the loss of income caused by the lack of European football this season.

Despite the growth in revenue, EBITDA fell to a €23.7 million loss after recording a €14.7 million profit for the first six months of 2021/22.

Commenting on the results, Trion Reid, an analyst at investment bank Berenberg, said: “We note that the comparison base includes a €37m benefit in payroll taxes related to COVID-19 government aid, yet the fall in EBITDA despite growth in revenue is still a surprise.”

He added: “Management blames a lack of operating leverage, which is unusual for a football club, higher operating expenses in general linked to inflation (particularly on electricity, which increased five-fold), and higher personnel costs linked to activity in the summer transfer window. Even adjusting for the government aid, personnel costs increased 20 per cent year-on-year.”

2025/26 forecast

While Lyon did not provide an outlook for the current financial year, the longer-term 2025/26 guidance was confirmed, for revenue of €400-420 million, EBITDA of more than €90 million and net debt of less than €180 million.

Lyon were taken over by American businessman John Textor in December. His Eagle Football group acquired 77 per cent of the shares, subscribed to a €86 million capital increase, and will launch a cash tender for the remaining shares at €3 per share.

FC Barcelona under scrutiny over €1.4 million paid to referee chief’s company

FC Barcelona paid €1.4 million to a company belonging to then-referees committee vice president Jose Maria Enriquez Negreira between 2016 and 2018, according to Spanish media reports.

Then-Barcelona president Josep Maria Bartomeu told Cadena SER, which initially reported the payments, that they were legitimately made then ended due to cutting costs. He also claimed the payments had existed as early as 2003.

Former Barcelona president Joan Gaspart (2000-2003) denied knowing of any payments, while Joan Laporta, both former (2003-2010) and current (2021-) president of the club, declined to comment.

The Barcelona prosecutor’s office is investigating Negreira’s company DASNIL for corruption between individuals, according to the report, following a treasury inspection into tax irregularities with the payments – reported by Cadena SER to be €532,728.02 in 2016, €541,752 in 2017 and €318,200 in 2018.

Barcelona response

In a statement, Barcelona confirmed that the club had received reports on referees from a company. “In the past Barcelona contracted the services of an external technical consultant, who provided, in video form, technical reports referring to players from the youth categories of the Spanish state for the club’s technical secretary,” the statement read.

“Additionally, the relationship with this external provider expanded to technical reports related to professional refereeing, with a view to complementing the information required by the first-team and academy coaching staff, a usual practice in professional football clubs.”

The club added: “Barcelona will take legal action against those who damage the club’s image with possible insinuations contrary to the reputation of the institution which could be produced based on this information.”

FIFA has reported record revenues for the four-cycle that culminated in the 2022 Qatar World Cup.

The governing body’s Annual Report 2022, which has been approved by the FIFA Council, states that revenues for the 2019-22 cycle reached US$7.6 billion.

The report added that US$11 billion is expected to be earned during the 2023-26 period. Strong growth is anticipated due to the expanded World Cup to be played in the USA, Canada and Mexico in 2026, and FIFA’s new strategy for women’s football.

Meanwhile, the report showed that Gianni Infantino, who is heading for a third term as president, saw his salary increase to €3.64 million in 2022, up from €2.98 million in 2021.

FIFA Club World Cup details

Further details of the FIFA Club World Cup were also announced, with the slot allocation for the first edition of the expanded tournament featuring 32 teams, set to take place in June-July 2025, to be AFC: 4, CAF: 4, Concacaf: 4, CONMEBOL: 6, OFC: 1, UEFA: 12 and tournament host: 1.

For this year’s edition of the competition, which is due to be played from 12th to 22nd December under the current format with seven clubs, the FIFA Council unanimously appointed Saudi Arabia as tournament hosts.

 

Sheffield United takeover on hold as EFL seeks to address number of “queries” over deal

The English Football League has confirmed it will not process the proposed takeover of Sheffield United by Nigerian technology billionaire Dozy Mmobuosi until a number of “queries” it has raised about the deal are addressed.

The EFL released a statement on Tuesday after it emerged that a fresh tranche of shares have been issued in United to an unnamed individual. The league said it is still not in a position to rule whether Mmobuosi’s buy-out will be allowed to proceed.

The tech entrepreneur, whose company Tingo mobile was last year valued at $7.6 billion, is hopeful of completing a £90 million takeover of United in the coming weeks.

In an interview with CNN the Nigerian said he was confident of completing the takeover deal and will be financing it on his own. “It is my money. And I have actually made a deposit,” Mmobuosi revealed during the interview in London.

“I would expect myself and the club to issue a joint statement that would have details concerning how much, but I have made a deposit and that shows my seriousness for a start.”

The EFL statement read: “The EFL notes the comments from Dozy Mmobuosi in respect of a proposed change of control at Sheffield United.

“Whilst the League is in receipt of the Share Purchase Agreement and Owners and Directors’ Test declaration, alongside some evidence of source and sufficiency of funding, it has previously raised a number of additional queries with the proposed purchaser and the Club.

“The EFL has been awaiting a response on those queries for some time and until the League is satisfied that the requirements of its Regulations have been met, it will not process a change of control at the Club.”

Unpaid court judgements

Meanwhile, it has emerged that Mmobuosi has outstanding County Court judgments against him in the UK for £30,109.

According to a report from Inside World Football, the debt was incurred between April and December 2020 for failure to pay his rent on a property in St Albans, Hertfordshire.

The debt has not been cleared despite repeated attempts to recover the money by the landlord’s agents and subsequently bailiffs once the court judgement was issued in April 2021. Mmobuosi has said in the past that he will pay the debt, but has yet to fulfil his promises.

 

Atletico Madrid shirt sponsor deal with crypto firm Amber to be terminated early

Singapore-based crypto firm the Amber Group is to end its front-of-shirt sponsorship deal with Atletico Madrid, according to a report from Mundo Deportivo.

Amber’s WhaleFin trading platform logo has appeared on the Atletico team’s shirt since the start of the current season after a five-year deal worth €40 million per year was agreed last summer.

It is understood that the deal will now be terminated once the 2022/23 season has been completed, with Amber said to be pointing to a clause in the contract that in its view allows it to end the partnership if it experienced a market decline.

While it is believed that Atletico are not ruling out taking legal action over the early termination, it is understood they are already looking for a shirt sponsor to replace Amber from the 2023/24 season.

Chelsea deal

The development comes after it emerged last December that Amber is to terminate its sleeve sponsorship deal with Chelsea. The company, one of Asia’s leading crypto-trading and lending platforms, is said to be undergoing a major cost-cutting strategy amid the deteriorating outlook for virtual assets.

 

Belgian club KAA Gent appoints Tifosy to find investors for stake sale

Belgian Pro League club KAA Gent wants to sell a sell a stake in the club and has appointed British investment firm Tifosy to find investors, Bloomberg reports.

Potential buyers are being offered a “unique opportunity to acquire an iconic, stable and well-managed top-tier Belgian football club,” Tifosy said in the documents.

Gent, currently fifth in the Pro League, have played 15 times in the Europa League and once in the Champions league. Its stadium holds around 20,000 spectators.

Since 1999, the club has been led by Ivan De Witte, CEO of the HR company Hudson Benelux. He owns a 25 per cent stake, with club CEO Michel Louwagie holding 15 per cent. All the other shares belong to minority shareholders.

Belgian football has attracted several foreign investors to its clubs in recent years. Standard Liege was bought last year by the Miami-based 777 Partners LLC and RWK Molenbeek was recently bought by John Textor’s Eagle Holdings.

Mayor comments on local links

Writing on social media, Gent mayor Mathias De Clercq said he is keen to keep the club as part of the local community. “For us as a city, it is very important that the strong local anchoring and the social aspect of the club, including the KAA Gent Foundation, is not lost,” he said.

“That is why we ask the club to remain closely involved in the further plans. We want absolute guarantees that this local anchoring is maintained when the club is sold or participating.”

UEFA bears “primary responsibility” for the organisational and safety failures at last season’s Champions League final in Paris, the governing body’s own review has concluded.

The damning report – whose key findings were revealed by several media outlets on Monday ahead of its publication – was produced by the panel UEFA appointed to review the chaos that engulfed the final between Liverpool and Real Madrid at the Stade de France in Paris last May.

The report makes alarming criticisms of the culture and operations at UEFA, and of the French police, and concludes that UEFA has “marginalised” its own safety and security unit, headed by Zejlko Pavlica, a close friend of UEFA president Aleksander Ceferin in their native Slovenia.

The report also strongly rejects claims made persistently by UEFAand the French police and government ministers, that thousands of Liverpool fans without valid tickets caused the problems. It states that there is no evidence to support such claims, which were made in a “reprehensible” attempt by the authorities to avoid responsibility.

The Paris Préfecture de Police is criticised for not working jointly with other stakeholders organising the final, and failing to prevent or remedy congestion on a notoriously problematic access route to the stadium.

It was also criticised for using “weaponry” such as teargas and pepper spray without sufficient justification, failing to engage with the local community, and “standing by” while supporters were being mugged or physically attacked.

UEFA promises “highest level of safety”

In a statement, UEFA said it “welcomes” the publication of the review, adding that “it highlights a number of important lessons about how the organisation of the Final could have been improved.”

The statement continued: “UEFA is currently analysing the findings of the Review and assessing them against its own analysis of the organisation of the event and facts that occurred around it.

“At the same time, UEFA is reviewing the recommendations of the Panel in order to introduce appropriate changes and arrangements to ensure the highest level of safety for fans at future finals.” UEFA added that it will announce separately a special refund scheme for fans.

Meanwhile, Liverpool have issued a statement attacking the release of the report. “It’s hugely disappointing that a report of such significance, such importance to football supporters’ lives and future safety, should be leaked and published in this way,” the club said.

“It’s been over eight months of work by the independent panel and it is only right and proper to publish the contents of the report to our supporters appropriately. We will await to receive a copy of the report and digest it thoroughly before making any further comment.”

UEFA set to allow Qatari investors to bid for Man Utd despite dual ownership concerns

UEFA are expected to permit a group of Qatari investors to bid for Manchester United despite concerns over a conflict of interest due to Qatar Sports Investments (QSI)’s ownership of Paris Saint-Germain, The Daily Mail reports.

A UEFA rule designed to protect the integrity of the Champions and Europa Leagues states that “no club participating in UEFA club competitions may….hold or deal securities or shares in any other club participating.”

It adds that they cannot “be involved in any capacity whatsoever in the management administration and/or sporting performance of any other club participating.”

Any Qatari investors would ultimately be linked to Sheikh Tamin, given the grip the royal family has on wealth in the small state. PSG have been owned by Qatar Sports Investment since 2011, which is a subsidiary of the state’s sovereign wealth find, Qatar Investment Authority (QIA).

It is understood that UEFA’s Club Financial Control Body, which regulates competitions, is likely to rule a dual ownership is legitimate as long as Sheikh Tamim is a symbolic, hands-off figure and the two teams have separate management and distinct corporate structures which do not collude.

UEFA has already provided a precedent of sorts in allowing both RB Leipzig and Red Bull Salzburg to compete in the Champions League, with both clubs funded by soft drinks firm Red Bull.

Offer set to be made in coming days

According to Bloomberg, Qatari investors are set to make an offer for Manchester United in the coming days, with the consortium preparing to submit an initial bid for the Premier League club by the end of the week.

Sources said that officials at the QIA are helping with preparations for a bid alongside local family offices.

Race to buy stake in Bundesliga media rights business hots up as six bidders named

The bidding process for a stake in the DFL’s new media rights business is set to move forward over the coming days and weeks, with six private equity firms in the running, according to a report from Kicker.

The German magazine names the companies ready to invest as Advent, Blackstone, Bridgepoint, CVC, EQT and KKR. It understands that all bidders and their teams have already presented themselves to the commission running the process.

In the coming weeks, a shortlist is expected to be created, most likely reducing the field to three remaining bidders. The final decision of the DFL and the clubs was initially due to be made in March, but the process was delayed by the dismissal of Donata Hopfen as DFL CEO and the appointment of Axel Hellmann and Oliver Leki as joint managing directors.

All stakeholders are said to be assuming that the final vote will now take place in June at the DFL General Assembly. There, a two-thirds majority of the clubs from the Bundesliga and Bundesliga 2 is necessary to approve the investment.

Increase competitiveness

As the gap in spending power between clubs in the Bundesliga and the Premier League grows ever wider, the DFL is understood to want an investor who can help preserve the traditional values of the German league, but at the same time increase competitiveness.

In addition to support around media rights, help with digitisation and infrastructure improvement are at the top of the list of requirements. Above all, good contacts in the growth markets of the USA and Asia are in demand, as is networking with streaming giants.

Celtic revenues up 44.8 per cent after Champions League campaign

Celtic have posted a profit of £33.9 million for the first half of the 2022/23 financial year, with total revenue rising to £76.5 million – up 44.8 per cent compared on the same period last year.

The increase in turnover for the six months until 31st December 2022 was driven largely by the Scottish club’s Champions League campaign. Celtic played in the group stage of this season’s tournament but failed to qualify for the round of 16. Last season, the club played in the Europa League before switching to the Europa Conference League.

The amount spent on players dropped from £16.8 million to £5.7 million, although profit from player sales also fell from £25.8 million to £1.8 million.

“New playing squad”

In his first statement since re-joining the club as chairman, Peter Lawwell said direct qualification to the Champions League group stage was one of "the key factors driving the improvement in the underlying trading performance".

Former chief executive Lawwell added: "Gains from player trading this year were notably lower, reflecting our strategy of assembling a new football playing squad under [manager] Ange Postecoglou."