Last week, Fulham became the final Premier League club to publish their financial report for the 2024/25 season, reporting an operating loss of £85.5 million.

Despite this, they were not among the clubs with the largest losses. Six teams posted operating losses of more than £100 million, including West Ham, Wolves, Tottenham, Brighton and Aston Villa. Chelsea reported the highest figure at a record £311 million.

In total, Premier League clubs recorded an operating loss of around £1.6 billion for the financial year, an increase of more than £550 million compared to the previous year.

Disposal of subsidiaries

Profits from the disposal of subsidiaries in intra-group deals have become more prominent in offsetting operating losses. Aston Villa generated £113.7 million through such disposals, including their women’s team.

Everton sold their women’s team and Goodison Park to their owners, The Friedkin Group, for around £50 million, while Newcastle reported a £133 million profit from similar transactions, including the sale of their stadium.

Profit on player sales declined across the league by £170 million year on year to £970 million, while total net losses across the league reached £900 million, up from £166 million.

 

Chelsea owner signals shift in transfer strategy

Chelsea’s ownership group plan to adjust their recruitment strategy by targeting more experienced players to complement a youthful squad assembled in recent seasons. Clearlake Capital co-founder and Chelsea co-owner Behdad Eghbali said the club are entering a new phase of squad building aimed at improving consistency on the pitch, as reported by The Athletic.

The approach marks a shift from a focus on signing younger talent, with the club now seeking players capable of making an immediate impact. Eghbali said the objective is to retain a core group while adding experience, rather than undertaking repeated squad rebuilds.

“We’ve got to be better on a few things, to add more ready-made players … to take it to the next level, to be consistent over time,” he said and added that the plan remains under review as results fluctuate.

Ownership commitment reiterated

Eghbali also said the ownership group remain committed to delivering success and acknowledged shortcomings in areas such as managerial stability following the departure of Enzo Maresca earlier in the season.

He also referenced growing supporter unrest ahead of the club’s fixture against Manchester United, stating that improving results and maintaining competitive standards remain central to the project.

 

Wrexham grant faces questions over lawfulness of £3.8m award

A £3.8 million government grant awarded to Wrexham AFC is facing scrutiny after it emerged the funding was approved without a completed subsidy control assessment, according to reporting by The Guardian.

Freedom of information responses indicate that Wrexham County Borough Council approved the payment before finalising checks required under subsidy control rules, which are designed to ensure public funding is lawful and proportionate.

Alexander Rose, a partner at Ward Hadaway, said to the newspaper: “Evidence that this assessment wasn’t finalised when the grant was given would certainly have helped a challenger, for example a rival football club.”

The grant formed part of wider public funding of £18m allocated to Wrexham AFC to support redevelopment of the Racecourse Ground, with an initial tranche awarded in February 2022 and further funding disclosed in 2025.

Required checks

The club, owned by Ryan Reynolds and Rob McElhenney, has attracted increased investment and global attention since their takeover in 2021, contributing to a rise through the English football pyramid.

Despite the procedural concerns, the report said there is little prospect of the funding being recovered, as the statutory one-month period for legal challenges has expired, while council leader Mark Pritchard said all required checks had been completed before any money was transferred.

France’s National Assembly is set to examine a proposed law to reform the governance of professional football from 18 May.

The bill, which was adopted by the Senate in June last year, could come into force as early as next season if passed before the summer, introducing structural changes to how the professional game is run.

Under the proposal, the current role of the Ligue de Football Professionnel (LFP) would be reshaped, with greater powers transferred to the French Football Federation (FFF). The reform would allow the federation to take back control from the league over organising competitions.

Reform plans and club pressure

The legislation, backed by senators Laurent Lafon and Michel Savin, includes plans to create a club-owned company to run competitions, similar to models used in other European leagues such as the Premier League.

It follows pressure from several Ligue 1 club presidents, who wrote earlier this year: “We call on the public authorities to accelerate the necessary and urgent reform of the governance of French professional football”, warning that the current system is no longer suited to managing broadcast rights and the league’s commercial strategy.
 

PIF sell 70 per cent stake in Al Hilal to Saudi prince

Saudi Arabia’s Public Investment Fund (PIF) have sold a 70 per cent stake in Saudi Pro League club Al Hilal to Kingdom Holding Company, as the sovereign wealth fund continues to reshape its sports portfolio.

The deal values Al Hilal at €317 million and transfers majority ownership to the investment firm controlled by Prince Alwaleed Bin Talal.

PIF acquired controlling stakes in four leading Saudi clubs, including Al Hilal, in 2023, and will retain a minority share in the club.

PIF strategy under focus

The sale comes amid scrutiny of PIF’s wider sports investments, including reports that it may scale back funding for LIV Golf, the breakaway circuit launched in 2022.

In a statement, PIF said the transaction aligns with its strategy to “maximize returns and redeploy capital within the domestic economy”, while Bin Talal said the acquisition reflects a belief in sport as “a unifying force… and a catalyst for national development.”
 

Lionel Messi acquires UE Cornellà and expands club ownership portfolio

Lionel Messi has completed the purchase of UE Cornellà, a fifth-tier Spanish club. Financial terms of the deal have not been disclosed. The Barcelona-based side compete in Tercera Federación and are recognised for their youth development system.

Players including Jordi Alba and David Raya have previously come through the club’s academy. The acquisition marks Messi’s latest move into football ownership alongside his playing career at Inter Miami.

Messi has also established Leones de Rosario in Argentina and is a partner with Luis Suárez in Deportivo LSM. The expansion into club ownership has been complemented by the launch of the Messi Cup, a youth competition involving academy teams from multiple countries.

Players' investment trend

Current and former footballers have been increasingly active in investments. Only this year, Dani Alves, Carlos Vela and Cristiano Ronaldo have all been involved in majority or minority investments in clubs.

Earlier this week it was also reported that John Terry is fronting a consortium looking to buy Colchester United, and in January Sergio Ramos was said to be fronting a consortium looking to acquire Sevilla.

Sheffield Wednesday’s prospective new owners, Arise Capital Partners, are in talks with the English Football League (EFL) over a partial lifting of the club’s transfer ban this summer.

The club are currently prohibited from paying transfer fees until January 2027 following repeated late wage payments under former owner Dejphon Chansiri, with the restriction forming part of wider sanctions imposed by the league.

According to The Guardian, the EFL have indicated during due diligence discussions that there may be scope to relax the embargo if the takeover proceeds, although a planned 15-point deduction at the start of next season will remain in place.

Limited squad and spending controls

Arise are seeking approval for an £18 millioj takeover, but the proposed deal does not meet the EFL’s requirement to repay creditors 25 pence in the pound, triggering the points penalty.

The consortium are also expected to agree to a business plan with limits on spending and wages, while approval before the end of the current season could be affected by the transition to the Independent Football Regulator’s oversight of ownership tests in May.

German FA to launch own 24-hour streaming channel

The German Football Association (DFB) will launch its own television and streaming platform, DFB.TV, on 22 May, marking its first move into operating a dedicated 24-hour broadcaster, according to a statement from the association.

The channel will be available via a standalone app priced at €5.99 per month, as well as through distribution partners including DAZN, Zattoo, HD+ and Vodafone. Production is being handled through a joint venture with Sportainment Media Group.

The platform is intended to increase visibility of its content rather than compete with existing rights holders, covering competitions and formats across all levels of German football.

Content across levels

The schedule will include women’s and youth football, including junior Bundesliga matches, alongside futsal, eFootball and archive content. Magazine-style programming and highlights from competitions such as the DFB-Pokal are also planned.

DFB.TV will also provide behind-the-scenes coverage during the upcoming World Cup in the United States, Mexico and Canada, including press conferences and team access, with the DFB stating the service will operate alongside existing broadcast agreements.

PSG set for Parc des Princes purchase talks

Paris Council have authorised mayor Emmanuel Grégoire to begin formal negotiations with Paris Saint-Germain over the potential sale of the Parc des Princes stadium, following a vote.

The motion was approved by 106 councillors out of 163, with eight voting against and 41 abstaining, granting the mayor a mandate to open discussions with PSG regarding the future ownership of the stadium.

According to L’Equipe, PSG have made clear their position to local authorities, warning they could pursue plans to relocate if an agreement to purchase their current home is not reached.

Talks to begin in the coming weeks

The stadium remains under the ownership of the Métropole, but the change in mayor has altered the political stance on a possible sale, with Grégoire indicating a willingness to engage in negotiations.

Both parties are now expected to enter talks in the coming weeks, with the intention of progressing discussions and reaching a decision on the stadium’s future by the autumn.

The Europa League round of 16 fixture between FC Midtjylland and Nottingham Forest was not only a clash between two clubs that had surprised during the group stage – Midtjylland by securing an impressive third-place finish, and Forest by struggling. 

It also brought together two of the most active multi-club ownership (MCO) groups of the past five seasons, measured by transfers between clubs within their networks.

According to data from the Off The Pitch MCO database and Transfer Tool, 426 internal MCO transfers, loan or permanent, involving at least one club from a top 25 league have been completed over the past five seasons, with more than €550 million spent.

However, in line with the broader trend of a decreasing MCO expansion since 2023, as revealed by Off The Pitch last week, internal transfer activity is declining. 

This development is directly contrasting with one of the key common strategic rationales behind multi-club ownership which has been gaining a competitive edge in player development through internal transfers.

In line with the broader decline in internal deals, FC Midtjylland have also reduced the transfer activity with their sister club Clube Desportivo de Mafra during this period. After completing 19 deals sending players from Midtjylland to Mafra on either permanent or loan deals within three seasons, only three transfers have been completed in 2025/26, all from Mafra to Midtjylland.

This follows a setback to Midtjylland’s MCO strategy at the end of the 2024/25 season, when Mafra were relegated from Liga Portugal 2 to the third tier.

Claus Steinlein, chair of FC Midtjylland and executive director of the company running the MCO, admits they made mistakes during the second year, and the combination between the playing squad and the coach was not optimal either. But he stresses that they are moving in the right direction.

As Mafra attempt to return to the second tier of Portuguese football this season, no players have joined them from their Danish sister club. Steinlein highlights league restrictions as a key factor. 

“There is a limit of six non-locally trained players in the squad in the third division in Portugal, which has put a natural stop to sending players to Mafra right now,” he says.

Widening the scope to look across the top leagues, internal transfers have declined since peaking in the 2023/24 season, when 103 deals were completed. That figure has since fallen to 82. The number of permanent transfers has remained stable, while loan deals have decreased from 61 to 43.

Similarly, transfer fees related to permanent internal transfers peaked in 2024/25 at almost €200 million but decreased this season to €71 million.

Off The Pitch has also spoken to an MCO based in France. The group has likewise reduced internal transfer activity, although in this case due to financial constraints linked to declining broadcast revenues in French football.

Activity concentrated in key countries

Across Europe, MCO transfer activity is concentrated in a limited number of leagues, with most deals flowing into or out of six countries.

English clubs are the most active exporters, with 125 outgoing transfers to affiliated clubs, accounting for nearly 30 per cent of all internal MCO deals.

In terms of incoming transfers, Belgium leads with 97 internal deals going in to clubs in the top leagues since the 2021/22 season, more than double the totals recorded by Portugal and France. Combined, these three countries account for 45 per cent of all incoming internal MCO transfers among top 25 leagues. 

Until recently, Midtjylland were the only Danish club operating as the clear lead entity within an MCO structure. As a result, internal transfers have had limited impact on the Danish top flight beyond those involving the club. 

Across the past five seasons, 28 internal MCO transfers have gone out from Denmark, with 19 being moves from Midtjylland to Mafra, reflecting the club’s application of the model in a market where the strategy is not widespread.

Supporting European succes

When FC Midtjylland pushed their round-of-16 tie against Nottingham Forest to penalties, five players in the starting XI had previously spent time at sister club CD Mafra in Portugal.

To kickstart the MCO, named The Football Collective, and establish a competitive squad at Mafra, Midtjylland sent several high-potential players to Portugal during the 2023/24 season. Steinlein describes this initial phase as a strong beginning for the project.

“I think we hit the bullseye on a lot of areas during the first year. The right coach, the right squad and the right setup. In many ways, everything clicked,” he says, highlighting the five players now regular starters at Midtjylland who all had a spell at Mafra during the first full season of the partnership. 

This early success illustrates how internal transfers have supported Midtjylland, a club based in a city of around 50,000 inhabitants, in reaching the Europa League knockout rounds in each of the past two seasons.

Keeping gold within internal structures

Beyond first-team development, The Football Collective’s model has also generated transfer value by showcasing players in Portugal. In January 2022, Midtjylland signed Ousmane Diomande from OS Abobo in Côte d’Ivoire. After a brief period with the club’s youth team, he moved to Mafra, where he played for half a season before joining Sporting CP.

The transfer, reportedly worth €14.5 million, became the second-largest sale in Midtjylland’s history, despite Diomande not making a senior appearance for the Danish club.

The ability to showcase players across two clubs is central to offsetting the additional costs of operating multiple teams, while offering greater control and financial upside than relying on external partner clubs, as Midtjylland also have experience with. 

“One of the upsides is that we get the complete transfer fee when selling players, rather than sharing it with a partner club. And in terms of recruitment, we have sometimes been forced to say no to talents because we didn’t have space in our squad. But Mafra adds another opportunity to keep our gold within our own structures,” Steinlein says.

Olympique Lyonnais are moving closer to a sale after Eagle Football Group confirmed the creation of an independent committee to oversee a potential change of control.

The group said on Tuesday the committee will manage conflicts of interest as the club enters a sale process, with shares held by Eagle Bidco at the centre of any transaction. According to French media, existing stakeholders Ares Management and Michele Kang have already positioned themselves as potential buyers.

Eagle added it may share confidential information with interested parties, with further external interest expected in the coming weeks.

Removal of Textor

The ad hoc committee, chaired by Gilbert Saada and including Nathalie Dechy and Victoria Wescott, will oversee the process and may recommend the appointment of an independent expert to assess any offer.

The development follows the appointment of Cork Gully as administrators of Eagle Football Holdings Bidco in March, a move that removed John Textor from control and placed the holding company under restructuring oversight.
 

UEFA commercial revenue to exceed €1 billion after Relevent changes

UEFA are set to generate more than € 1billion a year in sponsorship revenue from their club competitions from next year, following changes to their commercial strategy led by Relevent Football Partners, according to The Guardian.

The governing body, through its joint venture UC3 alongside European Football Clubs, is close to finalising two additional global sponsorship agreements, which would complete its premium partner roster and lift commercial income by more than 40 per cent.

Appointed in 2023 to manage media and sponsorship sales, Relevent has introduced a revised structure for commercial rights, including a limited number of elevated partners with access across all three UEFA club competitions. One source told The Guardian the agency “has ripped up UEFA’s existing sponsorship sales process”.

Commercial restructuring

Under the revised model, four elevated partners receive rights across the Champions League, Europa League and Conference League, while additional packages are sold on a competition-specific basis. The new structure increases the number of matches available for sponsor exposure.

The projected growth in sponsorship revenue adds to rising broadcast income for the 2027 to 2031 cycle, with UEFA forecasting total annual revenues to exceed €6 billion. The changes are expected to increase distributions to leading clubs, amid ongoing debate over competitive balance in European football.
 

Fund acquires Atletico Madrid stake to expand club portfolio

IDC Sports and Entertainment have acquired a minority stake in Atletico Madrid, extending the multi-fund platform’s presence in European football ownership, according to CityAM.

The investment follows the recent majority takeover of the Spanish club by Apollo Sports Capital, with IDC joining the ownership group as a minority investor.

One person familiar with the deal said it reflects IDC’s strategy to build “a portfolio of stakes of varying sizes across several clubs”.

MCO expands

IDC Sports is part of IDC Network, a multi-fund platform founded in Guatemala with operations in the United States and Europe, and has outlined plans to expand its football investments.

The group already hold a minority stake in Leeds United and a majority position in Colombian side Deportivo Cali, and confirmed it partnered with Ares Management on a joint venture to invest in Atletico Madrid.
 

Portuguese professional football revenues exceed €1.1 billion in 2024/25

Portuguese professional football generated revenues of €1.13 billion in the 2024/25 season, surpassing the €1.1 billion mark for the first time, according to the Liga Portugal Yearbook.

The increase was driven by higher attendances and transfer activity. Stadium crowds rose 19 per cent to more than 4.4 million spectators, while income from player sales climbed 49.6 per cent to €636 million.

In the top tier, Liga Portugal revenues reached €1.06 billion. Player trading accounted for more than one third of total income, exceeding broadcast rights (€189 million) and competition revenues (€206 million).

Employment and wages

Employment linked to professional football reached 6,163 jobs, an increase of 39 per cent compared with the previous season. Clubs’ wage spending totalled €457 million.

Liga Portugal said: “Professional football is establishing itself as a strategic activity for the country … with measurable economic and social impact.”

Clubs in Serie A have voted to approve a €300 million settlement agreement with IMG, bringing to a close a legal dispute that has run since 2019.

According to Calcio e Finanza, the amount was proposed by IMG and is due to be paid by June 2026 following a majority vote at the league assembly.

The case stems from a 2019 ruling by Italy’s competition authority, which found an anti-competitive agreement affecting the sale of international media rights between 2008 and 2018. A court-appointed expert had previously assessed damages at €513 million plus revaluation.

Distribution of settlement funds

Settlement discussions between the parties have been ongoing for several months, with the agreement now concluding years of legal proceedings initiated by the league and its clubs.

Distribution of the settlement among clubs remains unresolved, with discussions expected to consider both teams involved during the affected period and those currently competing in the top division.
 

West Bromwich Albion face possible points deduction over alleged P&S breaches

West Bromwich Albion have been charged with an alleged breach of English Football League (EFL) profit and sustainability rules, creating the prospect of a points deduction as the Championship season enters its final weeks.

As reported by The Telegraph, the charge follows an assessment of the club’s financial accounts for the previous reporting period by the EFL’s club financial reporting unit.

Under EFL regulations, any sporting sanction linked to the previous season is typically applied in the following campaign, though West Brom are attempting to delay any punishment until 2026–27.

West Brom dispute allegation

The breach is expected to be minor and only slightly above the limit. Speaking to The Times, lecturer in football finance at the University of Liverpool Kieran Maguire estimated the loss to be about £1.1 million above the £41.5 million threshold.

West Brom said they dispute the allegation, stating: “The club considers that it has fully complied with the P&S rules … and looks forward to resolving this matter,” adding they will continue to co-operate with the EFL.
 

Foley rejects satellite club model and targets Europe with Lorient

Bill Foley has said FC Lorient are equal to AFC Bournemouth within his multi-club structure and outlined plans to invest in a push for European qualification.

Speaking to L’Equipe, the owner moved to address concerns among supporters about the club's role in Black Knight Football Club’s model after taking majority control at Lorient in January, following three years as minority shareholder.

Despite Bournemouth signing Lorient’s top scorer Junior Kroupi last summer, Foley rejected the idea that Lorient would operate as a feeder side. “Lorient isn’t a satellite club to Bournemouth… In my mind, they are equals… Lorient exists on its own as an important partner in our model,” he said.

Investing in European ambitions

The American said the takeover would allow the group to accelerate its ambitions for the Ligue 1 side. Lorient, promoted from Ligue 2 this season, are currently ninth with five games remaining.

Foley added that the club would be backed financially to pursue European competition, stating that participation in either the Europa League or Europa Conference League was a realistic target under the current ownership structure.

South American football body CONMEBOL have publicly backed Gianni Infantino for re-election as FIFA president, becoming the first confederation to call for a further four-year mandate.

The endorsement was issued in a statement on Thursday, in which CONMEBOL’s council cited Infantino’s “leadership” and progress made in football development during his tenure. Infantino has not formally declared his candidacy but is expected to seek another term.

In the statement, CONMEBOL said Infantino’s management had delivered “advances made” in the game, adding that his leadership had supported development across the sport.

World Cup expansion discussed

CONMEBOL position follows discussions within FIFA over a proposal to expand the men’s World Cup to 64 teams in 2030, which was formally presented by South American representatives earlier this year.

The 2030 tournament is scheduled to take place across six countries on three continents, with opening matches in South America and the remainder staged in Europe and North Africa, while FIFA has yet to provide further detail on the proposed expansion.

 

Stéphane Richard appointed president of Marseille

Stéphane Richard has been appointed president of Olympique Marseille, the club have confirmed. The decision was announced by owner Franck McCourt at a press conference on Friday.

Richard will take up the role in July, replacing interim president Alban Juster. Juster has overseen the club since late February following the departure of Pablo Longoria.

Stéphane Richard said in the statement: " It is an honor to be chosen to lead Olympique de Marseille, and I thank Frank McCourt for his trust. I am fully aware of the demands and responsibility that this role entails."

Richard joins with a background in business and public administration, including a period as CEO of Orange, a French telecommunications operator.

New role days before Marseille move

Richard was appointed to a new non-executive position at an international telecommunications group at the end of March, shortly before his Marseille nomination.

He also currently works as a partner at a Paris-based mergers and acquisitions advisory firm, a position he said he will leave at the end of June ahead of formally joining the club.

 

Napoli president De Laurentiis accuses FIFA and UEFA of dishonesty

Napoli president Aurelio De Laurentiis has criticised FIFA and UEFA, accusing both organisations of misleading clubs over how revenues from international competitions are distributed.

Speaking to CBS, De Laurentiis said the governing bodies retain too much income from tournaments and do not pass sufficient funds to clubs, which he argued bear the financial burden of employing players.

“They make too much money, when the earnings should belong to the clubs and not the federations… They say they distribute the wealth, but it's not like that. They lie, they don't tell the truth,” he said.

Compensation demands

De Laurentiis also called for changes to the international calendar, proposing a single two-month window for national team fixtures instead of multiple breaks during the season.

He added that clubs should be compensated when players are called up, including payments linked to salaries and financial protection in case of injuries sustained on international duty, which he said are not currently covered.

KAA Gent have initiated legal proceedings against the Belgian Pro League, seeking a renewed vote on the competition format and aiming to restore a 16-team top division with play-offs from the 2027/28 season.

The move follows a 31 March General Assembly where clubs voted to amend U23 quotas in the second tier, after pressure from the Belgian Competition Authority, but did not revisit the format decision approved in February 2025, which set an 18-team league without play-offs, according to Nieuwsblad.

KAA Gent argue the quotas were integral to securing the required majority for the wider reform package, including the removal of play-offs. The club said the decision was “single and indivisible”, adding that any change to the quotas should trigger a new vote on the full agreement.

Legal basis of format vote

The club has now opened cases at the enterprise court and the Belgian Arbitration Court for Sport, alongside ongoing proceedings at the competition authority, seeking to enforce what it views as the legal requirement for a fresh vote.

KAA Gent stated its objective is a “correct and constructive discussion” and a democratic vote on the format, while maintaining that altering quotas without revisiting the broader decision is not legally acceptable.
 

Real Sociedad report €41.6 million first half profit boosted by player sales

Real Sociedad have reported a profit of €41.6 million for the first half of the 2025/26 season, according to the club’s financial report.

The figure represents an increase of 8 per cent compared with €38.6 million recorded at the same stage of the previous campaign.

The result was driven primarily by profit on player sales, which rose to €74.8 million, largely reflecting the summer transfer of Martín Zubimendi to Arsenal for a reported fee of €70 million.

Revenue decreases

Total revenue declined by 16 per cent to €52.4 million, down from €62.7 million last year. Broadcasting revenue generated €36.2 million, while membership income exceeded €6 million. Commercial revenue reached €5.3 million.

Operating expenses remained broadly stable, with staff costs approaching €50 million and other operating expenses exceeding €20 million.
 

Nike set to secure UEFA ball rights in €40 million a year deal

Nike is in exclusive talks to become the official match ball supplier for UEFA's men’s club competitions from 2027, in a deal expected to exceed €40 million per season, effectively doubling the current agreement, according to the Financial Times.

The agreement would cover the Champions League, Europa League and Conference League for the 2027–2031 cycle, replacing Adidas after more than two decades as supplier.

Adidas confirmed it would not renew its contract, stating it was “proud to have created the most iconic ball range of all time” during its tenure with the competition.

Shift in commercial strategy

The process was managed by Relevent Football Partners on behalf of UC3, UEFA's joint venture with European Football Clubs (EFC) responsible for commercial revenues.

The proposed increase in value reflects broader changes in UEFA's commercial approach, with new sponsorship and media deals contributing to higher overall revenues across its competitions.

Ligue 1 clubs reported combined losses of €466 million for the 2024/25 season, according to the French football financial regulator DNCG, with Olympique Lyon and Olympique Marseille accounting for a large share of the deficit.

The total marks an increase from €164 million the previous year, equivalent to a 184 per cent rise. Lyon recorded losses of €208.5 million, representing 44 per cent of the Ligue 1 total.

Marseille posted losses of €104.7 million, followed by Strasbourg with €78.3 million, Nice with €40.5 million and Paris Saint-Germain with €40.1 million.

Broadcast revenues decline

The results can primarily be attributed to lower domestic broadcast income following changes in rights agreements. The 2024/25 cycle generated around €500 million, approximately €200 million less than the previous deal.

Future distributions remain uncertain under the new Ligue 1+ channel, with revenues expected to fall further.

Lille reported a positive balance of €81 million, while Brest with €6 million, Lens with €4.2 million, Toulouse with €2.2 million and Monaco with €2.9 million also finished in profit.

Leicester City lose appeal against six-point deduction

Leicester City have lost their appeal against a six-point deduction imposed for breaching English Football League profit and sustainability rules.

The sanction relating to the three-year period to June 2024 had been upheld by an independent appeal board and is now accepted by the club.

In a statement, Leicester said: “We acknowledge that an independent Commission’s decision to recommend a six-point deduction on the Club this season has been upheld by an independent Appeal Board. The decision relates to our profit and sustainability position for the three-year period to June 2024 and is accepted by the Club.”

Premier League appeal also rejected

The Premier League said the appeal board dismissed challenges from both Leicester and the league, confirming the original sanction.

It added that the leagues own challenge seeking an increased penalty due to Leicester’s late submission of annual accounts was also rejected by the appeal board.

Serie A explores minority sale of international media rights unit

Italy’s Serie A has approached private equity investors over a potential minority stake in its international media rights business, according to Reuters.

The league appointed JP Morgan last year to review options for the unit, which generates about €250 million annually from overseas broadcasting and related commercial activities.

Sources told that funds including Apollo Global Management, CVC Capital Partners, Ares Management and Sixth Street have been informally contacted ahead of a possible formal process later this month.

49 per cent stake could be sold

The proposed structure could involve selling up to 49 per cent of the unit under a long-term agreement, while any transaction would require approval from at least 14 of the league’s 20 clubs.

Serie A has faced weaker demand for its overseas rights, with competition from the expanded UEFA Champions League and continued global appeal of the Premier League affecting broadcaster interest.

Joseph Tey nears full control of Sampdoria as Manfredi exits

Joseph Tey is close to taking full control of Sampdoria after reaching an agreement in principle with Matteo Manfredi for the transfer of his shareholding, according to Italian media Il Secolo XIX.

The deal would end the current partnership between the two investors and leave the Singapore-based Tey as the sole owner of the club.

Manfredi is set to transfer his 42 per cent stake, with voting rights, in the club’s holding company at no cost.

Investor interest re-emerges

Following the transaction, Tey would become the sole shareholder of Blucerchiati SpA, the entity that controls Sampdoria, consolidating governance under a single owner.

The club’s board structure is not expected to change immediately, although expressions of interest from financial investors have re-emerged as uncertainty around the ownership situation begins to clear.

Sunderland AFC have confirmed they have agreed to sell a majority stake in their women’s team to Bay Collective, a multi-club ownership group backed by U.S. investment firm Sixth Street.

The club said the transaction will see Bay Collective acquire a controlling interest, subject to approval from WSL Football, which oversees the top two tiers of women’s football in England. Financial terms of the deal have not been disclosed.

Sunderland stated the move is intended to support the development of the women’s team, adding that the new investor will take operational control once the process is completed.

Different structure to recent deals

The deal follows a series of transactions involving women’s teams at clubs including Chelsea, Aston Villa and Everton, where stakes have been sold to external investors after internal restructures.

Unlike those cases, Sunderland have not undertaken a prior internal reorganisation of their women’s team. The club confirmed that Sunderland Association Football Club Limited will retain a minority shareholding, while a new UK-based entity linked to Bay Collective is expected to assume control of the women’s team.

Textor proposes $25 million personal investment in Botafogo

John Textor has formally proposed injecting $25 million of his own capital into Brazilian side Botafogo’s SAF, according to a letter sent to the club’s social association.

The American businessman set out the proposal as an equity investment via the issuance of new shares in the club’s corporate entity, rather than a loan. The move comes as Botafogo face financial pressure and seek liquidity to meet short-term obligations, including salary payments.

In his statement, Textor said: “This is an investment, not a loan; in other words, new and healthy money is entering the club.”

SAF structure under pressure

Botafogo operate under a Sociedade Anónima do Futebol (SAF) model, a corporate structure used in Brazilian football that separates the club’s professional operations into a limited company.

The proposed capital increase is intended to support short- and medium-term funding needs within that structure. The social club’s 10 per cent stake would remain unchanged, while Textor said the funds would add to a separate $25 million secured from GDA Luma and Hutton Capital, bringing total planned investment to $50 million.

Spanish court rejects La Liga claim over 15-second player protest

Spain’s National Court has rejected a legal challenge by La Liga seeking to classify a brief player protest earlier this season as unlawful.

The case related to a coordinated 15-second delay to kick-off across fixtures in October, staged in response to plans to move a league match between Villarreal and Barcelona to the United States.

In its ruling, the court said the action did not amount to a strike but was instead an exercise of players’ rights. It stated the protest fell within “their right to freedom of expression” and freedom of association.

La Liga had argued the stoppage disrupted competition and should be treated as industrial action under existing agreements with players.

La Liga to appeal ruling

La Liga said in a statement it will appeal the decision to Spain’s Supreme Court, maintaining that the players’ actions should be treated as a strike under existing regulations.

The league said it is seeking to protect the integrity of the competition and its audiovisual rights, despite the court’s finding that the protest had no material impact on matches.

CBF sets out unified league plan for Brazilian clubs

The Brazilian Football Confederation has set out a proposal for a unified league body to organise Brazil’s top two divisions, with an initial meeting held with clubs and state federations.

In a statement, the governing body said it convened representatives from Série A and Série B clubs on Monday in Rio de Janeiro to begin discussions on the creation of a new league structure.

The CBF said the initiative is intended to bring together currently divided club groupings and centralise commercial and media rights. “We believe that the league must have the clubs in the leading role,” said CBF director Helder Melillo.

Clubs remain split over commercial structure

Brazilian clubs remain divided into rival blocs that jointly hold broadcast rights to the Série A until 2029, limiting a unified commercial approach.

The CBF said a single league could address issues including scheduling, infrastructure and revenue generation, while aiming to increase club income once new arrangements come into effect from 2030.