Inter Milan have confirmed a loss of €140 million for the 2021/22 financial year, significantly lower than the deficit of €245.6 million suffered in 2020/21.

The club’s financial statements for 2021/22, which were approved at the shareholders' meeting last week, showed that total revenues climbed by €74.9 million to €439.6 million, up from €364.7 million in 2020/21.

The club noted that without the artificial boost to income in 2020/21 caused by the postponement of games from the previous season due to Covid, the increase in revenues in 2021/22 would have been around €140 million.

DigitalBits missed payments

The financial statements also shed new light on the difficulties Inter have been experiencing with front-of-shirt sponsor DigitalBits over missed payments.

Last year the cryptocurrency firm agreed a four-year partnership with Inter worth $85 million, and was the club’s sleeve sponsor for the 2021/22 season, before replacing Socios as the main shirt sponsor for the current 2022/23 campaign.

However, before the season got underway Inter removed the DigitalBits logo from the shirts of their women’s team, as well as from advertising boards for certain matches, the club’s training ground, and from their website.

The 2021/22 financial statements show that at the time they were prepared, Inter were still yet to receive payments from DigitalBits of €1.6 million due for performance bonuses for the 2021/22 season, and of €8 million for the first instalment of the 2022/23 shirt sponsor deal.

Inter's corporate CEO Alessandro Antonello said that none of the payments due from DigitalBits under the shirt sponsorship agreement – totalling around €17 million so far – have been paid as yet.

He confirmed that Inter have “suspended the visibility of the brand subject to sponsorship on all means and channels contractually provided, except for the playing shirt of the first men's football team, on which, for the moment, it was instead considered appropriate to maintain it.”

He added: “Negotiations are currently underway aimed at an amicable resolution of the dispute.”

Steven Zhang reiterates commitment

Meanwhile, Inter’s president Steven Zhang has once again denied that his family’s Suning group, which has owned Inter since 2016, is looking to sell the club.

Speaking at a press briefing after the shareholder meeting, he said: "The commitment for us is long term. The reality is that the club’s future has never been in question and our vision for Inter has been crystal clear since 2016."

He added that "we're not talking to possible investors", and in reference to reports that Goldman Sachs and Raine Group were working with Suning to find potential buyers, he said: "The Club has not agreed anything with any advisors."

 

Premier League closing in on £30 million-a-year NFT deal with Sorare

The Premier League is close to agreeing an NFT partnership with the Paris-based start-up Sorare after talks with a rival provider collapsed, according to Sky News.

The English top-flight was due to hold talks with its 20 clubs to discuss the proposed multi-year contract with Sorare on Friday. It is understood the deal is worth £30 million a year and would focus on static images of Premier League footballers delivered as NFTs.

Sorare is described as “a fantasy game of football, where players buy, sell, trade and manage a virtual team with digital player cards.”

Technology industry sources said the deal would replace an agreement with ConsenSys that was on the verge of being signed earlier this year.

ConsenSys tried to renegotiate a deal at a lower price following a slide in NFT valuations, but one Premier League club executive told Sky they had been informed that the Sorare contract was more lucrative than the revised ConsenSys proposal.

$4 billion valuation

Sorare is backed by the French footballer Kylian Mbappe as well as the giant Japanese tech investor SoftBank, and was valued at more than $4 billion in a fundraising last year.

A separate deal between the Premier League and Dapper Labs, another specialist in the NFT market, is also reported to be under discussion.

 

FIFA report: Commercial revenues for women’s teams up 33 per cent

Women’s football teams have recorded commercial revenue growth of 33 per cent over the past year, according to the second edition of FIFA’s Setting the Pace women’s football benchmarking report.

The analysis found that 7 per cent of all women’s teams have generated more than US$1 million of revenue from matchday, broadcast, commercial and prize money sources in 2022.

Women’s leagues experienced growth of 24 per cent in commercial revenues, with 77 per cent of leagues having a title sponsor in 2022, up from 66 per cent in 2021.

Ten leagues indicated that they secured broadcast revenue in 2021, compared to nine in 2020. Of the leagues that receive broadcast revenue, 90 per cent have a club licensing system.

Written strategy

The report also found that 90 per cent of leagues had a written strategy in 2022, compared to 79 per cent in 2021, while 78 per cent of clubs that won their league in the past three seasons had a written strategy, compared to 65 per cent for those that didn’t.

FIFA said its report, which analysed 30 leagues and 294 clubs, “recognises growth and development in several key areas, with contributions from all six FIFA confederations.”

 

Global Football Holdings to become new majority shareholder of Brøndby

The American group Global Football Holdings (GFH), which counts Crystal Palace co-owner David Blitzer among its investors, has agreed a deal to become the new majority shareholder of Danish Superliga club Brøndby.

Under the agreement, which the club announced on Friday, GFH will acquire just over 50 per cent of the club’s shares, although current majority shareholder Jan Bech Andersen will continue as chairman of the board. The deal is subject to the completion of a voluntary, public tender offer.

As part of the deal, GFH and Andersen have agreed to inject up to €30 million into the club to support its strategy to boost performances on the pitch. The funds will be provided as a convertible loan, which must be approved at a club extraordinary general meeting.

First title for 16 years

Brøndby are one of the most successful clubs in Denmark and have fostered players such as Michael and Brian Laudrup, Peter Schmeichel and Daniel Agger.

The club, who won their first Superliga title in 16 years in 2020/21, want to be consistently challenging for domestic honours and regularly competing in Europe once again.

GFH’s team was strengthened earlier this month by the appointment of Scott McLachlan as global head of football. McLachlan was previously head of international scouting at Chelsea.

Inter Milan president Steven Zhang has said the club is not for sale despite reports over recent weeks that Suning, the Chinese retail group which has owned the club since 2016, is looking for a new buyer.

In an interview with Sky on Wednesday night after Inter’s 4-0 win over Viktoria Plzen secured their place in the Champions League knockout stage, Zhang said: “Inter for sale? The club has been at the centre of these rumours for two or three years.

“There are always many voices but we have to focus only on ourselves. I'm not talking to any investor. The club is not for sale. We are focused on winning as long as I am president."

Cash injection

Italian media reported last month that Suning had put American investment bank Raine Group in charge of a search for buyers to take over the club. The owners have been looking for a cash injection into the club amid continued losses and large debts.
 

Premier League coverage set to feature real-time graphics via tracking data partnership

Technology that enables the collection of new data from each player on the pitch is to be used during Premier League matches for the first time, enabling the use of real-time graphics by broadcasters.

Genius Sports has clinched an expansion of its official tracking data partnership with Football DataCo, the data rights holder for the Premier League, to capture sub-second and skeletal tracking data across the Premier League.

Through the partnership, Genius Sports will continue as the official tracking provider of Football DataCo through its Second Spectrum technology, which is already installed in every Premier League ground.

Genius Sports’ technology will now also automatically capture sub-second positional data on every player and the ball, meaning that real-time graphics can be introduced into TV coverage of the Premier League, with stats such as each player’s running speed and shot velocity shown during a game.

Metaverse applications

Genius Sports said the partnership will also “power richer fan experiences which could include dynamic, interactive metaverse applications that allow fans to put themselves directly into the action and control how they experience the game.”
 

Athletic Bilbao assembly approves €10.6 million loss for 2021/22

Athletic Bilbao’s general assembly has approved the club’s accounts for the 2021/22 financial year, which revealed losses of €10.6 million.

Approval was also given for the budget for 2022/23, which forecasts a turnover of €135 million and a halving of last year’s deficit to €5.9 million.

Jon Uriarte, who was elected as the club’s new president in June, obtained the support of 79 per cent of the more than 700 delegates who attended the assembly for the 2021/22 accounts, and 75 per cent for the 2022/23 budget.

Pandemic losses of €57 million

Uriarte has been tasked with guiding Athletic Bilbao to a full recovery from the effects of the Covid pandemic, during which the club suffered combined losses of €57 million.

"It has been four months where we have not had much margin to start our plans, but the support we received in June has been maintained so far,” Uriarte said.

“Now, knowing the club better from the inside, we will begin to be accountable and start rolling our initiatives. In December, after six months in office, there will be much more material to evaluate our performance."
 

FC Schalke 04 suffer 47.6 per cent fall in turnover in first half of 2022

FC Schalke 04 have reported a 47.6 per cent drop in turnover during the first half of the 2022 calendar year, with revenues declining to €55.9 million, down from €106.7 million during the same period in 2021.

The German club were relegated from the Bundesliga in 2020/21 before making an immediate return this season after winning the Bundesliga 2 title in 2021/22.

The club’s finances were also affected by the decision in February to drop Gazprom as their front-of-shirt sponsor following Russia’s invasion of Ukraine.

Despite these challenges, losses eased from €21 million to €19.9 million, while total liabilities were reduced from €183.5 million to €181.9 million, and financial liabilities declined from €140.6 million to €136.7 million.

“Stabilising the economic situation”

In a statement, Schalke said: “The gradual return to full or partial utilisation of stadium capacity has contributed to stabilising the economic situation.

Significantly higher revenues were achieved in the areas of match operations, events and hospitality as well as catering.

“The sale of the special jerseys with the lettering ‘SCHALKE 04’, the strong final spurt of the season and the promotion to the Bundesliga ensured an increase in sales in the merchandising sector.

“On the other hand, there are lower revenues in the areas of TV money and sponsoring due to relegation.”

AC Milan have confirmed a loss of €66.5 million for the 2021/22 financial year, down from the deficits of €96.4 million in 2020/21 and €194.6 million in 2019/20.

The club’s financial statement, which was approved at the shareholders' meeting on Wednesday, shows that total revenues climbed to €297.6 million, compared to €261.1 million the previous year.

The increase in turnover was driven by higher matchday income following the reopening of stadiums, an increase in broadcast income due to the club’s qualification for the group stage of the Champions League, and new sponsorship revenues.

Matchday income was €32.5 million, after no revenues were earned from this source the previous year. Broadcast income was €133 million, down from €138.3 million in 2020/21, although that figure was boosted by the postponement of matches the previous season due to Covid.

Commercial revenues rose to €82.9 million, up from €65.2 million in 2020/21. Capital gains from player sales fell from €20.2 million to €5.6 million, with other income from the management of players declining from €8.1 million to €3.2 million.

Costs rose slightly to €352.6 million, up from €347.4 million, with the wage bill €150.6 million, down from €160.3 million in 2020/21, while depreciation and amortisation costs were €66 million, lower than the €74.1 million seen the previous year.

Milan achieved a positive EBITDA of €29.3 million, and finished the year with a net debt of €28.4 million, compared with €101.6 million the previous year.

Gazidis targets more revenue growth

Speaking following the approval of the financial results, Milan’s CEO Ivan Gazidis said the club will continue to explore new ways of growing revenues.

“Sustainability is the basis of our strategy, a virtuous circle. When revenues grow it is possible to invest more,” he said.

Milan are under new ownership after the takeover of the club by American investment firm RedBird was finalised on 31st August.

 

Pozzo family in talks with American firm over sale of stakes in Udinese and Watford

The Italian Pozzo family are in advanced talks to sell a significant stake in Serie A club Udinese to an American investor, The Athletic reports.

The deal is also expected to include a minority share — likely around 10 per cent — in EFL Championship club Watford.

Udinese, who are currently sixth in the Italian top-flight, are valued at around $200 million but it is unclear at this stage exactly how much equity is being sold.

Watford are 10th in the Championship and any percentage sale would be based on a valuation of approximately £140 million, although that could rise to £200 million if they return to the Premier League next season.

US-based SPAC

The discussions are said to involve Gino Pozzo and other members of the Italian family business that owns both clubs, as well as representatives from an unnamed US-based special purpose acquisition company (SPAC).

 

LaLiga strike action set to be avoided after talks with government over sports law

The possibility of strike action by LaLiga clubs appears to have been averted after the league reached an agreement with the Spanish government over its new sports law.

According to Spanish media, the Culture and Sport Committee of the Spanish Congress has now approved a revised text closer to the demands made by 39 of the 42 LaLiga clubs, although the text can still be modified via parliament.

It is understood a last-minute agreement was struck after a negotiation between the government and LaLiga. The final decision over any strike action remains in the hands of the clubs, but following the changes to the law it is viewed as being unlikely to happen.

One of LaLiga’s chief concerns with the proposed new sports law was its removal of protections for the league that are afforded to national federations such as the Spanish Football Federation (RFEF), which would in effect have enabled RFEF to make changes with a structural impact on LaLiga without needing their approval. This change to the law will now not be made.

Addressing another concern, around the league’s media rights, an amendment to the proposed new law has now been registered that protects the collective sale of those rights that is understood to be viewed as sufficient by the LaLiga clubs, since they understand that it distances a possible influence of the RFEF on them.

LaLiga had also argued that there was a “lack of clarity and consistency in the drafting of the legislative text” that compromises commercial deals, such as LaLiga’s €2 billion tie up with private equity group, CVC. It is understood that revisions to the law have now also eased LaLiga’s worries over this issue.

Super League amendment dismissed

A further concern for LaLiga is that the new law will prevent the RFEF or LaLiga from denying a license to a club that participates in a competition that is not recognised by LaLiga or the Spanish FA, which they say opens up the way to a European Super League.

This change to the sports law will remain, though, with LaLiga’s concern dismissed due to the impending judgement from the European Court of Justice over UEFA’s organising of European-wide club competition, which could affect LaLiga’s claims.

 

Media: Juventus document promised €19.9 million payment to Ronaldo despite Covid pay cut

A secret document signed by Juventus and Cristiano Ronaldo has been found as part of the Turin Public Prosecutor's Office investigation into the club, according to Italian media reports.

La Gazzetta Dello Sport claims that in the document Juventus promised to pay the Portuguese striker €19.9 million in 2020, despite salary cuts due to the Covid-19 pandemic.

The document had become known as the ‘CR7 card’ amid speculation over its possible existence, and according to Gazzetta has been used as evidence in the investigation into alleged false accounting and market manipulation at the club which has now concluded.

Financial losses

The Turin Public Prosecutor's Office has alleged that Juventus understated its financial losses for 2018, 2019 and 2020. Prosecutors have been looking into the values attributed to player transfers between clubs and whether salaries were sacrificed during the Covid-19 pandemic or simply deferred.

There are understood to be 16 suspects under investigation: the club itself and 15 individuals, including Juventus president Andrea Agnelli, vice president Pavel Nedved, CEO Maurizio Arrivabene and former sporting director Fabio Paratici, who is now Tottenham Hotspur’s managing director of football.

Juventus has publicly denied the allegations. In a statement released on Tuesday the club writes that it “remains convinced” it has “acted in compliance with the laws and regulations governing the preparation of financial reports, in accordance with accounting principles and in line with the international practice in the football industry.”

 

Lazio losses ease to €17.2 million thanks to Joaquín Correa sale

Lazio’s losses eased by 29 per cent in the 2021/22 financial year, with the club’s deficit declining to €17.2 million, down from €26 million in 2020/21.

According to its economic report, which has been seen by 2Playbook, Lazio were able to reduce their losses due to the club’s activity in the transfer market – in particular the €20 million of profit generated by the sale of Argentine striker Joaquín Correa to Inter Milan.

This helped compensate for a fall in the club’s turnover, which declined by 18 per cent to €136.2 million, caused largely by a 40 per cent drop in broadcast income from €143.8 million to €85.7 million.

This decrease could be explained by the participation of the team in the Europa League in 2021/22, rather than the Champions League as in 2020/21, as well as the additional revenues generated that year from the matches postponed by the pandemic from 2019/20.

Commercial income up 32 per cent

Lazio’s other key income streams increased in 2021/22, with commercial revenue rising by 32 per cent to €24 million, driven by agreements including the club’s deal with its main sponsor Binance for €30 million up to 2024.

Matchday income reached €10.5 million following the reopening of the Stadio Olimpico in Rome.

As for costs, the club’s wage bill fell by 27 per cent to €96.4 million, although amortisation costs grew by 20 per cent to €42.8 million, following Lazio’s investment of €24.2 million in new players during the year.

The money allocated to non-sports personnel increased by 5 per cent to €2.8 million and was accompanied by the hiring of nine more people.

 

MLS considers massive playoff expansion and new format for 2023

Major League Soccer is considering a major change to its playoff format for 2023, according to The Athletic.

Club and league sources have told the website that it may increase the total number of playoff matches from the current 13 to roughly 30 next year.

Sources said the league is considering expanding its playoff format in part so it can increase its overall inventory of postseason matches in the first year of its new media rights agreement with Apple.

The MLS and Apple announced a 10-year, $2.5 billion broadcast deal in June. The tech giant will show every single MLS regular season and playoff match on its Apple TV streaming service starting in 2023.

World Cup-style playoff tournament

The shakeup would see a move away from the current seven team per conference knockout format, with a scenario involving a World Cup-style playoff tournament appearing the most promising option.

It would consist of the first eight teams in both conferences progressing to the playoffs and then being seeded into four groups of four (two per conference).

The MLS will grow to 29 teams next season with the arrival of expansion club St. Louis City SC.

The Turin Public Prosecutor's Office has alleged that Juventus understated its financial losses for 2018, 2019 and 2020 following the conclusion of its investigation into alleged false accounting and market manipulation at the club.

Prosecutors have been looking into the values attributed to player transfers between clubs and whether salaries were sacrificed during the Covid-19 pandemic or simply deferred.

La Gazzetta Dello Sport reports that there are 16 suspects under investigation: the club itself and 15 individuals, including Juventus president Andrea Agnelli, vice president Pavel Nedved, CEO Maurizio Arrivabene and former sporting director Fabio Paratici, who is now Tottenham Hotspur’s managing director of football.

It was also reported that the prosecutors requested the house arrest of Agnelli, which was rejected.

Options for Juventus

Juventus lawyers can now scrutinise the documents with all the evidence collected by investigators and set up their defensive strategy.

They have 20 days to submit a statement of defence or ask the prosecutor to listen to their clients, a request that can’t be rejected by law.

Juventus are yet to release any official comment. Last December, after a Guardia di Finanza police search, the club stated that it had always acted in compliance with existing laws and it was fully collaborating with authorities.

 

LaLiga vice president reinforces opposition to new sports law and hints at strike action

LaLiga vice presidentQuico Catalán has reiterated the league’s stance against a proposed new sports law by Spain’s government amid the prospect of strike action by LaLiga clubs over the changes.

In an interview with the online Spanish sports newspaper Superdeporte, Catalán, who is also president of Spanish second tier club Levante, argued that the sports law will derail the league’s plans for development and growth over the coming years.

“The only thing we want is that this law does not harm us, does not harm the established model,” he said. “It is something that is having its success and whose recognition in recent years is recognised by the whole world.

“The present and the future is very marked and programmed. There is a very clear strategy. From there, we hope and, above all, wish that this unreason does not triumph.”

Asked about the possibility of strike action, he added: “I do not know what mechanism it will be, but if from dialogue and negotiation we do not find a solution to this position that the Government expresses today, there will be mechanisms of forcefulness and unity on the part of the clubs. Sure.

“We will put up arms to destroy our model. We cannot allow anyone to want to destroy our model in this way that we understand to be totally unfair.”

Concerns over CVC project

LaLiga has accused the government of making changes to the sports law “unilaterally and ignoring the opinion of LaLiga and the vast majority of clubs regarding the needs of professional football in Spain.”

Among the main concerns is the potential compromising of LaLiga’s €2 billion tie up with private equity group CVC, and the possibility of RFEF being able to make changes that impact LaLiga without needing their approval.

Another worry for the Spanish league is that the new law would prevent the RFEF or LaLiga from denying a license to a club that participates in a competition not recognised by RFEF or LaLiga. They say this would open up the way to a European Super League.

 

Irish FA kit supplier seeks legal advice after termination of deal due to run until 2026

JACC Sports, the distribution agency that supplies the Football Association of Ireland (FAI) with its Umbro kit, is seeking legal advice following the termination of its 28-year partnership, The Irish Times reports.

JACC and the FAI had agreed a six-year extension in 2019 to run until after the 2026 World Cup in North America. It was the sixth time JACC/Toplion had renewed its sponsorship of Irish football, in a relationship that began in 1994.

Earlier this week the FAI released a short statement confirming the termination of the arrangement and thanking JACC Sports “for all its support to the association over the years”.

JACC said they received an email from FAI chairperson Roy Barrett on Monday morning "informing us of their intention to terminate the contract", and said it rejected “fully any purported effort by the Association to terminate the Agreement” at an earlier stage.

“Irregular and unwarranted”

JACC added: “We find it highly irregular and unwarranted in terms of any working, that the association’s longest standing, most loyal sponsor, and the sponsor which has contributed more financially than any other sponsor to the association would be treated this way.

“We are taking legal advice and will not be making any further comment at this time.”

 

Scottish Premiership clubs set to hold crisis talks over SPFL's sponsorship dispute with Rangers

Scottish Premiership clubs are due to hold crisis talks next month over the SPFL’s handling of a long-running sponsorship dispute with Rangers, according to The Daily Mail.

The Ibrox club requested the meeting to address the events leading up to the signing of an unexpectedly contentious sponsorship deal with online car firm cinch in June last year.

Twelve top-flight clubs are now due to attend a summit at Hampden Park on 28th November.

Rising lawyer’s costs

News of a date for the meeting comes after Scotland’s 42 senior clubs received a warning from Rangers managing director Stewart Robertson that lawyer’s costs of £150,000 relating to the dispute are likely to rise further still.

Speaking at an online general meeting, Robertson claimed that the figure of £150,000 only related to the period leading up until the end of last season.

With the final bill set to be paid from SPFL income, clubs were warned that the final tab could come close to seven figures if Rangers and fellow litigants Park’s of Hamilton secure an apology from the league and the award of their own legal costs.

The takeover of Olympique Lyon by American businessman John Textor has been pushed back again and is now due to be complete next month, the club have announced.

The deal for Textor’s Eagle Football group to acquire the Ligue 1 side was expected to be completed last Friday after the original deadline of 30th September passed without the sale being completed.

Lyon have now said that the process is due to be finalised on17th November. A joint statement from the club and the other parties involved in the deal said that “substantial progress has been made on all steps required to close the transaction.”

It said that “with regard to the Olympique Lyonnais group indebtedness, Eagle Football, the sellers and OL Groupe have worked together to secure all necessary consents from the lenders of the Olympique Lyonnais group and can now report that all lenders have approved their waivers, with effect as from closing.”

Financing still to be finalised

The statement added: “With regard to the financing of the transaction, Eagle Football has informed OL Groupe that advanced discussions with the identified sources of all debt and equity investors supporting the transaction are ongoing.

“However, this financing remains subject to the finalization by Eagle Football of the long form documentation, additional customary approvals (including by the football governing bodies) and internal compliance verification process of the lenders to the Olympique Lyonnais group. Therefore, such transaction could not be completed by October 21, 2022.”

 

Shakhtar Donetsk urge FIFA to ban Iran from World Cup for supplying Russia with weapons

Shakhtar Donetsk CEO Sergei Palkin has called on FIFA to ban Iran from the World Cup and replace them with Ukraine over claims the Middle East country is arming Russia with drones.

Iran, whose national team face England in their World Cup opener on 21st November, have been accused by Ukraine and the US of supplying Russia with weapons including Shahed-136 “kamikaze” drones which explode on impact. Iran have publicly denied the claims.

In a statement posted on Twitter, Palkin said: “While the Iranian leadership will have fun watching their national team play at the World Cup, Ukrainians will be killed by Iranian drones and Iranian missiles.

“Almost 250 such drones have already attacked peaceful cities of Ukraine. Each of them was produced, delivered by the Iranian authorities and Iranian instructors.

“The military directly trained and managed the launches of drones that destroyed homes, museums, universities, offices, sports grounds and playgrounds, and most importantly, killed Ukrainians, including children –children who also dreamt of seeing their national team at the World Cup.

“Shakhtar Football Club calls on FIFA and the entire international community to immediately ban Iran’s national team from playing at the World Cup for the country’s direct participation in terrorist attacks on Ukrainians.”

Ukraine “worthy of participation”

Ukraine missed out on World Cup qualification with a 1-0 play-off defeat by Wales in June, but Palkin argued that his country’s national team, who have not played in the World Cup since 2006, deserved qualification given the circumstances.

“The vacant place should be taken by the national team of Ukraine, which proved that it is worthy of participation in the mundial [World Cup],” he said. “With unequal conditions with other national teams during the play-offs, they played with their heart. This decision is historically and sportingly justified.”

 

LaLiga’s threat of strike action labelled "intolerable" by RFEF

The Spanish Football Federation (RFEF) has described as "intolerable" the prospect of strike action by LaLiga clubs over a proposed new sports law by Spain’s government.

The Spanish league accuse the government of making changes to the sports law “unilaterally and ignoring the opinion of LaLiga and the vast majority of clubs regarding the needs of professional football in Spain.”

A chief concern is a “lack of clarity and consistency in the drafting of the legislative text” that compromises commercial deals, such as LaLiga’s €2 billion tie up with private equity group CVC.

RFEF spokesman Javier Gómez Matallanas told the Spanish news agency Europa Press: "The pressure that the Government and the Cortes are enduring, orchestrated by Javier Tebas from LaLiga threatening a lockout, is intolerable and we are sure that they will not give in to blackmail.

“What is clear is that Tebas sees that the operation of CVC is illegal because the current sports law does not allow it to do what it is doing. He knows that he has lost the case in the courts and that is why he wants to shield himself at the legislative level by launching an order to popular sovereignty."

LaLiga "malpractice"

Matallanas argued that any strike action by LaLiga clubs would be "illegal" because none of the assumptions contemplated in Spanish legislation would occur. "If you consume your plan, you should be disabled immediately," he said.

He added that the "malpractice" of LaLiga "has facilitated the loss of talent and has lost interest. The competition has been devalued in record time and its president, instead of working to stop this free fall, focuses on wars and personal interests and is dragging Spanish professional football into the abyss.”

The new FIFA Clearing House (FCH) for international transfers is due to start operating next month after the regulations governing its operation were approved by the FIFA Council at its meeting in Auckland on Saturday.

In a statement, FIFA said the FCH will open on 16th November, and claimed it would be a “major step to transfer system reform.” It described the regulations as “a set of norms under which the FIFA Clearing House will centralise, process and automate payments between clubs.”

FIFA president Gianni Infantino said the new Paris-based entity will bring "transparency and accountability" to the transfer market.

He said it would focus on ensuring smaller clubs receive compensation owed for developing players before tackling the broader market.

$400 million owed to clubs

Infantino said only $60 million to $70 million of the estimated $400 million owed to clubs who have developed players for the professional game reaches the relevant parties.

"This will change the lives of these small clubs because it's big, big money and it's due and we're very proud to do this," he said.

"Payments to the agents and payments from one club to another club, all this will be processed through this FIFA Clearing House,” he added. “Payments to strange places will not be allowed any more. Payments to strange bank accounts, strange countries will not be tolerated any more."

 

Manchester United approach Edwin van der Sar about director of football role

Manchester United are once again trying to persuade their former goalkeeper Edwin van der Sar to join the club as director of football.

Dutch website Voetbal Primeur reports that United manager Erik ten Hag has personally reached out to his compatriot to try and convince him to leave Ajax, where has been CEO since 2016.

Van der Sar has been linked with the role at United before, but in September he signed a new contract with the Dutch champions extending his time at the club until June 2025.

After signing the new deal, he told the Ajax website: “Every day I get to work with enthusiastic co-workers who also want to keep raising the bar.”

John Murtough in charge

United have long been tipped to hire a new director of football to bolster their backroom staff, but with John Murtough in charge as the current football director, speculation about the role had quietened over recent months.

 

Crystal Palace given approval to expand Selhurst Park capacity to 34,000

Crystal Palace’s plans to redevelop Selhurst Park have moved a step closer after local councillors unanimously approved the club’s updated planning application.

The plans, which will increase capacity from 26,000 to more than 34,000, were initially given the green light by Croydon Council more than four years ago, and a rebuilt Main Stand was scheduled to open in time for the 2021/22 season.

However, the work was delayed by the Covid pandemic, and changes to London planning regulations have since required Palace to make a number of minor alterations, which have all now been given the go ahead.

£100 million project

Palace chairman Steve Parish reaffirmed the club’s commitment to the £100 million project back in July.

In a club statement following last week’s approval of the plans, he said: “We would have liked to have started the project sooner, but our plans were delayed by financial constraints caused by the Covid pandemic.

“In the last couple of years our focus has been on bringing our exciting academy development to fruition, but our attention will now turn to the stadium project.”

 

Eddie Howe defends Newcastle’s decision to hold training camp in Saudi Arabia

Newcastle United manager Eddie Howe has defended the club's decision to return to Saudi Arabia for a warm-weather training camp, the BBC reports.

The north east club, who are owned by Saudi Arabia’s Public Investment Fund (PIF), will travel to Riyadh from 4th-10th December during the Premier League's break for the World Cup, and will play Al-Hilal in a friendly.

Howe said the decision was made from a "purely footballing backdrop". Newcastle previously travelled to Saudi Arabia in January, after which they won five of their next six matches.

“We've looked at the World Cup break,” Howe said. “The best thing for the team, I believe, is to take the team away like you would in pre-season, away from distractions, a chance to really train the group, enhance the team spirit with hopefully some good weather, so that's what we've done.”

Intense scrutiny

Newcastle's ownership model has faced intense scrutiny since the Saudi PIF takeover, with human rights groups saying the move is an attempt to 'sportswash' the country's image.

In the summer, a pre-season friendly with Mainz went ahead despite fans of the Bundesliga club protesting that Newcastle was a "vehicle for asserting the interests of a regime that tramples on human rights".

LaLiga president Javier Tebas has called an Extraordinary General Assembly for next week, when clubs will discuss strike action over a proposed new sports law by Spain’s government, reports Senior Correspondent James Corbett.

LaLiga accuse the Spanish government of making changes to the sports law “unilaterally and ignoring the opinion of LaLiga and the vast majority of clubs regarding the needs of professional football in Spain.”

They say that it “seriously undermines” the independence and sustainability of football in Spain.

In essence, the Spanish League has three main concerns.

One is that the proposed law removes protections for LaLiga that are afforded to national federations, like the Spanish FA (RFEF). In effect the RFEF has the capacity to implement changes that have a structural impact on LaLiga without needing the latter's approval.

Secondly, it says that there is a “lack of clarity and consistency in the drafting of the legislative text” that compromises commercial deals, such as LaLiga’s €2 billion tie up with private equity group, CVC. This appears to be a principal concern of its member clubs, who are reliant on the cash injection to build infrastructure.

The third concern is that the new law would prevent the RFEF or LaLiga from denying a license to a club that participates in a competition that is not recognised by LaLiga or the Spanish FA. They say this opens up the way to a European Super League.

Tebas' tweet

Tebas has already fuelled a conspiracy alleged that the Real Madrid president Florentino Perez was orchestrating the sports law changes to enable his pet project, the Super League, tweeting: “What the Justice denies them and the rest of the clubs rejects, they try to achieve with stale lobbying unbecoming of this era. We already said it, the power of one person is incredible”.

Representatives of most 42 LaLiga clubs already met with the Spanish sports minister, Miquel Iceta, on Monday to convey their concerns.

European Super League CEO seeks UEFA dialogue over broken system

The newly appointed CEO of A22, the company advising on the creation of a European Super League, has said that the organisation is seeking dialogue with UEFA as it tries to cure football’s “broken and unsustainable model.”

A22 CEO Bernd Reichart said in an interview with El Pais that his first challenge is to “establish and lead” the dialogue between the Super League and the rest of European football.

He accused UEFA of ignoring his organisation and said that the body’s statutes “do not facilitate an honest and open dialogue about the future.”

“To UEFA, as is due, we have sent them a letter, and we have informed them of our intentions to have a dialogue,” he said.

“I don't know if they will answer us or not. The letter sent by the Super League a year and a half ago was not answered. We are not going against anyone, we do not want to absolutely exclude anyone. Searching for solutions within the world of football is something that is not very common, because the UEFA statutes, around its article 51, do not facilitate an honest and open dialogue about the future.”

He added: “The current financial model of football is broken and unsustainable. Financial controls are inadequate and insufficient, leading to competitive imbalances and financial stress. Football must control spending and live on the income it generates, not on external injections of capital.”

No timeframe

Reichart also reined in claims he made to the Financial Times yesterday that he hoped to establish the league within three years.

“There is no timing,” he said. “There is so much way to go that it would not be serious to give a date or year now”.

Serie A seeks to treble international broadcast deals

Italian football is seeking to treble international broadcast revenues by the decade’s end, Reuters report after reviewing internal league documents.

Serie A secured only €670 million euros from the sale of overseas broadcast rights for its current 2021-24 cycle, just a ninth of the sum earned abroad by the EPL.

Serie A has opened offices in New York to boost its international reach, and has plans to do the same in London and Abu Dhabi. It is assessing different types of broadcast deals to try and mirror the success of F1 with its Netflix series, Drive to Survive.

Projections target €3.2 billion of domestic TV revenue for the 2024-2027 cycle, an increase of around ten per cent on the current deal.

Serie A is also considering the creation of a separate company to handle its broadcast business, mirroring LaLiga and France’s Ligue 1, and potentially backed by private equity investors.

In talks with investors

The league has been approached by approached by New York-based fund Searchlight Capital and a group of private equity investors led by Carlyle.

Last year club officials failed to agree on a €1.7 billion deal to sell ten per cent of media rights to a consortium of private equity investors led by CVC Capital Partners.

Campaigners urge EFL to stop profiting from gambling losses

A group of parliamentarians have written to the English Football League (EFL) demanding it end its title sponsorship with Sky Bet after it emerged that clubs had been taking a cut of the money fans lose with the bookmaker.

A document posted on Twitter last month by Accrington Stanley chairman Andy Holt appeared to show that clubs have been taking a cut of the money fans lose with the bookmaker.

Holt posted an internal document showing that members of the EFL operated as “affiliates” for the league’s title sponsor SkyBet.

Under an affiliate deal a bookmaker pays a percentage of the money that a person goes on to lose, sometimes for the rest of their life.

The politicians described it as the “final straw in a relationship that has clearly gone too far” and called for Parry to take “immediate action” to stop the practice.

They wrote: “We are not asking clubs repay any financial benefit from this harmful arrangement, nor are we trying to stop fans having a bet on the football. We are asking that as a matter of urgency that the EFL: 1. End any legacy payments to EFL clubs from the deal with Sky Bet to profit from gambling losses. 2. End EFL’s partnership with Sky Bet when it is due for renewal in 2024 and not replace them with another gambling partner.

Do the right thing

“More broadly, we also urge you to do the right thing and voluntarily begin the process of ending all gambling advertising and sponsorship in the EFL.”

The UK government, which is awaiting the appointment of its third Prime Minister in just seven weeks, has been expected to publish a White Paper on sports’ gambling for several months.

US investor ploughs on with Rangers investment bid

Prospective Rangers buyer, Kyle Fox, will continue with a bid to have a “significant ownership interest” in the Glasgow giants after defeating the Ibrox board in a Miami Court, reports the Daily Record.

Rangers hit the Florida based investor with a lawsuit after accusing Fox of unauthorised use of a club crest in a document related to her investment proposal.

After Fox’s lawyers pointed out “factual and legal deficiencies” of Rangers’ claims – including that the club is a UK public company with freely transferable shares – Rangers’ voluntarily withdrew the case.

“I have always been, and will continue to be, open and transparent with Rangers’ board, shareholders, and investors. I look forward to putting the lawsuit behind us and continuing to explore opportunities to bring value to the Rangers organisation, its loyal fans, investors, and other stakeholders through KRF Capital’s proposed acquisition of a significant ownership interest in the club.”

Fox scales down ambitions

Fox had previously planned to buy a 75 per cent stake, but has reportedly scaled down those ambitions and is said to be considering a 25-30 per cent shareholding, which would make her the club’s biggest single shareholder. The valuation of 40p per share would value the club at just under £170 million.

The company advising on the creation of a European Super League, has appointed German media executive, Bernd Reichart, as its CEO, as it turns up the pressure ahead of a European Court of Justice (CJEU) ‘opinion’ in December, reports Senior Correspondent, James Corbett.

In July A22 took UEFA to the CJEU in an attempt to overturn the governing body’s monopoly as a regulator and competition organiser. It says these are in violation of EU law. A non binding opinion is due on 15 December ahead of a full judgement next year.

The appointment of Reichart, who until recently served as Group CEO of RTL Deutschland, one of Europe’s leading media companies, gives a public face to A22 for the first time, and marks an escalation in its attempts to overhaul European football’s status quo.

A22 officials have acknowledged to Off The Pitch that they got a number of things wrong when the Super League was controversially sprung on European football in April last year, saying there was “a problem of communication” and that future iterations of their proposals would not include permanent members of the ESL.

Barcelona, Juventus and Real Madrid remain active members of the ESL, and A22 have confirmed Off The Pitch’s previous reports, saying that eight of the nine clubs that pulled out retain shareholdings.

Challenges will not resolve themselves

“The current situation in European club football is characterised by a number of challenges which will not resolve themselves on their own,” Reichart said in a statement.

“The Presidents of Real Madrid and FC Barcelona and the Chairman of Juventus FC have recently outlined their views on the issues facing the sport. I believe they are asking the right questions and am personally keen to listen to many diverse voices so that the European Football community can jointly find the right answers.”

Searchlight offers 2 billion for the Serie A Media Company

American investment firm Searchlight Capital has offered Serie A a direct investment of up to €2 billion in its proposal to acquire a stake in the Italian league’s new media business, Milano Finanza reports.

Searchlight says the investment would support the construction of club-owned stadiums, the development of commercial capabilities and other initiatives aimed at reducing the economic gap between the Italian top-flight and other European leagues.

The offer of a €2 billion investment is the first of two pillars outlined in the New York-based fund’s bid, with the second consisting of a guarantee of €2.7 billion against Serie A’s future revenues.

For the three-year period 2024-27 Searchlight would ensure clubs receive a minimum income in line with the current €910 million annual revenues from domestic TV rights.

However, this policy would only be triggered on the condition that Serie A decided to launch their own channel.

YouTube and Sky experience

Searchlight’s proposal claims that it would be well-placed to support the start-up phase of a new channel thanks to the experience within the firm of Stephen Nuttall, formerly of YouTube, and Davide Tesoro-Tess and Luca Sanfilippo, who both previously worked at Sky.

Serie A in talks with DAZN over five-year deal

Serie A are in discussions with DAZN over a new five-year media rights agreement, but their hopes of securing the deal may rest on a change to state law, La Repubblica reports.

The Italian top-flight’s current three-year agreement with the streaming platform expires at the end of the 2023/24 season, and it is understood that Serie A want to secure a longer contract.

The league is concerned that a decline in the value of their rights is expected for the next cycle, which according to La Repubblica could fall by as much as a third.

The current deal with DAZN is reported to be worth more than €2.5 billion, with an additional agreement with Sky for a smaller package of matches said to be worth €262.5 million.

Serie A are keen to secure a five-year deal in order to increase the total income generated from their agreement with DAZN, and also open the rights up to additional partners. Amazon, which already exclusively broadcasts some Champions League matches in Italy, is one of several to have shown signs of interest.

Melandri Law

However, Serie A would have to overcome a major stumbling block – the Melandri Law, which dictates that it can currently only sell its rights for three years.
With regulatory intervention needed to alter this state law, Serie A are hoping that Lazio president Claudio Lotito could help drive the necessary change.

Lotito was elected to the Senate with Forza Italia and received assurances about the possibility of chairing a parliamentary committee through which he would become the first supporter of a reform of the Melandri Law.

Sampdoria director: Club needs €40 million to avoid bankruptcy

Sampdoria board member Gianni Panconi has claimed the club needs an immediate injection of €40 million to prevent bankruptcy as the search for a new owner goes on.

Il Corriere dello Sport reports that the club director was speaking after Sampdoria’s match against Roma on Monday, telling reporters: “If we don't find €40 million, we fail.”

He said the funds would be fundamental for the survival of the club, which without them would even risk being catapulted out of professional football. He warned that “next year we find ourselves playing in Vado”, referring to Vado Ligure, the Savona municipality where the local team plays in Serie D.

Stringent cash requirements

The search for new owners of Sampdoria has been ongoing since former president Massimo Ferrero resigned last December following his arrest by the Italian law enforcement agency Guardia di Finanza as part of an investigation into corporate crimes and bankruptcy. Ferrero had owned the club since 2014.

As the attempt to find a buyer continues, Panconi was referring in his comments to the increasingly stringent cash requirements faced by the club due to requests coming from the creditors of the former president.

John Textor’s takeover of Olympique Lyon set for completion as OL Groupe listing is suspended

The takeover of Olympique Lyon by American businessman John Textor is close to being finalised after the Euronext stock exchange suspended its listing of OL Groupe, the holding company that owns the club, on Wednesday morning.

Textor’s Eagle Football group is due to acquire the Ligue 1 club this Friday after the original deadline of 30th September passed without the sale being completed.

A brief statement from Lyon on Wednesday read: “Euronext will suspend the listing of the shares [...] from the opening of the market today and pending the publication of a press release relating to the transaction with Eagle Football.”

Pathé and IDG shares

Eagle Football is due to acquire the shares of Pathé (19.26 per cent of the capital) and IDG (19.74 per cent) after the two shareholders announced in March their joint intention to withdraw.

Textor’s group will also purchase a majority of the shares of Holnest (27.56 per cent), the family holding company of current president Jean-Michel Aulas.

English Football League chairman Rick Parry has expressed his frustration at the lack of progress towards the delivery of greater financial support from the Premier League to the EFL.

Despite several solutions to the sport's funding crisis having been discussed, such as Project Big Picture, the Premier League's Strategic Review and Tracey Crouch's Fan-Led Review, negotiations with the Premier League over a new funding package have yet to begin.

The latest proposal is the so-called New Deal for Football, in which the top-flight would increase funding to the lower divisions, with the payments to each club pegged to their league position.

However, three months after the matter was discussed at a Premier League meeting the EFL are still waiting for the details.

“No dialogue”

In an interview with The Daily Mail, Parry said: “There is no dialogue with the Premier League, and the Premier League have told the Government that negotiations have not started.

“They've mentioned the New Deal for Football, but we haven't a clue what it is. The Government have been asking them directly, but they say we haven't started negotiating yet.”

He added: “[Premier League chief executive] Richard Masters deserves credit for being disarmingly honest, but for him to repeatedly tell Government that we haven't started talking and he hasn't got a mandate tells you where we are.”

Chelsea to seek planning permission to redevelop Stamford Bridge ‘within the next year’

Chelsea co-owner Jonathan Goldstein has revealed that the club will seek planning permission to redevelop Stamford Bridge “within the next year”, The Daily Mail reports.

The British solicitor and entrepreneur – one of several investors in the consortium, led by Todd Boehly, which took over Chelsea back in May – said: “We are looking very heavily at redevelopment.

“The planning process is something which we will start during the course of the next year and we'll hope central government will get behind it and see it as an engine for growth.”

Interest rate hikes

However, Goldstein expressed concern about the current financial climate in the UK. “The only problem, of course, is the management of interest rates because it makes it so much more expensive to develop,” he said.

“We've had three sovereign wealth funds say to us at the moment, the United Kingdom is on hold. They'd rather watch, and watch and wait. Britain looks uninvestable at this point.”

When asked if the club would delay the process, though, he responded: “No, no, we'll carry on as fast and as hard as we can.”

USA joins calls for FIFA and Qatar to compensate migrant workers’ families

US Soccer has become the latest national body to publicly back calls for FIFA and Qatar to provide $440 million in compensation to thousands of workers’ families.

The Times reports that the USA has joined six other countries playing in the World Cup, as well as four major tournament sponsors in publicly backing the demands.

In May, Human Rights Watch, Amnesty International and FairSquare, plus a coalition of rights groups, unions and fan organisations, launched the #PayUpFifa campaign for a “remedy fund” to provide financial compensation for deaths, injuries, unpaid wages and exorbitant recruitment costs.

The campaign is aiming for the families to receive between $6,000 and $10,000 each, with many still facing demands from recruitment agents to pay debts incurred when they signed up to work in Qatar.

Migrant worker abuse cases

Meanwhile, The Independent reports that at least 93 cases of migrant worker abuse have been recorded in Qatar in the year before the World Cup.

The finding has come from the Business & Human Rights Resource Centre [BHRRC], which stated that the number is “very likely to be an undercount” due to restrictions on reporting and threats of reprisal or deportation.

“FIFA and the Qatar Government have repeatedly pushed the narrative that the new labour reforms were the end goal, but implementation is still severely lacking,” said Isobel Archer, Gulf programme manager at the BHRRC.

Eddie Howe hits back at Jürgen Klopp over Newcastle spending comments

Newcastle United head coach Eddie Howe has hit back at Jürgen Klopp after the Liverpool manager named Newcastle as one of three clubs who can “do what they want financially”.

The Times reports that Klopp took aim at Manchester City, Paris Saint-Germain and Newcastle, who are 80 per cent-owned by Saudi Arabia’s Public Investment Fund, because of the substantial wealth of their Middle Eastern owners.

Klopp said last week, before Liverpool faced City in the Premier League on Sunday, that these clubs “can do what they want”.

He added: “I heard now that at Newcastle somebody [Dan Ashworth, the club’s sporting director] said, ‘There is no ceiling for this club.’ He is absolutely right. There is no ceiling for Newcastle. Congratulations, but other clubs have ceilings.”

However, Howe said that Ashworth’s comments had been taken out of context and disputed the suggestion that his club are throwing money around to progress up the Premier League table.

“Everyone has to be careful with their comments and opinions,” he said. “We’re not living that life that is being discussed. We are living a very different reality. … We’ve tried to do things in a very controlled way.”

Long-term ambition

He added: “What Dan meant with his comment was there’s no ceiling to our ambition long term. It’s a difficult one because it’s probably been used in the wrong way. Our wage bill is very controlled.

“We’re trying to do things in a very stable and controlled way. Although we have spent money on players, it has not been extravagant or out of sync with the rest of the Premier League.”

The search for a new owner of Inter Milan will begin this week, with Raine Group and Goldman Sachs working on the sale process, The Financial Times reports.

Speculation has been building for several months about the future ownership of the club amid financial challenges for Inter and the Chinese retail group Suning, which has owned the club since 2016.

One of China’s largest bricks-and-mortar retailers, Suning has struggled as consumers have made the switch to online shopping.

The company’s large short-term debt pile also left it exposed to a tightening of credit conditions in the Chinese economy.

$275 million loan

Last February, Suning rushed to raise new financing to plug the funding gap at Inter caused by the Covid-19 pandemic, resulting in a $275 million loan from Oaktree Capital.

Then in July, Suning itself was rescued by the local government and shareholder Alibaba in a $1.4 billion bailout.

Last month, Inter’s board signed off on the club’s latest set of accounts, which showed revenue increasing to €440 million and a loss of €140 million for the 2021/22 financial year.

The club said that the majority shareholder “had formally expressed his commitment to backing the group by ensuring asset support”.

 

Bayern Munich earn profit for third pandemic year in a row

Bayern Munich have announced another positive financial year, with a profit of €12.7 million recorded for 2021/22, compared with the previous year’s profit of €1.9 million.

The German champions remain the only club in the Bundesliga to finish in the black across all three years affected by the Covid-19 pandemic, and, along with Real Madrid, the only other major club in Europe to do so.

The return of spectators during the second half of the 2021/22 season helped the club increase its turnover for the year to €665.7 million, up from €643.9 million in 2020/21.

Matchday income was €159.5 million, with commercial revenues of €224.2 million and broadcast income of €99.9 million. EBITDA rose to €104.8 million, up from €83.4 million in 2020/21.

€770 million turnover forecast for 2022/23

Bayern vice-chairman Jan-Christian Dreesen said that with pandemic restrictions lifted, the club anticipates a further increase in revenue for the 2022/23 season.

"We will very likely be able to achieve a new record turnover of at least €770 million in 2022/23," he said.

 

Norwich City report £23.6 million loss

Norwich City have reported a loss of £23.6 million for the 2021/22 financial year.

The deficit was driven largely by the club’s transfer activities, with an operating profit of £3 million before they were taken into account.

The club, who were relegated from the Premier League last season, had earned a profit of £21.5 million the previous year when they finished top of the EFL Championship.

Turnover for 2021/22 was £133.9 million, up from £57.2 million in 2020/21 due largely to the increase in broadcast revenue following the club’s promotion to the top-flight.

Matchday income recovers

Ticket revenue rose from £0.1 million to £10.8 million, while matchday and non-matchday catering income increased from £0.4 million to £6.1 million due to the relaxation of the Covid-19 restrictions.

However, expenses also rose sharply, climbing from £95.8 million to £161.7 million. The ratio of wages to turnover was 88 per cent, down from 116 per cent in 2020/21.

 

LaLiga clubs consider strike after Spanish government withdraws opposition to Super League

LaLiga clubs are exploring the possibility of strike action after the Spanish government withdrew its opposition to the European Super League.

According to Spanish media reports, the 14 club presidents who comprise LaLiga’s Comision Delegada, along with LaLiga president Javier Tebas, were preparing to meet with Spain’s sports minister Miquel Iceta and head of the government’s Sports Council (CSD) Jose Manual Franco on Monday to discuss the situation.

On the agenda was the latest update to Spain’s general ‘Sports Law’, which Tebas and the club presidents would like to see include a specific rejection of the Super League idea.

The Super League project continues to be backed by Real Madrid president Florentino Perez and Barcelona counterpart Joan Laporta, neither of whom have a formal role at LaLiga.

Political lobbying

When the original plans for a Super League were aborted last April, Spain’s governing PSOE and main opposition Partido Popular were strongly against the idea, and in favour of protecting domestic leagues.

However, over recent weeks both of Spain’s biggest parties have removed their complaints to the Super League amid the ongoing political lobbying regarding the project.

 

Deutsche Bank dropped Hertha Berlin ‘over links to Lars Windhorst’

Hertha Berlin investor Lars Windhorst is facing fresh scrutiny after further revelations surrounding the German financier were published in The Financial Times.

The latest report has revealed that Deutsche Bank dropped Hertha Berlin as a client over the club’s links to Windhorst.

Sources said the bank took the decision last year after the FT reported that Windhorst was under investigation by Berlin prosecutors over potential violations of the country’s banking act following a criminal complaint by German financial watchdog BaFin.

It is understood that the last Hertha account at Deutsche was closed recently, with the move said to be a result of the bank’s tightened anti-money-laundering controls.

Clandestine campaign

The latest revelations about Windhorst follow the FT’s report late last month which revealed a lawsuit had been filed alleging that he hired an Israeli private intelligence company to orchestrate a clandestine campaign aimed at ousting the then Hertha Berlin president Werner Gegenbauer.

Windhorst described the report as “nonsense” and did not accept the reliability of the filed documents.

The report contributed to a major fallout between the Hertha Berlin hierarchy and Windhorst, who has offered the club the buyback of his shares and heavily criticised its current president Kay Bernstein.