Olympique Lyon have confirmed that the deadline for the takeover of the club by American businessman John Textor has been postponed to 21st October after the original date set of 30th September passed without the sale being completed.

In a statement, the Ligue 1 club said “the additional time will be used to finalise legal documentation and the last steps necessary to complete the transaction.”

It was reported last month that Textor was still looking for funds to complete the takeover after agreeing a deal back in June.

The American’s company 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, as well as a majority of the shares of Holnest (27.56 per cent), the family holding company of current president Jean-Michel Aulas.

Textor is understood to be aiming to create a global portfolio of clubs, and already holds a 40 per cent stake in Crystal Palace, an 80 per cent stake in Belgian club RWD Molenbeek and a 90 per cent stake in Brazilian club Botafogo.

“Unconditionally committed”

In their statement, Lyon said that following completion of the takeover, “Eagle Football will file, on behalf of the "concert" formed with Holnest, a takeover bid for the shares and OSRANEs not yet held by said concert at a price of €3 per share and €265.57 per OSRANE.”

It added that Eagle “is definitively and unconditionally committed to acquire 39,201,514 shares and 789,824 OSRANEs issued by OL Groupe from OL Groupe's main historical shareholders (Pathé, IDG
Capital and Holnest).”

Lyon also noted that Eagle has committed, should the takeover deal be completed, to a reserved capital increase for OL Groupe of €86 million, as approved at the shareholders' meeting of 29th July.

 

Everton owner in fresh talks with US investor

Everton owner Farhad Moshiri has reportedly held further talks with American businessman Maciek Kaminski about investing in the club and its new stadium.

According to The Financial Times, Moshiri is now in advanced discussions with Kaminski about a £400 million takeover of the club, with sources indicating that talks between the two have progressed in recent days.

However, it is understood they have been complicated by the recent financial market instability in the UK, while any final sum will also depend on the financing for Everton’s new stadium, which is due to cost £500 million.

Kaminski was previously bidding for a takeover with former Chelsea and Manchester United chief executive Peter Kenyon, investment banker Michael Klein and John Thornton, chair of US miner Barrick Gold. However, it is understood that Kaminski is no longer working with the trio after a split.

Minority stake

The Times has also reported on the talks between Moshiri and Kaminski, although it understands that while the discussions are part of the Everton owner’s efforts to secure funding for the club’s new stadium, it believes they have not centred on a deal to sell the club outright.

The newspaper understands that should a solution to funding the planned 52,888 capacity stadium at Bramley-Moore dock be found then Kaminski could take a minority stake in the club.

However, no agreement is imminent and according to The Times there remains scepticism among a number of sources that the negotiations will actually bear fruit.

 

AC Milan losses ease again as revenues rise by 14 per cent

AC Milan have recorded a further reduction in their annual losses as revenue grew by 14 per cent during the 2021/22 financial year, which ended with the club celebrating their first Serie A title since 2010/11.

Milan’s deficit for the 12 months ending 30th June 2022 was €66.5 million, down from €96.4 million in 2020/21 and €194.6 million in 2019/20.

Total revenues for 2021/22 climbed to €297.7 million, compared to €261.1 million the previous year.

The increase in turnover was driven by higher matchday revenue 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.

Costs increase

However, there was an also increase in costs, due to some extraordinary items attributable to the Serie A success and Champions League participation, as well as investments designed to strengthen the club’s e-commerce and media structure.

The consolidated figures for 2021/22 released by AC Milan have been approved by the club’s board of directors, and will be submitted to the vote of the shareholders' meeting scheduled for the end of October.

The board took note of a further accelerating growth trend, which has led to a positive EBITDA, and a validating of the recovery and relaunch path undertaken by the club over recent years.

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

 

Blatter-Platini acquittal explained by Swiss court

The Swiss court which acquitted former FIFA president Sepp Blatter and former UEFA president Michel Platini of fraud back in July has produced a detailed explanation of its decision.

The Federal Criminal Court in the southern city of Bellinzona cleared both men of corruption charges, which they had both denied, on 8th July.

Prosecutors had accused Blatter and Platini of unlawfully arranging for FIFA to pay Platini CHF2 million in 2011. Blatter had said the payment followed a "gentlemen's agreement" between the pair when he asked Platini to be his technical advisor in 1998.

When Blatter approved the payment he was campaigning for re-election against Mohamed bin Hammam of Qatar. Platini, then president of UEFA, was seen as having sway with European members who could influence the vote.

Both officials were banned from football for eight years in 2015 over the payment, although their bans were later reduced.

Written contract

L'Équipe reports that in its 99-page judgement, the Swiss court explains that, in its opinion, Platini's activity as an “adviser” was defined “both by a written contract of 25 August 1999 and – contrary to the subject matter of the accusation – by an oral agreement.”

It states: "Both the CHF2 million paid to Platini (early 2011) and the social security contributions amounting to CHF229,126 (€239,470) paid in his favour were due by FIFA, so that the defendants did not act in particular for the purpose of illegitimate enrichment [...] and that the invoice signed by the defendants is not false.”

The Swiss prosecutor's office, which filed an appeal announcement in July to challenge the acquittal, now has 20 days following receipt of the notification of the judgement, to confirm whether it wishes to appeal the verdict.

FIFA’s lawyer for the case, Catherine Hohl-Chirazi, said the governing body “has just received the reasoned written judgement of the Criminal Court and is currently analysing it".

Serious allegations made by French newspaper Libération have claimed PSG president Nasser Al-Khelaifi was involved in the imprisonment of a businessman in Qatar in order to prevent the publication of documents that allegedly included “compromising information” about the country’s 2022 World Cup bid.

The investigation included a series of allegations against Al-Khelaifi in connection with the imprisonment of businessman “Tayeb B” in 2020, which he has denied.

“Tayeb B” was arrested in Doha in January 2020 and imprisoned for nearly nine months. Libération allege that he was detained because he possessed documents claiming to “compromise” Al-Khelaifi.

According to Libération the cache is said to contain information of “corrupt” actions in relation to the award of the World Cup to Qatar 12 years ago.

Al-Khelaifi was not a World Cup bid official, but runs the Qatar state owned broadcaster Bein Sports, as well as Qatari-owned PSG.

Tayeb B, 41, was released from prison in November 2020, after allegedly, according to Libération, “handing over” a USB of the documents to Qatari authorities and signing a non disclosure agreement.

Statement from lawyers

In a statement from Francis Szpiner and Renaud Semerdjian, lawyers on behalf of Nasser Al-Khelaifi, said:

"In response to media reports in France regarding ongoing investigations against three individuals for potential illegal activity, we confirm categorically and absolutely that this has nothing to do with Nasser Al-Khelaifi."

 

Private equity groups circle Serie A

Reuters report that four private equity groups, Apax Partners, Three Hills Capital Partners, Carlyle Group (CG.O) and Searchlight Capital, have approached Serie A with expressions of interest in investing in the league’s media rights.

The approach comes a year after Serie A failed to reach a media rights deal worth €1.7 billion with a group of funds led by CVC Capital Partners due to opposition from some clubs.

Discussing media and broadcasting business

The funds’ interest was briefly discussed at a closed-door meeting of the 20 Serie A clubs held in Milan on Wednesday, the report said quoting sources.

At the same meeting clubs also resumed discussions over creating a separate unit for their media and broadcasting business.

 

Lawsuit: Hertha Berlin owner hired corporate spies that targeted football club boss

Financial Times reports that German financier Lars Windhorst hired an Israeli private intelligence company that orchestrated a clandestine campaign aimed at ousting the then-president of Hertha Berlin, according to a lawsuit.

The plot against Werner Gegenbauer is detailed in Israeli court documents, which reveal that Tel Aviv-based Shibumi Strategy Limited ran a year-long covert operation to push him out of the club.

Gegenbauer stepped down in May after 14 years at the helm. The corporate intelligence firm then sued Windhorst in an Israeli court, alleging that a unit of the financier’s company Tennor has breached a contract under which it owes Shibumi €1 million for eight months’ work, as well as a €4 million success fee allegedly agreed orally.

"Nonsense"

The newspaper asked, Ori Gur-Ari, CEO of Shibumi Strategy, to comment on the case. He said: “We do not know anything about this alleged case and you must have made a mistake.”

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

 

FIFA Clearing House gets regulatory green light

FIFA has confirmed that the French authorities have granted the FIFA Clearing House (FCH) a license to operate as a payment institution, opening up the way to widespread changes to the way transfers are conducted.

The Clearing House will operate as a payment institution eventually carrying out all payments to intermediaries and development clubs while promoting financial transparency.

The approval for a license was made last Friday (23 September) by the French Prudential Supervision and Resolution Authority (ACPR) and enables the FCH to collect and process payments on behalf of clubs, in accordance with the European Union Payment Services Directive.

The FCH is governed as an independent entity and has been set up in France, “recognising the importance of Paris as a financial hub as well as the global partnership between FIFA and the French authorities,” FIFA said in a statement.

The body will centralise, process and automate payments between clubs, initially relating to training rewards (training compensation and solidarity contributions). FIFA say the body will “promote financial transparency and integrity within the international transfer system.” It believes that it will increase fivefold solidarity payments currently distributed to clubs to around $400 million annually.

Key aspect to reform transfer system

“The FIFA Clearing House is a key aspect of FIFA’s ongoing efforts in relation to the reform of the transfer system, which are essential to shape the future of football and should be based on the principles of good governance and solidarity,” said the FIFA Vice-President and chairperson of the Football Stakeholders Committee, Victor Montagliani, in a statement.

Emilio García Silvero, FIFA’s Chief Legal & Compliance Officer, said: “Following the recent decision by the French banking supervisory authority, and after having concluded the necessary banking agreements, we expect to start operating very soon."

Inter Milan posted increased revenues of €75 million as the club announced a total turnover of €439.6 million for 2021/22, but still posted losses of €140 million.

The Italian giants acknowledged in a statement to shareholders, who will be asked to approve financial statements at a meeting next month, that they struggled to overcome the “social and economic consequences of the pandemic”.

Attendances only increased gradually in the second half of the season, as the club lifted the Coppa Italia and narrowly missed out on a consecutive Serie A title.

Suning ready to increase capital

According to a report in La Gazzetta dello Sport, Inter’s majority shareholder Suning has asserted a willingness to insert up to €100 million new liquidity into the club to help offset the losses.
 

English clubs benefit from fans bookmaker losses

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

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 document states that clubs were entitled to a “share of losses […] from accounts registered in your club name to Sky Bet through our affiliate partnership”. It confirms long held industry talk that clubs were benefiting from their own fans losses and has drawn criticism from gambling reform campaigners.

Partnership modified for the 2019-20 season

An EFL spokesperson told the Guardian: “When the EFL and SkyBet renewed its longstanding partnership for the 2019-20 season, we placed a greater focus on putting safer gambling at the heart of the agreement. As a result, the previous affiliate scheme was discontinued.

“While some clubs do receive revenue from legacy sign-ups that occurred prior to the new agreement, the affiliate scheme in place was phased out and all sign-up links via EFL Digital channels have been removed.”

SkyBet said in a statement to the same publication that its partnership with the EFL was modified in 2019-20 “with a clear focus on safer gambling and engaging fans responsibly. We are committed to safer gambling – for instance becoming the first operator to introduce strict limits on under 25s – and are supportive of evidence-led measures being introduced as part of the upcoming gambling act review.”

£120 million tax boost for Premier League footballers

Premier League footballers will enjoy a net income boost averaging £240,000 per year following the UK government’s decision to cut the top band of income tax from 45 to 40 per cent, according to The Times.

The average Premier League player earns around £4 million a year — or £75,000 a week — and the cut will make a significant difference that league wide will benefit players to the tune of around £120 million.

Premier League becomes more attractive

Unlike Italy, France, the Netherlands and Belgium, the UK has no special tax exemptions for footballers, so the cut is expected to make England – which already pays the highest salaries in global football – even more attractive.

Spain recently ended its tax exemptions for players and its highest tax rate is 47 per cent, while Germany’s is 45 per cent. In France players pay 27 per cent and in Italy, where the maximum tax rate is 43 per cent, overseas players can have the first 50 per cent of their pay tax-free for five years if their contract is for at least two years.
 

LaLiga sell off tech stake

LaLiga has sold a 51% stake of its tech subsidiary, LaLiga Tech, to Globant, according to a report by 2Playbook.

LaLiga’s president, Javier Tebas, has described the company’s purpose as “creating a new global technology company to lead the reinvention of the sports and entertainment industry.” In valuation documents by Rothschild created in relation to LaLiga’s private equity deal last year with CVC it said that the Tech subsidiary was worth 1.5% of LaLiga’s overall value of €22 billion.

The joint venture will embrace new technologies such as web3, which will bring fans “a new form of interacting with their teams, including blockchain-based collectibles,” Globant Chief Executive Officer Martín Migoya said in an interview with Bloomberg.

“We’ll also use artificial intelligence to better identify users and develop more sophisticated experiences.”

Globant plans expansion

Migoya also said the company plans to expand to “many other leagues in many other countries, as well as many other sports globally.”

Globant is a multinational with almost 26,000 employees specialising in improving customer experience through technology. Google, Electronic Arts and Banco Santander are among their customers and it has a market capitalization of €8.3 billion euros.
 

Hummel blank out branding for World Cup 2022

Kit manufacturer Hummel has blanked out its branding on the Denmark national kit for this winter’s World Cup as a protest at human rights abuses in host nation Qatar.

The Danish kit manufacturer says that the red shirt is inspired by Denmark’s 1992 European championship winning kit but “carries with it a message.”

“We don't wish to be visible during a tournament that has cost thousands of people their lives,” they said in a Tweet.

“We support the Danish national team all the way, but that isn't the same as supporting Qatar as a host nation.”

“Hummel’s kit deal with Denmark is worth an estimated €2.3 million, with the World Cup presenting the largest singular opportunity for Hummel to not only build its brand but generate revenue,” said Conrad Wiacek, Head of Sport Analysis at GlobalData, a leading data and analytics company.

An unprecedented step

Describing it as “an unprecedented step” he added: “The company’s decision to use its platform to send a message regarding Qatar’s human rights abuses sends a significant statement and brings attention to a situation Qatar would rather was not highlighted and one that governing body FIFA were hoping to avoid.”

Ajax have recorded a loss of €24.3 million for the 2021/22 financial year, significantly higher than the deficit of €8.1 million suffered the previous year.

In a statement, last season’s Eredivisie champions pointed to the ongoing impact of the Covid-19 pandemic as the key factor in the latest results.

The club, who also reached the final of the KNVB Cup last season, said it made a loss on player trading of €19.3 million due to the pandemic’s “very negative impact” on the transfer market.

Income from player sales amounted to €37.8 million, 56 per cent less than the €86.1 million earned in 2020/21.

The club added that playing matches in front of limited numbers of fans, and sometimes behind closed doors, especially in the first half of the season, contributed to an operating loss of €7.6 million, compared to an operating loss of €33.1 million in 2020/21.

Net sales up 51 per cent

The overall deficit came despite net sales increasing by more than 51 per cent to €189.2 million. Ajax said this was a result of increases in football turnover, partnership revenues and merchandising income.

Football turnover (mainly ticket sales and premiums from European competition) grew by 106 per cent to €98.9 million. The club said this was driven by reaching the round of 16 in the Champions League and because in the 2020/21 season almost all matches were played without an audience due to Covid measures.

Merchandising and partnerships revenue increased by €25.4 million to €74.8 million, due to strong kit sales and new commercial deals for the 2021/22 season.

Costs rose by more than 24 per cent to €196.8 million, mainly due to an increase in salary costs, match-related expenses and the settlement with the family of former player Abdelhak Nouri, who suffered a cardiac arrest during a friendly against Werder Bremen in Austria in July 2017, leaving him with serious and permanent brain damage.

Return to profit expected for 2022/23

Looking to the current 2022/23 financial year, Ajax said it expects to return to profitability due to qualifying for the Champions League group stage, and also because of the sales already completed of players including Antony dos Santos, Lisandro Martínez, Sébastien Haller, Nico Tagliafico and Perr Schuurs.

Inter Milan owners appoint Raine Group to look for potential buyers

Inter Milan’s owners Suning have put American investment bank Raine Group in charge of a search for buyers to take over the club, Italian newspaper Il Sole 24 Ore reports.

Raine Group, which is based in New York, facilitated the sale of Chelsea earlier this year, and Suning’s decision to work with the bank is understood to indicate a desire to explore the potential for bids from the US, with an asking price set at €1.2 billion.

Suning, a Chinese retail group, had already been working with US-based investment bank Goldman Sachs to help with a search for new minority investors as well as interest in buying Inter.

Cash injection

The owners have been looking for a cash injection into the club amid continued losses and large debts. In January, Inter launched a new €415 million bond, and the club is expected to report losses of around €120 million for the 2021/22 financial year. 

While Suning have been looking mainly for minority investment that would help ease liquidity issues while allowing them to retain control of the club, there have been growing signs that they would also listen to offers for a full takeover.

DAZN to expand football rights with acquisition of Eleven Sports

Sports streaming platform DAZN has announced an agreement to acquire rival Eleven Group's global sports media businesses.

In a statement, DAZN said “the acquisition cements DAZN as a global home of football through the integration of Elevensports.com and the 40,000 games it streams each year.”

As a result of the deal, DAZN will become the main domestic broadcaster of top-flight football in Belgium and Portugal, while also gaining a significant foothold in Poland.

The acquisition also expands DAZN’s presence in Asia beyond Japan via Eleven’s localised services in key territories in the region such as Hong Kong and Taiwan. 

Women’s football coverage 

DAZN claimed that together with Eleven they will also “create the world’s biggest portfolio of women’s football content.”

Eleven shows women’s football from six confederations, while DAZN’s coverage includes the UEFA Women’s Champions League, Liga F in Spain, the English FA Women’s Super League and the Women’s FA Cup, and Japanese WE League.

As part of the deal DAZN has also acquired Team Whistle, the Eleven-owned media business. DAZN said this will enable it to “reach younger audiences, diversify and expand its fan engagement capabilities, and maximise the value of DAZN’s rights portfolio.”

Team Whistle is ranked within the top ten US media sports properties on ComScore and has over 700 million followers across its channels.

Rangers fined £225,000 for role in price-fixing of replica shirts

Rangers have been fined £225,000 by the UK’s competition watchdog for taking part in the price-fixing of replica shirts together with two major retailers, The Northern Echo reports.

The Competition and Markets Authority (CMA) said that Elite Sports and JD Sports broke the law by fixing retail prices of the Rangers-branded kits and other clothing items from September 2018 to July 2019.

It added that Rangers “also took part in the collusion”, but only in fixing the price of specific adult home short-sleeved shirts from September to mid-November in 2018.

Undercutting the retail price

The CMA, which first began an investigation in December 2020, added that all three worked together to stop JD Sports undercutting the retail price of the shirt on Elite’s Gers Online store. JD Sports has been fined £1.485 million and Elite Sports £459,000.

New documents have emerged which appear to further expose the UK government’s extensive efforts to facilitate the Saudi Arabian takeover of Newcastle United, The Guardian reports.

The documents were released by the Department for International Trade in response to a freedom of information request by openDemocracy.

They show that Lord Gerry Grimstone, then minister for investment, asked the then Premier League chairman, Gary Hoffman, in August 2020 to share the league’s legal advice on “a way forward” for the stalled takeover by the Saudi Arabian Public Investment Fund (PIF).

Grimstone, a former banker with high-level contacts in Saudi Arabia and the Gulf, was appointed by Boris Johnson, who was prime minister at the time, in March 2020 to attract investment to the UK.

He told Hoffman: “I can then confirm from the highest levels of the Saudi Government whether this is deliverable and we all will then know where this stands.”

Potential “solution”

The documents show Grimstone working hard to try to help secure the takeover, liaising between the Premier League and Saudi government about a potential “solution”.

The evidence of Grimstone’s efforts, in internal memos copying in Downing Street officials and the British ambassador in Saudi Arabia, Neil Crompton, is said to further contradict the UK government’s repeated insistence that it had no involvement in the takeover process.

FIFPRO general secretary points to player workloads as key issue for deciding new football calendar

FIFPRO general secretary Jonas Baer-Hoffmann has said that protecting players from excessive workloads must be the starting point for any new international match calendar.

With a new calendar for the men’s game to start in 2024 due to be signed off, Baer-Hoffmann expressed his frustration about the current system of FIFA and UEFA-led committees overseeing the calendar.

He told the PA news agency: “There is more attention than ever to where the players’ interests lie. The problem is that so far the conversation has always been structured around the competitions and not the calendar. 

“The same thing happened this time – the attention was on how to change certain events, mainly the World Cup.

“And since that has lost traction, the conversation which is really important, which is the calendar and the structure for protecting players’ health, has slowed down.

“But we’ll be calling the other stakeholders to the table imminently now to push for amendments in the calendar, with or without amendments to the competitions.”

New agreement

Baer-Hoffmann’s comments followed FIFPRO’s announcement of a new agreement with the World Leagues Forum, which will involve collective discussion on a wide range of issues related to the employment of professional male and female footballers, including the schedule.

FC St. Pauli president Oke Göttlich calls on DFL to explain exceptions to ‘50+1’ ownership rule

FC St. Pauli president Oke Göttlich has called on the DFL to clarify its position on the German top-flight clubs who have been granted exceptions to the Bundesliga’s ‘50+1’ ownership rule.

Bayer Leverkusen, VfL Wolfsburg and Hoffenheim are all currently exempt from the rule due to having investors who have substantially funded the club for a continuous period of 20 years, allowing them to own a controlling stake. 

As part of an ongoing investigation by the Bundeskartellamt, Germany’s federal competition authority, into the rule, the DFL has been asked to comment on how it will deal with the three exempt clubs in the future.

“System disruptors”

Speaking to Kicker, Göttlich, who is himself a DFL Executive Committee member, said: "The Bundeskartellamt demands that the DFL explain how the exceptional clubs – and for me RB Leipzig is a fourth – are dealt with. 

“So far, this has not been tackled in such a way as to satisfy the Bundeskartellamt. The fact is these four clubs are system disruptors. It deals with various questions: How is member participation lived? How is there financial compensation for the financial advantage these clubs enjoy?”

He added: “We must now find a regulation quickly. At the moment it's a distortion of competition, that's a fact."

Athletic Bilbao report €10.6 million deficit for 2021/22 as losses ease on previous year

Athletic Bilbao have reported a loss of €10.6 million for the 2021/22 financial year, 58 per cent lower than the deficit of €25 million it suffered in 2020/21.

The Basque club said that €3.5 million of its total losses for 2021/22 were caused by the Covid-19 pandemic, with €5.7 million deriving from provisions for the coverage of future expenses. 

Total revenues were €115.4 million, up 24 per cent on the previous year. The club’s net worth as at 30th June, 2022 amounted to €103.4 million and it stated that it had €89.3 million in cash and short-term financial investments.

Bilbao, who are currently in 4th place in LaLiga, also revealed they are anticipating further losses for 2022/23, with turnover forecast to be €135 million and the deficit expected to be €5.9 million, which would mark a fourth consecutive year ending in the red.

In June Basque businessman Jon Uriarte was elected as the club’s new president ahead of Ricardo Barkala, director of the Port Authority of Bilbao, and Iñaki Arechabaleta, former CEO of the Vocento group. 

Four-year strategic plan 

Commenting on the latest financial results, Guillermo Ruiz-Longarte, treasurer of the board of directors, said: "Although the accounts are given to us by the previous board, we have carried out a review exercise and we are going to deploy a four-year strategic plan that will act on the entire basis of income and expenses of the club.”

He added: “We will lay the foundation for healthy revenue growth and containment of the spending structure.”

Juventus have reported a record loss of €254.3 million for the 2021/22 financial year as revenues declined and costs rose during the club's first trophyless season since 2010/11.

The deficit is higher than the €209.9 million loss suffered by the club in 2020/21, and marks the fifth consecutive year it has finished in the red. It ended with losses of €89.7 million in 2019/20, €39.8 million in 2018/19 and €19.2 million in 2017/18.

In a statement, the club said the results for 2021/22 were affected once again by the impact of the Covid-19 pandemic. Total income fell by 7.8 per cent to €443.4 million, while operating costs rose by 7.6 per cent to €483.4 million.

Lower broadcast income

The decline in revenue was due to a fall in income from TV rights and media revenues of €64.8 million, which could be explained by the lower number of Serie A and Champions League matches compared to 2020/21, which benefited from the deferral of several matches from the 2019/20 season.

The downturn in broadcast income was partially offset by an increase in matchday revenue of €24.5 million and by other minor items.

On the rise in costs, the club stated: “Operating costs have increased mainly for registered personnel (+ €27.7 million) and for external services (+ €10.4 million), partly offset by lower expenses from players’ registration rights (- €5.5 million).

“These higher costs were offset by lower amortisation, depreciation and write-downs for a total of €31.9 million (of which €24.1 million related to registered personnel).”

The club’s debt at the end of 2021/22 was significantly lower following the capital increase of €393.8 million generated by the new share sale last December. Net debt as at 30th June 2022 amounted to €153 million, down by €236.2 million compared to €389.2 million as at 30th June 2021.

2022/23 to end with further losses

Juventus claimed that its financial performance in 2022/23 is “expected to significantly improve” on 2021/22 due to the continued recovery from the pandemic, as well as steps taken to cut costs and boost revenues over the medium term.

However, it admitted it would again end the year with further losses, explaining that “the expected improvement is not such, at present, as to suggest the achievement of break-even from the current financial year.”

 

Tebas hits back at ECA president’s barbs against Barca and Real

European Club Association Nasser al Khelaifi has found himself embroiled in a war of words with the LaLiga president, Javier Tebas, following comments made at the conclusion of the European Club Association General Assembly, reports correspondent James Corbett from Istanbul.

Asked by Off The Pitch about the continued involvement of all twelve Super League clubs in companies linked to the enterprise – which continues to pursue UEFA through the courts – Al Khelaifi singled out Real Madrid’s “strange” position.

The Qatari drew the contrast between Real winning the Champions League, despite being part of a plot to destroy it.

“It's strange that they [Real Madrid] also celebrate in the UEFA club competitions because they know it's the best club competition in the world,” he said.

“It's odd that you go against an existing fantastic club competition and then you participate, celebrate and enjoy winning the trophy.

“I found that very strange, to be honest. But we don't want to waste our time with that, we want to continue.”

Perceived as a barb

Earlier in the day Al Khelaifi had used an address to 260 ECA members to warn against “magical equity deals” as a solution to the “dangerous levels of debt” engulfing the game. The comments were perceived as a barb at Barcelona, which has sold off large parts of its future TV rights to a private equity group.

His comments drew a fierce and almost immediate rebuke from the LaLiga president, Javier Tebas. The Spaniard has issued legal proceedings on behalf of the Spanish league against al Khelaifi’s club Paris Saint Germain, who he says violate financial fair play rules.

“Barcelona have sold part of their assets to cover their losses, at PSG on the other hand you ‘turn on the gas’,” the Spaniard tweeted.

“For a sustainable world of football, the first thing is to pay what is owed, isn't it?”

“We are as baffled”

Tebas has also accused the Qatari of “possible conflicts of interests” relating to his high-ranking roles at PSG, UEFA, the ECA and BeIN Sports.

When asked about his own position in relation to UEFA broadcast deals in markets where BeIN also operates, Al Khelaifi brushed aside concerns, pointing to the role of agencies such as TEAM marketing in negotiating sales.

The ECA also distanced itself from media reports that UEFA may take Champions League games outside Europe.

“We’ve seen the reports and we are as baffled as other stakeholders,” said its chief executive Charlie Marshall.

 

Everton appoint Elevate to drive search for new stadium naming rights deal

Everton have appointed sports and entertainment consultancy Elevate Sports Ventures to help secure a naming rights partner for the club’s new stadium at Bramley-Moore Dock, which is due for completion in the 2024/25 season.

The Toffees are looking to agree a naming rights deal after suspending ties in March this year with Russian firm USM, which had signed an "exclusive option" for naming rights on the new stadium back in January 2020.

USM had made a one-off payment of £30 million to essentially guarantee first refusal. However, Everton cut its links with USM and numerous others associated to Russian investor Alisher Usmanov as he faced sanctions for his close links to Vladimir Putin following the invasion of Ukraine.

“Bold programme”

In a statement, Everton said it will be working with Elevate “on a bold revenue generation programme, including developing a range of new partnership opportunities and a global search for a naming rights partner, for what will become one of the most iconic stadiums in world football.”

 

Chelsea to face ‘huge’ tax bill left over from Abramovich ownership

Chelsea are expected to be handed a huge unpaid tax bill next month after the full extent of liabilities left under Roman Abramovich's ownership became clear to inspectors, The Daily Telegraph reports.

Just days before the sale of the club to the group led by Todd Boehly at the end of May, club executives under the previous ownership had been forced to disclose significant unforeseen liabilities initially worth a total of £2.5 billion.

Under Abramovich's ownership, Chelsea received funding via a complex series of parent companies in which tax liabilities had become increasingly difficult to unravel.

Checks by regulators after the club effectively became a frozen asset in March prompted Chelsea to voluntarily declare huge unpaid liabilities to Boehly before the takeover deal was completed.

HMRC and the club have been in regular contact in recent weeks and inspectors are now believed to be ready to issue a final bill covering previous years.

“Not unusual”

A club spokesman told the Telegraph: "It is not unusual in these types of transactions, particularly deals completed in an accelerated timeframe, to withhold an amount related to any unforeseen liabilities that may arise from transactions that occurred prior to the sale."

Chelsea have made it clear that at no point have they breached the profit and sustainability regulations of either the Premier League or UEFA.

 

Premier League clubs in talks about Drive to Survive-style Netflix series

Premier League clubs are to discuss the prospect of a Netflix documentary series focused on the English top-flight inspired by the hugely successful Formula 1: Drive To Survive.

The Times reports that the film company behind Netflix’s hit programme approached the Premier League to propose the series idea.

Clubs were informed about the approach last week and talks are now expected to take place about a potential project that they hope could match the success of the motor racing series.

Steven Gerrard documentary

The production company behind the plans is the British-based Box To Box Films, which has also made The Kings series on boxing for Showtime, and Make Us Dream, a documentary about Steven Gerrard, for Amazon.

It is understood that Box To Box has also been in touch with individual Premier League clubs.

Once the details are confirmed about the scope of the series, including how much access clubs will need to provide behind the scenes and rights to highlights, then a decision will be taken by the 20 clubs.

Manchester United have suffered the biggest financial loss in their history with the club losing £115.5 million last season.

In their latest set of financial figures, covering the financial year to June 30, the club revealed their losses increased £23 million on the preceding 12 months. The previous season, which was interrupted by the Covid-19 pandemic, United lost £92.2 million.

Overall revenue was up 18 per cent to £583.2 million as fans returned to games following the easing of pandemic restrictions. United paid out £33.6 million in shareholder dividends.

Net debt increases

The club’s net debt has grown to £514.9 million, an increase of £95.4 million. United said the increase was partly down to a £100 million drawdown on a revolving credit facility.

Player signings last summer, including Cristiano Ronaldo, helped push United’s wage bill 19.1 per cent higher to £384.2 million, surpassing Manchester City to become the highest in Premier League history.

The figures are in line with Off The Pitch’s Premier League Financial Forecast 2022 released earlier this month, which predicted total revenue of £581.5 million and a wage bill at £385.2 million.

“Increased investment in players”

Cliff Baty, United’s chief financial officer, said: “Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad.

“Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.

“Looking forward to fiscal 2023, the Club is guiding to revenues of £580 million to £600 million despite participation in the Europa League, and adjusted EBITDA of £100 million to £110 million, reflecting the continued playing squad investment.”

UEFA set to revamp Super Cup

Plans to replace the European Super Cup with a new four team pre-season tournament from 2024 are gaining traction, but the revamped competition will not include teams from outside Europe reports correspondent James Corbett from Istanbul.

Executives from leading clubs are meeting here in Turkey at the European Club Association (ECA) General Assembly and the issue was understood to be on the agenda when the board met on Thursday morning.

The ECA is a key stakeholder in the decision-making process that decides the shape and finances of UEFA club competitions.

Off The Pitch understands that the revamped competition will include the winners of the UEFA Champions League, Europa League and Europa Conference, but no decision has been made on the fourth competitor – although contrary to media reports it will not include a club from outside the confederation.

MLS clubs not on the agenda

Earlier this week it was suggested that MLS clubs could be included in the competition to boost engagement and revenues in North America.

Multiple sources have told Off The Pitch that this is not on the agenda and that any such proposal would face strong opposition from governing bodies in North America. Attempts by LaLiga to play regular season games in the US were blocked by FIFA three years ago.

The CONCACAF president, Victor Montagliani, has travelled to Istanbul, where he is representing FIFA and updating clubs on the world governing body’s transfer reforms.

ECA president in debt warning

European Club Association president Nasser Al-Khelaifi will today warn clubs that “magical equity deals” are not a solution to the “dangerous levels of debt” being accumulated by clubs across the continent.

He will also repeat calls for UEFA to see through proposals for a Covid recovery fund. UEFA has put the plans on ice, blaming the conflict in the Ukraine and rises in global interest rates. The suspension of the programme has caused consternation among some European teams.

Al-Khelaifi will tell delegates at the ECA General Assembly that the “first priority” of the organisation “is to ensure financial stability within European football.”

“The planned Recovery Fund is critical for our clubs. COVID affected all of us. Clubs of all sizes. I have spoken to [UEFA] President Čeferin personally about the fund. He promised UEFA will find a solution together,” he will say.

Not a sustainable path

The Qatari will also warn about indebtedness. “The enormous debt levels – especially with current interest rate levels – and magical equity deals maintained by some clubs are not a sustainable path,” he will say. “We need to think long term, not short term.”

The Formula 1 CEO Stefano Domenicali will be guest of honour at the event, with IOC president Thomas Bach also giving a video address. ECA sources say that the development broadens ECA’s vision and shows it to be a more inclusive body than a lobby group.

Liz Truss puts plan for independent football regulator on hold

The new UK government led by Prime Minister Liz Truss may put plans for an independent football regulator on hold, The Times reports.

Government insiders told the newspaper the government would prefer to give football a deadline to come up with its own alternative to a regulator. It is said to want to avoid passing legislation, if possible, but will do so if required.

An independent regulator was recommended in the fan-led review led by former sports minister Tracey Crouch. The review was commissioned to examine football governance following the attempted introduction of the European Super League.

The regulator would oversee club ownership checks, rule breaches and potentially issues like financial distribution.

“Cross-party support for a regulator”

Despite Truss indicating she would support a regulator during her leadership campaign, and previous plans to publish a white paper this autumn, the government is expected to ask the FA, Premier League and EFL to reach an agreement themselves.

Former England and Manchester United defender Gary Neville, who backs introducing an independent regulator, said: “There is cross-party support for a regulator along with the majority of football outside the Top 6 (Premier League clubs).

“The fan-led review is a Conservative Party manifesto pledge and I would expect any individual opinion to be discarded in favour of the more collective position set out by the government and football itself. The fan-led review was referred to in the Queen’s speech and I would expect that to be seen through.”

UEFA set to abandon plan for 32-team European Championship

UEFA is set to scrap plans to increase the number of teams at the men’s European Championship from 24 to 32 teams.

The European governing body has been assessing options to increase the quadrennial tournament to 32 teams for the past year, according to The Times. The finals increased to 24 nations, up from 16, for the first time at Euro 2016.

The newspaper reports there has been pressure to increase the size of the championship again from some of UEFA’s 55 members to improve their chances of qualifying.

Concern over qualifying process

However, if more than half of UEFA’s members reached the finals it would reduce the jeopardy of the qualifying stage, risking broadcasters losing interest in securing the rights to most matches.

If UEFA does drop plans for a 32-team finals, the UK and Ireland’s joint hosting bid for Euro 2028 would probably only require six English stadiums, should the bid be successful.

The UK and Ireland face competition from Turkey for the 2028 championship, though Turkey is also bidding for Euro 2032 against Italy.

Europe’s leading clubs have gathered for the annual general assembly of its representative body, the European Club Association (ECA), reports correspondent James Corbett from Istanbul.

The ECA represents 265 member clubs from across European professional football, although only around 40 per cent of these clubs have full voting rights. With UEFA it is a key stakeholder in the decision making process that decides the shape and finances of European club competition.

At the two day gathering a key issue is expected to be how future revenues from UEFA club competitions are shared when the next rights cycle kicks off in 2024.

The long and sometimes tortuous process to agreeing competition format and representation for this next cycle took more than two years to settle, culminating in the failed attempts by 12 rebel clubs – led by former ECA president Andrea Agnelli – to break away into the European Super League in April last year.

Super League clubs actively working

Despite conciliatory moves by UEFA to bring these clubs back into the fold, A22 – the company behind the Super League – is embroiled in legal action against UEFA at the European Court of Justice, challenging the body’s competition and regulatory monopoly. As reported by Off The Pitch, three Super League clubs are actively working with A22, and the other nine seemingly retain a shareholding in the company.

The continued power of these elite clubs is considered to be a key impediment to agreeing a post-2024 funding model and this conflict may take centre stage.

It has also been suggested that a consultation may take place on UEFA club competition matches being played outside the continent in an attempt to bring meaningful live matches to a wider audience and drive revenues.

Off The Pitch understands that these ideas have some support, although changes to the format of the UEFA Super Cup, so that it becomes a four club competition, is a more likely option. That could include the winners of Major League Soccer as the fourth team besides the winners of the Champions League, Europa League and Conference League.

Rival body established

Also on the agenda is the expansion of the ECA Network to encompass a further 160 clubs in an apparent attempt to head off dissent among a wider politic of clubs.

In June it was announced that a rival body, the Union of European Clubs (UEC), had been established and would offer one member, one vote recognition to prospective members. The UEC is understood to have declarations of interest from100 prospective members but awaits approval from UEFA.

Chelsea fire commercial director after “inappropriate messages” scandal

Chelsea have sacked their commercial director Damian Willoughby after receiving evidence he had sent “inappropriate messages” before being appointed by the club.

Willoughby, a former City Football Group executive, began working at Chelsea this month following its takeover by an investment group led by Todd Boehly and Clearlake Capital.

The Daily Telegraph, which first reported the story, alleged that Willoughby had been sending the messages to Catalina Kim, CEO of C&P Sports group, a football finance advisory from last year.

Kim, who is working with Chelsea on raising investment, had raised concerns when she learned that Willoughby would also be working on the fundraising. The report cited eight messages of an inappropriate nature, alleging that one contained a video with sexual content. It added that Willoughby’s lawyers had declined to comment.

Chelsea statement

Chelsea issued a statement in which a club spokesman said: “Evidence of inappropriate messages sent by Mr Willoughby, prior to his appointment at Chelsea FC earlier this month, has recently been provided to and investigated by the club. While they were sent prior to his employment at the club, such behaviour runs absolutely counter to the workplace environment and corporate culture being established by the club’s new ownership.”

In June Chelsea were rocked by allegations made in a New York Times investigation into a bullying culture at the club’s marketing operation. This followed the suicide of a club employee. After the investigation was published Bohely pledged to change the culture of the club.

Man City face scrutiny over another “ghost sponsor”

Manchester City face further scrutiny over its sponsorship dealings after investigative magazine, Josimar, published a probe into its new Asian betting sponsor, 8XBet.

The investigation alleges that 8XBet’s website has just 170 visitors a day, employees seemingly operate under fake identities, and that its Vietnamese “offices” are domiciled in a mobile phone shop in Ho Chi Minh City.

Josimar claim there are a number of “other red flags” around the bookmaker, including:

• 8XBet’s European customer support line does not appear operational;
• No parent company is listed on its websites, aside from on its external license page;
• Its online customer support staff would not say where it was based;
• Its “About” page refers to the Philippine Gaming Commission while its front page has a license authentication seal from Curaçao.

The story bears echoes of Off The Pitch’s investigations into Wega, City’s “official wireless acoustic card partner”, who we revealed earlier this year to be operating from a London mailbox, with no employees and to have issued a total of just 145 prepaid credit cards, despite handing over several million to City in sponsorship fees.

Last November City were forced to cancel a sponsorship with 3Key its “decentralised finance trading analysis” partnership after similar revelations.

Barcelona have announced profits of €98 million for the 2021/22 season and forecast they will make another €274m in the current campaign.

The turnaround in fortunes comes as the club sold off 25 per cent of its future domestic broadcast rights to private equity firm, Sixth Street, and two 24.5 per cent chunks of its Barca Studios subsidiary.

Barca’s turnover for 2021/22 topped a billion euros and saw a profit of €98 million, and the club say that income will increase this year to €1.255 billion.

Little over a year has passed since Barca posted losses of €400 million and were forced to release Lionel Messi after being unable to afford to register him. LaLiga hit the club with a spending cap of minus-€144 million for the season.

However, a fire sale of assets – described as “economic levers” by its president, Joan Laporta – has brought the club back into black. Crucially it has lifted the club’s spending cap to more than €650 million going forward.

The future might not be as bright

The long-term outlook may nevertheless be less bright. Earlier this month LaLiga president Javier Tebas told reporters that it would be “difficult” for Barca to maintain the new spending limit on an ongoing basis.

“Without the [sale of assets], it may not be so high next season,” said Tebas then. “They may have to reduce their wage bill, sell players or even [sell more] assets. I think [Barca's vice president Eduard] Romeu has said they need it to be at around €400 and something million. But they know all about this, it will be difficult for them to maintain [the new limit] next season.”

 

Player sales help Celtic to £6.1 million profit

Scottish champions Celtic have returned to profit after making £6 million in profit before tax in 2021/22.

Turmover increased by more than £20 million to £88 million, which is mainly due to full stadiums after the pandemic. As operating exepenses also spiked to £92 million Celtic had to rely on player sales to make a profit.

And profit from player transfers was up compared to previous year with the sales of Kris Ajer, Ryan Christie and Odsonne Edouard. From £9.4 million in 2020/21 to £29 million in 2021/22.

Having secured automatic qualification for the Champions League group stage this year the accounts of 2022/23 looks bright.

"Every confidence in our business model"

Chairman Ian Bankier said in his statement:

"The biggest influence on the financial and sporting fortunes of the club is our ability to participate in European competition."

"We continue to balance the benefits of investing in experienced players alongside younger talent with a view to developing all players' performances on the pitch and trading when conditions are right.

"The successful execution of this model is a challenge but is vitally important for clubs such as Celtic.

"We have every confidence in our business model that over the period of my office has demonstrated its robustness, especially in challenging times."

 

Scrap FA Cup replays and revamp League Cup as part of “New Deal”

Premier League clubs are to discuss scrapping all FA Cup replays and major changes to the League Cup at its shareholder meeting on Wednesday, report The Times.

The agenda item proposes wide-ranging calendar changes and reforms to parachute payments as part of a so-called “New Deal for Football”. 

League Cup without European contestants

Under the proposals FA Cup third and fourth round replays would be scrapped, although the FA would need to offer its consent for this proposal to be seen through. 

Clubs competing in Europe would not compete in the League Cup, or be allowed to field their under-21 teams. The League Cup would not be abandoned altogether under the plan. 
The EFL has yet to be consulted on the proposals, according to the report. It is also unclear if the League Cup would lose its European slot under the plans.
 

Qatari royal linked with Sampdoria takeover

Italy’s state news agency ANSA reports that it has received confirmation from a Swiss lawyer acting on behalf of a member of Qatar’s royal family seeking to buy Sampdoria.

Khalid Faleh al Thani, a member of the ruling family of Qatar, has, according to the report, stated his intention to buy the Genovese club as part of a consortium with former Juventus, Sampdoria and Grimsby Town player, Ivano Bonetti.

The group, which also includes a film entrepreneur named Francesco Di Silvio, are represented by Mehdi Hani of Geneva lawyers, MH Partners. Di Silvio has previously been linked to unsuccessful takeovers of Salernitana and Foggia.

The letter

In Al Thani's letter, translated from Arabic by Di Silvio, Ansa reported a confirmation of “my strong interest in the acquisition of Sampdoria… an interest that arises from the many stories of Francesco Di Silvio, Imad and Medhi. They made me discover a beautiful city like Genoa, the wonderful Sampdoria shirt, they told me the glorious history of the club. I fell in love with the city and Sampdoria and I decided to buy the club.”

Sheikh Khalid’s LinkedIn profile lists him as chairman of Logano EST and vice chairman of Prime Lands LLC, a Qatar domiciled real estate development company.  

Germany face Qatar human rights “balancing act”

German FA (DBF) director Oliver Bierhoff has warned that Germany face a major challenge at the upcoming World Cup in view of the debate on human rights in Qatar.

“We have to be careful to find this balancing act between the responsibility and awareness that we have as human beings. On the other hand, we go over as the German national team, we represent our country, we want to play football successfully,” Bierhoff said at the “Sport and Human Rights” conference organized by the DBF in Frankfurt on Monday.

Last year Germany players attracted global attention by highlighting the issue of migrant worker rights in Qatar by wearing T-shirts spelling out the words “human rights” before a game. The German squad have also been briefed by human rights experts about migrant labour in Qatar. 

Bierhoff said the “many noises and also criticisms that come beforehand” should not detract from the fact that there is a major tournament.

“We are looking forward to a World Cup, to measuring ourselves against the best in the world and looking forward to representing Germany,” he added. 

Qatari ambassador wants fair treatment

Qatar's ambassador to Germany, Abdulla Bin Mohammed bin Saud Al-Thani, used the conference to call for the fair treatment of his country as World Cup host, drawing a comparison to Russia in 2018.

“If we go back four years, the World Cup was in a country, Crimea had just been taken, people were in prison, people were oppressed, and there was no attention from Germany and not from any other country in Europe,”  he said, adding the situation in Qatar is “not perfect yet,”  adding that change takes time and was “a journey”.

Ecuador look set to hold on to their place at the World Cup in Qatar later this year after FIFA's appeals committee dismissed a claim of ineligibility against one of their players.

The Chilean federation lodged a complaint with the game's global governing body over Byron Castillo, who it claimed was not born in Ecuador, and argued that Ecuador should forfeit the World Cup qualifying matches he had played in.

The FIFA disciplinary committee closed the proceedings in June but the Chileans appealed, leading to a new hearing before the appeals committee.

However, that too has now been dismissed with FIFA saying in a statement: “Amongst other considerations, [the committee] deemed that on the basis of the documents presented, the player was to be considered as holding permanent Ecuadorian nationality.”

The Chilean federation have confirmed they will now appeal against FIFA's verdict to the Court of Arbitration for Sport in Lausanne in Switzerland.

 

Brighton receive £366,000 fine by FA after being found guilty of 'misrepresenting transfers'

Brighton have been fined £366,600 by the FA after being found guilty of breaching agent regulations and misrepresenting financial transactions in relation to several transfers, including that of then club-record signing Mat Ryan.

The Australian international goalkeeper moved to the Amex Stadium from Valencia for a £5.2m fee in 2017 and went on to make 123 appearances for the club, playing a key role in keeping them in the Premier League for four seasons before joining Real Sociedad last year.

Brighton have been found guilty of misrepresenting Ryan's transfer by breaching FA rule A3, which states that clubs should not 'conceal or misrepresent the reality and/or substance of any matters in relation to a transaction.'

Brighton in a statement said they accepted the findings of an Independent Regulatory Commission for historic breaches of FA regulations.

 

Burnley face EFL investigation over ownership claims

Burnley are facing an EFL investigation into the ownership of the club amid uncertainty over who is in charge of the Championship side, The Daily Mail reports.

American consortium ALK Capital paid £170 million to buy Burnley two years ago in a highly leveraged takeover largely funded by debt and the club’s own money.

However, according to The Mail, the authorities have since received information suggesting that the ultimate owners could be another financial entity based in Jersey.

The Premier League began making enquiries last season and the matter has been passed on to the EFL following the club’s relegation.

The EFL are understood to have asked Burnley to clarify certain aspects of their ownership, particularly regarding their alleged links to institutions in Jersey.

Rival clubs made aware

Other Championship clubs are said to have been made aware of the issue, which was discussed at an EFL meeting last week. ALK Capital are registered to an address in Leeds, with all three directors registered in Delaware.

Burnley sources told The Mail that ALK are unequivocally the owners of the club and that they have yet to receive questions from the EFL. The Premier League and EFL declined to comment.

 

Lyon takeover still not complete as John Textor looks for funds

American businessman John Textor is still looking for funds to complete his takeover of Lyon, with two weeks to go until the deadline for the deal to go through, according to L’Équipe.

Textor is due to become the Ligue 1 club’s new owner after agreeing a takeover deal back in June. However, it is understood he is still not the majority owner and is still trying to find the necessary financing.

Confidence is said to be high, though, both at the club and among the businessman’s team that the deal can be officially completed.

The American is understood to have been in discussions with contacts, particularly in the US, and sources involved in his business circles claim that the sums needed and being discussed amount to several tens of millions of euros.

Pathé and IDG stakes

Textor’s company Eagle 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, as well as a majority of the shares of Holnest (27.56 per cent), the family holding company of current president Jean-Michel Aulas.

Exclusive negotiations were officially announced on 20th June by OL Groupe and the general meeting of 29th July gave the board full powers to validate the sale before the deadline of 30th September.