Football's Magic Money Tree

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Chester Perry
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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 12, 2024 5:41 pm

Chester Perry wrote:
Wed Apr 10, 2024 6:19 pm
Some more on this from The Telegraph

Fresh Everton takeover concern as 777 Partners scrambles to fund purchase
Hopes of an imminent takeover at Goodison Park are receding amid worries over 777’s ability to raise cash

https://archive.ph/zA5aw
777 Partners scramble for new loans to complete the takeover continues, though there is still no word of the Premier League granting them more time. To be honest I think the time question lies with MSP not the Premier League, as it is they who have the April 15 deadline in their loan agreement

from Bloomberg

Everton FC Rescue in Balance With 777 in $452 Million Loan Talks
Miami-based 777 held talks with investor Blue Owl Capital
777 has asked for more time to complete the takeover

https://archive.ph/UD8lj

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Re: Football's Magic Money Tree

Post by DAVETHEVICAR » Fri Apr 12, 2024 7:51 pm

Regarding being able to watch all our mid week games next season, if relegated, obviously I hope we are fortunate to survive
I am unable to attend as I can’t get to matches by a poor rail system.

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Re: Football's Magic Money Tree

Post by Paul Waine » Fri Apr 12, 2024 7:58 pm

We've discussed "material uncertainty" with respect to Burnley's latest set of accounts. We've also seen that Blackburn Rovers accounts includes a "material uncertainty" statement from their auditors. The same "material uncertainty" is mentioned by the Guardian article reviewing Everton's latest accounts.

International Standard on Auditing (ISA) 570 (Revised) 'Going Concern' became effective for audits of financial statements commencing on or after 15th December 2019. For Burnley FC Holdings the revised ISA 570 has applied to the accounts for the period ending 31st July 2021.

So, that's the background to "material uncertainty" in auditors' reports. I guess somewhere in the documentation for this revised standard are pro-forma recommendations on the wording to be used. We should expect many more "material uncertainty" statements to be included in the auditor's report of football clubs.

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Re: Football's Magic Money Tree

Post by Chester Perry » Sat Apr 13, 2024 12:42 pm

I thought this type of transaction to help with FFP/PSR had been banned with Aston Villa the last to benefit, but on reflection that might just be in regard to Stadium and Training Ground. Chelsea go all Barcelona and pull another financial lever

From The Telegraph

Chelsea owners sell hotels to another company they own for £75m ‘in bid to meet PSR rules’
Sales of hotels will see club’s annual losses ending June of last year drop to £90.1 million from £248.5 million

https://archive.ph/1sfwz

Chester Perry
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Re: Football's Magic Money Tree

Post by Chester Perry » Sun Apr 14, 2024 9:49 am

Chester Perry wrote:
Sat Apr 13, 2024 12:42 pm
I thought this type of transaction to help with FFP/PSR had been banned with Aston Villa the last to benefit, but on reflection that might just be in regard to Stadium and Training Ground. Chelsea go all Barcelona and pull another financial lever

From The Telegraph

Chelsea owners sell hotels to another company they own for £75m ‘in bid to meet PSR rules’
Sales of hotels will see club’s annual losses ending June of last year drop to £90.1 million from £248.5 million

https://archive.ph/1sfwz
In general Principal this article from Sam Wallace is correct, in targeting Chelsea's sale of non-football related assets after first checking with the Premier League he is on much thinner ground, simply because under law (and this applies across Europe and the world - witness the non-football asset sales of Barcelona and numerous others) businesses have the right (and occasionally the expectation) to sell assets. It is difficult when selling to a related company but until the law changes (it won't) there is little that I believe that Football's authorities can do in this regard.

there is a simpler solution and that is just to allow football related revenues and costs to fall under FFP/PSR and all the additional revenues from museums, media business and non matchday stadium earnings be excluded, though I acknowledge that will create come challenges in understanding and apportioning the costs of something like the Tottenham Hotspur Stadium

Articles like this should be focusing on how CFG this week posted enormous losses across its group were over four fifths of its revenues come from Manchester City yet last season Manchester City posted profits in excess of £80m - analysis of how much cost is transferred to the group is long overdue

from The Telegraph

Clubs agreed to financial rules – they must stop finding loopholes
Agreeing to a set of rules then trying to challenge them on any possible front has become a part of Premier League’s competition’s culture

https://archive.ph/BbhNV

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Re: Football's Magic Money Tree

Post by Chester Perry » Sun Apr 14, 2024 6:05 pm

We should know the outcome of the Nottingham Forest appeal by the time we play them

from The Athletic

Nottingham Forest’s points deduction appeal hearing for PSR breach set for week beginning April 22
https://archive.ph/7UYdV

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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 15, 2024 10:15 am

Chester Perry wrote:
Tue Apr 09, 2024 4:15 pm
It has been quite a while since I have posted anything about this, but the legal cases keep on going. However we have finally seen a change - it appears from an out of court agreement that FIFA have been persuaded to consider the rule about in season league games being played in alternative countries that have their own leagues. We can only assume that FIFA now see some $$ signs in this for themselves.

from The Athletic

FIFA reaches agreement in lawsuit seeking to allow domestic club games in foreign countries
https://archive.ph/WU7QN
FIFA are indeed considering changes to their statues re league games out of the leagues national domain, but as The Financial Times points out - there are other hurdles that may be a bit more complex, particularly for Premier League clubs

League matches in America? Not so fast
https://archive.ph/95k0c
Financialt Times - Broadcast fees.png
Financialt Times - Broadcast fees.png (248.06 KiB) Viewed 1796 times
Chart showing that domestic TV revenues for football’s big five leagues have peaked, but overseas rights are propelling the Premier League further ahead

The end of a dispute going back six years has reignited the possibility that Europe’s big football leagues could one day play official matches in America, in what could be a transformative commercial goal for the sport.

Fifa said this week that it would consider “changes” to policies that prevent leagues and clubs playing league games outside of their home territories.

The statement followed an agreement to resolve a legal battle with Relevent Sports. The US promoter, which is owned by billionaire Miami Dolphins owner Stephen Ross and led by chief executive Daniel Sillman, had challenged the world governing body over its ban.

North America has become more important to European football since Fifa stood in the way of Relevent’s attempts to host a La Liga clash between FC Barcelona and Girona in Miami in 2019. Meanwhile, Fifa is ramping up preparations for the 2026 World Cup, which is set to take place in Canada, Mexico and the US.

In turn, America has warmed to football. Lionel Messi wows crowds with his performances for Inter Miami while US investors have poured capital into European football teams.

More importantly, the Premier League and La Liga are making more money than ever in North America thanks to lucrative broadcasting deals.

Somehow, top English and Spanish clubs have signed multibillion dollar media rights deals without playing any games of serious consequence in the region.

Now the question is what could be achieved if the best English and Spanish clubs could play the occasional official match across the pond.

But don’t expect a quick answer. There’s a difference between Fifa changing its stance and the reality of convincing fans and politicians of the merits of going abroad.

La Liga is familiar with the debate. Players and the Spanish football federation raised concerns last time round. Meanwhile, Premier League chief Richard Masters last summer played down the prospect of playing competitive matches in the US.

In any case, the English top flight has learned about both sides of UK government power in the years since Relevent launched its case against Fifa.

The league welcomed the government’s objections to the breakaway European Super League. More recently, however, Masters has warned that UK plans to introduce an independent football regulator could undermine the competition’s global dominance.

Against that backdrop, it would take a brave league to tell fans that clubs can head off to America instead of holding matches in front of their home crowds.

For Relevent, these circumstances mean that winning over Fifa is just the first step to the ultimate dream.

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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 15, 2024 10:26 am

there was a time when I would have celebrated this thread reaching 1 million views but the acceleration in the last year has convinced me that a a significant proportion are actually by bots, and since the public launch of AI tools there has been a real surge of views (up from around 2,000 a week to over 10,000 some weeks) and over !40,000 since the turn of the year. It is further affected by the fact that the more views a thread has (even when generated by bots) the more views bots go on to give it

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Re: Football's Magic Money Tree

Post by bfcjg » Mon Apr 15, 2024 10:33 am

Chester Perry wrote:
Fri Apr 12, 2024 5:41 pm
777 Partners scramble for new loans to complete the takeover continues, though there is still no word of the Premier League granting them more time. To be honest I think the time question lies with MSP not the Premier League, as it is they who have the April 15 deadline in their loan agreement

from Bloomberg

Everton FC Rescue in Balance With 777 in $452 Million Loan Talks
Miami-based 777 held talks with investor Blue Owl Capital
777 has asked for more time to complete the takeover

https://archive.ph/UD8lj
So if MSP insist on full payment today and 777 can't pay without another loan, MSP get the stadium ( and club) ?
Would they have to pass the relevant tests re fit ownership ?

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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 15, 2024 11:04 am

bfcjg wrote:
Mon Apr 15, 2024 10:33 am
So if MSP insist on full payment today and 777 can't pay without another loan, MSP get the stadium ( and club) ?
Would they have to pass the relevant tests re fit ownership ?
If they were to become directors certainly, but the two Evertonians Andy Bell and George Downing, who were scheduled to join the board last summer will have been part way down that track already - I cannot foresee a problem on that score really
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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 15, 2024 10:49 pm

Chester Perry wrote:
Sun Apr 14, 2024 6:05 pm
We should know the outcome of the Nottingham Forest appeal by the time we play them

from The Athletic

Nottingham Forest’s points deduction appeal hearing for PSR breach set for week beginning April 22
https://archive.ph/7UYdV
The Premier League are also keen to get the now filed Everton appeal head and jusdgement disclosed prior to the final game of the season

from The Guardian

Premier League aim to have Everton’s latest appeal heard before final day
League seeking clarity in case of last-day relegation battle
Appeal over two-point penalty will be ‘resolved urgently’

https://www.theguardian.com/football/20 ... ier-league
https://archive.ph/L4zvK

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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 15, 2024 10:59 pm

Chester Perry wrote:
Sat Apr 13, 2024 12:42 pm
I thought this type of transaction to help with FFP/PSR had been banned with Aston Villa the last to benefit, but on reflection that might just be in regard to Stadium and Training Ground. Chelsea go all Barcelona and pull another financial lever

From The Telegraph

Chelsea owners sell hotels to another company they own for £75m ‘in bid to meet PSR rules’
Sales of hotels will see club’s annual losses ending June of last year drop to £90.1 million from £248.5 million

https://archive.ph/1sfwz
the Times are reporting that the Premier League are still looking at this deal and have yet to give it their approval - there is no way that Chelsea can lay this at the door of the precious owners like they have with so much else

Chelsea’s £76.5m hotels deal under scrutiny from Premier League
West London club could be in danger of breaching spending rules, with Premier League yet to approve value of owners’ sale of hotels to sister company

https://archive.ph/VTmci

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 16, 2024 1:26 pm

Chester Perry wrote:
Wed Apr 10, 2024 3:14 pm
Absolutely zero surprise in this news - it is a common refrain from every story we have seen about 777 Partners - this is the group who said they had shown proof of funds to the Premier League last December

from Sky News

Everton FC bidder 777 seeks extra time amid race for funding
777 Partners has indicated that it now believes its takeover of the Toffees will complete late next month as it seeks an extension to a near-£160m loan repayment

https://news.sky.com/story/everton-fc-b ... g-13112257
https://archive.ph/wip/ELwDG
Part of me thinks MSP have taken this action because, their assuming control would require them to make a significant lump sum repayment to Rights and Media Funding together with the possibility of having to pay 777 Partners what they have loaned the club, which is a significant refinancing act when it remains a doubt as to which league Everton will be in next season.

from The Independent

Everton granted extension to repay £158m loan
Prospective owners 777 Partners now have a few weeks to come up with the money

https://www.independent.co.uk/sport/foo ... 29346.html
https://archive.ph/CHSXE

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 16, 2024 1:51 pm

Chester Perry wrote:
Tue Apr 16, 2024 1:26 pm
Part of me thinks MSP have taken this action because, their assuming control would require them to make a significant lump sum repayment to Rights and Media Funding together with the possibility of having to pay 777 Partners what they have loaned the club, which is a significant refinancing act when it remains a doubt as to which league Everton will be in next season.

from The Independent

Everton granted extension to repay £158m loan
Prospective owners 777 Partners now have a few weeks to come up with the money

https://www.independent.co.uk/sport/foo ... 29346.html
https://archive.ph/CHSXE
The Esk provides a strong commentary on the sorry state of the club he loves, the Private Equity Industry and 777 Partners all brought together by Farhad Moshiri into a cesspool of ineptitude, negligence and neglect where no one is seemingly prepared to take significant and immediate actions required, passing the problem along in the forlorn hope it does not fall on them to rectify the damage when the music stops

In the cold light of day – Everton’s position, the absence of leadership & aligned interests
https://theesk.org/2024/04/16/in-the-co ... interests/
https://archive.ph/QKSmZ

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 16, 2024 2:34 pm

Chester Perry wrote:
Mon Apr 01, 2024 9:58 pm
The media are starting to catch on that traditional fanbases are slowly being squeezed out of attending the game

from The Times

How super-rich Premier League clubs are ‘squeezing fans dry’
Seven Premier League clubs offer season tickets at more than £1,000 and 17 of the 20 have increased prices – with the odd cocktail bar and helicopter ride thrown in. Who exactly is the match-day experience catering for?

https://archive.ph/ZHnrn
Legacy Fans v Corporate sensibilities - The Athletic picks up the baton

The new Premier League culture war: Corporate interests vs ‘authentic’ fans
https://theathletic.com/5416265/2024/04 ... e-culture/

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 16, 2024 6:50 pm

The Guardian with a bit of additional info on that loan extension from MSP Capital to allow 777 Partners opportunity to find the funds - also includes the sum Everton are paying in interest on their loans each week - which is about the same that the average Championship club loses each week

Everton takeover in added time after 777 gets extension to repay £160m loan
Repayment of debt is condition of 777 taking over club
Length of extension said to be weeks not months

https://www.theguardian.com/football/20 ... -160m-loan
https://archive.ph/Sseon

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Re: Football's Magic Money Tree

Post by bfcjg » Tue Apr 16, 2024 8:08 pm

"Last week the Guardian revealed how Everton have paid about £30m in interest charges to an opaque lender associated with the tax exile Michael Tabor, according to corporate records. The charges appear to have reached about £438,000 a week, according to the troubled club’s most recent set of accounts, a figure more than three times the reported wages of the Everton and England ­goalkeeper Jordan Pickford."
Not surprised the club are imploding with wages like that and a weekly debt like that. Something has to happen to reign wages in and Everton going under might be the catalyst.

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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 17, 2024 11:38 am

The Athletic looks at how the new FFP that will be tracked next season but will not come into force until the season after (2025/26) will look and affect the transfer market which so many clubs have built a huge reliance upon - there is a reason that auditors are raising material concerns about such business plans at clubs across the league.

None of this is a surprise to those who have been paying attention

What do the new PSR rules mean for every Premier League club – and their transfers?
https://archive.ph/zO0ah

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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 17, 2024 12:33 pm

Chester Perry wrote:
Tue Apr 16, 2024 2:34 pm
Legacy Fans v Corporate sensibilities - The Athletic picks up the baton

The new Premier League culture war: Corporate interests vs ‘authentic’ fans
https://theathletic.com/5416265/2024/04 ... e-culture/
It is all linked

Last summer Unnofficial Partner did an excellent podcast series called 'The Pirates and the Premier League' (you can listen to it here https://podcasts.apple.com/gb/podcast/t ... 1702327482) - This week they have released this which is essentially a spin-off

UP386: Last Orders? Football and the Pub
https://www.unofficialpartner.com/podca ... nd-the-pub

the blurb

In the UK 500 pubs closed in 2023. By the end of June it’s predicted 750 will have closed in 2024. It’s stark, there’s no two ways about it.

We asked YouGov again to help us make sense of what’s going on. They found that one in four sports fans – equivalent to 3.4m people – are going to the pub less than they did a year ago.

And more than half (55%) of sports fans (7.8m people) said at the moment, sport doesn’t form part of their pub experience at all.

****. Maybe a partnership under strain is putting it mildly. It’s a marriage heading for divorce.

Around 14,000 pubs and bars in the UK currently show football - what does it mean for Sky?

What does it mean for football clubs?

And what does it mean for the future of football in the UK? And specifically football fan culture?

......................................................................

there is a passing reference to UK's biggest pub chain Stonegate - since this was recorded Stonegate have made public their own financial issues

UK’s biggest pubs group Stonegate struggles to refinance £2.2bn debt pile
Owner of 4,400 UK pubs including Slug & Lettuce chain says no guarantee it can continue as going concern

https://www.theguardian.com/business/20 ... -debt-pile
https://archive.ph/u8eIa

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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 17, 2024 9:29 pm

It has been a common refrain from the clubs under the 777 Partners umbrella, and indeed across many of their business dealings given all the reports and litigation that we have seen - When are you going to meet your financial responsibilities? - Vasco Da Gama join in the chorus

from Inside World Football

777 Partners under pressure at Vasco da Gama after club demands financial guarantees
https://www.insideworldfootball.com/202 ... uarantees/
https://archive.ph/iBF7l

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Re: Football's Magic Money Tree

Post by Chester Perry » Thu Apr 18, 2024 10:47 pm

It has been a week bookend by financial deadlines for 777 Partners football interests and warnings about financial commitments not being honoured throughout * we are now back in Belgium and the long running saga of completion of the deal for Standard Liege

from Walfoot courtesy of Google translate

Financial imbroglio at Standard: 777 Partners and Venanzi pass the buck... and the future of the club could be at stake!
https://www-walfoot-be.translate.goog/n ... r_pto=wapp -

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Re: Football's Magic Money Tree

Post by bfcjg » Thu Apr 18, 2024 11:16 pm

777 partners seem like they rob Peter to pay Paul. Have they actually got a pot to p1ss in ?

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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 19, 2024 10:44 am

I must say that while I am not surprised by the outcry of the significant changes to the format of the FA Cup, I am somewhat surprised at the misinformation from the media fuelling the outrage against the Premier League and yet more calls for the Independent Regulator for Football to step in.

Naturally this was led by Martin Samuel in The Times, though he is right that the cup final should be the last domestic game of the season

Cup final should be sacred – but FA too weak to resist Premier League
The final made perfect sense as domestic season’s climax but now it’s gone — the Premier League can’t let another competition have even the smallest share of glory

https://archive.ph/rA6OZ

A little more surprising is that The Independent have joined in the furore and no acceptance (and more importantly, proper discussion) of the real reason all of this was done or of why the EFL had no place in the discussion - they have little direct interaction with UEFA and it's schedules.

Scrapping FA Cup replays shows the FA’s weakness – the only winners are the whining billionaire owners
From next season, there will be no replays in the FA Cup to satisfy an elite minority with a selfish agenda, while hurting those further down the food chain

https://www.independent.co.uk/sport/foo ... 30814.html
https://archive.ph/mxwnt

from The Guardian a small recognition at the end of the real cause of the change.

FA Cup replays fall victim to scramble for cash and chaotic decision-making
FA’s latest move reflects a further weakening of the game’s heritage and will only boost the argument for independent regulation

https://www.theguardian.com/football/20 ... ion-making
https://archive.ph/wip/qlUpH

so we are left with The Telegraph to explain (what readers of this thread have long known) the reasons behind this change, the fact it is likely to be the first of multiple significant changes (the end of EFL Cup participation by clubs in UEFA competition and the reduction of the Premier League to 18 teams) to England's traditions in particular and that for the most part there will be little that any domestic regulator can do while all and sundry huff and puff about things that have been known for years by all of these publications along with the DCMS, the EFL, the FA and the Premier League

The poisonous war behind the move to rip the heart out of the FA Cup
FA have announced the elimination of all Cup replays from next year amid the relentless expansion of the Champions League and Club World Cup

https://archive.ph/nsjsM

There is a reason that the English game is the most affected by this gravitation to the annual revenues provided by club football being enacted by FIFA/UEFA. Only the English game provides the depth and breadth of competition. As of next season only 3 European Leagues will have 20 teams in their top flight (England, Spain and Italy) and only England has two meaningful cup competitions with a long history. Those federal bodies will (with a great deal of justification) argue that they have to be more inclusive and supporting of the games development for everyone, not just the nation that gave the world the game it now adores.

Domestically there is only really one major fight left and that is over the issue of B teams, and it is one that the smaller clubs need to win

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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 19, 2024 11:33 am

Meanwhile it seem s that the new Independent Regulator for Football is to be based in Manchester - might as well be close to some of your biggest lobbyists, large and small.

from The Times

Football regulator to be based in Manchester, with chairman on £130k
Person heading up new regulator will earn significant salary for working three days a week, with expectation that he or she will be based in the north

https://archive.ph/i0y7D

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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 19, 2024 2:03 pm

bfcjg wrote:
Thu Apr 18, 2024 11:16 pm
777 partners seem like they rob Peter to pay Paul. Have they actually got a pot to p1ss in ?
possibly not anymore though it is expected that they will be putting more operating money into Everton in the coming days

This is an interesting if unsurprising move

https://twitter.com/sachatavolieri/stat ... st-new.php

which translates as

✅🔴 As rightly written
@sudinfo_be
this morning, 777 Partners is open to a sale of the #Standard de Liège.

🔵 The American group has an urgent need for liquidity to manage the operations and structural debts of #HerthaBerlin but also and above all to maintain the acquisition of #EvertonFC. #EFC #HBSC

🇺🇸 In this line of ideas, Josh Wander and his partners have already discussed a sale of #RSCL with several investors including the American Bill Foley, formerly interested in Sporting Charleroi who still wishes to buy a club in Belgium.

🇫🇷 777 Partners is also holding a similar speech behind the scenes for Red Star FC and has already received a purchase offer for the #NationalFFF club, whose financial value should evolve considerably during their rise to #League2.

⌛️ Wait&See… #JPL #Ligue1


I imagine that there are predators with an eye for a bargain sniffing around other 777 Partners assets too.

Meanwhile another 777 Partners enterprise, Bonza airlines, has called in restructuring advisors to help rejuvenate that businesses economic prospects

Bonza hires restructuring advice amid turbulence at Miami-based owner 777 Partners
https://www.melissa-payne.ca/trending/8ad476cd20/

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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 19, 2024 2:37 pm

After a week where UEFA club competition left just 1 English club standing in the semi-finals of 3 competitions and a weekend where the PSR breaching, points deducted pair of Everton and Nottingham Forest meet in a supposed relegation battle, the bottom two (Sheffield United and Burnley) meet in the humble hope of restoring some credibility, while Brighton and Luton round out the bottom six match-ups, Miguel Delaney offers a pointed commentary on the state of the English game (and some of it's causes)

from The Independent


How Everton, Forest and a shambolic relegation battle expose a crisis in the Premier League
Between points deductions, financial charges, and looming appeal dates, the Premier League has lost the trust of its fans and revealed a dysfunctional relationship with money from top to bottom

https://www.independent.co.uk/sport/foo ... 31338.html
https://archive.ph/gHoJH

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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 19, 2024 5:47 pm

Matt Slater's Business of Football column returns today, and it is particularly timely given it covers 3 of the previous 4 posts on this thread, with extensive features on Everton's proposed (and much delayed) takeover and the FA Cup Changes introducing a lot of information about the economics and clearly silencing the EFL's claims of not being part of the wider discussions - just for clarity The New Deal for Football is also part of meeting the criteria that FIFA and UEFA would like to impose on the domestic schedule/game

from The Athletic

The Business of Football: Everton silence and why FA Cup replays were scrapped
https://archive.ph/wNWHk
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Chester Perry
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Re: Football's Magic Money Tree

Post by Chester Perry » Fri Apr 19, 2024 11:30 pm

Chester Perry wrote:
Mon Apr 17, 2023 5:49 pm
the Guardian release the fourth part of the Oligarch Files relating to Roman Abramovitch

Offshore cash and huge loans: how Roman Abramovich turned Chelsea into world-beaters
Exclusive: Leak reveals network of companies used to route fortune made from the oil fields of Siberia into Stamford Bridge

https://archive.is/kBbZS

part 1 is here

Leak reveals Roman Abramovich’s billion-dollar trusts transferred before Russia sanctions
Exclusive: Files raise questions about whether oligarch’s children were made beneficiaries to protect fortune from possible asset freezes

https://archive.is/rC9Hd

Part 2

Barclays and UBS face questions over Roman Abramovich’s billion-dollar trusts
Exclusive: Leak shows oligarch was a major client of Barclays in Monaco and UBS in Zurich, with at least $940m in assets held at the banks

https://archive.is/XwHIs

Part 3

Roman Abramovich secretly bankrolled Dutch football club, leaked documents suggest
Exclusive: Files reveal €117m in loans for Vitesse Arnhem originated with then owner of Chelsea, despite repeated denials

https://archive.is/gToLA
Vitesse Arnhem are relegated following points reduction penalty

Vitesse Arnhem relegated from Eredivisie after 18-point deduction
Dutch club relegated in wake of Guardian and TBIJ investigation
Documents appeared to show financial ties to Abramovich

https://www.theguardian.com/football/20 ... -deduction
https://archive.ph/PFVCh

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Re: Football's Magic Money Tree

Post by Chester Perry » Sat Apr 20, 2024 12:24 am

Another example of football becoming disenfranchised from what helped establish its popularity - as the article demonstrates this is a situation that is not unfamiliar in our town

from The Times

‘We’d be lambs to slaughter’ – why some fans don’t want to get promoted
It’s the tightest Championship promotion race in years, but some fans of the clubs vying to reach the Premier League think staying put would be more enjoyable than a return to VAR, PSR and owners putting profits before prizes

https://archive.ph/pq16V
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Re: Football's Magic Money Tree

Post by Chester Perry » Sat Apr 20, 2024 1:47 pm

The Geo-political Economy of Football is an old and long running theme for this thread - but given what has dominated it in recent times is is almost a pleasant change to go back to it,

Rory Smith in The New York Times asks a really rather good question and in some ways I feel the answer lies with the fracture between legacy and modern football fandom

Why Don’t More People Resent Manchester City?
Out of the Champions League but on top of the Premier League, Manchester City shows that it takes more than trophies to make a villain.

https://archive.ph/Ev2UT

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Re: Football's Magic Money Tree

Post by Chester Perry » Sun Apr 21, 2024 5:35 pm

Chester Perry wrote:
Tue Apr 16, 2024 6:50 pm
The Guardian with a bit of additional info on that loan extension from MSP Capital to allow 777 Partners opportunity to find the funds - also includes the sum Everton are paying in interest on their loans each week - which is about the same that the average Championship club loses each week

Everton takeover in added time after 777 gets extension to repay £160m loan
Repayment of debt is condition of 777 taking over club
Length of extension said to be weeks not months

https://www.theguardian.com/football/20 ... -160m-loan
https://archive.ph/Sseon
There are suggestions from Alan Nixon that 777 partners are paying MSP Capital (and its investors) around £1m a week for the extension to the April 15 deadline. This will be on top of the circa £20m a month that they will have also pledge to keep Everton afloat and the stadium build progressing

777 Partners facing hefty bills in Everton takeover saga
https://www.goodisonnews.com/2024/04/21 ... t-emerges/

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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 22, 2024 1:06 pm

Is this a sign of how desperate the situation at Everton is? - the clubs own financial advisors seeking funding for 777 Partners rather than finding an alternative, because the process would take too long for a new buyer to take control

from Bloomberg

Everton's Advisers Scramble to Save 777 Takeover Deal
https://archive.ph/QgghO

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Re: Football's Magic Money Tree

Post by Chester Perry » Mon Apr 22, 2024 2:51 pm

Chester Perry wrote:
Mon Apr 22, 2024 1:06 pm
Is this a sign of how desperate the situation at Everton is? - the clubs own financial advisors seeking funding for 777 Partners rather than finding an alternative, because the process would take too long for a new buyer to take control

from Bloomberg

Everton's Advisers Scramble to Save 777 Takeover Deal
https://archive.ph/QgghO
Tariq Panja has a slightly different take on this story about Everton's advisors

from The New York Times

Everton Is Back on Market as Deal With 777 Partners Falters
With a proposed sale stalled seven months after it was announced, a financially strapped Premier League team is seeking a backup plan.

https://archive.ph/9E4h4

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 10:13 am

Chester Perry wrote:
Fri Apr 19, 2024 10:44 am
I must say that while I am not surprised by the outcry of the significant changes to the format of the FA Cup, I am somewhat surprised at the misinformation from the media fuelling the outrage against the Premier League and yet more calls for the Independent Regulator for Football to step in.

Naturally this was led by Martin Samuel in The Times, though he is right that the cup final should be the last domestic game of the season

Cup final should be sacred – but FA too weak to resist Premier League
The final made perfect sense as domestic season’s climax but now it’s gone — the Premier League can’t let another competition have even the smallest share of glory

https://archive.ph/rA6OZ

A little more surprising is that The Independent have joined in the furore and no acceptance (and more importantly, proper discussion) of the real reason all of this was done or of why the EFL had no place in the discussion - they have little direct interaction with UEFA and it's schedules.

Scrapping FA Cup replays shows the FA’s weakness – the only winners are the whining billionaire owners
From next season, there will be no replays in the FA Cup to satisfy an elite minority with a selfish agenda, while hurting those further down the food chain

https://www.independent.co.uk/sport/foo ... 30814.html
https://archive.ph/mxwnt

from The Guardian a small recognition at the end of the real cause of the change.

FA Cup replays fall victim to scramble for cash and chaotic decision-making
FA’s latest move reflects a further weakening of the game’s heritage and will only boost the argument for independent regulation

https://www.theguardian.com/football/20 ... ion-making
https://archive.ph/wip/qlUpH

so we are left with The Telegraph to explain (what readers of this thread have long known) the reasons behind this change, the fact it is likely to be the first of multiple significant changes (the end of EFL Cup participation by clubs in UEFA competition and the reduction of the Premier League to 18 teams) to England's traditions in particular and that for the most part there will be little that any domestic regulator can do while all and sundry huff and puff about things that have been known for years by all of these publications along with the DCMS, the EFL, the FA and the Premier League

The poisonous war behind the move to rip the heart out of the FA Cup
FA have announced the elimination of all Cup replays from next year amid the relentless expansion of the Champions League and Club World Cup

https://archive.ph/nsjsM

There is a reason that the English game is the most affected by this gravitation to the annual revenues provided by club football being enacted by FIFA/UEFA. Only the English game provides the depth and breadth of competition. As of next season only 3 European Leagues will have 20 teams in their top flight (England, Spain and Italy) and only England has two meaningful cup competitions with a long history. Those federal bodies will (with a great deal of justification) argue that they have to be more inclusive and supporting of the games development for everyone, not just the nation that gave the world the game it now adores.

Domestically there is only really one major fight left and that is over the issue of B teams, and it is one that the smaller clubs need to win
Martin Cloake's latest blog on The Football Fan is a beacon of sensible discussion - more so when he uses his years of Supporters Trust and FSA knowledge and experience to denounce the absurd nature of some of the responses to the FA Cup changes announced last week - too many people who know and knew better were trying to create their own mew truth to a situation that was well known and documented

The Great FA Cup Replays Controversy of 2024
The furore over the abolition of FA Cup replays has led to an awful lot of nonsense being talked.

https://martincloake.substack.com/p/the ... ontroversy
https://archive.ph/wz3eZ

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 10:44 am

Chester Perry wrote:
Sat Apr 20, 2024 12:24 am
Another example of football becoming disenfranchised from what helped establish its popularity - as the article demonstrates this is a situation that is not unfamiliar in our town

from The Times

‘We’d be lambs to slaughter’ – why some fans don’t want to get promoted
It’s the tightest Championship promotion race in years, but some fans of the clubs vying to reach the Premier League think staying put would be more enjoyable than a return to VAR, PSR and owners putting profits before prizes

https://archive.ph/pq16V
Here Jonathan Liew picks up the baton and attempts to explain why and even admits to counselling the Ipswich fans he knows that they are actually coming to the end of the good bit - it ends with a statement that is ever more familiar on message boards like ours

from The Guardian

For Sheffield United and co the Premier League brings a unique brew of misery
For the teams at the bottom of the food chain, England’s top flight has come to resemble an abusive relationship

https://www.theguardian.com/football/bl ... -of-misery
https://archive.ph/OXVXP

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 11:40 am

Chester Perry wrote:
Sat Jan 27, 2024 1:24 pm
There is an interesting section in Martin Zeigler's column in the Times today - not least because it brings up an issue which Interpol regards as one of the 3 key methods of money laundering international football transfers (the others being gambling and the art market).

Of course there is a simple way to be more transparent on this issue - declare the fee and agent commissions publicly - though even that doesn't stop illegal activity as we have witnessed at Juventus, perhaps the club historically most open in declaring fees commission and salaries.

EU clampdown means football clubs face same regulations as casinos

Professional football clubs in the EU are to be subject to the same tough money-laundering laws as banks and casinos from 2029.

Under new legislation, it will be a criminal offence if clubs do not implement systems to detect suspicious transactions and report them to the police, or fail to have regular audits of those systems.

Because of concerns about clubs being used to launder money through transfer fees, Dutch banks refused to operate the accounts of a proposed Fifa clearing house in Amsterdam for international transfer fees. Fifa went to Paris and a French bank instead.
Some more detail and background on the EU money laundering clampdown in European Football

from The Guardian

Criminals and oligarchs in EU’s sights with new bill targeting football fraud
Legislation will bring seismic change to the industry and aims to stamp out money laundering

https://www.theguardian.com/football/20 ... ption-uefa
https://archive.ph/uKgTC

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 2:21 pm

Chester Perry wrote:
Fri Feb 23, 2024 10:29 pm
as football in England (and Europe's elite leagues) takes on more and more of American practices, the accessibility that was once considered the right of the ordinary fan has gradually dissipated, and that trend is only speeding up with ordinary fans given less seats proportionately each season. Such fans are actually becoming part of the entertainment and not just for the TV audiences, which is why many clubs are actively trying to artificially generate the atmosphere at games with drummers, flags, clackers and other nonsense. Meanwhile we have the insidious intrusion variable pricing as 'market values' for seats are tested and matches are rebranded as events - the price elasticity of a one off event is significantly greater than a season ticket. As with most things Chelsea are the club that are phasing out traditional European understanding of what football should be.

from The Telegraph

Chelsea's £5k hospitality ticket vs. Man Utd could set Premier League record
Chelsea’s Supporters’ Trust have called the decision 'alarming' and 'totally unaffordable for your average football supporter'

https://archive.ph/3BNBL

this story reminded me of a recent podcast from Unofficial Partner, which was ostensibly looking at prices of Super Bowl tickets. One of the takeaways was that in US sport and increasingly in Europe tickets are placed deliberately with what we used to call the secondary market, so market demand will dictate the price and allow promoters/clubs to maximise revenues (and accessibility for those willing and able to pay the price) and which leads to increasing numbers of tourists and away fans placed in various areas of what were once considered home areas, with some believe that the price paid allows them to be as obnoxious to home fans as they want.

UP371 What the Super Bowl reveals about the big event ticket market
https://www.unofficialpartner.com/podca ... ket-market

the blurb
Unofficial Partner|2/9/2024
The Super Bowl is the biggest day in sport.

So who will be in Vegas for the game and how much have they paid for a ticket?

And of course, has Taylor Swift had an impact on demand and price for those tickets?

We're joined by Cris Miller, Chief Business Officer at StubHub and Global Managing Director at viagogo.
Cris is joined by Rob Wilson, Professor of Applied Sport Finance at Sheffield Business School.
Ticket pricing seems to have been bubbling along in the news for some time now and it is an issue that some politicians have recently sought to gain some political capital by suggesting they would take stance if elected. The suggestion below is about the secondary market situation which does not stop clubs using variable pricing on it's offers, but what about clubs (like ours) that run ticket exchanges and where possible re-bade a ticket offering to generate greater income.

Unofficial Partner appear to be the only ones that are examining this issue in any detail and looking at the complexity that surrounds these marketplaces - particularly the legally accredited options

UP388 The Ticket Market Doesn't Work - Will Labour Regulation Make It Better?
https://www.unofficialpartner.com/podca ... -it-better

the blurb

Everyone agrees the current sports ticketing market doesn't work. It rips off fans, is vulnerable to touts and is an inefficient way to manage supply and demand.

But is regulation the answer?

Labour will cap the resale prices of tickets and regulate resale platforms if the party wins the next general election, Sir Keir Starmer said recently (https://www.bbc.co.uk/news/uk-politics-68563793). The plans will clamp down on ticket touts who rip off music and sports fans going to live events, Sir Keir said.

The party says it will address ticket touting – buying up tickets to sell on at inflated profits – by capping resale prices and giving the Competition and Markets Authority (CMA) powers to regulate resale platforms.

A strong pre-election soundbite, after all who doesn't want cheaper tickets.

This podcast discusses the second level implications of regulation and uses it as a way in to assess the problem with the ticket market, one of the key pillars of sports revenue generation and asset value.
Our guests are Simon Bazalgette and Matt Drew.

Simon was chief executive of The Jockey Club during a long career across sport and music industries, and now chairs investment and advisory business called Global Venue Services.

Matt leads on overseas development for Viagogo/Stubhub, the secondary ticket marketplace, having held senior roles at Perform, DAZN, OPTA and WWE

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 3:12 pm

I am not sure that this is legally possible

from The Times

FA could ban clubs from globetrotting post-season friendlies
Player-welfare concerns were raised after Newcastle and Tottenham arranged match 10,500 miles away in Melbourne, three days after end of Premier League campaign

https://archive.ph/1VPxu

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 3:18 pm

Chester Perry wrote:
Tue Apr 09, 2024 7:45 pm
Premier League Chief Executive Richard Masters, takes his turn to put is case of concern about the Independent Regulator for Football and the Football Governance Bill

from The Times

Premier League is envy of world – government must not put that at risk
Football Governance Bill could give the new regulator unprecedented power and reduce the appeal of our sport, in which the UK is a ‘superpower’

https://archive.ph/MR0yJ
there have been accusations that The Times had prevented the right of reply to Richard Masters (and others) who had advocated caution re the proposed Football Regulator - perhaps potential responders were waiting for their moment

From The Times

Premier League should not fear regulator, insists culture secretary
‘We have no intention of damaging the golden goose,’ says Lucy Frazer after league claimed the new independent football regulator risked harming the competition

https://archive.ph/Z5gSW

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 9:03 pm

Chester Perry wrote:
Sun Apr 21, 2024 5:35 pm
There are suggestions from Alan Nixon that 777 partners are paying MSP Capital (and its investors) around £1m a week for the extension to the April 15 deadline. This will be on top of the circa £20m a month that they will have also pledge to keep Everton afloat and the stadium build progressing

777 Partners facing hefty bills in Everton takeover saga
https://www.goodisonnews.com/2024/04/21 ... t-emerges/
Sky Sports News are saying that 777 Partners have put more funds into Everton, taking their loans to the club past the £200m mark - while this seems bizarre given that they couldn't raise the funds to pay off MSP Capital, it will have been a condition of their extension to that MSP deal

https://twitter.com/SkySportsNews/statu ... 2742122647

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Re: Football's Magic Money Tree

Post by Vegas Claret » Tue Apr 23, 2024 9:05 pm

Chester Perry wrote:
Tue Apr 23, 2024 10:44 am
Here Jonathan Liew picks up the baton and attempts to explain why and even admits to counselling the Ipswich fans he knows that they are actually coming to the end of the good bit - it ends with a statement that is ever more familiar on message boards like ours

from The Guardian

For Sheffield United and co the Premier League brings a unique brew of misery
For the teams at the bottom of the food chain, England’s top flight has come to resemble an abusive relationship

https://www.theguardian.com/football/bl ... -of-misery
https://archive.ph/OXVXP
it's very true

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Re: Football's Magic Money Tree

Post by Chester Perry » Tue Apr 23, 2024 11:08 pm

The Football Governance Bill passed its 2nd stage tonight in Parliament - though it seems a number of MP's have unsurprisingly been taken in by the misinformation surrounding FA Cup replays

from The Guardian

MPs call for English football’s regulator to have power to save FA Cup replays
MPs vote in favour of progressing the Football Governance Bill
Calls for regulator to have scope to amend parachute payments

https://www.theguardian.com/football/20 ... up-replays
https://archive.ph/NxoaB

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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 24, 2024 5:15 pm

One of the things I most enjoy about the writing of Miguel Delaney is his demonstration of understanding of context, history and the wider issues that influence a situation - here he uses tonight's Merseyside derby as a both a history lesson and an exemplar of almost everything that is wrong with the modern game - I am not convinced by the title, though - Everton have been shockingly run for some considerable time - on that point there is little contention, to have survived in the Premier League under that situation shows that at various points enough was being done to display some form of competency, not forgetting that in less than 18 months they should be moving into what looks like a magnificent new stadium, even if they may only be renting it at that stage.

from The Independent

Why ‘the worst run club in the country’ is now playing for its future
With the threat of relegation looming once again as Everton host Liverpool at Goodison Park, the plight of one of England’s most successful clubs has come to sum up every major issue in the modern game

https://www.independent.co.uk/sport/foo ... 33193.html
https://archive.ph/0iDon

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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 24, 2024 5:26 pm

Chester Perry wrote:
Tue Apr 23, 2024 9:03 pm
Sky Sports News are saying that 777 Partners have put more funds into Everton, taking their loans to the club past the £200m mark - while this seems bizarre given that they couldn't raise the funds to pay off MSP Capital, it will have been a condition of their extension to that MSP deal

https://twitter.com/SkySportsNews/statu ... 2742122647
The BBC's Shamoon Hafez is saying that the money mentioned above hasn't all actually arrived yet (quelle surprise) and that an additional £15m is to arrive within the next week

https://twitter.com/ShamoonHafez/status ... 4700423421

What would Standard Liege, Genoa, Vasco Da Gama and the rest of the 777 Football stable give for that kind of funding?

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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 24, 2024 6:25 pm

Chester Perry wrote:
Wed Mar 20, 2024 1:07 pm
A new and lengthy article from Martin Samuels about the anchoring proposal to sit alongside the Squad Cost Ratio version of FFP. Samuel is right about it giving the opportunity for the owners of the biggest clubs the opportunity to finally make some profit via dividends (that could also raise the equity value of those clubs too) but he is still forgetting those pesky European Institutions like Real Madrid, Barcelona, PSG and Bayern Munich, even Juventus - they will still be wanting continental and global glory - the spending will still increase and therefore the Premier League behemoths will also want to spend more to compete, so the small clubs in the Premier League will have to be given more revenue - though that could be difficult for the EFL and indeed the Independent Regulator for Football if the backstop is applied.

from The Times

Every owner gets to be the Glazers once anchoring takes hold
New rule will relegate real football to the margins and the league table could look like a physics teacher’s blackboard — but they will be welcomed in club boardrooms

https://archive.ph/OpYyR
Interestingly enough it seems that Manchester United are far from happy with the concept of anchoring

from The Guardian

Manchester United to fight Premier League’s proposed changes to PSR rules
‘Anchoring’ would tie wages to bottom club’s TV revenue
United said to prefer model of higher investment across league

https://www.theguardian.com/football/20 ... -psr-rules
https://archive.ph/k4iSz
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Re: Football's Magic Money Tree

Post by Chester Perry » Wed Apr 24, 2024 11:53 pm

Chester Perry wrote:
Wed May 17, 2023 10:14 am
In the above I noted that MLS teams outnumbered Premier League ones by 2:1 - not that I found that surprising given I have been noting their valuations for some years now

So I was interested to find this story this morning - A British Citizen is paying $500m for a new MLS franchise in San Diego - that is roughly twice the value of Burnley or Sheffield United clubs with long history and tradition newly returned to the Premier League - this new franchise still has to pay for all its infrastructure to actually come into being - the thing is a lot of that franchise cost goes to the other MLS teams, simply for allowing them on board it could be as much as $15m each which for many is equivalent to 15% or more of their annual revenues - not that the clubs will necessarily see it - as the payments are made to the other franchise owners not the clubs.

It seems there are some with the means who believe that believe it is a better investment to acquire an MSL franchise and the cost of establishing it and its infrastructure in the US than acquiring a team on their doorstep in this country, and overall I would tend to agree, which is a sad indictment of what football has now become

Tory treasurer to become one of US football’s biggest investors with £400m deal
Mohamed Mansour will pay $500m for MLS’s expansion franchise in San Diego

https://www.independent.co.uk/sport/foo ... 39718.html
https://archive.is/MPjO5
So this reads extraordinarily well in The Guardian when the tale is essentially about a senior tory party member and major party donor

Can San Diego FC pull off their plan to be the Ajax of North America?
The latest MLS franchise is owned by the Right to Dream academy. They plan to use a model inspired by LeBron James to carve out a new path in US soccer

https://archive.ph/wip/XMX1E
https://www.theguardian.com/football/20 ... occer-team
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Re: Football's Magic Money Tree

Post by bfc8 » Thu Apr 25, 2024 7:32 am

Chester Perry wrote:
Wed Apr 24, 2024 6:25 pm
Interestingly enough it seems that Manchester United are far from happy with the concept of anchoring

from The Guardian

Manchester United to fight Premier League’s proposed changes to PSR rules
‘Anchoring’ would tie wages to bottom club’s TV revenue
United said to prefer model of higher investment across league

https://www.theguardian.com/football/20 ... -psr-rules
https://archive.ph/k4iSz
The proposed change to % of revenue which is more in line with uefa seemed to favour clubs in european comps and therefore more revenue. As you say this new proposal could put those clubs at a disadvantage to the big european teams. Tricky one this.

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Re: Football's Magic Money Tree

Post by Chester Perry » Thu Apr 25, 2024 9:14 am

They still remain under the ownership of convicted fraudster Andy Pilley, and in the control of the family -so much for the owners and directors test being improved (the convicted rapist owner of neighbours Blackpool wad able to prosper under the previous iteration -before his attempts to defraud a shareholding partner fell foul of the courts and he was forced to sell the club) - but Fleetwood are showing an ability to develop a multi-club operation on a shoe string.

from The Guardian

Football’s unlikeliest global brand: how Fleetwood made it big in the UAE
Despite relegation to England’s fourth tier, Cod Army have cast net to be like ‘City Football Group but on a much smaller scale’

https://www.theguardian.com/football/20 ... in-the-uae
https://archive.ph/cJSjF

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Re: Football's Magic Money Tree

Post by Chester Perry » Thu Apr 25, 2024 12:11 pm

bfc8 wrote:
Thu Apr 25, 2024 7:32 am
The proposed change to % of revenue which is more in line with uefa seemed to favour clubs in european comps and therefore more revenue. As you say this new proposal could put those clubs at a disadvantage to the big european teams. Tricky one this.
I suspect that this piece in The Athletic today about the proposed spending caps for the Premier League is presented in to optimistic a light - some clubs benefit from Multi-club organisations, and as I have previously highlighted, Manchester City in particular have managed to persuade the games authorities that there is nothing untoward in the fact they are very profitable, while CFG itself is hugely loss-making.

Why a spending cap could signify a subtle but important power shift in the Premier League
https://archive.ph/RpUlh
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Re: Football's Magic Money Tree

Post by Chester Perry » Thu Apr 25, 2024 12:18 pm

Elsewhere in The Athletic this is an interesting article - Tottenham's recent accounts showed they were making £4.8m a game (probably more this season), it is not a stretch to imagine a new 'Old Trafford with a 90,000 - 100,000+ capacity generating £10m a game or so - all of which makes the previous posts subject matter quite interesting.

Arsenal, Spurs, Man Utd and Newcastle: How new stadiums shape a club’s future and soul
https://archive.ph/e1OW7
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