Liverpool have reported a profit after tax of £8 million for the 2024/25 financial year, becoming the first Premier League club to post a profit so far this reporting cycle, with seven clubs having filed accounts.

The title-winning season delivered record revenue of £703 million, the highest of any English club last season and an increase of more than 14 per cent year on year.

Broadcasting income rose by £60 million to £264 million, driven by a place in the round of 16 of the revamped Champions League, compared with a Europa League quarter-final exit in 2023/24.

Matchday revenue increased by roughly 14 per cent to £116 million, while commercial income rose to £323 million from £308 million the previous year.

Costs increase

The Premier League champions’ wage bill increased by 11 per cent to £428 million, while total administrative costs rose to £657 million.

Following the league title, Liverpool spent more than £450 million on new signings last summer. The club are currently competing for a top-five finish in the Premier League to secure Champions League qualification for next season.

 

West Ham post worst loss in history and warn of summer player sales

West Ham United lost £104.2 million before tax in 2024/25, the worst financial result in the club’s history, according to accounts released on Friday.

The loss marks a £161 million swing from the previous season, when West Ham reported a £57.2 million pre-tax profit largely driven by the £100 million sale of Declan Rice to Arsenal in July 2023. A sharp decline in profits from player sales accounted for close to half of the deterioration in the bottom line.

The club forecast a cash shortfall this summer, even before factoring in what directors described as a “severe but plausible scenario” of relegation from the Premier League. West Ham are currently 18th in the table, two points behind 17th-placed Nottingham Forest, with 11 matches remaining.

Liquidity concerns

West Ham stated that “further player trading” will be required during the summer transfer window, regardless of whether they retain their Premier League status. Shareholders are also expected to provide additional funding.

“Under both the base case and severe but plausible case forecasts, mitigating actions are required in order to have sufficient liquidity for the Group to meet its liabilities over the going concern period,” the accounts stated.

 

LaLiga president questions transparency of Real Madrid/UEFA agreement

Javier Tebas has questioned the transparency of the recent agreement between Real Madrid and UEFA to end the European Super League project and related legal disputes.

The LaLiga president said the lack of public detail surrounding the deal was problematic for the wider industry.

“This type of agreement, that is going to affect the entire football industry, is untransparent,” Tebas said at the Financial Times Business of Football Summit.

Last October, the Spanish club said they were seeking “substantial damages” from UEFA over its blocking of the breakaway league.

The agreement, announced two weeks ago in a joint statement, did not set out its terms, stating only that it would “serve to resolve their legal disputes related to the European Super League” and would be “for the good of European club football”, bringing an end to the conflict dating back to 2021.

Governance concerns raised

Tebas argued that a deal of this scale could affect the entire European football ecosystem and criticised what he sees as a lack of openness about its terms.

He said he had no knowledge of what the agreement contains and therefore could not form a view on its substance, adding “This shows that the governance system needs to change.”

 

Rome city government approve €1.5 billion AS Roma stadium project in Pietralata

Rome’s executive body, the city government (Giunta Comunale), has approved a resolution advancing AS Roma’s proposed €1.5 billion stadium project in Pietralata, with the club targeting completion by 2030 in time for Euro 2032.

The decision confirms the technical and economic feasibility plan complies with conditions set out in the May 2023 public interest declaration. Committee votes are scheduled between 2 and 6 March, followed by a final vote by the city council expected between 10 and 12 March.

If approved, a Conference of Services involving regional and institutional bodies will be convened for up to 120 days. Subject to a positive outcome, an urban planning agreement would be signed and construction could begin by March 2027.

Project details

The plan, submitted in December by the Friedkin Group, covers 27 hectares, including around 15 hectares of public green space, squares and pedestrian areas. The stadium would have a capacity of 60,605.

The wider development includes a museum, retail outlets and 21,000 square metres dedicated to hospitality and conference use, with city officials presenting the scheme as a year-round urban regeneration project.

 

Independent Regulator threatens intervention as Premier League and EFL deadlock drags on

The “clock is ticking” for the Premier League and the English Football League (EFL) to resolve their financial stand-off, the chair of the Independent Football Regulator (IFR) has warned.

Speaking at the Financial Times Business of Football Summit, David Kogan said the IFR could intervene if the leagues fail to reach agreement on redistribution, including parachute payments and solidarity payments. Negotiations in 2023 and 2025 were called off without a deal, extending a dispute that dates back to a 2019 agreement.

Kogan described the current situation as a “stasis in finding a new settlement in football”, adding: “Ultimately we can step in and find a solution. We do not want to do that. We want football to find a solution, and we want to find it quickly… The clock is ticking.”

Growing financial gap

EFL chair Rick Parry said he was eager to reach an agreement but warned that the widening financial divide between the divisions required “a fundamental rethink”. In 1992-93, he said, the gap between Premier League and EFL turnover was £11m; it is now £3.4bn, with Premier League revenue having grown 80 times compared with sixfold growth in the EFL.

Parry said Championship clubs were buying “the most expensive lottery ticket on the planet” in pursuit of promotion, citing average operating losses of £17m, combined debt of £1.5bn and wages regularly exceeding 100 per cent of turnover. “For us, parachute payments are a major issue that need to be addressed,” he said.

 

Premier League clubs angered with UEFA release of financial data

Premier League clubs are unhappy with UEFA’s decision to disclose details of their financial results without prior warning, according to The Guardian.

Chelsea’s record pre-tax loss of €407 million for the 2024/25 season featured in UEFA’s European Club Finance and Investment Landscape report, presented by executive director Andrea Traverso at the Financial Times Business of Football Summit on Thursday. The losses of Tottenham Hotspur and Aston Villa were also included.

The newspaper reports that the issue was discussed by Premier League representatives at Friday’s Champions League draw in Nyon, where there was agreement that UEFA had failed to keep clubs informed of its plans to publish the figures.

Chelsea frustrated over lack of notice

Chelsea are not expected to publish their 2024/25 accounts until the end of March and are understood to be frustrated at receiving no warning, leaving them with no time to prepare for questions about the numbers.

While the club do not dispute the €407 million loss, which is based on information supplied to UEFA, they argue the headline figure does not reflect the economic reality. According to The Guardian, club sources say the loss includes non-cash accounting adjustments required under UEFA’s financial sustainability regulations, including one-off transactions related to player contract and asset write-offs, and that Chelsea are operationally profitable.

 

Bayern Munich president calls for abolition of 50+1 rule

Bayern Munich president Herbert Hainer has said he believes Germany’s 50+1 ownership rule should be scrapped, arguing that clubs should decide their own governance structures.

Speaking at the Club Wirtschaftspresse München, Hainer said: “I am firmly convinced that the ‘50+1’ rule should be abolished and each club should be able to decide for itself.”

The 50+1 rule restricts external investors from acquiring more than 49 per cent of a club’s voting rights, ensuring members retain majority control.

Marketing gap with England

Hainer also pointed to the commercial gap between the Bundesliga and the Premier League, saying that “the bottom team in England gets more money than the top team in our league”.

He said German clubs need to broaden their international presence, adding: “Our clubs need to expand their reach to America, Africa, and Asia for things to improve.”

Chelsea recorded a €407 million pre-tax loss in 2024/25, the highest ever by an English club, according to UEFA’s latest European Club Finance and Investment Landscape report.

The deficit is the largest in English football history and second only to Barcelona’s €555 million loss in 2020/21 across Europe.

A source with knowledge of the club’s finances told The Athletic that the loss was largely driven by non-cash accounting adjustments, including player value write-offs and other asset impairments, as well as a €31 million UEFA fine.

The source said the figure did not reflect underlying performance and described the year as a period of financial “tidying up”.

No further sanctions

Despite a rolling three-year UEFA loss of €622 million, Chelsea are not expected to face further sanctions, having agreed last summer to keep the 2024/25 deficit in line with projections submitted to UEFA.

Lyon and Tottenham made the second and third biggest pre-tax losses across the 2024/25 season, with €190 million and €143 million respectively.

UEFA’s report also revealed that European clubs are expected to exceed €30 billion in revenue for the first time.
 

Tebas attacks Al-Khelaifi over alleged conflict of interest in France

LaLiga president Javier Tebas criticizes Paris Saint-Germain president Nasser Al-Khelaifi over what he described as conflicts of interest in French football governance, questioning his multiple leadership roles and influence.

Speaking at the Financial Times Business of Football Summit, Tebas took aim at Al-Khelaifi, who is president of Paris Saint-Germain, heads the European Football Clubs (EFC), and leads the Qatar-based broadcaster beIN Sports.

Tebas argued that French football faces a leadership crisis that has yet to be addressed.

“There’s a clear conflict of interest in France with Nasser Al-Khelaifi, and the problem is not being solved,” he says.

When asked why he thinks nothing is being done in France about it and why there has been little criticism of the situation, Tebas suggested commercial relationships may be a factor.

“It’s difficult to speak against your supplier. If he’s buying the rights from you, you can’t speak publicly against him.”

Multiple roles criticised

Tebas added that Al-Khelaifi’s role at beIN Sports should limit his participation in certain governance settings, arguing that holding interests on both sides of commercial negotiations creates governance concerns.

“He can’t be at certain meetings because of his position at beIN Sports,” he argues.

The Qatari broadcaster has been involved in multiple legal disputes with the French league’s media platform, LFP Media, and earlier this month acquired the French broadcasting rights for the 2026 FIFA World Cup after outbidding the organisation. The move led to Nicolas de Tavernost stepping down as chief executive of LFP Media.
 

Cristiano Ronaldo acquires 25 per cent stake in UD Almeria

Cristiano Ronaldo has acquired a 25 per cent stake in Spanish second-tier side UD Almeria, investing through a subsidiary of his CR7 SA company.

Saudi Media Company led by Mohamed Al-Khereiji completed a full takeover of the club in May, acquiring the LaLiga Hypermotion side from Turki Al-Sheikh. Saudi Media Company operates Mrsool Park, the home stadium of Al Nassr, where Ronaldo has played since December 2022.

The club, who play at the 17,400-capacity Power Horse Stadium, have spent seven seasons in LaLiga since their first promotion in 2007 and were last relegated in 2024, two years after returning to the top flight.

Football’s first billionaire

Cristiano Ronaldo was named football’s first billionaire in October by the Bloomberg Billionaires Index and is reported to earn more than €200 million per year at Al Nassr.

“For a long time, my ambition has been to contribute to football beyond the pitch,” Ronaldo said in a statement. “I look forward to working with the management team to support the club’s next phase of growth.”
 

Premier League to launch direct-to-consumer platform in Singapore

The Premier League is launching a direct-to-consumer (DTC) platform in Singapore through a six-year agreement with Singapore-based telecommunications company StarHub.

Chief executive Richard Masters revealed the move at the FT Business of Football Summit in London.

“For the first time, we're going direct to consumer in Singapore. It's a very long, considered process, carefully chosen,” Masters said.

From next season, the league will sell subscriptions directly to customers via a new platform called Premier League Plus.

“It's initial and it's one market but still this gives the Premier League something it hasn't had before that you can then deploy in the future when you see fit,” he said.

Aiming to build a business

The league said it intends to build a business around the model and assess how it performs.

“If it goes well, it may be replicated, but you don't want to predict further than that at this stage,” Masters said.

One of the most prominent DTC projects in European football is the Ligue 1+ channel, created by the French league last year as the domestic broadcaster of the top division.

However, the revenue scale of that project has been questioned, and it was last week described as a “bad choice” and a “strategic error” by Jean-Pierre Rivère, president of OGC Nice.
 

European football associations fear World Cup participation could result in losses

Several European football associations fear they could lose money by competing at this summer’s World Cup despite FIFA approving a record €620 million prize fund, according to the Guardian. The federations have raised concerns over rising costs, reduced allowances and tax inconsistencies.

Qualified teams will receive €7.7 million plus €1.3 million in preparation funding, unchanged from 2022, but the daily allowance has fallen from €723 to €510. One FA estimated it would receive around €425,000 less if staying for a month at the expanded tournament.

Some federations calculate they will earn significantly less than in Qatar and could post losses if eliminated early, reducing funds normally reinvested domestically.

Tax uncertainty and higher expenses

Tax exemptions have been agreed with Canada and Mexico but not the United States, where state rates vary, potentially affecting teams depending on where they play. Federations have also cited increased travel, a longer schedule and exchange rate pressures as additional costs.

While bonus structures remain the responsibility of each FA, officials argue they cannot reduce player packages agreed for 2022. Some point to possible long-term commercial gains in North America, but concerns over short-term finances persist.

Arsenal have reported a £1.4 million loss for the 2024/25 financial year, a significant reduction from the £17.7 million loss recorded the previous year.

The London club generated record revenue of £691 million, a 12 per cent increase from £616.6 million in 2023/24. The growth was driven primarily by a £45 million rise in commercial revenue to £263.2 million, alongside a £22 million increase in matchday revenue and a £10.5 million uplift in broadcasting income.

Revenue was supported by Arsenal’s run to the Champions League semi-finals, with the club playing 30 home matches across the season.

Rising costs and operating loss

Amortisation remained broadly stable, but wages increased by £19 million to £346.8 million and the club recorded a £15.2 million impairment charge on player registrations. As a result, Arsenal posted an operating loss of close to £65 million, up from £50 million the year before. This loss was offset by an £81 million profit on player sales from the departures of Emile Smith Rowe, Eddie Nketiah and Aaron Ramsdale.

Following Brentford, Brighton, Manchester City and Manchester United, Arsenal have posted the smallest loss among the five Premier League clubs to publish their 2024/25 accounts so far. Despite the improvement, the league’s combined operating loss has now surpassed £375 million.
 

Premier League clubs avoid PSR breaches after women’s team sales

All 20 Premier League clubs complied with Profitability and Sustainability Rules (PSR) for last season, avoiding points deductions, with Everton and Aston Villa aided by selling their women’s teams to related companies, according to The Times.

Clubs submitted their 2024/25 accounts by 31 December and are understood to have remained within the £105 million three-year loss limit. The Premier League allows profits from intra-group asset sales to count towards PSR calculations, unlike UEFA.

Villa are nevertheless set to receive another heavy fine from UEFA for breaching its squad cost rule, which caps spending on wages, transfers and agents at 70 per cent of revenue.

New cost controls

Everton previously received six- and two-point deductions for breaches in 2021/22 and 2022/23 respectively, while Villa were able to register £55 million from the sale of their women’s team to their parent company to support PSR compliance.

The Premier League will introduce new squad cost rules (SCR) next season similar to those of UEFA, with spending on player and agent costs capped at 85 per cent of revenue. As a result, internal asset sales will not assist clubs in meeting SCR compliance.
 

Manchester United report £2.5 million first-half loss as revenue and costs decline

Manchester United have reported a £2.5 million net loss for the first six months of the 2025/26 financial year after revenues fell to £330.7 million, down from £341.8 million in the same period last year.

With operating expenses declining year on year from £382.1 million to £346.3 million, the club announced an operating profit of £32.6 million. That figure includes £48.2 million in profit from player sales, while the underlying operating result remained a £15.7 million loss.

The results reflect continued pressure on revenues following last season’s on-pitch underperformance, with commercial and matchday income both lower year on year. United reiterated revenue guidance of £640 million to £660 million for the full year, below the club-record £666.5 million reported in 2024/25.

Commercial and matchday revenue decrease

Commercial revenue declined by almost £8 million across the first half of the season, while matchday income fell by £2.8 million due to fewer fixtures at Old Trafford following the club’s failure to qualify for European competition and elimination from the Carabao Cup.

In the second quarter of 2025/26, wage costs declined by 9 per cent year on year to £75.1 million. In a statement, chief executive Omar Berrada said the figures showed “the positive financial impact of our off-pitch transformation materialise both in our costs and profitability.”
 

Preferred bidder withdraws from £47.8 million Sheffield Wednesday takeover

Sheffield Wednesday’s proposed takeover has collapsed after the preferred bidder, a consortium led by James Bord, withdrew its £47.8 million offer to buy the club.

Bord and his associates pulled out after concluding the club was worth significantly less than their original bid. A consortium including Bord, Felix Römer and Alsharif Faisal Bin Jamil had been named preferred bidder by administrators Begbies Traynor on Christmas Eve, with the English Football League and the Independent Football Regulator assessing the group under the owners’ and directors’ test.

The joint administrators said the bid was the highest received in the structured sales process and would have enabled a full exit from administration ahead of the 2026/27 season.

Funding secured until end of season

During the exclusivity period, the consortium provided more than £4 million to fund the club’s trading operations, ensuring staff and players were paid on time.

The administrators said that steps taken in January to mitigate the risk of delay or non-completion mean Sheffield Wednesday have sufficient funding to trade through to the end of the current season.
 

Mercury13 co-founder Victoire Cogevina departs ownership group

Mercury13 have announced that co-founder and co-chief executive Victoire Cogevina Reynal has stepped down, with the women’s football multi-club ownership group starting the process of recruiting a new chief executive.

The group said a formal search is underway and that it will update on the appointment in due course. Control of the MCO will rest with majority owner Avenue Sports and its board of directors.

The ownership vehicle entered women’s football in March 2024 through the purchase of Como Women. Backed by capital from The Avenue Sports Fund, it expanded into England in September 2025 with the acquisition of a majority stake in Bristol City Women.

Expansion strategy remains

Founded in 2023, Mercury13 set out plans to invest $100 million in women’s clubs across Europe and Latin America and are understood to be targeting representation in each of Europe’s four leading domestic leagues.

Investors in the group include Giorgio Chiellini, Juan Mata, Eniola Aluko, Luis Vicente and Martin Broughton.

CVC Capital Partners have reduced the valuation of their investment in LFP Media, the commercial subsidiary of the French Professional Football League (LFP).

The private equity firm invested €1.5 billion in 2022 for a 13 per cent stake in LFP Media, valuing the business at just over €11 billion at the time. Of that €1.5 billion, CVC provided €750m in equity and financed the remainder through debt.

According to a report from L’Équipe, CVC now considers the net asset value of its €750 million equity contribution to be significantly lower, at around €200m. The reassessment comes as domestic television revenues have fallen sharply.

Lower rights outlook

When CVC entered French football just over three years ago, LFP Media’s business plan projected domestic rights of around €1 billion per season. Based on the reported impairment, the price a broadcaster might now be willing to pay for Ligue 1 rights is estimated at between €150 million and €250 million.

From next season, revenues will rely solely on subscriptions generated by Ligue 1+, with no further €78.5 million payment from beIN Sports for the ninth match package and no €85 million compensation from DAZN.

Ajax post €16.4 million first-half profit

AFC Ajax reported a net profit of €16.4 million for the first half of the 2025/26 season, driven by outgoing transfers, after recording a €15.9 million loss in the same period a year earlier.

The club generated €43.6 million in transfer results, compared with €5.6 million in the first half of the previous season. Departures included Jorrel Hato to Chelsea, Brian Brobbey to Sunderland, Carlos Forbs to Club Brugge and Lily Yohannes to Lyon.

Revenue increased 18 per cent to €110.6 million, reflecting higher European prize money from participation in the Champions League during the first half of the season. Last year, Ajax competed in the Europa League.

Costs rise

Operating costs rose 10 per cent to just over €110 million. Ajax attributed the increase primarily to higher wage expenses.

The club also incurred financial setbacks during the period, including costs linked to the dismissal of head coach John Heitinga.

Argentine top flight halted as clubs back federation president under investigation

The ninth round of the Argentine top flight has been suspended after clubs backed the president of the Argentine Football Association (AFA), Claudio ‘Chiqui’ Tapia, who is under investigation for alleged tax offences.

The league confirmed that next weekend’s fixtures will not take place, with clubs announcing a strike from 5 to 8 March in solidarity with Tapia.

Argentine tax authorities are examining whether the association unlawfully withheld pension contributions from players and staff and failed to pay taxes amounting to approximately 19 billion pesos (€17 millio) between March 2024 and September 2025.

Tapia has been summoned to court on 5 March alongside the association’s treasurer and three other officials.

Money laundering probe

The association is also under investigation for possible money laundering. In December, authorities carried out searches at the federation’s headquarters and at several leading clubs, including Racing Club, Independiente and San Lorenzo.

The AFA denies the allegations and has described the case as a smear campaign linked to a dispute over the organisation of Argentina’s national team matches.

The UK government has announced it will consult on banning unlicensed gambling companies from sponsoring British sports clubs, saying ministers are “deeply concerned” about risks linked to the unlicensed betting market.

The Department for Culture, Media and Sport said firms without a UK licence could be barred from signing sponsorship agreements. Clubs are currently permitted to partner with unlicensed operators if their services are not available to UK consumers.

Culture secretary Lisa Nandy said: “When placing a bet on the big match, fans deserve to know the sites they’re using are properly regulated, with the right protections in place. It’s not right that unlicensed gambling operators can sponsor some of our biggest football clubs.”

Regulatory pressure increases

All operators serving UK consumers must hold a licence from the Gambling Commission, but unlicensed firms have used sponsorship deals to advertise overseas via global broadcasts. Ministers said a ban could reduce the risk of consumers being drawn to sites outside the Commission’s protections.

The move follows warnings issued in February 2025 to Everton, Nottingham Forest and Leicester City, with the regulator raising the prospect of prosecution if clubs failed to ensure unlicensed sponsors were not accessible to UK customers.

Premier League clubs have already agreed a voluntary ban on betting firms as front-of-shirt sponsors from next season, but the restriction does not cover sleeve or training kit branding.
 

Juventus post €2.5 million first-half loss as revenue declines 11 per cent

Juventus have reported a loss of €2.5 million for the first six months of the 2025/26 financial year, compared with a profit of €16.9 million in the same period last season.

Revenue declined 11 per cent from €291.6 million to €260.6 million, largely due to a €25.3 million drop in profit on player sales.

The club still generated an operating profit of €11.1 million, down from €31.4 million a year earlier.

Costs reduced

Total costs fell by almost €11 million to €248.8 million, helping to limit the impact of lower revenue. Wage costs were reduced by €10 million, while amortisation increased by almost €8 million to €74.4 million.

Juventus are due to face Galatasaray tomorrow in the second leg of their Champions League play-off, seeking to overturn a 5–2 first-leg deficit to reach the round of 16.
 

Newcastle United move closer to stadium decision amid wider regeneration push

Newcastle United are moving closer to a decision on whether to redevelop St James’ Park or build a new stadium, as part of plans for a major regeneration of the surrounding area, according to The Telegraph.

After months of feasibility work, the club could reach a conclusion before the end of the year. Newcastle would fund the construction of any new stadium themselves, at a cost expected to exceed £1 billion, but have held discussions with the UK government about securing public investment for the wider regeneration.

The proposed scheme would include retail, leisure and business space, housing and upgrades to transport infrastructure. The club are expected to contribute a substantial share of the funding, with further capital to be raised from investors and lenders.

New training ground

Newcastle said no final decision has been taken on whether to build a new stadium or redevelop their existing ground, and declined to comment on the wider regeneration discussions.

Last month, the Daily Mail reported that Newcastle were close to completing the purchase of a site in Woolsington for a proposed £200 million training ground. The club hope to begin construction later this year, with work expected to take around two years.
 

Infantino raises prospect of FIFA cryptocurrency

FIFA are assessing whether to create their own digital currency, according to president Gianni Infantino.

The proposal was outlined during an appearance at the World Liberty Forum in Florida, an event linked to the Trump family’s crypto venture, World Liberty Financial.

Infantino told attendees: "We are also studying the development of a FIFA token and a FIFA coin - a real potential global currency serving six billion football fans worldwide.”

Infantino had previously floated the concept at the White House Crypto Summit last March, although he did not set out a timeline or formal structure for the project.

AI focus and Gaza funding

In a subsequent social media post, Infantino said FIFA are expanding the use of artificial intelligence ahead of the 2026 World Cup, outlining plans to enhance broadcast distribution, generate additional match data and increase fan engagement across the tournament.

Infantino later travelled to Washington, where he said FIFA intend to commit $70 million to rebuilding football infrastructure in Gaza, including pitches, an academy and a national stadium, as part of what the organisation described as a broader football development project.

Chelsea have agreed a multi-year front-of-shirt sponsorship deal with Swedish software company IFS, ending more than half a season without a principal shirt partner.

The Premier League club confirmed that IFS, which specialises in industrial artificial intelligence, will become the new front-of-shirt sponsor for the remainder of the 2025/26 season and beyond.

Chelsea have played without a front-of-shirt sponsor for over half of the current campaign. It is not the first time under BlueCo’s ownership that the club have gone without a lead commercial partner on their shirts.

AI partnership focus

Chelsea said the agreement marks “the beginning of a long-term collaboration that places advanced AI at the heart of football performance, operational excellence and fan engagement”.

The delay in securing a sponsor had drawn external criticism of the club’s corporate leadership, although Chelsea indicated the process reflected a desire to secure an appropriate financial arrangement.

 

Ares Management to roll out European sports fund for private clients

Ares Management is set to introduce a sports, media and entertainment investment vehicle for wealthy individuals in Europe, according to Bloomberg.

The strategy, expected to launch later this year, will target both debt and equity opportunities across sports leagues, clubs and related businesses, alongside media and entertainment assets. The firm began raising capital for a comparable fund aimed at US private investors in June.

Ares oversees approximately $623 billion in assets and currently manages about $66 billion in products designed for wealthy individuals. It has set a target of increasing that figure to $125 billion within two years.

Ares in sport

Since 2022, Ares has acquired stakes in a SailGP team backed by Kylian Mbappé, the Miami Dolphins and Chelsea.

In 2025 it sold most of its holding in Atlético de Madrid to Apollo Global Management in a transaction valuing the Spanish club at roughly €2.5 billion including debt.

 

Arsenal technical director James Ellis leaves after seven months

Arsenal technical director James Ellis has left the club seven months after being promoted to the role.

Ellis moved up from his previous position as head of recruitment last summer but has now departed the Emirates Stadium as part of an internal restructuring.

The changes follow a series of senior adjustments behind the scenes at the north London club.

Leadership reshuffle continues

Andrea Berta has taken over as sporting director, replacing Jason Ayto, who left last summer. In November, BBC Sport reported that Napoli head of scouting Maurizio Micheli had joined Arsenal in a senior recruitment role.

 

Paris Saint-Germain drop appeal over €60 million Mbappé wage ruling

Paris Saint-Germain have decided not to appeal a French labour court ruling ordering them to pay upto €61 million to former forward Kylian Mbappé in unpaid wages and bonuses, the club have told AFP.

The court said the sum comprised €55 million in unpaid salary and around €6 million in holiday pay. PSG had been given one month to appeal the December decision, even though they were required to pay the amount within that period regardless of any appeal.

“In the interest of responsibility and in order to put a definitive end to a procedure which has lasted too long, the club has chosen not to prolong this dispute,” PSG said.

December ruling

The club said it was “resolutely turned towards the future, focused on its sporting project and collective success”, confirming it would close the long-running legal case.

Mbappé left PSG after seven seasons to join Real Madrid, where he reportedly earns €30 million per year. He scored 256 goals in 308 appearances for the French champions.

 

FC Barcelona target €100 million revenue lift from new VIP hospitality model at revamped Camp Nou

FC Barcelona expect to generate up to €100 million in additional revenue from a new premium hospitality model at the revamped Spotify Camp Nou, according to Expansión.

The scheme, branded Barça Hospitality, will commercialise 3,000 remaining premium seats with licence contracts of between 15 and 30 years. Prices range from €20,000 to €80,000, with annual fees of €6,000 to €12,000.

The club are already forecasting €120 million per year from VIP seating and new sponsorship agreements and have previously said the redeveloped stadium could lift revenue by around €350 million a year.

Long-term income focus

The new model replaces previous contracts of up to ten years and initially applies to around 800 seats. In total, the stadium will have 9,400 VIP seats once completed, including 5,400 already sold and 1,000 yet to be allocated.

Barcelona, who have total debt of €2.5 billion, say the longer-term agreements will provide more predictable income aligned with debt servicing and future refinancings.

 

Media: Tottenham Hotspur lose long-standing sponsor

Tottenham Hotspur have lost a long-standing commercial partner worth millions of pounds, according to The Telegraph, as concerns grow over the club’s domestic performance and financial outlook.

The unnamed sponsor has informed Spurs that its partnership will end this summer, with notice submitted at the end of last year. The agreement is believed to have generated millions of pounds over several years.

At least one other sponsorship deal is due to expire at the end of the season without a renewal agreed, while another partner is reviewing its position, with industry experts estimating that the wider impact for the club could reach tens of millions of pounds.

Lack of communication

Certain contracts contain renegotiation or termination clauses tied to relegation or annual performance reviews, increasing the risk of further exits.

Sponsors have expressed dissatisfaction with the club’s domestic trajectory and a perceived lack of communication following the departure of former chairman Daniel Levy. Some partners are yet to establish direct relationships with chief executive Vinai Venkatesham.

Leicester City and the Premier League have each filed appeals after an independent commission imposed a six-point deduction on the club for breaching the profitability and sustainability rules.

The Premier League is seeking a further sanction linked to Leicester’s delayed submission of their 2023/24 accounts. While the disciplinary commission acknowledged that Leicester delayed submitting their accounts, it did not treat the delay as an aggravating factor when determining the penalty.

Premier League said it wants the appeal process concluded before the end of the EFL season in May to provide clarity for clubs and supporters.

Leicester's appeal

Leicester are contesting both the scale of the punishment and the mechanism through which it was applied. The club are understood to argue that the English Football League should not be able to enforce a sanction on the Premier League’s behalf.

The deduction has moved Leicester into the Championship relegation places. They are 22nd in the table, two points from safety, with 14 fixtures remaining.
 

OutField takes majority stake in Le Mans FC as Courtois joins as minority investor

Brazilian investment fund OutField has acquired a majority stake in Le Mans FC from Thierry Gomez, consolidating control of the Ligue 2 club six months after initially entering its share capital as a minority shareholder.

The deal was completed with the support of European investors including NinetyTwo X and NxtPlay Capital. Through the latter vehicle, Real Madrid goalkeeper Thibaut Courtois has joined the club as a minority shareholder.

OutField, which manages more than $150 million and focuses exclusively on the sports industry, also owns a stake in Brazilian club Coritiba. The fund first invested in Le Mans last summer alongside high-profile athletes such as tennis player Novak Djokovic and former Formula 1 drivers Felipe Massa and Kevin Magnussen.

New training centre

In a statement announcing the takeover, the club said a new training centre will be “one of the pillars” of the new ownership's project, with the facility scheduled to open in July 2026.

Thierry Gomez will remain a shareholder and president, continuing to oversee day-to-day operations.
 

FC Porto report €1.9 million profit for first-half of 2025/26 as player sales offset wage rise

FC Porto have reported a profit of €1.9 million for the first half of the 2025/26 financial year, up from €0.6 million in the same period last year.

The increase was primarily driven by a €15.3 million rise in profit on player sales, which reached €41.6 million. That offset a €13 million increase in wages, which climbed to €51.3 million.

Revenue excluding player sales rose 5 per cent to €80.9 million.

Debt falls

The Portuguese club reduced net debt by €46.4 million during the first six months of the financial year.

Porto finished outside the UEFA Champions League qualification places in both 2023/24 and 2024/25. They are currently top of the league as they seek to secure qualification next season and win the title for the first time since 2021/22.
 

FIFA yet to distribute €212 million Club World Cup solidarity fund as clubs grow frustrated

Clubs across multiple continents are waiting for FIFA to distribute €212 million in solidarity payments promised after last summer’s Club World Cup, more than seven months after the tournament concluded, as reported by The Guardian.

The fund, agreed as part of the competition’s financial model, was designed to benefit clubs that did not participate. While the €846million allocated as prize money is understood to have been paid, FIFA has yet to determine how the solidarity pot will be divided or when payments will be made.

There is no indication the money will not be paid, but frustration is growing, particularly among clubs in smaller leagues. If distributed evenly, the fund would amount to roughly €57,000 per top-flight club worldwide, although in practice payments are unlikely to be identical.

Allocation formula unresolved

One unresolved issue is how the €212 million will be split between the six confederations. Most of these also lack an established mechanism for distributing such funds.

A source at the Union of European Clubs told The Guardian that neither the organisation nor its members had received information on timing.

The Premier League has faced opposition from several leading clubs after outlining an exploratory idea to centralise the sale of perimeter advertising rights in a move it claims could generate an additional £750 million per year, according to a report from Daily Mail.

At a shareholder meeting last week, clubs were presented with a potential alternative where 60 per cent of pitch-side inventory could be sold centrally under a model similar to that used in US sports, with the number of top-tier partners rising from seven to 10.

Both Manchester United and Manchester City are among those with significant reservations, alongside other members of the so-called Big Six -Arsenal, Chelsea, Tottenham Hotspur and Liverpool.

The competition is expected to continue to liaise with its clubs and would not bring forward any formal proposals which it believes would not be in the interests of its members.

Conflict concerns

Manchester United are understood to be willing to listen but remain unconvinced the move would benefit either the club or the competition, while Manchester City are also thought to harbour serious concerns. Elite clubs are said to believe their own commercial departments offer greater expertise than a centrally run operation.

One chief executive warned that centrally negotiated deals could create conflicts with existing sponsors. A league-wide automotive partnership, for example, could clash with individual club agreements in the same sector. Clubs with smaller revenues may be more supportive, viewing the proposal as an opportunity to increase income by leveraging the global appeal of the league’s biggest sides.

UEFA ready to back FIFA’s 48-team Club World Cup expansion from 2029

UEFA are prepared to support FIFA’s plan to expand the Club World Cup to 48 teams from 2029, removing a significant obstacle to the competition’s growth from 32 teams, according to The Guardian.

European football’s governing body are now willing to endorse a larger tournament on the condition it is not staged every two years, rejecting the prospect of a biennial cycle.

Previously UEFA has opposed expansion amid concerns it could undermine the status and competitive balance of the Champions League.

Calendar tensions remain

A proposal for a two-year cycle, raised by Real Madrid during talks with FIFA in Miami last June, has not progressed in the face of opposition from UEFA and domestic European leagues.

FIFA had indicated before last summer’s tournament in the United States that it was open to increasing the field from 32 teams, primarily to secure broader participation among Europe’s leading clubs.

An expansion to 48 clubs would likely increase UEFA’s allocation from 12 to 16 teams in 2029.

LaLiga wins court order forcing VPNs to block 16 alleged piracy sites

LaLiga and broadcast partner Telefónica have secured a Spanish court order requiring NordVPN and Proton VPN to block access in Spain to 16 websites accused of illegally streaming matches.

The rulings compel the VPN providers to make the sites’ IP addresses inaccessible from Spanish networks. The orders were issued ex parte and cannot be appealed.

LaLiga said in a statement the court recognised VPNs as technological intermediaries subject to European digital regulation and required to prevent infringements on their infrastructure.

VPNs contest decision

NordVPN and Proton said they were unaware of the proceedings and had not received the judicial documents. NordVPN said the approach denied it the opportunity to defend itself and argued that blocking domains is ineffective because sites can circumvent restrictions.

LaLiga has also introduced a reward scheme offering 50 euros for verified reports of businesses illegally broadcasting matches, adding that legitimate feeds carry a distinctive on-screen letter to identify authorised transmissions.

The Premier League have agreed a new broadcast deal with ESPN in South America and the Caribbean worth about £450 million, representing a 25 per cent increase on the previous contract, according to The Guardian.

Clubs were informed of the deal at last Friday’s shareholders’ meeting, where they were also updated on other international rights packages due to go out to tender shortly.

The uplift in one of the league’s largest overseas markets comes as domestic rights growth has stalled. While the Premier League secured a marginal increase in its latest UK cycle with Sky Sports and TNT Sports, rising from £1.63 billion per season to £1.67 billion, that uplift was driven by an expansion in live matches from 215 to 270 per season.

Domestic pressure contrasts with overseas growth

On a per-game basis, the value of the UK rights fell by about 10 per cent. The Premier League have since begun discussions with the EFL about seeking the removal of the 3pm Saturday blackout from 2029 onwards, which would allow all 380 matches each season to be sold live domestically.

All Premier League matches are already broadcast live internationally. Overseas media rights currently generate £2.1bn per year, compared with £1.67bn from domestic deals, and the gap appears set to widen.

The league are also preparing to take their US rights to market following this summer’s World Cup. NBC Sports currently pay £378m per year under an exclusive six-year deal running until 2028, and are expected to face competition from rival broadcasters.

Lazio unveil €480 million plan for new 50,000-seat stadium

SS Lazio have presented plans to redevelop the Stadio Flaminio into a 50,000-seat venue at an estimated cost of €480 million.

The construction scheduled to begin in the first half of 2027 and completion targeted for the first half of 2031, the club unveiled at a press conference with club owner and president Claudio Lotito.

Of the total investment, €80 million would be self-financed, although the club did not specify how the remaining €400 million would be funded.

Financing and Euro 2032

Lotito said the stadium would be owned by a newly created company fully controlled by Lazio. “If I load €480 million, which is the cost of the investment, solely onto Lazio, it is obvious that I create a balance sheet problem,” he said. “We will therefore do it with a newco. But there will be no Chinese boxes.”

Lotito also said Lazio have already presented a formal expression of interest in the renovated Stadio Flaminio hosting matches at Euro 2032, which Italy will co-host with Turkey.

Birmingham City sell women’s team to ownership group

Birmingham City have sold 97 per cent of their women’s team to Shelby Companies Limited, the holding company through which Knighthead Capital Management control the club, with a further three per cent acquired by a group of minority investors, the club have announced in a statement.

The club said Shelby Companies Limited has purchased 97 per cent of Birmingham City Women FC, with the remaining three per cent sold to “several prominent female business leaders and global professional icons”. The statement named former England international Karen Carney and former women’s world No.1 tennis player Kim Clijsters among the minority shareholders.

The transaction moves the women’s team outside the men’s team’s company structure and follows similar restructurings elsewhere in the Premier League.

Ownership restructuring trend

In June 2024, Chelsea sold their women’s team to parent company BlueCo in a deal valuing the side at approximately £200 million. Earlier, Aston Villa agreed to sell their women’s team to V Sports in a £55 million transaction. Both clubs said the moves were designed to boost revenue and ensure compliance with the Premier League’s profitability and sustainability rules.

Birmingham City Women are currently second in Women’s Super League 2. Promotion to the Women’s Super League will be awarded to the top teams as part of an expansion planned for the 2026/27 season.

Marseille owner confirm Benatia will remain as sporting director few days after resignation

Marseille owner Frank McCourt has confirmed that sporting director Medhi Benatia will remain in his role until the end of June, two days after announcing his resignation. McCourt said Benatia had agreed to continue overseeing all sporting matters, including the appointment of a new head coach.

Benatia stated on Sunday that he had submitted his resignation, citing “tensions surrounding the leadership” and describing “a growing dissatisfaction, a rift that I deeply regret…in Marseille, results are the only judge”.

The resignation followed the departure of head coach Roberto De Zerbi, who left by mutual consent after Marseille were eliminated from the Champions League at the group stage and lost 5-0 to Paris Saint-Germain.

Leadership reshuffle

In a separate statement, McCourt said that chairman Pablo Longoria would now focus on “institutional responsibilities” to maintain the club’s representation within French and European bodies.

Marseille are currently five points behind Lyon in third place in Ligue 1. The top three in qualify automatically for next season’s Champions League.

James Bord, part of the consortium selected as preferred bidder for Sheffield Wednesday, is being sued in the United States over his involvement with Spanish club Córdoba CF.

According to The Times, Jonathan Cohen, a Canadian poker player and former business partner of Bord, has filed a complaint in Nevada alleging he was misled over Córdoba CF’s financial position when he agreed to invest in 2024 and was told the club were debt free. The filing claims the club in fact had debts of around $23 million at the time of the deal.

Cohen’s legal representatives accuse Bord of “oppression, fraud and malice” and are seeking punitive damages. The complaint includes claims of fraudulent inducement, unjust enrichment and breach of confidence.

Court documents state that Cohen initially agreed to acquire a 6.89 per cent stake in Córdoba before increasing it to 10 per cent, at a cost of approximately £3 million. He alleges he would not have proceeded with the investment had he known of the club’s alleged debt position.

Owners’ test scrutiny

Bord is part of a three-man consortium alongside German businessman Felix Römer and Alsharif Bin Jamil, a member of the Jordanian royal family. In December, the group were named preferred bidder for Sheffield Wednesday by administrators Begbies Traynor.

The English Football League must approve the consortium under its owners’ and directors’ test before any takeover can be completed, while the Independent Football Regulator will gain powers from May to assess prospective owners and investigate incumbents.
 

Benatia resigns as Olympique Marseille's director of football

Medhi Benatia has resigned as director of football at Olympique de Marseille, announcing his decision on Sunday following the club’s 2-2 draw with Strasbourg in Ligue 1.

He said he had submitted his resignation, citing tensions around the club’s leadership and stating he did not want his presence to become “an obstacle or a burden for the organisation and development”.

Benatia, who joined as sporting adviser in November 2023 before being appointed director of football in January 2025, said he had taken the decision earlier in the week.

“Cannot ignore the current climate”

“Despite the recent setbacks and certain cruel scenarios, sportingly, the project is progressing, but I cannot ignore the current climate,” Benatia wrote, adding that he leaves “with the feeling of having done the maximum”.

His departure follows the club’s elimination in the league phase of the Champions League and a 5-0 defeat to Paris Saint-Germain, which led to the departure of coach Roberto De Zerbi.
 

Serie A approves €18 million deal to acquire 51 per cent of Fantacalcio

Lega Serie A has approved the acquisition of a 51 per cent stake in Fantacalcio, the fantasy game linked to Italian football, for €18 million, following a vote at the league’s assembly on Monday.

According to Calcio e Finanza, the transaction will be financed through a loan to be repaid using profits generated by the company.

Fantacalcio has around three million registered users and generated more than €9 million in revenue, with annual profits close to €4 million.

Price concerns among clubs

15 clubs voted for the transaction, while Como, Fiorentina and Napoli voted against, citing concerns that the agreed price was too high. Cremonese and Roma abstained.

League president Ezio Simonelli announced the approval following the meeting.