Italian publication La Repubblica has revealed documents, emails, and text messages pertaining to the €70 million transfer of Victor Osimhen from Lille to Napoli in 2020.

Earlier this year, Rome’s prosecutor’s office requested the indictment of Napoli owner Aurelio De Laurentiis over alleged false accounting over a three-year period between 2019 and 2021.

Napoli had set a spending limit of €50 million for Osimhen, which was short of Lille’s asking price of €70 million. However, the French club pushed for Fernando Llorente to be included in the deal, with its president Gerard Lopez quoted as saying in an email: “This will allow you to pay an inferior price than any other club, but with the necessary nominal value to close the deal.”

Eventually, three Napoli players were included in a swap deal for a valuation of €20 million. This included third-choice goalkeeper Orestis Karnezis, as well as youth players Claudio Manzi, Ciro Palmieri and Luigi Liguori.

Executive urges “no traces” in emails

On 17th July 2020, Lopez proposed the inclusion of Karnezis in the transfer, stating: “We will bring Karnezis to Lille for €20 million. On this point, it's important that there's no communication about the price, as it would make us all look bad.”

Napoli’s former deputy sporting director Giuseppe Pomplilio wrote in a text to the club’s former sporting director Cristiano Giuntoli: “You mustn't write anything. No traces are left in emails. Say whatever you want verbally.”
 

ECA announces rebrand as EFC

The European Club Association (ECA) has revealed a new brand identity as European Football Clubs (EFC).

This week, the EFC announced its rebrand at a launch event in Rome, which was attended by clubs and stakeholders ahead of its General Assembly. The organisation comprises more than 800 clubs across 55 nations, including 139 women’s teams.

Speaking at the event, EFC chairman Nasser Al-Khelaifi, who is also president of Paris Saint-Germain, said: “The launch of EFC is a milestone moment in our great institution’s evolution and modernisation.

“Most importantly, it is a declaration that football is at the heart of everything we do, and that clubs are at the heart of everything we represent.”

International league matches risk “breaking” football

During the EFC general assembly, UEFA president Aleksander Ceferin issued a warning that the staging of domestic matches overseas could risk “breaking” the sport. This comes after UEFA’s “reluctant” approval for LaLiga and Serie A to hold fixtures in the US and Australia, which was announced earlier this week.

“Football is not just about balance sheets,” said Ceferin. “It’s not just entertainment. It’s life in our communities.”

He continued: “It is the streets, the clubs and the fans that shape it, and if we pull it too far away from those roots, we risk breaking it. In uncertain times, football is our anchor.”
 

‘Small to medium sized clubs’ express concern over UEFA’s aim for revenue increase

UEFA’s aim of generating a further €1.5 billion in revenue from 2027 to 2030 has sparked concern among small and medium sized clubs, according to Italian media.

As initially reported by Il Corriere dello Sport, UEFA met with leaders of Serie A clubs during a meeting this week. This was attended by Serie A president Ezio Simonelli, Serie B president Paolo Bedin, Serie A CEO Luigi De Siervo, and Italian Football Federation (FIGC) president Gabriele Gravina.

During said meeting, clubs voiced their concerns over the current management of financial resources by European football’s governing body.

€6 billion in annual revenue

UEFA is hoping to generate €6 billion in revenue annually between 2027 and 2030, and estimates that it will generate €4.4 billion in its current cycle between 2024 and 2027, following changes to the Champions League, Europa League, and Conference League formats.

Teams fear that the increase of around €1.5 billion will come at the expense of domestic competitions, amid concerns that broadcasters would favour international club tournaments.
 

Netflix, Disney, or Amazon could bid for Champions League rights

Netflix, Disney, or Amazon could be set to bid for the rights to one Champions League match per fixture round from 2027, according to UK media.

Earlier this month, Bloomberg reported that UEFA was looking to revamp its media rights tender process, in order to allow both broadcasters and streaming platforms to bid for Champions League rights across multiple markets.

Following changes to its tender process, UEFA is expecting to earn around €5 billion in broadcasting revenue annually, according to The Times.

Tender to launch on 13th October

Yesterday, UC3 - a joint venture between UEFA and EFC (formerly the ECA) - revealed that it would be launching the first rights tender from 2027 onwards on 13th October.

UEFA could also be set to sign deals in European markets for a duration of longer than three years for the first time.
 

UK’s HMRC collected £90 million in underpaid tax from clubs last year

The UK’s HM Revenue & Customs (HMRC) collected £90 million in underpaid tax from football clubs last year, The Times has reported.

This marks an increase on the previous year’s figure of £67.5 million, while the UK Government aims to clampdown on exploitation of its research & development (R&D) tax relief.

Earlier this year, The Times revealed that the HMRC had opened inquiries into 33 clubs’ R&D claims, which totalled £17.4 million. Among these teams were Premier League sides Chelsea, Brentford, Fulham, and Nottingham Forest.

12 new investigations opened into clubs over the last year

The overall figure likely includes Newcastle United’s £10 million tax settlement to HMRC in September 2024, following a longstanding dispute over agent fees.

Over the last year (up until March), there were new investigations into 12 clubs, as well as 90 players, and 16 agents.
 

Manchester United to appoint Brentford executive as director of football operations

Manchester United are set to appoint Brentford chief operating officer Ameesh Manek as the club’s new director of football operations, as per multiple UK media reports.

Manek joined Brentford in 2022, initially serving as the West London club’s business operations director, before being promoted to the role of chief operating officer in July 2024.

According to BBC Sport, Manek will effectively manage the club’s Carrington training ground, overseeing travel, security, training facilities, infrastructure, and staff management.

United’s latest executive appointment

In his new role, Manek will report to United’s director of football Jason Wilcox, who is responsible for team performance.

Manchester United recently appointed Stephen Torpey as their academy director, who was also previously at Brentford.

Arsenal are planning a major expansion of the Emirates Stadium, according to The Telegraph.

During the redevelopment, the Premier League club could play their home matches at Wembley Stadium on a temporary basis.

The renovation would see the venue increase its capacity from 60,700 to more than 70,000. This would make it the largest football stadium in London, eclipsing West Ham United’s London Stadium (62,500), and the Tottenham Hotspur Stadium (62,850).

Could cost £500 million

Plans to expand the Emirates would be intended to generate additional revenue for the club, as well as satisfying the expansive waiting list for season tickets, which currently stands at more than 100,000.

According to The Mirror, the expansion could cost as much as £500 million.

FC Barcelona expect to generate more than €1 billion in revenue for 2025/26

FC Barcelona are confident of generating €1.075 billion in revenue for the 2025/26 season, the LaLiga champions have revealed.

This will be driven largely by the reopening of the Camp Nou, following its two-year renovation.

Barcelona are expecting to deliver €225 million from stadium operations next season, marking a 29 per cent increase on 2024/25, pending the men’s team’s return to the venue between October and November.

Predict €4 million net profit

Despite forecasting revenue eclipsing €1 billion, Barcelona are predicting a net profit of €4 million for 2025/26. This would see the club return to profitability for the first time since the pandemic.

Recently, the Spanish club reported a loss of €17 million for the 2024/25 campaign, stating that they would have made a profit of €2 million without the deduction of extraordinary costs.

Levante CEO to acquire 70 per cent stake in Levante to help club avoid bankruptcy

Levante UD CEO, Jose Danvila, is aiming to acquire a 70 per cent stake in the Spanish club, in order to save it from bankruptcy.

The Valencia-based club, which have a debt totalling €90 million according to Spanish publication Palco23, are set to present this proposal to Valencia’s Commercial Court.

In order to avoid bankruptcy, Levante’s board of directors have agreed to a restructuring plan with Swiss bank EdR.
EdR is demanding that Danvila oversee the club for at least ten years, to ensure its “commitment to the future viability of the entity”.

Levante’s financial debt

Earlier this year, German bank OLB warned Levante that it would urge the bankruptcy of creditors, after a €17 million loan was not returned after more than six months. This has now risen to €17.7 million with interest.

Meanwhile, financial services company Rothschild is the team’s largest creditor, having lent €33 million for the club’s new sports city complex, of which €12.5 million remains unpaid. Danvila’s company Bizas is also one of the club’s largest creditors, having contributed €15 million.

Atletico Madrid name ex-Barcelona executive as director of men’s professional football

Atletico Madrid have appointed Mateu Alemany as the club’s new director of men’s professional football.

The 62-year-old previously served as director of professional football at LaLiga rivals Barcelona, prior to his departure from the club in September 2023.

Before joining Barcelona in 2021, he was general manager at Valencia CF, after previously serving as president of RCD Mallorca.

Alemany’s new position

At Atletico, Alemany will join the team run by general director of football Carlos Bucero, which oversees the club’s first team, reserve team, and academy.

In a club release, Atletico revealed Alemany started his new role yesterday morning, and has held initial meetings with players and manager Diego Simeone.

UK Government names Richard Monks as CEO of new independent regulator

The UK Government has appointed Richard Monks as the CEO of the new Independent Football Regulator (IFR).

With more than 20 years of financial and regulatory experience, Monks was previously an executive at British professional services firm EY, as well as the Financial Conduct Authority.

This follows the appointment of media executive David Kogan earlier this week as the chairman of the IFR, which will govern the top five tiers of English football. The UK Government is hoping for the new body to be operational at the start of November.

Chairman reflects on new appointment

“Richard brings extensive financial and regulatory clout to the IFR, providing balance and insight to our senior leadership team,” David Kogan said.

“We are drawing on a wide range of knowledge from the worlds of regulation and football and Richard will build on this as he develops our executive and regulatory skills.

“This appointment demonstrates the IFR is hitting the ground running.”
 

Data Spotlight: Wage inflation and stagnant revenue mark Whelan's Leicester tenure

Susan Whelan stepped down as Leicester City Chief Executive last Thursday after more than 14 years in charge. While her tenure included the club's remarkable 2015/16 Premier League title triumph, financial data from Off The Pitch reveals a growing imbalance between spending and revenue generation in her final seasons.

Between 2016 and 2023, Leicester's wage bill increased 120 per cent while turnover grew just 18.6 per cent. By the 2022/23 relegation season, Leicester had the highest wage bill among their peer group at €236.6 million, which the club's revenue base could not sustain.

Commercial revenue stagnation

The revenue gap becomes particularly visible in commercial income - a revenue stream directly influenced by executive leadership, unlike broadcasting or matchday receipts. Benchmarking Leicester against clubs with similar revenue levels post-2016 shows the divergence clearly.

From 2021/22 onwards, Leicester's commercial revenue stagnated while Aston Villa, Newcastle and Crystal Palace accelerated. By 2023/24, Leicester had lost more than 20 per cent of their commercial revenue. Over the same period, Newcastle recorded 211 per cent growth and Aston Villa 60 per cent.

Following relegation in summer 2023, Leicester began reducing their wage bill to address the structural imbalance. Two years after posting the peer group's highest wages, Leicester now have the second-lowest wage spend - only Southampton sits below them.

Rebuilding competitive wage capacity while closing the commercial revenue gap will be among the priority tasks for Leicester's incoming Chief Executive, particularly if the club secures promotion back to the Premier League.

UEFA has “reluctantly” approved the two requests from LaLiga and Serie A to stage domestic matches overseas this season, in the US and Australia respectively.

Spain’s top flight is planning to stage December’s Villarreal vs Barcelona game at Miami’s Hard Rock Stadium, while Italy’s Serie A is set to bring its AC Milan vs Como fixture to Perth’s Optus Stadium next February.

In a statement, UEFA said its executive committee had given approval to both requests “on an exceptional basis”, despite its “clear opposition” to the notion of domestic games being held outside of their home countries.

Last month, UEFA delayed its decision, stating that it would consult with stakeholders before reaching a conclusion on the matter. This came after the Royal Spanish Football Federation (RFEF) and Italian Football Federation (FIGC) both applied for the aforementioned matches to be held abroad this summer.

Approval is “regrettable”

UEFA president Aleksander Ceferin said: “League matches should be played on home soil; anything else would disenfranchise loyal match-going fans and potentially introduce distortive elements in competitions.”

He added: “While it is regrettable to have to let these two games go ahead, this decision is exceptional and shall not be seen as setting a precedent. Our commitment is clear: to protect the integrity of national leagues and ensure that football remains anchored in its home environment.”

Brooklyn Earick ends Tottenham takeover speculation

Brooklyn Earick has confirmed he will not make a formal offer to buy Tottenham Hotspur, ending 11 days of speculation around a potential takeover, The Athletic reports.

The former DJ and tech investor informed the London Stock Exchange on Monday that he “does not intend to make a firm offer” for the club. His initial expression of interest, lodged in late September, was “unequivocally rejected” by Tottenham, with a source close to the Lewis family, the club’s majority owners, describing the approach as “unsolicited and unnecessary interest.”

Under the UK Takeover Code, Earick had until 24 October to decide whether to proceed with a bid. His early withdrawal now ends the club’s official “offer period” under the City Code on Takeovers and Mergers.

Club is not for sale

In a statement released Monday evening, Tottenham thanked both Earick’s consortium and Firehawk Capital, another group that recently confirmed it would not make an offer, for their “constructive approach.” The club again underlined that “the Lewis family’s position remains clear: Tottenham Hotspur is not for sale.”

The decision closes another chapter of ownership speculation following Daniel Levy’s removal as executive chairman last month.

David Kogan confirmed as chairman of new Independent Football Regulator

The UK Government have confirmed the appointment of David Kogan as the chairman of English football’s Independent Football Regulator (IFR).

This comes despite there being an ongoing investigation into his appointment, after it was revealed that Kogan was a donor to the Labour Party, and had previously donated to the leadership campaigns of now Prime Minister Keir Starmer, and Secretary of State Lisa Nandy.

The UK’s Commissioner for Public Appointments, William Shawcross, first opened an inquiry to the appointment in June, following complaints from the Conservative Party over his ties to Labour.

In a letter from Shawcross, which has been shared by The Times, he said: “Having now completed an initial assessment of this case, informed by spot checks, I believe that a full inquiry into the campaign is necessary.”

Plans for the IFR, which will oversee the top five tiers of English football, received the green light earlier this year, after the Football Governance Bill received Royal Assent to pass into UK law. The UK Government are hoping for the new body to be operational at the start of November.

“Appointable” despite inquiry

A spokesperson for the UK Government’s Department of Culture, Media, and Sport, told BBC Sport: “The Culture, Media and Sport Select Committee found David Kogan appointable after his scrutiny hearing and we are now pleased to proceed in announcing him as chair.

“It is vital that the work to set up the regulator continues at pace to strengthen the governance of the national game and for that we need a chair in post and a board put in place.

“We have co-operated fully with the inquiry by the Commissioner of Public Appointments and await the report's publication.”

Europe’s top five leagues eclipse $1 billion in sponsorship deals so far this season

Sponsorship deals across Europe’s top five leagues have delivered $1.1 billion so far this season, according to a new study by Ampere Analysis.

The report comprises data from the Premier League, LaLiga, Serie A, Bundesliga, and Ligue 1.

The total annual sponsorship spend across the five leagues reached $5.4 billion at the start of 2025/26.

New sponsors make up more than half

Meanwhile, spending by financial services companies saw the greatest increase, accounting for 16 per cent of the overall spending. This also marks a six per cent increase on last year.

The study also revealed that first time sponsors accounted for more than half (53 per cent) of the new partnerships for this season.

Plans for the Villarreal vs Barcelona LaLiga match in Miami have been condemned as a “betrayal” to local fans by Glen Micallef, the European Union’s commissioner for intergenerational fairness, youth, culture and sport.

In an interview with The Athletic, the 36-year-old voiced his opposition to the proposed staging of the game at Miami’s Hard Rock Stadium next season. This received approval from the Royal Spanish Football Federation (RFEF) in August, with the request to hold the match in the US now pending the approval of UEFA.

“My position is clear: European competitions should be played in Europe,” said Micallef. “Playing domestic league matches outside of Europe is a betrayal of the local communities and fans to whom these clubs owe most of their successes.”

If approved, this would become the first domestic European match to be staged overseas. In September, UEFA delayed its decision on taking the game to the US, with the organisation’s executive committee revealing it would cobalt with stakeholders prior to making a final decision

“Taking these competitions outside Europe is a symptom of much wider issues around sustainability in football,” Micallef added.

Football has a “duty” to consult

The Maltese also believes football’s governing bodies have a “duty” to involve citizens and local communities when making decisions on issues such as this.

He added: “The way these decisions around playing sporting competitions were taken without consultation with stakeholders, such as athletes representatives or fans groups, exposes how weak the governance system within sport remains.”

 

Premier League CEO reflects on “struggle” with FIFA over playing calendar

Premier League CEO Richard Masters has cited a “struggle” with FIFA over an increasingly congested football calendar.

Speaking at last week’s Leaders sports business conference, Masters said: “There is no more space in the calendar,” adding: “Obviously there’s a player welfare issue but it’s essentially a struggle for the raw materials of football, which are the players and the calendar space.”

Reflecting on the English top flight’s relationship with football’s governing bodies, the 59-year-old revealed that unlike UEFA, FIFA often makes decisions without consultation with domestic leagues.

“UEFA do consult with the European leagues and directly with the Premier League,” he said. “You can feel the impact of our voice on the final outcomes. I may not agree with all of it but at least you can see that impact. That doesn’t happen with FIFA at all.

Alongside his Premier League role, Masters is also the chair of the World Leagues Association, which last year filed a joint complaint against FIFA with global players’ union FIFPro over its role in fixture congestion.

Domestic football needs “a seat at the table”

Masters’ comments come amid mounting criticism of FIFA’s decision to stage an expanded, 32-team Club World Cup this summer, which included Premier League clubs Manchester City and Chelsea, who would go on to win the tournament.

“We have our differences with FIFA over the lack of consultation with domestic football generally,” he said. “We think that needs to change. We think domestic football needs a seat at the table as these changes are made.”

Addressing the same topic at last week’s FIFA Council, FIFA president Gianni Infantino said: “FIFA will continue to invite all stakeholders interested in a meaningful dialogue to protect players, to find the right balance between club and national team football at global level, and to improve football for the future.”

 

FC Barcelona ditch Super League, leaving just Real Madrid and A22

FC Barcelona have withdrawn from the Super League project, as reported by Barcelona-based radio station RAC1.

The LaLiga champions are reportedly satisfied with UEFA’s recent changes to its Champions League format, which have meant that revenue is ‘now more favourable’ to clubs. As a result, the club reportedly now believe there is no need to back a rival competition.

FC Barcelona’s exit comes as the latest blow to the Super League, with Real Madrid consequently left as the only club involved in the project,

Super League promoter in danger of bankruptcy

Since the Super League’s launch in 2021 nine of the original 12 clubs quickly withdrew from the proposed competition, following backlash from supporters across Europe. This left three teams - Barcelona, Juventus, and Real Madrid - before Juventus also abandoned the project last year.

Recently, A22 Sports Management, the organising company behind the Super League, was placed in ‘technical bankruptcy’ under Spanish law, after reporting a loss of €5.5 million for 2024.

Premier League CEO Richard Masters has confirmed the English top flight is considering ditching its current profit and sustainability rules (PSR), in favour of new squad cost ratio regulations.

Speaking at the Leaders conference in London, Masters said: “We are talking to our clubs about an alternative system. That’s not to say we don't think the PSR system works.”

The 58-year-old said the league is exploring an alternative that would be similar to UEFA’s squad cost rules, which limit clubs’ spending to within 70 per cent of their revenue. However under the Premier League’s proposed squad cost ratio rules, teams would have a threshold as high as 85 per cent so that they have “the ability to invest”.

“It's about closer alignment with European regulation, which is squad cost ratio, which is a revenue test,” said Masters.

“The PSR is a look back profitability test and has its own strengths and weaknesses. No system will be perfect.”

Decision is “coming up”

Masters also revealed that the league will soon make a decision on sticking with PSR, or backing the proposed squad cost ratio rules. These would replace PSR, which have been in place since the 2015/16 season.

He continued: “We have to keep these things balanced and continue the conversation with our clubs, and that's an important decision, so we should take the time to get it right. But that decision is coming up.”

LaLiga president accuses Manchester City of “losing money and cheating” for over a decade

LaLiga president Javier Tebas has blasted Manchester City, claiming that the Premier League club has been “losing money and cheating” for more than a decade.

The 63-year-old said during a Spanish media conference organised by Expansion and PKF Attest: “You can lose money for one, two, or three years, but not for four, five, six, seven, eight, nine, or ten, like Manchester City, which has been losing money and cheating since the new owners arrived.”

Tebas also criticised last season’s Champions League winners PSG, stating: “Or PSG, which has accumulated €200 million in losses for seven consecutive years. Yet we still compete, and the results are there: in this century, LaLiga clubs have won 30 more European titles than the Premier League.”

This marks the LaLiga president’s latest criticism of City since the club’s takeover by Sheikh Mansour Bin Zayed Al Nahyan in 2008. In 2017, the club even considered taking legal action, after Tebas accused City of “financial doping”.

Tebas on different financial models

Reflecting on the disparity between the Spanish financial model, and its counterparts within European football, Tebas said: “Football is global, and in these European competitions, you have to face clubs that have a different system. Either they don’t have financial control, or it’s different.”

Meanwhile, he defended LaLiga’s financial regulations, reaffirming that the rules are approved by Spanish clubs themselves.

Leicester City CEO Susan Whelan departs club after 15 years

Longtime Leicester City CEO Susan Whelan has stepped down from her role following a 15-year tenure, the club have announced.

The 62-year-old, who first joined Leicester in 2010 under the ownership of former chairman Vichai Srivaddhanaprabha, has presided over a period of success at the English club. This includes the team’s Premier League win in 2015/16, as well as their FA Cup victory in 2021.

In recent years however, the club has seen two relegations from the English top flight in 2022/23 and 2024/25, and has encountered challenges with the Premier League’s profit and sustainability rules (PSR).

The Midlands club are currently facing three charges of alleged PSR breaches, with the hearing set to start soon, before a verdict is expected to be delivered next year.

Chairman to oversee CEO duties

In Whelan’s stead, Leicester chairman Aiyawatt Srivaddhanaprabha (Khun Top) will take on her responsibilities until a successor is appointed.

The club are not planning any further changes to their leadership team, with Khan Top set to work alongside director Jon Rudkin.

Top English clubs must be “protected at all costs”, says Birmingham City owner

Birmingham City owner Tom Wagner has said that the top teams in English football must be “protected at all costs”, during the Leaders sports business event in London.

Speaking at Leaders, the 56-year-old US investor said: “We can't take too much from the top clubs to support the pyramid.

“I love the pyramid – we have experienced a lot of it - but the top clubs that are highly successful have significant brand value and draw interest. We hope that interest will help grow the entire pyramid.”

Wagner’s comments come amidst the ongoing talks between the Premier League and EFL over a distribution deal. With the new Independent Football Regulator (IFR) set to become operational in November, the Premier League is hopeful of striking a deal with the EFL before it is implemented.

Eyeing return to top flight

Wagner is the co-founder and co-CEO of Knighthood Capital Management, the US group which completed a takeover of the Championship club in 2023.

Following Birmingham’s promotion from League One at the end of the 2024/25 season, the club are seeking a second successive promotion.
 

Data Spotlight: Virkus leaves Mönchengladbach with shrinking assets

Club legend Roland Virkus resigned as Borussia Mönchengladbach's sporting director on Tuesday. He had been part of the club since 1990 and took on the leadership position in February 2022, succeeding Max Eberl who left for Bayern Munich.

The data reveals a challenging tenure on the asset management front. Mönchengladbach's squad value declined 13.9 per cent to €185.1 million during Virkus's time in charge.

By contrast, comparable Bundesliga clubs - SC Freiburg, Eintracht Frankfurt, VfB Stuttgart, Wolfsburg, and Werder Bremen - all recorded squad value growth over the same period.

Net spending despite decline

The squad value decline might suggest aggressive player sales to generate income. However, the opposite occurred. While several of their peers generated net profits in the transfer market, Mönchengladbach recorded a net transfer deficit of €5.5 million since Virkus's appointment.

This approach creates pressure given the club's broader financial picture. Mönchengladbach have posted continuous operating losses, making them reliant on transfer market profits to balance the books and protect their equity base.

The incoming sporting director inherits both a depleted squad asset base and the need to reverse the transfer market trend.

FC Barcelona have reported a €17 million loss for the 2024/25 season, according to the LaLiga champions’ latest annual financial statements.

The club say that without the deduction of extraordinary costs, they would have made a profit of €2 million.

Last year, Barcelona revealed a net loss of €91 million for the 2023/24 season, which was primarily due to the club’s failure to sell their Barca Vision digital media arm.

Expect return to profitability

Despite this year’s loss, the club are forecasting a profit of €4 million after tax next year, which will largely be driven by the team’s return to the Camp Nou.

The venue has been undergoing a renovation since 2023, with the club’s return to the stadium on 21st October for their Champions League fixture against Olympiakos after multiple delays to its reopening.

Next FIFA Club World Cup expected to feature three teams per country

FIFA is expected to increase the number of teams from two to three per country for the next edition of the Club World Cup in 2029, according to The Times.

Although UEFA would not oppose this, European football’s governing body would however take issue with any plans to stage the tournament on a biennial basis.

This summer’s Club World Cup featured 32 teams for the first time, up from seven in previous editions, however the tournament faced criticism due to the notable absences of Liverpool, Barcelona, and Napoli, the champions of the Premier League, LaLiga, and Serie A respectively last season. An increase to three clubs per country would be intended to alleviate this issue.

Discussion today

Future plans for the competition are set to be discussed at the FIFA Council meeting today, but there will likely not be any final decisions made on plans for the tournament.

FIFA is also considering expanding the Club World Cup further to 48 clubs for 2029, The Guardian reported in June.

FC Porto deliver record €39.2 million profit despite Champions League absence in 2024/25

FC Porto have reported a club record profit of €39.2 million for the 2024/25 financial year.

The Portuguese club achieved this despite seeing their revenue drop to €149.5 million, in a 14 per cent decrease from last season.

Porto delivered €100.4 million from player sales, more than double the club’s profit in 2023/24. In total, revenue from outgoing player transfers reached €171.5 million, however €71.1 million in associated costs was deducted from that figure.

Champions League absence cost €47.9 million

As a result of failing to qualify for last season’s Champions League campaign, the club’s UEFA revenue was down 74 per cent to €17.2 million, with Porto featuring in the Europa League last season.

This summer, the club generated €17 million from their participation in the expanded FIFA Club World Cup, which also helped offset the €47.9 million deficit caused by their absence from the Champions League.

UEFA should decide first on suspension of Israel from football, says FIFA VP

FIFA vice president, Victor Montagliani, has said UEFA should make the first call on a potential suspension of Israel from football.

speaking at the Leaders sports business conference in London, the 60-year-old, who is also president of CONCACAF, told Sky News: “The reality is that that issue is the jurisdiction of UEFA.

"It's their member and they have a process... so we need to respect that.”

Montagliani has revealed that the matter would not be on the agenda for today’s upcoming FIFA Council meeting, but confirmed that the Palestine Football Association’s call for Israel’s ban was still being considered by two FIFA committees.

UN calls for Israel ban

Reports last week suggested that UEFA would be holding a vote this week on whether or not to suspend Israel from European competitions, amid mounting pressure from the United Nations.

After the UN’s Commission of Inquiry recently concluded that Israel was committing genocide in Gaza, a statement from UN experts called for football’s governing bodies - UEFA and FIFA - to suspend the country.

Turkish club Kasimpasa placed under state ownership

Turkish Super Big club Kasimpasa SK has been placed under a state trusteeship, after prosecutors issued an arrest warrant for owner Turgay Ciner, according to Reuters.

The 69-year-old Turkish businessman is currently wanted for charges of alleged money laundering and fraud.

In addition to Istanbul-based Kasimpasa, several of Ciner’s companies have also been placed under the control of the state deposit insurance fund. These include Park Holding and Silopi Electric.

“strong suspicions and evidence"

This follows an investigation into the sale of 22 companies from his Ciner Holding to Can Holding in December last year. According to prosecutors, there are “strong suspicions and evidence” that this agreement involved laundering proceeds from criminal activities.

At the time of writing, Ciner is still abroad, and has not yet been detained.
 

The sale of the San Siro and its surrounding area to AC Milan and Inter Milan has been given the green light by the Milan City Council.

Under the Serie A clubs’ proposal, the iconic stadium will be demolished, with a new venue set to be built in its place.

Earlier this month, both Milan clubs revealed a partnership with architecture firms Foster + Partners and Manica, who will oversee the design of the new stadium project.

On Monday, the council approved the sale, with 24 votes in favour and 20 against.

Construction to start by November

As reported by The Athletic, the sale will be ratified after due diligence has been conducted at the beginning of November.

Once approved, the clubs are expected to break ground on the construction in November, and hope that the new venue will be completed in 2031, one year ahead of the UEFA Euro men’s 2032 championships, which will be held in Italy and Turkey.
 

Premier League's operational costs rise by 30 per cent over last five years

Premier League's operational costs have risen by 30 per cent over the last five years, as reported by The Telegraph.

The English top flight is consequently under mounting pressure from teams over increasing costs. Legal costs increased from £11.3 million to £48.1 million between the 2022/23 and 2023/34 seasons, before seeing a slight decrease to £44.6 million for the 2024/25 campaign.

A club executive told The Telegraph: “The rate at which the league's central costs are rising is a real cause for concern for all of us. Their executives seem increasingly happy to spend the club's money, which is raising questions about their governance."

However, according to the newspaper, criticism is met with surprise in some quarters, as the budget was passed by a strong majority and none of the 20 clubs questioned rising costs at recent shareholder meetings or at last week’s CFO sub-committee.

The league is understood to argue it has outperformed expectations, providing clubs with an average of £28 million a year above budget over the past five seasons. Supporters of its strategy are said to view greater central investment as essential for long-term growth.

IFR sparks rise in operating costs

The rise in operational costs is also partly being driven by pressure of the incoming Independent Football Regulator (IFR), with a 29 per cent, £4.3 million increase in spending on policy.

The Premier League is expecting operating costs to see another 13 per cent uptick in its budgeting for the 2025/26 season, although club revenues are also expected to increase by £311 million.
 

Ajax post €37.3 million loss for 2024/25

Ajax have made a net loss of €37.3 million for the 2024/25 financial year, the Dutch club revealed.

This year’s result has been attributed to a decrease in revenue from player sales, as well as the club’s absence from the UEFA Champions League last season.

Ajax generated a €10.3 million profit in transfer revenue over the last year, in comparison to a net profit of €70 million in player sales in the previous season.

Despite the overall loss, the club’s net revenue increased by €26.1 million to reach €178.1 million.

Improvement predicted for 2025/26

This marks the second successive year in which the Amsterdam team have posted a net loss, after reporting a €9.8 million loss for 2023/24.

Going forward, the club projects an improvement in its financial results, after qualifying for this year’s Champions League season, and following the sales of players such as Jorrel Hato and Brian Brobbey to Chelsea and Sunderland respectively.
 

DFL approves new structural reorganisation

The German Football League (DFL) has announced a new structural reorganisation, which will see the organisation separated into three central business divisions, which will take effect from the start of 2026.

DFL GmbH, the parent company, will continue to oversee central functions across areas including licensing, political relations, match operations and fan affairs, as well as overarching corporate functions.

Meanwhile, a new DFL-owned sales and digital subsidiary will be responsible for aspects including media rights, commercial partnerships, marketing, and video content.

The third unit, Sportcast GmbH, will continue to operate as its own wholly-owned subsidiary as the central production arm of DFL Group.

New structure gets unanimous approval

The DFL Supervisory Board confirmed that these changes were approved unanimously by a vote, after being proposed by DFL CEOs.

The DFL GmbH parent company will be led by DFL CEOs Marc Lenz and Steffen Merkel, who will serve as joint CEOs of both DFL GmBh and the new unit. Peer Naubert and Bastian Zuber, the Managing Directors of Bundesliga International and DFL Digital Sports, will also take on management roles within the division.
 

Tottenham Hotspur cut ties with Rothschild & Co

Tottenham Hotspur have ended their relationship with global financial advisory group Rothschild & Co, as the club insist they are not for sale, according to The Athletic.

Earlier this week, Spurs confirmed that they had “unequivocally rejected” an expression of interest from US tech entrepreneur Brooklyn Earick, who was considering an offer of £4.5 billion to buy the North London club.

Spurs said in a statement: “The board of the club and ENIC reconfirm that Tottenham Hotspur is not for sale and ENIC is not looking to sell its stake in the club.”

Recent interest in Spurs

In April 2024, former Spurs chairman Daniel Levy appointed Rothschild to help the Premier League club seek external investment.

However following Levy’s recent departure, the club’s majority owner ENIC declared that they are not for sale, after revealing that they had rejected multiple approaches from prospective investors.
 

AC Monza appoints new board of directors following takeover

AC Monza have appointed a new board of directors, as well as naming Lauren Crampsie as president.

This follows the Serie B team’s recent takeover by US fund Beckett Layne Ventures, who bought an 80 per cent stake in the club in July, prior to completing a full acquisition.

Meanwhile, former AS Roma player and executive Mauro Baldissoni, who was a part of the group that took over the club, has been appointed as Monza’s new CEO.

Monza’s executive revamp

Baldissoni replaces Adriano Galliani, who left Monza shortly after the change in ownership.

Alongside the club’s new board of directors, Monza have also appointed a board of statutory auditors.

Inter Milan have generated record revenue of €567 million for 2024/25, the highest ever for a Serie A side, up €94 million compared to the 2023/24 campaign, the club revealed in a statement.

In the Italian club’s financial statements for the 2024/25 financial year, Inter also reported a profit of €35.4 million.

This marks a €70 million increase on last year, and Inter’s first profit for the last 15 years, which has been attributed to their participation in the UEFA Champions League and FIFA Club World Cup last season.

The last year for Inter

Earlier this year, Inter secured a €350 million loan, which will mature in 2030, achieving an investment grade credit rating.

The club’s owners, US investment firm Oaktree Capital Management, have also approved a €100 million investment into Inter’s training facilities.

 

Bayern Munich appoint Rouven Kasper as director of marketing and sales

Bayern Munich have announced the appointment of Rouven Kasper as the club’s director of marketing and sales.

The 43-year-old joins from fellow German club VfB Stuttgart, where he served in the same role since 2022.

Kasper, who will start his new position on 1st January 2026, is set to return to the Bavarian capital, having previously been Bayern’s president of Asia between 2016 and 2021.

Club hails “significant addition”

Herbert Hainer, president and chairman of Bayern Munich’s Supervisory Board, said: “We are looking forward to a significant addition with international experience in a strategically relevant field.

“The Supervisory Board is convinced that Rouven Kasper is the right choice, both professionally and personally, to achieve FC Bayern's ambitious goals in marketing and sales with him as a member of the Board of Directors, especially since he already knows our club very well.”
 

Athletic Bilbao report €7 million profit for 2024/25

Athletic Bilbao have generated a profit of €7 million for the 2024/25 season, the LaLiga club revealed.

As per Bilbao’s latest annual financial statements, the club delivered an operating income of €172.5 million, up from €134.9 million in the previous year.

This was mainly due to an increase in revenue from UEFA following the team's run to the Europa League semi-finals, as well as an uptick in commercial revenue.

The club have also reported net income of €6.98 million for 2024/25, after making a loss before provisions of €14.2 million in the 2023/24 campaign.

Forecast for next season

Bilbao expect to see a continuation of the club’s financial growth in 2025/26, and are forecasting a net profit of €10 million next year.

For next season, the Basque club are forecasting revenue of €185.9 million, which would bring about an operating result of €31 million, up from €12 million in 2024/25.
 

Bayer Leverkusen CEO calls for international football salary cap

Bayer Leverkusen CEO Fernando Carro has called for the introduction of a new global salary cap in football.

Speaking at Bloomberg’s Future of Finance event, the 61-year-old cited the growing disparity between the financial prowess of the Premier League, in comparison to Europe’s other elite leagues.

“The Premier League is trying to become the number one product in Europe, even above the Champions League,” Carro said. “I'm normally against regulations, but in this case I think it's a necessary battle.”

Revenue gap

Although UEFA has its own financial regulation, including its squad cost ratio rule, there is currently no salary cap that applies to all European clubs.

As referenced by Bloomberg, Premier League clubs generated more than €7.1 billion in aggregate revenue during the 2023/24 season, almost double the Bundesliga’s aggregate revenue of €3.6 billion.

Flamengo block €12.3 million payment to Libra clubs

Brazilian club Flamengo have blocked the €12.3 million payment to other clubs in Libra, after being granted an injunction by the Rio de Janeiro Court of Justice.

Libra, a joint entity comprising 18 Brazilian clubs across both Serie A and B, signed a four-year media rights deal with Globo last year, which covers the 2025-2029 cycle, and is worth €163 million annually.

Flamengo have taken issue with the distribution of funds as part of this agreement, whereby 40 per cent of revenue is divided equally among Serie A clubs, with 30 per cent divided up by their league position, and the remaining 30 per cent based on their audiences.

The Rio-based club are disputing the 30 per cent audience-based statute, while Libra is claiming that this issue has previously been addressed.

Club blasts “tyranical” Libra

In a statement on 26th September, Flamengo said: “The goal is to prevent Flamengo from suffering additional losses due to the establishment of revenue sharing criteria based on audience ratings that do not recognise Flamengo's financial resource-generating power.

The statement continued: “Flamengo was always willing to seek an amicable solution to the problem and make some degree of concessions to reach an agreement, but the other clubs were intransigent and imposed a loss of over R$100 million (€16 million) annually on Flamengo, which represents a loss of 37 per cent compared to the previous contract.

“It should be noted that Flamengo has no interest in the litigation, as most of the deposited funds go to the club, which has the largest audience in the country. It's terrible for Flamengo that the revenues owed for audience fees are judicially withheld. However, it cannot agree with the absurd solution that Libra tyrannically seeks to implement, to the club's detriment.”

Juventus have reported a €58.1 million loss for the 2024/25 season, marking an improvement on last year’s annual loss of €199.2 million.

Meanwhile, the Serie A club have revealed plans for a €110 million capital increase. This is being backed by Exor, the Netherlands-based holding company of the Agnelli family, which has provided €30 million of the latest increase.

Juventus’ revenue increased from €394.6 million to €529.6 million over the last year, which was partially driven by the club’s return to the Champions League. UEFA revenue accounts for €75.3 million of the club’s overall income, while the Turin-based side received an additional €27 million from FIFA for their participation in this year’s Club World Cup.

In addition to the capital increase, the board also confirmed the launch of a new €150 million bond issue on September 26, designed to refinance existing debt and provide further working capital.

Comments from analyst

Berenberg analyst Trion Reid highlighted in a comment that Juventus management has adjusted its 2026/27 strategic plan downwards, with only a limited improvement in profit and cashflow expected this season, and breakeven in 2026/27.

“The capital increase will be the fourth since the 2019/2020 season and will take the total raised to more than €1 billion. However, net debt was still €271 million at the end of June and management’s expectation for positive profit and cash generation has now been pushed out until at least 2026/27.

 

Premier League could dock clubs six points for breaches of proposed regulations

The Premier League is seeking to impose a six-point seduction for clubs that breach proposed new financial regulations to replace its profit and sustainability rules (PSR) from next season, The Guardian has reported.

Under the proposed squad-cost ratio (SCR) regulations, teams’ spending would be limited to within 85 per cent of their overall revenue, with clubs guilty of exceeding their cap docked six points. This assimilates UEFA’s own SCR rules, which has a limit of 70 per cent.

These sanctions would reportedly take effect in real time, as opposed to retrospective action under the current PSR system.

League ‘cautiously optimistic'

According to the newspaper, the Premier League wants clubs to take a vote on proposals to introduce SCR during an upcoming shareholders’ meeting in November.

The English top flight reportedly intends to reduce to the cap limit to UEFA’s threshold of 70 per cent over the next three years, and harbours ‘cautious optimism’ that this will be approved. If not, the existing PSR structure will remain in place for the 2026/17 campaign.

 

Spurs have “unequivocally rejected” interest in takeover from US consortium

Tottenham Hotspur say they have “unequivocally rejected” an expression of interest to buy the club from a consortium led by US tech entrepreneur Brooklyn Earick.

In a statement, the Premier League club said: “The board of the club and ENIC reconfirm that Tottenham Hotspur is not for sale and ENIC is not looking to sell its stake in the club.”

The 41-year-old was weighing up a £4.5 billion bid to buy Spurs. The Earick-led consortium will have until 24th October to affirm either its intention to submit a bid for the club, or to not make an offer, as reported by The Athletic.

Mounting interest in Spurs takeover

This marks the third party to express interest in acquiring the North London club, since the departure of longtime chairman Daniel Levy earlier this month after 24 years.

After receiving multiple approaches regarding a potential takeover, Spurs recently declared that the club is “not for sale” after rejecting their interest. These parties reportedly include a consortium led by former Newcastle United director Amanda Staveley, and a separate group being led by Roger Kennedy, which comprises American and Chinese investors.

Introducing Data Spotlight

Starting today, we're launching Data Spotlight - a new feature where we dig into the numbers behind the headlines. Whether it's a major appointment or departure, or a club's latest financial report, we provide data-driven mini analysis to add context to the stories shaping football. First up: Monchi's exit from Aston Villa.

Data Spotlight: Squad value stagnation marks Monchi's Villa tenure

Monchi has departed Aston Villa after 27 months as President of Football Operations. While the club established itself as a consistent top-eight Premier League side during this period, the squad value data tells a contrasting story to that of their rivals.

Villa's squad value declined 1.7 per cent under Monchi's leadership - the only club among their top-six competitors to see their asset base shrink. Tottenham recorded nearly 30 per cent growth to reach €1.06 billion, while Arsenal stand at €1.52 billion.

Villa's squad currently sits at €625 million, a widening gap that reflects fundamentally different investment approaches among clubs competing for European places.

Transfer market restraint

The squad value trajectory stems directly from Villa's transfer market strategy. The club recorded a positive transfer balance of €27.8 million under Monchi - in a market where competitors invested heavily.

Arsenal led with net expenditure exceeding €460 million, while Tottenham, Newcastle, and Chelsea recorded net spending between €185-425 million. It's also worth noting that Villa operated under regulatory pressure throughout, working to comply with the Premier League's Profit and Sustainability Rules.

For a club navigating PSR constraints, Villa maintained top-eight status with minimal spending throughout Monchi's tenure. However, the start of this season - one goal in five matches - suggests the gap in squad investment may now be showing on the pitch.

 

Newcastle United owners invest further £111.5 million into club

Newcastle United’s owners have invested a further £111.5 million into the Premier League club, as revealed by a filing on Companies House.

This marks the largest investment into Newcastle since the club’s £305 million takeover in 2021 by a consortium led by Saudi Arabia’s Public Investment Fund (PIF).

Overall, the club’s ownership have injected £462.9 million since acquiring a 15 per cent majority share, with the remaining 15 per cent held by British businessman Jamie Reuben.

Newcastle’s latest investment

Of the latest share issue, £106.5 million has been invested into the men’s team, with the women’s team receiving £5 million.

This comes amid recent reports that Newcastle are seeking to raise up to £1 billion for a redevelopment of the club’s St James’ Park home. This could see either the renovation of the 52,000-seat venue, or the construction of a new stadium.

 

Czech businessman agrees Viktoria Plzeň takeover

Michal Strnad has agreed to a takeover of Viktoria Plzen through his company Palatua.

The Czech First League club confirmed Strnad’s majority stake acquisition, which is subject to approval from the Czech Competition Authority (UOHS).

Shareholders Adolf Sadek and Martin Dellenbach will retain minority stakes in Viktoria, with Sadek set to remain as the chairman of the club’s board of directors and CEO.

A “new chapter” for Viktoria

In a statement confirming the takeover, Sadek said: “I am happy that Viktoria Plzeň is acquiring a strong Czech majority owner who has built a global industrial group with strong roots in the Czech Republic.

“I look forward to the partnership with Michal Strnad. There are a number of huge challenges ahead of us, which we are looking forward to together. A new chapter in Pilsen football is beginning.”

The Premier League has pitched an alternative, systemic sustainability rules (SSR), which will involve cash-flow and balance sheets tests for teams, The Telegraph has reported. During a shareholders’ meeting on Tuesday, the Premier League clubs discussed potential replacements for the English top flight’s current profit and sustainability rules (PSR) structure.

Multiple clubs see this as a blatant attempt to “curb” any outside interference by the new Independent Football Regulator (IFR), which is set to become operational later this year.

In July, the Football Governance Act received royal assent to progress into UK legislation, with the new regulator set to preside over the top five tiers of English men’s football.

Clubs to vote on new system

Premier League clubs will take a vote on the proposed new regulations in November at the earliest.

There is a belief among several team executives that the proposed SSR system is intended to block any involvement by the IFR, which will place tighter scrutiny on clubs’ financial sustainability and ownership.
 

Liverpool owner FSG completes due diligence on Getafe

Liverpool owner Fenway Sports Group (FSG) has taken a step closer to acquiring Getafe, according to The Daily Mail.

FSG has completed a positive due diligence on the LaLiga club, as it looks to expand its ownership portfolio.

In August, FSG representatives met with Getafe owner Angel Torres, who previously stated that he would step down after the renovation of the team’s Coliseum Stadium is complete. The redevelopment project, which started earlier this year, is expected to be finished by the end of 2027.

FSG could adopt multi-club model

In June, UK media reports linked the US group with a potential takeover of Getafe, which would see FSG adopt a multi-club ownership model.

Currently, FSG’s portfolio includes the aforementioned Liverpool, in addition to baseball team the Boston Red Sox, and ice hockey franchise the Pittsburgh Penguins.
 

UEFA leaning towards suspension of Israel

UEFA is set for an emergency executive committee next week to vote on whether or not to ban Israel from European competitions, The Times has reported. This comes amid mounting pressure within UEFA to suspend Israel, with the majority of members and federations now said to be supporting a ban.

This week, a statement from UN experts has called for major football governing bodies UEFA and FIFA to suspend Israel, after the UN’s Commission of Inquiry determined earlier this month that the country was committing genocide in Gaza.

Notably, Russia has been banned from all UEFA competitions since the invasion of Ukraine back in 2022.

UN calls for Israel suspension

“Sports must reject the perception that it is business as usual,” the UN advisors said. “Sporting bodies must not turn a blind eye to grave human rights violations, especially when their platforms are used to normalise injustices.

“National teams representing States that commit massive human rights violations can and should be suspended, as has happened in the past.”
 

UEFA set to revamp Champions League rights tender process

UEFA is set to update its media rights tender process to allow broadcasters and streaming platforms to bid for Champions League rights across multiple markets, according to Bloomberg.

This would be a first for the elite European club football competition, with markets being tendered at different times under the current format.

European football’s governing body is also considering the possibility of longer-term media rights deals.

Could offer global rights

This move comes as part of a plan to appeal to streaming services such as Netflix and Amazon Prime.

The revamped tender process could enable bidders to acquire global broadcast rights for the first time, with UEFA set to release bidding tenders for 2027 and onwards over the coming weeks.
 

Liverpool issued more than 1,000 lifetime bans in clampdown on ticket touting last season

Liverpool issued 1,114 lifetime bans to supporters and closed 145,000 fake accounts as part of a clampdown on ticket touting during the 2024/25 season, according to BBC Sport.

11 of the aforementioned bans were given to season ticket holders, with 500 fans denied entry to Anfield for trying to access the stadium with a burner phone to prevent their tickets from being traced.

Although ticket resale is illegal in the UK, websites are able to circumvent this if they are based outside of the country. Last season, Liverpool investigators additionally closed down 162 groups across social media which sold fake tickets or resold legitimate tickets at extortionate rates. These groups had a combined membership of more than one million users.

Investigation exposes ticket resellers

Last week, a BBC Sport investigation revealed a black market that sells thousands of Premier League tickets.

The investigation found that resellers often use software as well as fake identities in order to acquire hundreds of tickets, which will then be sold at substantially higher prices.