John Textor has been temporarily removed from the leadership of Botafogo’s SAF by a decision of the Tribunal Arbitral of the Fundação Getúlio Vargas, following a request linked to disputes with Eagle Bidco, as reported by ge Globo. The measure takes immediate effect and will be reviewed on 29 April after submissions from the parties.

The tribunal said recent actions by the American could harm shareholders and supporters. It cited two decisions: a request to open judicial reorganisation proceedings without shareholder approval, including a move to suspend Eagle’s voting rights, and the signing of a share purchase agreement transferring interests linked to Eagle Bidco to a Cayman Islands entity.

According to the tribunal, these steps breached governance rules, stating they were taken “without deliberation at a shareholders’ meeting” and in violation of applicable norms.

Botafogo criticise ruling

Botafogo’s SAF criticised the ruling in a statement, arguing the decision exceeded the tribunal’s remit and interfered in matters reserved for shareholders. It said the removal had been ordered without a specific request from the parties involved.

Durcesio Mello has been named interim director general to ensure operational continuity while the arbitration process continues.

 

FIFA proposes limit of one overseas league match per season

FIFA is proposing new rules that would allow domestic leagues to stage one top-flight match abroad each season under a revised approval process. The plans, developed by a working group, would introduce new conditions for relocating competitive fixtures to foreign countries, according to The Guardian.

The framework would also cap the number of matches hosted by any one country at five per season involving teams from overseas leagues. Requests would require approval from the clubs’ national associations, their confederations, the host nation’s association and confederation, before being submitted to FIFA, which would retain a veto.

FIFA could reject proposals on grounds including player welfare, with concerns over travel and workload. The governing body would also require assurances on revenue redistribution and measures to ensure supporters can attend.

International competitions

Separate but similar protocols have also been drafted to govern the creation of new international competitions involving clubs or national teams from different continents.

Under these proposals, domestic leagues would not be formally consulted, raising the prospect of competitions being approved without their consent.

 

Orlegi Sports sells Atlas FC as group reduces multi-club ownership

Orlegi Sports has completed the sale of Atlas FC to Grupo Prodi, reducing the Mexican group’s multi-club ownership structure, according to a statement from the company. The deal is reported to be worth more than €188 million.

The transaction ends Orlegi’s ownership of two Liga MX clubs. Multi-club ownership inside Mexican football has faced increasing scrutiny, with the model now to be phased out.

Orlegi chairman Alejandro Irarragorri said the club would continue its development under new ownership, stating: “under the leadership of José Miguel Bejos and his team, the club will continue its evolution … in benefit of its fans, Jalisco and Mexican football”.

Bejos set to oversee club

Grupo Prodi, which is linked to Spanish industrial company Duro Felguera, becomes Atlas’ new majority shareholder. José Miguel Bejos, who owns Pericos de Puebla in Mexican baseball, is expected to oversee the club.

Atlas won two Liga MX titles during Orlegi’s ownership. The sale leaves the group with majority stakes in Sporting Gijon in Spain and Santos Laguna in Mexico.

 

West Bromwich Albion handed two-point deduction for P&S breach

West Bromwich Albion have been deducted two points after the English Football League (EFL) ruled the club breached its Profitability and Sustainability rules, as confirmed in a statement by EFL.

The EFL said its Club Financial Reporting Unit had referred the case to an independent panel, which found the club exceeded the permitted loss threshold for the three-year period ending in the 2024/25 season.

Following a hearing, the panel confirmed the breach and applied the sanction with immediate effect to the Championship table for the 2025/26 campaign.

Appeal process open

The EFL said West Bromwich Albion may appeal the decision within 14 days once the written reasons have been issued, with any appeal to be heard within 28 days of submission.

The points deduction is four points fewer than the one received by Leicester City in February. Despite losing two points, West Brom have secured another season in the Championship with one game remaining.

 

Chelsea confident on UEFA compliance and reject potential ban option

Chelsea FC are confident they will comply with UEFA financial rules even if they miss out on Champions League qualification, and do not plan to accept a voluntary one-year ban to mitigate future risks, according to The Times.

AC Milan and Juventus FC previously agreed to one-year suspensions after qualifying for UEFA's Europa League and Conference League, effectively resetting their position under financial monitoring rules and removing the risk of a future Champions League ban.

However, sources told The Times that Chelsea have “stress-tested” their settlement agreement and believe they would remain compliant without Champions League income. One source said the club “would never” opt to take a one-year ban if they were competing in a lower-tier European competition.

“Serious risk” of breach

Chelsea are due to hold discussions with UEFA's Club Financial Control Body in the coming weeks regarding their settlement, which includes financial targets through to 2028/29. The agreement allows for further sanctions, including a competition ban, in the event of non-compliance.

External experts cited by The Times said there remains a “serious risk” of breach due to high expenditure and the absence of Champions League income. They also noted UEFA's stricter accounting rules, which exclude certain asset sales, could continue to affect Chelsea’s reported losses over the monitoring period.

 

FIFA set to increase 2026 World Cup prize fund after concerns

FIFA has agreed in principle to increase prize money and participation payments for the 2026 World Cup, with final details to be approved at a council meeting in Vancouver this week.

The decision follows concerns raised by several national associations about the cost of competing in the United States, where travel, operations and tax obligations are expected to be high, according to The Guardian.

FIFA had announced a prize fund of $727 million in December, with each of the 48 teams guaranteed at least $10.5 million and the winners set to receive $50 million, but those figures are now expected to rise after recent discussions. A FIFA spokesperson said it is “in discussions with associations around the world to increase available revenues”.

Under review

Development funding distributed to Fifa’s 211 member associations is also set to increase beyond the $2.7 billion previously projected for the next four-year cycle.

Each association had been due to receive $5 million, with the six confederations allocated $60 million each, but those payments are also under review as part of the revised financial plans.

A US representative of President Donald Trump has said he asked both the White House and FIFA to replace Iran with Italy at this summer’s World Cup, according to the Financial Times.

Paolo Zampolli told the newspaper he had suggested to FIFA president Gianni Infantino that Italy should take Iran’s place despite failing to qualify for the tournament, which begins in June in the United States, Canada and Mexico.

“I confirm I have suggested to Trump and Infantino that Italy replace Iran at the World Cup… With four titles, they have the pedigree to justify inclusion,” Zampolli said.

Italy and FIFA respond

Italy’s sports minister Andrea Abodi rejected the suggestion, saying it was “not possible” and “not appropriate”, and adding that qualification for the World Cup is decided on the pitch.

BBC Sport reported that the governing body has no plans to replace Iran with Italy.
 

Lyon ordered to pay €20.8 million to Botafogo in debt ruling

Olympique Lyonnais have been ordered by a Brazilian court to pay €20.8 million to Botafogo over unpaid debts linked to former owner John Textor, according to RMC Sport.

The ruling follows a complaint filed by the Rio de Janeiro club in early April seeking repayment of more than €125 million. A judge has issued an initial decision covering 122 million reais (€20.8 million), based on documents seen by AFP and cited by RMC Sport.

Botafogo claim the amount relates to loans granted to Lyon when both clubs were under Textor’s Eagle Football Holdings structure. Lyon can request to pay 30 per cent of the sum upfront and settle the remainder in six instalments, while the club has three days to appeal the decision.

New legal case

Separately, Botafogo have requested the opening of judicial reorganisation proceedings asking for a temporary suspension of Eagle’s voting rights as majority shareholder, accusing the group of blocking new investment.

The development follows the appointment of Cork Gully as administrators of Eagle Football Holdings Bidco, majority shareholder of Botafogo and Olympique Lyonnais, in March, removing John Textor from control and placing the holding company under restructuring oversight.
 

Tottenham hold talks with Sebastian Kehl over co-sporting role

Tottenham Hotspur have held talks with Sebastian Kehl about a potential appointment as co-sporting director, with the German identified as a leading candidate for the position.

The club are seeking a replacement following Fabio Paratici’s departure to Fiorentina in February, and are considering a structure in which a new hire would work alongside current sporting director Johan Lange.

According to The Athletic, no formal offer has yet been made to Kehl, who is currently without a role after leaving Borussia Dortmund in March. He is yet to decide on his next move, despite ongoing discussions.

Co-director structure

Tottenham are exploring a model that mirrors a previous arrangement between Lange and Paratici, who briefly shared responsibilities following the latter’s return to the club in October before his exit.

Kehl, a former Dortmund player who later moved into a series of off-field roles, has also been linked with a vacancy at Hamburg. However, he is understood to be weighing his options and has not committed to an immediate return to football.
 

HSV launch Supporters Trust targeting €16 million for stadium investment

Hamburger SV have launched a fan-backed “Supporters Trust” scheme aimed at raising €16 million in an initial funding phase for stadium-related investment, the club announced in a statement.

The Bundesliga club plan to offer shares priced at €887 each, with an initial tranche of 18,870 units reflecting the club’s founding year. A founding assembly is scheduled for 5 May, with sales to begin following regulatory approval.

Club president Henrik Köncke said members will have priority access during the first ten days, before the offer is extended to season ticket holders and other supporters. “In the first ten days after the launch, HSV members will initially have the opportunity to participate,” he said.

Structure and rollout

The funds raised are restricted to infrastructure spending, with the club stating they will be used to improve the stadium experience. Plans include increasing capacity at the Volksparkstadion from 57,000 to 60,000 seats.

Köncke said that, subject to approvals, expansion work could begin immediately, with capacity expected to exceed 58,000 during the next season. The club added that the initiative was backed by members in a previous vote and has support from figures including Horst Hrubesch and head coach Merlin Polzin.
 

AFE launches new international footballers’ union after FIFPRO split

The Spanish Footballers’ Association (AFE) has launched a new international union, the International Association of Footballers (AIF), following their departure from global body FIFPRO.

The organisation was presented in Madrid by AFE president David Aganzo, who said the new body will represent more than 30,000 players and focus on their role in decision-making and the protection of their rights.

AFE left FIFPRO citing concerns over governance, with Aganzo stating during the launch that “footballers today are losing strength, losing rights and losing guarantees”, adding the union would seek to restore FIFA-backed financial protections.

FIFPRO questions legitimacy

Women’s football is set to be a central focus of AIF, including issues related to equality, working conditions and maternity protections, according to the organisation’s leadership.

FIFPRO responded in a statement, questioning the legitimacy of the new body and saying its own structure is supported by 70 national unions representing over 60,000 players, with formal recognition from the European Union and the International Labour Organization.

Botafogo have been banned by FIFA from registering new players for three transfer windows after failing to pay a fee owed to Bulgarian side Ludogorets Razgrad for the transfer of Rwan Cruz.

The sanction prevents the Brazilian club from signing reinforcements while the debt remains outstanding. The case relates to the 2025 transfer of the forward from the Bulgarian side, according to O Globo.

Rwan Cruz joined Botafogo for €8 million and made 14 appearances, scoring twice, before being loaned to Real Salt Lake and later returning to Ludogorets.

Botafogo restrictions

The FIFA ban follows a separate domestic sanction imposed by Brazil’s National Chamber for Dispute Resolution, which also restricts Botafogo from registering players for six months.

In January, a Rio de Janeiro court prohibited Botafogo from selling players and assets until the club demonstrates full compliance with the court’s instructions after finding the club had failed to comply with a prior order requiring disclosure of such transactions.
 

Flamengo report €57.5 million profit as revenue reaches €269 million

Flamengo have reported a net profit of €57.5 million after posting revenue of €269 million in 2025, according to the club’s financial accounts, reflecting growth in commercial income and matchday revenue.

Flamengo said the results were supported by prize money from competitions, commercial expansion, player trading and stadium operations. Net debt fell to €30 million from €59 million in 2024.

The accounts also showed EBITDA of €105 million.

Player trading

Flamengo generated €89 million from player sales in 2025, up from €19 million a year earlier.

Investment in player registrations reached €109 million, compared with €74.5 million in 2024, with acquisitions including Carrascal, Emerson Royal and Juninho.
 

NWSL awards Columbus expansion team for $205 million fee

The National Women's Soccer League has awarded an expansion team to Columbus, Ohio, for a $205 million fee, according to Sportico. The league confirmed the addition of its 18th franchise on Tuesday, with the team set to begin play in 2028.

The club will be owned by Haslam Sports Group, alongside the Edwards family and Nationwide. The expansion fee exceeds recent NWSL deals and is higher than the league’s reported average team valuation of $184 million.

The new team will play at ScottsMiracle-Gro Field, home of MLS side Columbus Crew, with plans for a dedicated training facility and stadium upgrades.

Expansion fees rising

Columbus’ fee is $40 million higher than the amount paid by AMB Sports + Entertainment for an Atlanta expansion team also due to start in 2028. Recent entrants including Bay FC and Boston Legacy FC paid just over $50 million, while Denver Summit FC paid $110 million.

Local authorities have approved $50 million in public funding to support infrastructure and facility improvements.
 

Evangelos Marinakis has placed his Nottingham Forest shares into a blind trust for a second successive year due to the possibility of the club and Olympiacos competing in the same European competition next season.

The move was completed before UEFA’s 1 March deadline, with Nottingham Forest seeking to comply with regulations that prevent clubs under the same ownership from participating in the same competition.

According to The Telegraph, the arrangement is intended as a temporary measure, with Marinakis remaining committed to the club he acquired in 2017.

Champions League qualification

Forest could face a conflict if they win the Europa League and both they and Olympiacos qualify for the Champions League, as UEFA rules prohibit shared ownership in such cases.

Last year, Forest also adjusted ownership structures before the same deadline, following scrutiny around multi-club models and a separate dispute involving Crystal Palace and Lyon over European eligibility.

Cremonese appoint Deutsche Bank to explore potential club sale

US Cremonese have appointed Deutsche Bank to explore a potential sale of the club, with owner Giovanni Arvedi seeking new investors, according to Calcio e Finanza.

The German bank will advise through a division focused on football transactions, while sports consultancy Tifosy is also expected to support the process.

Interest has emerged from prospective buyers, including former Credit Suisse banker Jamie Welch and Italian private equity investor Ignazio Castiglioni. Welch has previous involvement in football ownership, having acquired Yverdon-Sport FC after a failed attempt to buy Calcio Lecco 1912.

Foreign ownership trends

Deutsche Bank has previously worked on transactions in Italian football, including the 2025 sale of Hellas Verona to Presidio Investors. The involvement of external advisers reflects increasing institutional activity around club ownership changes in Serie A.

Arvedi, who has backed Cremonese since 2007 through his Finarvedi group, is assessing options as the club faces financial losses and uncertainty over its league status. Cremonese are currently 17th in Serie A, one point above the relegation zone with five matches remaining.

Norwegian football secures record €75 million per year domestic rights deals

Commercial broadcaster TV 2, alongside Amedia and Schibsted, have secured domestic media rights to Norwegian football for the 2029–34 cycle, covering both men’s and women’s competitions.

The agreements include the top-flight Eliteserien and Toppserien, as well as lower divisions and the national cup. The combined value of the deals is €74.7 million per year across five seasons, according to The Norwegian Football Association (NFF).

That figure exceeds the current 2023–28 cycle, which averages €68.4 million annually, and marks a new high for domestic football rights in Norway. TV 2 will retain coverage of the top tiers, while Amedia takes control of several lower divisions and selected competitions.

Broadcast split confirmed

From 2029, Schibsted will hold rights to the men’s and women’s domestic cups, age-grade international matches and the men’s under-21 team, while Amedia will also show the women’s first division and men’s second and third tiers.

Jens Haugland, CEO of Norsk Toppfotball, said: “The sale is also a confirmation of the value development we have seen in our leagues. The stadiums are filled, the commitment around the clubs is growing, and the leagues are reaching more people.”

RWDM Brussels obtain postponement in bankruptcy case

RWDM have secured a postponement in the bankruptcy proceedings brought against the club, with a Brussels court delaying its ruling until 1 June. The case, initiated by former chief executive Gauthier Ganaye, had been due to be heard on Monday morning.

The decision gives the Brussels club, who are owned by John Textor, additional time to demonstrate they have the financial resources to continue operating. According to Sudinfo, potential investors are in discussions over a possible takeover.

Ganaye filed the petition over unpaid severance following his departure in May 2024. “RWDM owe him severance pay … which has still not been paid,” Sudinfo reported, referring to a ruling in his favour issued in summer 2025.

Relegation dispute

The postponement comes amid ongoing legal disputes involving the club, including a separate case with the Belgian Pro League over their relegation status.

RWDM were relegated despite finishing above three academy teams, as league rules restrict the demotion of under-23 sides unless replacements are promoted. The club ended the season 12 points clear of Club Brugge NXT, who occupy a relegation place.

Last week, Fulham became the final Premier League club to publish their financial report for the 2024/25 season, reporting an operating loss of £85.5 million.

Despite this, they were not among the clubs with the largest losses. Six teams posted operating losses of more than £100 million, including West Ham, Wolves, Tottenham, Brighton and Aston Villa. Chelsea reported the highest figure at a record £311 million.

In total, Premier League clubs recorded an operating loss of around £1.6 billion for the financial year, an increase of more than £550 million compared to the previous year.

Disposal of subsidiaries

Profits from the disposal of subsidiaries in intra-group deals have become more prominent in offsetting operating losses. Aston Villa generated £113.7 million through such disposals, including their women’s team.

Everton sold their women’s team and Goodison Park to their owners, The Friedkin Group, for around £50 million, while Newcastle reported a £133 million profit from similar transactions, including the sale of their stadium.

Profit on player sales declined across the league by £170 million year on year to £970 million, while total net losses across the league reached £900 million, up from £166 million.

 

Chelsea owner signals shift in transfer strategy

Chelsea’s ownership group plan to adjust their recruitment strategy by targeting more experienced players to complement a youthful squad assembled in recent seasons. Clearlake Capital co-founder and Chelsea co-owner Behdad Eghbali said the club are entering a new phase of squad building aimed at improving consistency on the pitch, as reported by The Athletic.

The approach marks a shift from a focus on signing younger talent, with the club now seeking players capable of making an immediate impact. Eghbali said the objective is to retain a core group while adding experience, rather than undertaking repeated squad rebuilds.

“We’ve got to be better on a few things, to add more ready-made players … to take it to the next level, to be consistent over time,” he said and added that the plan remains under review as results fluctuate.

Ownership commitment reiterated

Eghbali also said the ownership group remain committed to delivering success and acknowledged shortcomings in areas such as managerial stability following the departure of Enzo Maresca earlier in the season.

He also referenced growing supporter unrest ahead of the club’s fixture against Manchester United, stating that improving results and maintaining competitive standards remain central to the project.

 

Wrexham grant faces questions over lawfulness of £3.8m award

A £3.8 million government grant awarded to Wrexham AFC is facing scrutiny after it emerged the funding was approved without a completed subsidy control assessment, according to reporting by The Guardian.

Freedom of information responses indicate that Wrexham County Borough Council approved the payment before finalising checks required under subsidy control rules, which are designed to ensure public funding is lawful and proportionate.

Alexander Rose, a partner at Ward Hadaway, said to the newspaper: “Evidence that this assessment wasn’t finalised when the grant was given would certainly have helped a challenger, for example a rival football club.”

The grant formed part of wider public funding of £18m allocated to Wrexham AFC to support redevelopment of the Racecourse Ground, with an initial tranche awarded in February 2022 and further funding disclosed in 2025.

Required checks

The club, owned by Ryan Reynolds and Rob McElhenney, has attracted increased investment and global attention since their takeover in 2021, contributing to a rise through the English football pyramid.

Despite the procedural concerns, the report said there is little prospect of the funding being recovered, as the statutory one-month period for legal challenges has expired, while council leader Mark Pritchard said all required checks had been completed before any money was transferred.

France’s National Assembly is set to examine a proposed law to reform the governance of professional football from 18 May.

The bill, which was adopted by the Senate in June last year, could come into force as early as next season if passed before the summer, introducing structural changes to how the professional game is run.

Under the proposal, the current role of the Ligue de Football Professionnel (LFP) would be reshaped, with greater powers transferred to the French Football Federation (FFF). The reform would allow the federation to take back control from the league over organising competitions.

Reform plans and club pressure

The legislation, backed by senators Laurent Lafon and Michel Savin, includes plans to create a club-owned company to run competitions, similar to models used in other European leagues such as the Premier League.

It follows pressure from several Ligue 1 club presidents, who wrote earlier this year: “We call on the public authorities to accelerate the necessary and urgent reform of the governance of French professional football”, warning that the current system is no longer suited to managing broadcast rights and the league’s commercial strategy.
 

PIF sell 70 per cent stake in Al Hilal to Saudi prince

Saudi Arabia’s Public Investment Fund (PIF) have sold a 70 per cent stake in Saudi Pro League club Al Hilal to Kingdom Holding Company, as the sovereign wealth fund continues to reshape its sports portfolio.

The deal values Al Hilal at €317 million and transfers majority ownership to the investment firm controlled by Prince Alwaleed Bin Talal.

PIF acquired controlling stakes in four leading Saudi clubs, including Al Hilal, in 2023, and will retain a minority share in the club.

PIF strategy under focus

The sale comes amid scrutiny of PIF’s wider sports investments, including reports that it may scale back funding for LIV Golf, the breakaway circuit launched in 2022.

In a statement, PIF said the transaction aligns with its strategy to “maximize returns and redeploy capital within the domestic economy”, while Bin Talal said the acquisition reflects a belief in sport as “a unifying force… and a catalyst for national development.”
 

Lionel Messi acquires UE Cornellà and expands club ownership portfolio

Lionel Messi has completed the purchase of UE Cornellà, a fifth-tier Spanish club. Financial terms of the deal have not been disclosed. The Barcelona-based side compete in Tercera Federación and are recognised for their youth development system.

Players including Jordi Alba and David Raya have previously come through the club’s academy. The acquisition marks Messi’s latest move into football ownership alongside his playing career at Inter Miami.

Messi has also established Leones de Rosario in Argentina and is a partner with Luis Suárez in Deportivo LSM. The expansion into club ownership has been complemented by the launch of the Messi Cup, a youth competition involving academy teams from multiple countries.

Players' investment trend

Current and former footballers have been increasingly active in investments. Only this year, Dani Alves, Carlos Vela and Cristiano Ronaldo have all been involved in majority or minority investments in clubs.

Earlier this week it was also reported that John Terry is fronting a consortium looking to buy Colchester United, and in January Sergio Ramos was said to be fronting a consortium looking to acquire Sevilla.

Sheffield Wednesday’s prospective new owners, Arise Capital Partners, are in talks with the English Football League (EFL) over a partial lifting of the club’s transfer ban this summer.

The club are currently prohibited from paying transfer fees until January 2027 following repeated late wage payments under former owner Dejphon Chansiri, with the restriction forming part of wider sanctions imposed by the league.

According to The Guardian, the EFL have indicated during due diligence discussions that there may be scope to relax the embargo if the takeover proceeds, although a planned 15-point deduction at the start of next season will remain in place.

Limited squad and spending controls

Arise are seeking approval for an £18 millioj takeover, but the proposed deal does not meet the EFL’s requirement to repay creditors 25 pence in the pound, triggering the points penalty.

The consortium are also expected to agree to a business plan with limits on spending and wages, while approval before the end of the current season could be affected by the transition to the Independent Football Regulator’s oversight of ownership tests in May.

German FA to launch own 24-hour streaming channel

The German Football Association (DFB) will launch its own television and streaming platform, DFB.TV, on 22 May, marking its first move into operating a dedicated 24-hour broadcaster, according to a statement from the association.

The channel will be available via a standalone app priced at €5.99 per month, as well as through distribution partners including DAZN, Zattoo, HD+ and Vodafone. Production is being handled through a joint venture with Sportainment Media Group.

The platform is intended to increase visibility of its content rather than compete with existing rights holders, covering competitions and formats across all levels of German football.

Content across levels

The schedule will include women’s and youth football, including junior Bundesliga matches, alongside futsal, eFootball and archive content. Magazine-style programming and highlights from competitions such as the DFB-Pokal are also planned.

DFB.TV will also provide behind-the-scenes coverage during the upcoming World Cup in the United States, Mexico and Canada, including press conferences and team access, with the DFB stating the service will operate alongside existing broadcast agreements.

PSG set for Parc des Princes purchase talks

Paris Council have authorised mayor Emmanuel Grégoire to begin formal negotiations with Paris Saint-Germain over the potential sale of the Parc des Princes stadium, following a vote.

The motion was approved by 106 councillors out of 163, with eight voting against and 41 abstaining, granting the mayor a mandate to open discussions with PSG regarding the future ownership of the stadium.

According to L’Equipe, PSG have made clear their position to local authorities, warning they could pursue plans to relocate if an agreement to purchase their current home is not reached.

Talks to begin in the coming weeks

The stadium remains under the ownership of the Métropole, but the change in mayor has altered the political stance on a possible sale, with Grégoire indicating a willingness to engage in negotiations.

Both parties are now expected to enter talks in the coming weeks, with the intention of progressing discussions and reaching a decision on the stadium’s future by the autumn.

The Europa League round of 16 fixture between FC Midtjylland and Nottingham Forest was not only a clash between two clubs that had surprised during the group stage – Midtjylland by securing an impressive third-place finish, and Forest by struggling. 

It also brought together two of the most active multi-club ownership (MCO) groups of the past five seasons, measured by transfers between clubs within their networks.

According to data from the Off The Pitch MCO database and Transfer Tool, 426 internal MCO transfers, loan or permanent, involving at least one club from a top 25 league have been completed over the past five seasons, with more than €550 million spent.

However, in line with the broader trend of a decreasing MCO expansion since 2023, as revealed by Off The Pitch last week, internal transfer activity is declining. 

This development is directly contrasting with one of the key common strategic rationales behind multi-club ownership which has been gaining a competitive edge in player development through internal transfers.

In line with the broader decline in internal deals, FC Midtjylland have also reduced the transfer activity with their sister club Clube Desportivo de Mafra during this period. After completing 19 deals sending players from Midtjylland to Mafra on either permanent or loan deals within three seasons, only three transfers have been completed in 2025/26, all from Mafra to Midtjylland.

This follows a setback to Midtjylland’s MCO strategy at the end of the 2024/25 season, when Mafra were relegated from Liga Portugal 2 to the third tier.

Claus Steinlein, chair of FC Midtjylland and executive director of the company running the MCO, admits they made mistakes during the second year, and the combination between the playing squad and the coach was not optimal either. But he stresses that they are moving in the right direction.

As Mafra attempt to return to the second tier of Portuguese football this season, no players have joined them from their Danish sister club. Steinlein highlights league restrictions as a key factor. 

“There is a limit of six non-locally trained players in the squad in the third division in Portugal, which has put a natural stop to sending players to Mafra right now,” he says.

Widening the scope to look across the top leagues, internal transfers have declined since peaking in the 2023/24 season, when 103 deals were completed. That figure has since fallen to 82. The number of permanent transfers has remained stable, while loan deals have decreased from 61 to 43.

Similarly, transfer fees related to permanent internal transfers peaked in 2024/25 at almost €200 million but decreased this season to €71 million.

Off The Pitch has also spoken to an MCO based in France. The group has likewise reduced internal transfer activity, although in this case due to financial constraints linked to declining broadcast revenues in French football.

Activity concentrated in key countries

Across Europe, MCO transfer activity is concentrated in a limited number of leagues, with most deals flowing into or out of six countries.

English clubs are the most active exporters, with 125 outgoing transfers to affiliated clubs, accounting for nearly 30 per cent of all internal MCO deals.

In terms of incoming transfers, Belgium leads with 97 internal deals going in to clubs in the top leagues since the 2021/22 season, more than double the totals recorded by Portugal and France. Combined, these three countries account for 45 per cent of all incoming internal MCO transfers among top 25 leagues. 

Until recently, Midtjylland were the only Danish club operating as the clear lead entity within an MCO structure. As a result, internal transfers have had limited impact on the Danish top flight beyond those involving the club. 

Across the past five seasons, 28 internal MCO transfers have gone out from Denmark, with 19 being moves from Midtjylland to Mafra, reflecting the club’s application of the model in a market where the strategy is not widespread.

Supporting European succes

When FC Midtjylland pushed their round-of-16 tie against Nottingham Forest to penalties, five players in the starting XI had previously spent time at sister club CD Mafra in Portugal.

To kickstart the MCO, named The Football Collective, and establish a competitive squad at Mafra, Midtjylland sent several high-potential players to Portugal during the 2023/24 season. Steinlein describes this initial phase as a strong beginning for the project.

“I think we hit the bullseye on a lot of areas during the first year. The right coach, the right squad and the right setup. In many ways, everything clicked,” he says, highlighting the five players now regular starters at Midtjylland who all had a spell at Mafra during the first full season of the partnership. 

This early success illustrates how internal transfers have supported Midtjylland, a club based in a city of around 50,000 inhabitants, in reaching the Europa League knockout rounds in each of the past two seasons.

Keeping gold within internal structures

Beyond first-team development, The Football Collective’s model has also generated transfer value by showcasing players in Portugal. In January 2022, Midtjylland signed Ousmane Diomande from OS Abobo in Côte d’Ivoire. After a brief period with the club’s youth team, he moved to Mafra, where he played for half a season before joining Sporting CP.

The transfer, reportedly worth €14.5 million, became the second-largest sale in Midtjylland’s history, despite Diomande not making a senior appearance for the Danish club.

The ability to showcase players across two clubs is central to offsetting the additional costs of operating multiple teams, while offering greater control and financial upside than relying on external partner clubs, as Midtjylland also have experience with. 

“One of the upsides is that we get the complete transfer fee when selling players, rather than sharing it with a partner club. And in terms of recruitment, we have sometimes been forced to say no to talents because we didn’t have space in our squad. But Mafra adds another opportunity to keep our gold within our own structures,” Steinlein says.

Olympique Lyonnais are moving closer to a sale after Eagle Football Group confirmed the creation of an independent committee to oversee a potential change of control.

The group said on Tuesday the committee will manage conflicts of interest as the club enters a sale process, with shares held by Eagle Bidco at the centre of any transaction. According to French media, existing stakeholders Ares Management and Michele Kang have already positioned themselves as potential buyers.

Eagle added it may share confidential information with interested parties, with further external interest expected in the coming weeks.

Removal of Textor

The ad hoc committee, chaired by Gilbert Saada and including Nathalie Dechy and Victoria Wescott, will oversee the process and may recommend the appointment of an independent expert to assess any offer.

The development follows the appointment of Cork Gully as administrators of Eagle Football Holdings Bidco in March, a move that removed John Textor from control and placed the holding company under restructuring oversight.
 

UEFA commercial revenue to exceed €1 billion after Relevent changes

UEFA are set to generate more than € 1billion a year in sponsorship revenue from their club competitions from next year, following changes to their commercial strategy led by Relevent Football Partners, according to The Guardian.

The governing body, through its joint venture UC3 alongside European Football Clubs, is close to finalising two additional global sponsorship agreements, which would complete its premium partner roster and lift commercial income by more than 40 per cent.

Appointed in 2023 to manage media and sponsorship sales, Relevent has introduced a revised structure for commercial rights, including a limited number of elevated partners with access across all three UEFA club competitions. One source told The Guardian the agency “has ripped up UEFA’s existing sponsorship sales process”.

Commercial restructuring

Under the revised model, four elevated partners receive rights across the Champions League, Europa League and Conference League, while additional packages are sold on a competition-specific basis. The new structure increases the number of matches available for sponsor exposure.

The projected growth in sponsorship revenue adds to rising broadcast income for the 2027 to 2031 cycle, with UEFA forecasting total annual revenues to exceed €6 billion. The changes are expected to increase distributions to leading clubs, amid ongoing debate over competitive balance in European football.
 

Fund acquires Atletico Madrid stake to expand club portfolio

IDC Sports and Entertainment have acquired a minority stake in Atletico Madrid, extending the multi-fund platform’s presence in European football ownership, according to CityAM.

The investment follows the recent majority takeover of the Spanish club by Apollo Sports Capital, with IDC joining the ownership group as a minority investor.

One person familiar with the deal said it reflects IDC’s strategy to build “a portfolio of stakes of varying sizes across several clubs”.

MCO expands

IDC Sports is part of IDC Network, a multi-fund platform founded in Guatemala with operations in the United States and Europe, and has outlined plans to expand its football investments.

The group already hold a minority stake in Leeds United and a majority position in Colombian side Deportivo Cali, and confirmed it partnered with Ares Management on a joint venture to invest in Atletico Madrid.
 

Portuguese professional football revenues exceed €1.1 billion in 2024/25

Portuguese professional football generated revenues of €1.13 billion in the 2024/25 season, surpassing the €1.1 billion mark for the first time, according to the Liga Portugal Yearbook.

The increase was driven by higher attendances and transfer activity. Stadium crowds rose 19 per cent to more than 4.4 million spectators, while income from player sales climbed 49.6 per cent to €636 million.

In the top tier, Liga Portugal revenues reached €1.06 billion. Player trading accounted for more than one third of total income, exceeding broadcast rights (€189 million) and competition revenues (€206 million).

Employment and wages

Employment linked to professional football reached 6,163 jobs, an increase of 39 per cent compared with the previous season. Clubs’ wage spending totalled €457 million.

Liga Portugal said: “Professional football is establishing itself as a strategic activity for the country … with measurable economic and social impact.”