The Premier League has issued clubs with a 25-page draft of proposed replacements for its profit and sustainability rules (PSR), ahead of a vote next month, according to The Times.

At a shareholders’ meeting on 21st November, clubs are set to decide whether to abandon PSR in favour of squad-cost ratio rules (SCR), or potential ‘anchoring’ rules that would limit spending to within five times the prize money and broadcast revenue of the 20th placed team.

The Premier League has revealed potential sanctions for breaches of the regulations, which would incur a minimum deduction of six points, with an additional point docked for every £6.5 million overspent.

In the upcoming meeting, clubs are set to vote on the SCR, which would limit spending to within 85 per cent of each team’s revenue, as well as anchoring and sustainability rules linked to the new independent football regulator (IFR), which is expected to come into action next month.

Concerns over new proposals

The English top flight’s draft on the proposed rules is likely to be updated ahead of November’s meeting, promoting concerns over clubs being immediately found to have breached the regulations.

In addition, the Professional Footballers’ Association (PFA) is weighing up legal action, amid fears over the potential impact of anchoring rules on player wages.
 

Fabio Paratici makes Tottenham return as co-sporting director alongside Johan Lange

Tottenham Hotspur have named Fabio Paratici and Johan Lange as the club’s new sporting directors, as part of a restructuring of their leadership team.

Paratici makes his return to North London, following a 30-month ban from all football activity, which was imposed by FIFA in March 2023. This was due to the alleged inflation of transfer fees during his tenure at Juventus.

The 53-year-old previously served as Spurs’ managing director from June 2021 to April 2023, when he stepped down from his role after losing his appeal against the suspension. The ban, which was then lightened slightly to allow the Italian to continue to work within football in a reduced capacity, expired this summer.

Lange meanwhile has been the club’s technical director since November 2023, after previous spells at Aston Villa and FC Copenhagen.

CEO hails new appointments

“This is an important evolution in how we operate. The remit of a Sporting Director today is vast, and by uniting two exceptional leaders in Johan and Fabio, we’re setting the foundations for sustained success,” said Vinai Venkatesham, CEO of Tottenham Hotspur.

Spurs will shortly begin their recruitment for a new director of football operations.
 

AC Milan ink €30 million a year partnership renewal with Emirates

AC Milan have signed an extension of the club’s principal partnership with Emirates.

The renewal is worth €30 million annually, and will run for three to five years, as reported by La Gazzetta dello Sport, meaning the deal could reach €150 million in total over its duration.

Emirates first partnered with the Serie A club in 2007, becoming their main partner in 2010, replacing Austrian sports betting company Bwin. Under the extension, which includes ‘official airline partner’ designation, Emirates’ branding will continue to feature on the front of Milan’s kits.

"Ambition and vision"

“The renewal of our partnership with Emirates stands as testimony to one of the most historic and admired collaborations in football, a shared journey that looks to the future with ambition and vision,” said Maikel Oettle, chief commercial officer at AC Milan.

“Emirates will continue to stand by our side, helping us strengthen the Club’s solid foundations and, together, connect new generations of fans around the world while creating unique experiences that go far beyond the pitch.”

AC Milan have reported record revenue of €495 million for the year ended 30th June 2025, according to Calcio e Finanza.

This marks a ten per cent increase on last year’s revenue of €457 million for the 2023/24 season, which was also a record at the time.

The Italian club meanwhile generated a net profit of €3 million for the 2024/25 campaign, which was the Rossoneri’s third consecutive year of profitability.

This follows the club’s €1.2 billion takeover in 2022 by RedBird Capital Partners, before which Milan had not posted a profit since 2005.

AC Milan’s record year

The increase in revenue is partially driven by the club’s participation in last year’s Champions League, as well as player sales, including Tijjani Reijnders and Pierre Kalulu to Manchester City and Juventus respectively.

Meanwhile, Milan have a positive net equity of €199 million.
 

Tony Bloom: Rise in Premier League clubs’ transfer spending has "element of unsustainability"

Brighton owner Tony Bloom has cited an "element of unsustainability” regarding the increase in transfer spending by Premier League clubs, in a wide-ranging interview with The Athletic.

The 55-year-old reflected on the rise of transfer spending across England's top flight, which eclipsed £3 billion during this summer’s transfer window.

“It’s getting to that point where the revenues of the league are going up at a certain rate and transfer fees and salaries are going up at a higher rate,” said Bloom.

“So there’s an element of unsustainability there, which is why the rules we’re going to be voting on soon are really important. Because it will only end in disaster if the losses sustained by clubs go up at an even faster rate.”

Bloom’s comments come ahead of the upcoming meeting in November, during which Premier League clubs will vote on proposals to scrap the league’s existing Profit and Sustainability Rules (PSR) in favour of new squad-cost ratio rules (SCR). The SCR regulations would enable teams to spend up to 85 per cent of their overall revenue, in a similar format to UEFA’s regulations.

Bloom dismisses claims on homegrown players

Also during the interview, Bloom rubbished the notion that the Premier League’s PSR forces teams to sell homegrown players in order to comply with the regulations.

“That’s really false,” he said. “You don’t have to sell homegrown players. You just need to organise your finances in a way that you are not at risk of going over the limit.

He continued: “That’s fallacious arguments, which I’ve heard quite a lot. It makes no sense whatsoever.”
 

Borussia Mönchengladbach appoint Rouven Schröder as head of sports

Borussia Mönchengladbach have appointed Rouven Schröder as their new head of sports, the club have confirmed.

The 49-year-old joins from RB Salzburg, where he served as managing director of sport. Schröder only joined Salzburg in December 2024, after previous spells at RB Leipzig and Schalke 04.

He replaces Roland Virkus, who stepped down from his role in September, after spending more than 30 years at Gladbach.

A demanding role

Stefan Stegemann, managing director and CEO at Borussia Mönchengladbach, said: “Rouven Schröder brings not only experience but also the skillset and communication qualities required for this demanding role.

“We are confident that, together with the sporting department, he will be able to tackle the immediate challenges and successfully shape the club’s sporting future.”

UEFA is set to relax its multi-club ownership rules, granting teams more time to resolve potential breaches, according to The Guardian.

Earlier this year, Crystal Palace were demoted from the Europa League to the Conference League, after missing UEFA’s 1st March deadline to notify the organisation of ownership changes.

At the time, US investor John Textor simultaneously held a 43 per cent stake in Palace, as well as a majority stake in Olympique Lyon through Eagle Football Holdings. Although he would later sell his share in the English club to New York Jets owner Woody Johnson in June, this came after the deadline, leading to the team’s removal from the Europa League.

Following an appeal, Palace’s demotion was upheld in August by the Court of Arbitration for Sport (CAS), which determined that Textor had exerted ‘decisive influence’ over both teams.

Relaxing UEFA’s rules

Under the latest proposal, which was discussed during last week’s European Football clubs (EFC) event in Italy, clubs would still be required to flag any ownership changes to UEFA by 1st March, however they would have until early June to resolve them.

If a club fails to mention any multi-club ownership issues before March, this would still constitute a breach of UEFA’s regulations.
 

English clubs to require a license from 2027/28 season, says independent regulator

England’s new Independent Football Regulator (IFR) will require all clubs across the Premier League, EFL, and National League to have a license from the 2027/28 season.

The IFR, which is set to come into play in November after the Football Governance Bill received Royal Assent to pass into UK law earlier this year, will oversee the top five tiers of English men’s professional football.

In order for teams to secure a license, they will have to present their financial plans, demonstrate how they are engaging with fans, and show compatibility with corporate governance standards, as reported by The Independent. Licenses will have a duration of three years, although this can be extended by the IFR.

Clubs will need to apply for provisional licenses from the 2026/27 campaign. In order to obtain these, they must each submit a personal statement, which will include a declaration of the club’s owner, as well as a strategic business plan.

A “transformational change”

Recently, the UK Government confirmed the appointments of David Kogan as the chairman of the independent regulator, and Richard Monks as its CEO.

“This latest consultation sets out the new requirements clubs will have to meet on financial regulation, fan consultation and corporate governance,” David Kogan said.

“This is a transformational change for football and we will support clubs at every step to reinforce these higher standards.”
 

Como defend plans for AC Milan Serie A fixture to be held in Australia

Como FC have said overseas domestic league matches are “essential" for Serie A, ahead of their proposed Australia game against AC Milan.

Last week, UEFA’s executive committee “reluctantly” approved Serie A’s proposal for the fixture to be held at Perth’s Optus Stadium, in what would be the Italian top flight’s first ever game held in an overseas territory.

Answering criticism of the overseas fixture, Como have highlighted that Serie A’s international broadcasting deal generates less than 10 per cent of the Premier League’s £6.5 billion overseas rights package, stressing that international exposure is vital “for the survival of the league itself.”

Attracting the world's elite

Regarding the difference between Serie A and the Premier League, the Italian club said:

"This imbalance gives English clubs an enormous financial advantage, allowing them to keep their stars, attract the best talent, and expand their global influence.

"We must ask ourselves honestly how we can retain our best players, build competitive teams, and attract the world’s elite to Serie A if we do not adapt."
 

Levante finalising women’s team sale to save club from bankruptcy

Levante are looking to sell their women’s team in order to save the club from bankruptcy.

As reported by El Economista, Levante have submitted a plan to Valencia’s Commercial Court, amid the club’s debt of €90 million.

The club are expecting to generate €4.5 million from the sale of their women’s team, which is currently being finalised. Of that figure, €4 million would be paid during the 2025/26 season, with the remainder set to be paid in the following year, provided that the team remains in Spain’s top flight.

Among the parties interested in purchasing the team is Michelle Kang - the majority owner of Olympique Lyon’s women’s team, the NWSL’s Washington Spirit, and WSL’s London City Lionesses - as well as Sphera Partners.

Levante’s viability plan

As part of their viability plan, Levante are additionally looking to generate revenue through player sales, which they see as the “main strategy to accelerate deleveraging”.

Recently, Levante CEO Jose Danvila agreed to acquire a 70 per cent majority stake, in order to help save the club from bankruptcy.

UC3 and Relevent Football Partners launch new rights tenders for UEFA competitions

UC3, the joint venture between UEFA and European Football Clubs (EFC), has launched a new rights tender process with Relevent Football Partners for UEFA club competitions - the Champions League, Europa League, and Conference League.

The Times reports that UEFA is expecting to generate at least €5 billion from its next three-year media rights cycle.

From the 2027/28 season, UC3 is set to launch a simultaneous tender across Europe’s five largest media markets, namely the UK, France, Germany, Italy, and Spain. Prospective broadcast partners will be able to sign four-year deals.

In addition, UC3 has revealed plans for a new ‘global first pick’ package, which will include rights to one weekly Champions League fixture, with a deadline of 18th November for the tenders.

New Champions League opener

From 2027, UC3 is also set to revamp the opening match of the Champions League campaign.

This will pit the champions from the previous season against a high-profile opponent, and will air as the standalone fixture on the first Tuesday night of the campaign.

The showpiece match will be shown globally, with both Netflix and Amazon expressing interest in rights to the game.
 

beIN Sports withholds another €4 million due to LFP Media, amid legal battle

beIN Sports has withheld another €4 million from it's media rights payment to LFP Media, amid their ongoing legal dispute. As in August, the broadcaster has paid €14 million of the €18 million due to LFP Media, L’Équipe has reported.

The Qatari network, which holds the rights to one weekly Saturday afternoon Ligue 1 fixture, initiated legal action against LFP Media last month, demanding €29 million in compensation due to broadcasting restrictions.

beIN Sports, which pays €78.5 million annually for the rights, is unable to air the same club in consecutive weeks, and cannot feature the same team more than eight times throughout the season.

Tensions rising

A hearing is now set to take place at the Paris Economic Affairs Court on 8th December. While beIN Sports is demanding €29 million, LFP Media hopes to obtain the outstanding €8 million.

As part of the conflict, beIN Sports wants to stop airing Ligue 1 games at the end of the 2025/26 season, whereas LFP Media believes it has the option of either reclaiming rights to the Saturday afternoon match, or renewing the current deal for a further year.
 

Data Spotlight: Portuguese clubs' €200m+ transfer reliance

Portugal's biggest clubs – SL Benfica, Sporting CP, and FC Porto - have all released their 2024/25 financial figures, posting healthy profits across the board. However, the data reveals that without player sales, all three would have recorded significant operating losses.

The results underscore the Portuguese model: consistent operating losses offset by elite-level player trading. Operating deficits ranged from €25 million to €55 million across the three clubs, but profits from player sales are the cornerstone of their business models - turning what would be losses into healthy bottom-line profits.

FC Porto and Sporting CP both posted club-record player sale profits at €92.9 million and €100.1 million respectively. Benfica recorded €88.9 million - their highest figure since 2020.

Sporting's sales included Quenda and Essugo to Chelsea, plus €11 million for head coach Ruben Amorim's departure to Manchester United. FC Porto's major exits were Nico González to Manchester City and Galeno to Al-Ahli. Sporting can also anticipate further gains in 2025/26 with Viktor Gyökeres's move to Arsenal.

Model dependency

The transfer activity lifted EBIT to new heights. FC Porto posted an all-time high of €68.5 million, Sporting reached €45.4 million (also a club record), and Benfica's €50.6 million marked their best result since 2020.

The figures highlight how deeply embedded player trading has become in Portuguese football's financial architecture. With only two Champions League spots available between the three clubs and transfer market volatility increasing, the model's sustainability remains a key question for Portugal's top tier.

Tottenham Hotspur have received a £100 million investment from the Lewis family trust through ENIC, the club confirmed.

This marks the largest equity injection into the Premier League club since ENIC took over the club in 2001. Spurs said the latest equity injection is intended to “further strengthen the club’s financial position and equip the Club’s leadership team with additional resources”.

As reported by The Athletic, the new funding increases ENIC’s shareholding in Spurs from 86.91 per cent to 87.62 per cent. A source commented: “This is an initial injection of funds. As the club’s management determines what’s required to achieve success, further investment will be made available.”

Reflects club’s ambition

The new investment follows the recent departure of former Spurs chairman Daniel Levy after a 24-year tenure at the club. In the wake of Levy’s exit, Tottenham have repeatedly stated that the club is not for sale, after confirming that multiple advances from prospective bidders had been rejected.

Peter Charrington, non-executive chairman at Tottenham Hotspur, said: “I know the Lewis family are also ambitious for the future. Today’s capital commitment reflects that ambition and I would like to thank them for their ongoing support.”
 

Gianni Infantino says overseas games are a “big risk”

FIFA president Gianni Infantino has described UEFA’s decision to permit LaLiga and Serie A to stage matches abroad for the first time as a “big risk”, speaking during the European Football Clubs (EFC) general assembly in Rome.

Infantino said: “If we want to break this structure we take a big risk, but if we want to regulate it then we have to look into it. We need a reflection that’s more global on what do we want to do.”

Earlier this week, European football’s governing body revealed its ‘reluctant’ decision to allow this season’s Barcelona vs Villarreal fixture to be held in Miami, with AC Milan set to face Como in Perth.

Suggests changes to football calendar

Also during the general assembly, the FIFA president suggested changes to the international football calendar, which would see matches take place in June to facilitate winter World Cups. “We are discussing all the time," Infantino said.

"It’s not just about one World Cup - it’s a general reflection - even to play in some European countries in July is very, very hot, so maybe we have to think.”

He added: “The best month to play football, which is June, is not used very much in Europe. Maybe there are ways we can optimise the calendar, but we are discussing it and we will see when we come to some conclusions.”
 

John Textor handed reprieve - US fund not seeking debt repayment for one year

US investor John Textor has been given a reprieve, with US fund Ares not demanding a repayment for one year over debt of more than $450 million, according to AFP.

This dates back to the takeover of Olympique Lyon by Textor's company Eagle Football Holdings in 2022. As per Eagle's financial statements for 2022/23, filed this month, the organisation revealed a debt of more than $450 million owed to Ares by 2028, with a rate of between 16 and 22 per cent.

While the exact amount currently owed by Lyon is unknown, Ares has the legal prerogative to seek immediate repayment of the debt, after Eagle Football failed to publish its accounts on time.

A turbulent year for Lyon

Textor’s Eagle Football has been the majority owner of the French club since purchasing a 77.49 per cent stake back in 2022. However, Lyon has been embroiled in financial issues, with France’s DNCG opting to relegate the club from Ligue 1 in June, amid Eagle Football’s reported debt of €505.1 million last year.

Although the ruling would later be overturned, after the club successfully won their appeal against the DNCG, Textor stepped down as president of Lyon after the initial decision.
 

UEFA “categorically reaffirm” no plans to change Champions League format

UEFA has said there will be no changes to its Champions League format, following talks with Super League promoter A22 Sports Management.

In a statement, UEFA told Reuters that “no formal outcomes resulted from these conversations,” adding: “We categorically reaffirm that there are no plans to change the format of the UEFA Champions League.”

On Thursday, A22 told AFP that the organisation had been in negotiations with UEFA over potential changes to the competition’s format, with meetings taking place over the past several months. However no agreement has been reached.

A22’s Unify League proposal

A22 has discussed its proposal for a “Unify League”, whereby 96 clubs would participate across four tiers, which would have promotion and relegation.

The talks between A22 and UEFA follow legal victories against European football’s governing body, including the European Court of Justice’s (ECJ) ruling in December 2023 that both FIFA and UEFA had “abused their dominant position” in preventing a Super League.
 

Feyenoord report €23 million net profit for 2024/25

Feyenoord have reported a net profit of €23 million for the 2024/25 season up from €9.5 million the previous year.

The Dutch club saw its revenue increase by €35 million to reach €160 million. This was largely driven by Feyenoord’s successful Champions League campaign, in which the club reached the round of 16.

Meanwhile, the Eredivisie side posted an operating result of €26 million nearly doubling last year’s figure.

Twente also reveal profit

Elsewhere in the Netherlands’ top flight, FC Twente have posted a net profit of €14.8 million for 2024/25.

The club’s revenue increased by around €20.3 million to €61.7 million, following their participation in the group stages of last season’s Europa League and UEFA Women’s Champions League.

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.