Two LaLiga clubs, Rayo Vallecano and RCD Mallorca, have expressed surprise after being handed a transfer ban for the next three windows by FIFA.

The embargoes, which came into force last Thursday, are listed on the FIFA website, but Rayo noted at their General Assembly that it was their first notification of the matter.

Mallorca told Spanish media that it is "an administrative issue already solved", adding: "it is not true, it is false about the three windows without being able to sign".

Solidarity mechanism

There has been no official explanation from FIFA on the reasons for the transfer bans, but sources at the global governing body told Marca the sanctions are due to non-payment via the solidarity mechanism.

Under the regulation, solidarity payments are distributed if a player moves before the end of their contract, with 5 per cent of the transfer fee due to be paid to the clubs involved in the player's development from the age of 12 to 23.

Nottingham Forest owner Marinakis converts another £72 million worth of loans into shares

Evangelos Marinakis, the owner of Nottingham Forest, has reduced the club’s debt by converting a further £72 million of loans into share capital.

It comes just 11 days after the Greek businessman wrote off another £82 million of Forest loans. While he has done this on a number of occasions over recent years, the latest tranches are the largest amounts he has converted so far.

In March 2023, Marinakis turned £41 million of loans into share capital. He had converted sums of £12 million and £20 million in the two years prior to that. Just over a year ago, in December 2023, the sum involved was £11 million.

Untroubled by debt

The process should help Forest, who are currently third in the Premier League, remain untroubled by debt. It comes after Marinakis gave the green light to another round of investment in the transfer market last summer.

The shipping and media magnate has ambitions to see Forest make a return to European football and is expected to sanction further transfer business, most notably the addition of a striker, before the end of the current January transfer window.

Textor set to sell Lyon academy to OL Féminin owner Michelle Kang

Lyon owner John Textor is preparing to sell the lease and premises of the club’s academy to Michelle Kang, who acquired a 52 per cent majority stake in the women’s team OL Féminin last February, according to a report from L'Equipe.

The transaction, which would allow Kang to take a larger share in OL Féminin, would bring in around €20 million to the Ligue 1 club and provide a boost to its finances following the transfer ban and provisional relegation imposed by French football’s financial watchdog, the DNCG, last November.

It was also reported that Kang is considering building a stadium at the Meyzieu complex, raising questions about the future of the academy, which is located a few dozen km from Lyon’s Groupama Stadium.

Refocus activities around stadium

Sources close to Lyon’s senior management told L'Equipe that Eagle's desire is to refocus activities around the Groupama stadium and that new buildings could be built in Décines, near the venue, in conjunction with elected officials.

Since the opening of the Meyzieu complex in 2016, its distance from the stadium has been regularly pointed out. The club has said it wants its youth players to be able to be in contact with the first team squad "to see the models they dream of becoming on a daily basis.”

Como post €47.7 million loss for 2023/24

Como have reported a loss of €47.7 million for the year ending 30th June, 2024, following the previous year’s loss of €18.5 million.

The club finished second in Serie B last season, earning promotion back to the Italian top-flight. In the previous campaign they finished in 13th place in Serie B.

Turnover for 2023/24 amounted to €9.8 million, compared to €12 million the previous year, while costs almost doubled to €57.6 million, up from €30.4 million in 2022/23.

The large increase in expenses was driven by the club’s wage bill and other personnel costs, which amounted to €33.5 million, compared with €21.8 million in 2022/23. Depreciation and amortisation expenses totalled €5.7 million, up from €0.8 million in 2022/23.

Commercial income slumps

Commercial revenue slumped to €0.65 million (€1.35 million in 2022/23), while operating grants, including broadcast income, amounted to €7.36 million (€8 million), and matchday income was €1.55 million (€1.16 million in 2022/23).

There was no income from player sales, after the club earned €0.51 million from player trading in 2022/23.

The French Football Federation (FFF)’s appeal committee has decided to uphold the sanctions imposed on Lyon by French football’s financial watchdog, the DNCG, last November.

The Ligue 1 club was placed under an immediate transfer ban and will be relegated unless owner John Textor’s Eagle Football Group can dramatically improve the team’s finances before the end of the season.

According to L’Équipe, the transfer embargo will remain in place despite Lyon appearing before FFF’s appeal committee on Friday in an attempt to overturn the punishment. The provisional relegation to Ligue 2 was not part of the appeal process.

Extensive case

It was reported that a number of Lyon executives, including general director Laurent Prud’homme and club president John Textor, presented an extensive case at the appeal hearing.

Their arguments were said to be based on evidence indicating an improved financial outlook for the club, including fresh cash injections and a number of new player sales.

Leicester City owners launch £2.15 billion lawsuit over fatal helicopter crash

Leicester City’s owners, the Srivaddhanaprabha family, have launched an unprecedented £2.15 billion legal claim against the manufacturers of the helicopter that crashed in 2018 outside the King Power Stadium, killing patriarch Vichai Srivaddhanaprabha and a number of others.

As reported by The Daily Telegraph, representatives of the billionaire Thai family said the claim against the Italian aviation company Leonardo, lodged on Friday at the High Court, is the largest of its kind in British legal history.

In an emotional statement, the Leicester chairman, Vichai’s son Aiyawatt, known as Top, said his father had trusted Leonardo with his life. “The conclusions of the [Air Accident Investigation Branch (AAIB)] report into his death show that his trust was fatally misplaced,” he said. “I hold them wholly responsible for his death.”

Duty free empire

The crash, which occurred in October 2018 after a home game against West Ham United, killed Vichai and four others. The Srivaddhanaprabha family, which owns the King Power duty free empire, alleges that Leonardo was responsible for the deaths.

The claim seeks loss of earnings and damages totalling £2.15 billion calculated on the value of King Power at the time. It is alleged that at the time the company was generating £2.5 billion in annual revenue and annual profits of £237 million. The Srivaddhanaprabha family said it was driven by Vichai’s entrepreneurialism.

LaLiga launches legal action over CSD decision on Olmo and Víctor

LaLiga has filed a new appeal against the decision of Spain's Council for Sports (CSD) to grant temporary permission for FC Barcelona players Dani Olmo and Pau Víctor to be registered.

The Spanish league is reported to be hoping that a Spanish administrative court can take the players’ registrations down again after rival LaLiga clubs led fierce criticism over the ruling.

LaLiga and the Spanish Football Federation (RFEF) hadn't been allowed a chance to respond to the CSD’s decision and are now arguing it was mistaken due to the absence of an opportunity to defend their stance before the provisional measure was approved.

The CSD has defended its decision by claiming that preventing the registrations of both Olmo and Victor would cause significant harm to the players, Barcelona, and even the interests of the Spanish national team.

Angry reaction from Spanish clubs

LaLiga’s legal action has come after a number of Spanish clubs reacted angrily to the CSD’s precautionary measure.

Atlético Madrid expressed its “deep concern” over the ruling, saying in a statement: “We consider that this decision jeopardises the current system, questioning the rules of the game. The Sports Law itself includes and protects LaLiga's economic control and yet, with this resolution, it is put at risk.

“This government intervention creates a very dangerous precedent, as it opens the door to circumventing the rules and repeating the serious mistakes of the past.”

Those views were echoed by several other clubs, including Barça’s local rivals Espanyol, who said the decision “poses a threat to the integrity of the competition", and Valencia CF, who said it “puts at risk the fundamental pillars of the economic management of professional football".

Valencia CF announce resumption of work on Nou Mestalla

Valencia CF have announced that work on the construction of the Nou Mestalla stadium has finally resumed, with completion of the 70,044-capacity venue scheduled for the summer of 2027.

In a statement released on Friday, the LaLiga club said: “Since this morning, the club has started the work to definitively complete the works of what will become a reference space at a sports, leisure and entertainment level.”

The construction of the new stadium has been beset by difficulties since being first unveiled back in 2006, but the granting of a building licence last July provided a major boost to the prospects of it hosting matches at the 2030 World Cup.

New contract with construction firm

Earlier this month, Valencia signed a new contract with FCC Construcción to complete the stadium project. The Spanish company has worked on several top sports arenas in the country, including the Riyadh Air Metropolitano, RCDE Stadium and Santiago Bernabéu.

In November, Valencia announced the completion of two major financing agreements to allow it to complete the construction of the Nou Mestalla, with a “long-term corporate credit facility of €121 million” and a “short-term bridge loan of €65 million.”

The Professional Footballers' Association (PFA), along with Manchester City and Manchester United, is preparing to challenge the Premier League's plans to implement a spending cap starting next season, according to a report from The Times.

This proposed "anchoring" scheme would limit top teams to spending only five times the amount the lowest-earning club receives from TV and prize money on transfers, wages, and agents' fees. The initiative is set to undergo a four-year trial but requires approval from two-thirds of the 20 Premier League clubs.

According to expert analysis commissioned by the PFA from management consultants Oliver Wyman, there are concerns that such a cap could reduce players' earning potential. The PFA has a history of opposing financial restrictions, having successfully blocked an attempt by the EFL to introduce squad salary caps for Leagues One and Two in 2021.

Legal challenge is “almost inevitable”

Sources indicate that if the anchoring system is approved in the Premier League vote, it is "almost inevitable" that a legal challenge from a club will follow.

Additionally, the outcome of Manchester City's ongoing legal case against the Premier League concerning Associated Party Transaction (APT) rules may influence the fate of the anchoring proposal.

Sportsbank enters exclusivity to invest in Eagle Football group

Sportsbank, the sports investment group advised by the former Everton director and experienced football financier Keith Harris, has announced that it has entered a period of exclusivity to invest in John Textor’s Eagle Football Holdings company.

In a statement, Sportsbank said it intends to make a significant financial and management investment in Eagle Football “with the backing of major international financial and strategic management investors,” with the multi-club model proving to be attractive to them.

The move comes after it emerged earlier this week that Textor, whose Eagle Football group owns a 45 per cent stake in Crystal Palace, had granted exclusivity for a separate group from the US and Saudi Arabia to directly purchase Eagle’s shares in Palace.

Both groups are now in the process of demonstrating proof of funds and undertaking the relevant due diligence.

Two Palace supporters

Sportsbank is fronted by two Palace supporters – Zechariah Janjua, who describes himself as a tech investor and entrepreneur, and Navshir Jaffer, whose background is in finance. It is thought to be funded by companies across several countries, including the US and UAE.

According to The Guardian, Sportsbank has agreed to invest around £230 million in Eagle Football. It has been suggested that Textor may now decide to retain his shares in Palace but relinquish his place on the board with a view to Sportsbank eventually attempting to gain control of the club in the long term.

Tebas attacks CSD decision to grant Olmo and Victor permission to play

LaLiga president Javier Tebas has launched a stinging attack on the decision of Spain's Council for Sports (CSD) to grant temporary permission for FC Barcelona players Dani Olmo and Pau Víctor to be registered for the remainder of the season.

The provisional ruling came after the CSD reviewed an appeal from the club and the players against the refusal of their registrations by LaLiga and the Spanish Football Federation (RFEF).

Tebas responded swiftly to the CSD’s decision and in a post on X claimed the ruling was surprising and that it contravenes the law, while also taking aim at Real Madrid and their official media.

“Economic oversight”

The LaLiga chief wrote: “It is evident that with this precautionary measure, the CSD contradicts what is established in the reasons of the Sports Law, which praises LaLiga's economic oversight.

"For some time now, the CSD - and in particular its president, who is giving the appropriate instructions - seems to be aiming to dismantle the systems that function within LaLiga and have the overwhelming support of the clubs.

“The CSD president appears to listen to a single voice, which does not represent Spanish professional football. And that voice, curiously, remains complicitly silent in this case. Where is Real Madrid TV now?"

Inter and AC Milan to present offer to buy San Siro land by end of February

The plans put forward by Inter and AC Milan to build a new stadium in the San Siro area appear to have moved a step forward after the city’s mayor Giuseppe Sala confirmed that the two clubs are ready to submit an offer to buy the current ground and the surrounding land by the end of February.

As reported by Italian media, Sala said: "We expect that by the end of February Inter and Milan will deliver the new economic and financial plan to us, with observations that must take into account what emerged from the public debate and the resolution of the city council".

He added: “From there we will have to find formulas to get an offer from the clubs. We will do what the lawyer tells us to do. We are fully in line with the idea of being able to sell the area and stadium before the summer holidays.”

Bid based on €197 million evaluation

Sala’s comments followed media reports suggesting the rival clubs will put forward a bid based on a €197 million evaluation to purchase the land from the city of Milan, with the intention of then building a new modern facility on the site which would become their new joint home ground.

The city of Milan has given the clubs a deadline of the end of March to table their bid. However, it is understood the two teams are now keen to accelerate the process and are therefore aiming to present their offer by the end of next month.

JPMorgan Chase is speaking to institutional investors about raising more than £300 million of debt to support a stadium refinancing for Everton, according to a report from Bloomberg.

It is understood the bank is also providing a loan of £130 million to the Friedkin Group for the club it acquired from British-Iranian businessman Farhad Moshiri last month.

Everton plan to open their 53,000-capacity stadiumat Bramley-Moore Dock in August, with a series of test events due to take place before then. The club expects the new stadium to sharply increase matchday income, which totalled £17.3 million for the 2022/23 financial year.

Hospitality seats up to 5,500

According to Everton’s interim CEO Colin Chong, the number of revenue-generating hospitality seats at the club’s new home will jump to 5,500 from around 1,400 at Goodison Park.

Chong said in a recent matchday programme that the club has sold out all of its available seasonal memberships and its “new home is already becoming a commercial platform for growth.”

Barcelona's Dani Olmo and Pau Victor officially granted playing permission

FC Barcelona have received a significant boost as Spain's Council for Sports (CSD), the governing body overseeing sports in the country, has granted playing permission to players Dani Olmo and Pau Victor.

The decision comes after the CSD reviewed an appeal from the club and the players against the refusal of their registrations.

According to a statement released by the CSD on Wednesday, they have approved "the urgent precautionary measure" that was requested by FC Barcelona and the two players.

Until a final resolution is reached

The CSD's decision ensures that the validity of these licenses is maintained until a final resolution on the appeal is reached.

The CSD recognized that there could be a potential cause for complete nullity in this case and identified immediate and difficult-to-repair damages.

This development is a positive outcome for FC Barcelona, ensuring that both players can officially participate in matches while their appeal is being resolved.

Atalanta shareholding restructure gives club fresh financial boost

Atalanta’s financial outlook has been significantly boosted following recent changes to the club’s shareholding structure, according to a report from La Gazzetta dello Sport.

The stake held in the Serie A club by the group of US investors led by Stephen Pagliuca, who bought the club in February 2022, has risen from 55 per cent to 62 per cent, while the share of the team held by the Percassi family has fallen from 45 per cent to 38 per cent.

In addition, David Justin O'Connor, managing partner and co-founder of the US private equity firm Arctos Partners, which acquired a minority stake in Atalanta in May 2022, has joined the club’s board.

Recapitalisation of €72 million

Alongside the recent shift in the club’s ownership structure, Atalanta’s shareholders have approved a recapitalisation of €72 million, of which €67 million will come from the American group and €5 million from the Percassi family.

The move will provide additional financial resources as Atalanta look to build on recent success on the pitch, with projects including a planned investment of €20 million, including the purchase of land and works, in the expansion of its Zingonia sports centre.

West Ham in £4 million legal battle with London Stadium landlords

West Ham United are involved in a court battle with their landlords over a payment of nearly £4 million they were forced to make after the Czech billionaire Daniel Kretinsky acquired a 27 per cent stake in the club.

As reported by The Times, the East London club appealed against an “expert determination” that they had to pay the money as part of their lease agreement with E20 Stadium, a subsidiary of the publicly-owned London Legacy Development Corporation (LLDC).

West Ham are contesting £3.95 million of the £6.5 million it paid in March 2023 under the stadium lease penalty clause. A High Court hearing took place last month and the court’s judgment is expected later in January.

Added value

The clause was included to ensure that any added value West Ham’s owners benefited from after securing the lease would be reflected when they sold any shares.

E20’s accounts state that its management is disclosing the legal action as a “contingent liability”. The dispute may centre on whether the fee should be paid for new shares or only existing ones.

Tim Lewis, the Arsenal vice-chairman, has aired fresh concerns over English football’s incoming independent regulator, warning that its implementation could have significant adverse effects on the Premier League and lower divisions.

Lewis, alongside West Ham United vice-chairwoman Baroness Karren Brady, and Brighton & Hove Albion CEO Paul Barber, shared their collective fears over the potential impact of the new body in an article published by The Times.

All three officials echoed concerns about possible restrictions on investment, with Lewis pointing in particular to worries about the regulator having power over the scale of parachute payments for clubs relegated from the top-flight.

“Less enticing place”

Lewis said: “It will damage the Premier League. It will be a less enticing place for people to watch football. … Parachute payments are essential and just as important for clubs who are not at such a risk of relegation. The whole pyramid is dependent upon the Premier League’s success.”

A Department of Culture, Media and Sport spokesperson said: “The independent regulator’s remit is to maintain financial sustainability in English football, so excluding parachute payments, or the backstop, would seriously hinder its ability to operate effectively.”
 

Guangzhou FC kicked out of Chinese league due to heavy debts

In the latest blow to Chinese football, Guangzhou FC have been dropped from the country’s national league after a drawn-out saga related to the collapse of property developer China Evergrande, which bought the team in 2010.

The eight-time Chinese Super League (CSL) winners said they had been unable to pay off their debts and therefore did not meet the Chinese Football Association’s (CFA) requirements to compete in the 2025 campaign.

A club statement read: “In order to gain entry into the Pro League for the new season, the club is working hard to move forward. However, we regret that the funds raised were not enough to pay off due to the heavy historical debt and that access was ultimately not granted.”

Multiple clubs excluded

Guangzhou were not named in a list of 49 teams who had obtained a place in the CSL, China League One and China League Two for the 2025 season. Top-flight side Cangzhou Mighty Lions and third-tier Hunan Billows were also not granted access.

The CFA said it would “continue to follow up on clubs that have not obtained admission qualifications due to unpaid wages and debts, and handle them in accordance with relevant regulations.”

Monza takeover talks with Mario Gabelli stall with club bottom of Serie A

A potential takeover of Monza by the Italian-American tycoon Mario Gabelli is on hold after talks over a possible deal stalled, Italian media have reported.

Reports of a bid from Gabelli, who runs Gamco Investors, first emerged last October. The offer was understood to value the Serie A club at €60 million. However, discussions with the Berlusconi family holding company Fininvest are now said to be at a standstill.

While the reasons for the pausing of the process are unclear, speculation has suggested that the team’s current position at the bottom of the Italian top-flight, with just 10 points from 19 games, could be a contributory factor.

Need to recover investments

It is also thought that Fininvest's need to recover their investments made in Monza – including for infrastructure such as the stadium and the sports centre – has affected the negotiations.

Nevertheless, the Berlusconi family’s continued willingness to support the club has been illustrated by the injection of a further €40 million since the start of this season, bringing the total commitment since 2018, when Fininvest acquired the team, to around €300 million.

A group backed by individuals from Saudi Arabia and the US has signed an exclusivity agreement to acquire Eagle Football’s 45 per cent stake in Crystal Palace, according to a report from The Athletic.

It is understood the group, which includes Dallas Mavericks head coach Jason Kidd, former Morgan Stanley sports executive Bejan Esmaili and former Roc Nation attorney executive Wajid Mir, has had an offer for Eagle’s shares accepted.

The group’s funding comes from Mansoor and Haider Syed, two brothers who were born in Saudi Arabia but educated in the US who led a fund established to buy a football club.

Offer increased from $185 million

The initial proposal fell below the valuation that John Textor, the largest shareholder in Eagle and one of Palace’s four primary owners, was looking for. But the group has subsequently increased its offer, up from $185 million, and that has been sufficient to agree a deal.

The Athletic also reported that Sportsbank, a group brought together by the former Everton director and experienced football financier Keith Harris, is still seeking to invest in Eagle, which could scupper the potential deal with the US-Saudi group.
 

PSG could face Champions League ban over Mbappé wages dispute

Paris Saint-Germain could face sanctions from UEFA, including a potential Champions League ban, over Kylian Mbappé’s claim of €55 million in unpaid wages and bonuses against the club, French media have reported.

PSG are due to provide information to UEFA in relation to the case by 15th January and could face punishment from the European governing body, although the club are said to be confident they will avoid any penalties.

UEFA imposes strict rules on the financial viability of clubs participating in its competitions, including the absence of debt towards employees. Rule 82 of its Rules of Procedure states that a club must not have any arrears of payment on 15th July, 15th October and 15th January of the current season.

Ordered to pay sum owed

Last year, PSG were ordered by the LFP to pay Mbappé the sum owed from his time at the Parc des Princes but said in October they would refuse to do so on the basis that the player had agreed in August 2023 to waive the money.

In November, the French Football Federation (FFF) rejected PSG's request to reconsider the order to pay Mbappé, saying it was submitted a day late.
 

Lyon look to overturn DNCG sanctions at FFF appeal hearing

Lyon are reportedly set to appear before the French Football Federation (FFF)’s appeal committee this Friday as they seek to overturn the heavy sanctions imposed on the club by French football’s financial watchdog, the DNCG.

The Ligue 1 club have been placed under a transfer ban and will be relegated unless owner John Textor’s Eagle Football Group can dramatically improve the team’s finances before the end of the season.

However, as reported by French media, Lyon appealed against the penalties before Christmas, and are due to present their case as their American owner does all he can to ease the pressure on the club.

Official notification

A key argument for Lyon is that they didn’t receive official notification of the sanctions in writing, which is necessary for an eventual appeal, until a month after being first informed. Typically, sanctioned clubs receive such documentation within 48 hours.

Lyon are also expected to present new evidence of an improved financial outlook, including a cash injection of €100 million, €80 million of which was due to be paid by early January, as well as a number of new player sales.
 

PSG struggle to find suitable location for new €1 billion-plus stadium

Paris Saint-Germain are struggling to find an area suitable to build their future home as they consider options for a €1 billion-plus state-of-the-art stadium, according to a report from Le Parisien.

A number of architectural agencies are said to be working on plans for a new venue, and the club has been presented with different models of modular-designed stadia with a capacity ranging from 50,000 and 90,000 seats.

However, it is understood a key challenge faced by the Ligue 1 champions is finding a location in the Greater Paris area that would meet all their criteria after president Nasser Al-Khelaifi said the Parc des Princes is no longer fit for purpose.

Transport connections

PSG would want to build shops, restaurants, a clinic and a smaller stadium for their women’s team next to their new ground. It would also require good road and transport connections and be as close as possible to the club’s state-of-the-art training centre in Poissy.

Al-Khelaifi has said that building a new stadium is vital to PSG’s long-term prospects as the club looks to close the gap on some of their European rivals, many of whom boast modern and privately-owned grounds with a capacity of over 60,000.

LaLiga and the Spanish Football Federation (RFEF) have confirmed that FC Barcelona's attempt to re-register Dani Olmo and Pau Víctor for the second half of the season has been rejected.

The two bodies said Barcelona provided the documentation required to extend their spending limit for the season on 3rd January, after the 31st December deadline, too late for Olmo and Víctor, who had their registrations cancelled on 1st January.

In a joint statement released on Saturday, LaLiga and RFEF said the decision was made “in accordance with the literal interpretation of articles 130.2 and 141.5 of the RFEF's general regulations”, which state that the same club cannot re-register a player in the same season in which their registration was cancelled.

Barcelona to appeal

Barça have said they will appeal the decision at Spain's supreme sports court, the Consejo Superior de Deportes (CSD).

In a statement, the club said: "Barcelona expresses their disagreement with today's decision and will proceed to file the appropriate appeal before the CSD. Regarding the matter of the registrations, the club will not comment again until the matter is resolved by the CSD."

Denver lands 16th NWSL team at record $110 million expansion fee

Denver has secured the NWSL’s 16th franchise at an expansion fee of $110 million, according to a report from Sportico.

It is understood that backers of the Denver bid, principally IMA Financial Group CEO Robert Cohen, submitted their first payment to the league on 31st December.

The $110 million expansion fee is more than double the previous NWSL record for new teams and is also the biggest expansion fee ever paid in US women’s sports.

Plans to build new stadium

Former women’s professional player Jordan Angeli has been involved with Denver’s bid from the outset. The group has indicated it plans to build its own stadium and training facility but would expect to begin playing in a temporary venue.

It was previously reported that Denver was in exclusive talks with the NWSL, but the league has yet to publicly comment.

Italian clubs to face new limits on loan deals under FIGC rule changes

The Italian Football Federation (FIGC) has made a series of changes to the rules governing loan deals for professional footballers in Italy, bringing its regulations in line with the changes made to FIFA’s rules in May 2022.

As reported by Italian media, the changes will mean new limits on loan deals, with the maximum duration of a loan spell for a player dropping to one year.

In addition, each club will be restricted to having no more than eight incoming or outgoing loan deals in place at any given time, and the number of loan deals made between the same clubs will be capped at three, regardless of the age of the players involved.

Development of young talent

The changes are designed to reduce the interdependencies between clubs and to encourage the development of young talent. Most of the new rules do not apply to players who are under the age of 23 on 31st December of the year the relevant season begins.

The changes will come into force from 1st July 2025, ahead of the 2025/26 season, except for the limits on the number of loan deals a club can have, which will come into effect from 2027/28. Transitional rules are envisaged for 2025/26 (ten players) and 2026/27 (nine players) to allow for a gradual adjustment.

Hellas Verona takeover by US firm on hold as talks stall

The proposed takeover of Hellas Verona by the American firm Presidio Investors is on hold after negotiations came to a standstill over recent weeks, Italian media have reported.

An agreement for the sale of 100 per cent of the Serie A club’s shares to the Austin, Texas-based fund appeared close before the team’s home game against AC Milan on 20th December and then during the Christmas period, but completion of a deal is still pending.

It is understood that Hellas Verona president Maurizio Setti is trying to maximise the value of the sale and Presidio, represented by the law firm Hogan Lovells, is requesting further guarantees.

Valuation of €120-130 million

There are no specific deadlines to reach a formal agreement, even if the initial goal of the parties was to conclude the sale before January. The club's valuation being discussed is thought to be fluctuating between €120 million and €130 million, including debt with credit institutions.

As part of the potential agreement, Presidio would want to demolish the current Bentegodi stadium and construct a completely new venue on the same land.

As November drew to a close and advent loomed into view, English Premier League (EPL) clubs met on an autumnal Friday morning. The headlines from that meeting were dominated by the EPL’s proposed Associated Party Transaction rules (APTs) passing, with Manchester City on the losing side, but of perhaps greater consequence was the other announcement made that day.

Continuing a trend over a quarter-century long, the EPL confirmed to its member clubs that the next broadcast rights cycle would be its largest ever. Clubs from the other big European leagues doubtless winced; the EPL’s 2025 to 2028 rights cycle will generate £12.25 billion in income, a 17 per cent uplift on the league’s already market-leading 2022-25 figure.

Yet while that doubtless brought plenty of celebration to English boardrooms, a knock-on effect of the ever-increasing TV deals is likely to be exacerbated too. Just as clubs have enjoyed booming revenues, so have they spent more and more money to remain competitive. 

The impact at the bottom of the division has been clear: it is costing clubs more and more to survive in England’s top tier.

How much more – or how we measure those costs – is open to debate. Take transfer fees. A look at the last decade shows that promoted teams’ average spend on new players in their first season in the EPL has more than doubled. 

In 2014/15, Burnley, Leicester City and Queens Park Rangers spent an average of £25 million on transfers following their recent promotion; in 2023/24, the average across Luton Town, Sheffield United and Burnley was £58 million.

The average across the whole of the last 10 years is higher still, at £62 million. That figure was substantially impacted by the 2022/23 season, when the promoted trio of Fulham, AFC Bournemouth and Nottingham Forest combined to spend a whopping £386 million on new signings between them. 

In fairness, they’ll doubtless see it as money well spent. All three clubs survived and, at the time of writing, all three sit in the EPL’s top eight.

Forest and Bournemouth’s respective £170 million and £130 million spends that season are the highest of the last decade among promoted clubs, while three others have gone over the £100 million mark in their first season in the top tier. Of those, only Fulham in 2018/19 failed to survive immediate demotion.

Single season transfer fees aren’t the best barometer of a club’s overall spending, as some clubs enter the EPL already in possession of expensively assembled squads (Newcastle United in 2017 are a case in point), but it remains that only one club in the last decade has spent less than £40 million on new players and survived. 

That was the outlier of all EPL outliers: Leicester City in 2015, who’d go on to win the league just a year later.

Transfer fee spending has never been held up as directly correlated with success in football, though promoted clubs unsurprisingly spend heavily in the hope of building a squad worthy of retaining EPL status. 

The survival of that big spending trio of 2022/23 marked only the fourth time since 1992, when the EPL was formed, that all three promoted clubs had avoided relegation. Whether that can be viewed as a good thing for others looking to imitate their success is another matter entirely.

If transfer fees aren’t necessarily indicative of how a club will fare on the field, wages historically are. Though the relation isn’t exactly perfect, it’s largely true that the more a club spends on player wages, the higher up the league said club will land.

To that end, it’s of little surprise to see that just about every club in the last decade has increased its wage bill following promotion. 

The two exceptions are Queens Park Rangers in 2015, who were immediately relegated, and Newcastle United in 2017, whose ‘decreased’ wage bill only came about because their Championship figure included a chunky provision for ‘onerous employment contracts’. Ignoring that, United’s underlying wage bill also increased following promotion, albeit only by four per cent.

Wage bills for last season’s three promoted clubs aren’t yet available, but of the 27 new EPL clubs from the previous nine years, seven of them (26 per cent) more than doubled their staff costs following promotion. Of those, only two failed to survive their first season back, though all bar one of them – Nottingham Forest in 2022/23 – have been relegated since those cost uplifts were incurred.

While wage spend might correlate with league position, the costs are relative. 

Just because a team doubled its wages doesn’t mean that necessarily makes them competitive beyond the relegation zone; in the case of some, like Luton Town last season, the club’s wage bill in its promotion season was so far below that of EPL sides that even a doubling mightn’t prove enough to survive (again, we don’t yet know how much or at all Luton increased their wage bill last season, but we do know it wasn’t sufficient to avoid relegation).

The cost of finishing 17th in the EPL, just one spot above the relegation zone, has more than doubled since 2013/14. Then, 17th-placed West Bromwich Albion spent £65 million on wages. In 2022/23, Everton finished fourth bottom with a wage bill of £159 million, a 142 per cent increase.

Just assessing the change in the cost of finishing in one specific position isn’t free from variance. In each of the two seasons mentioned above, at least of the relegated teams actually had a higher wage bill than West Brom (in 2014) or Everton (in 2023).

A better indicator, and one that more clearly shows the rising costs of wages across the division in the last decade, is found when looking at the median wage bill of those clubs who survived while finishing in the bottom half of the table, i.e. teams that finished between 11th and 17th in a given season.

Doing so, once again, shows a sharp increase across the decade. As well, where the wage bills of clubs finishing 17th have jumped up and down a bit across the last 10 years, the median wage bill for surviving clubs has generally moved up with each passing year. In 2013/14, the median wage bill of a surviving bottom half team was £64 million. By 2022/23, that had risen to £142 million.

Of course, those rising wage bills have been made necessary by the rising incomes of EPL clubs. The median costs of survival would not have more than doubled if the revenues accruing to those same clubs weren’t on the up too. 

Yet it is debatable that the costs are being sufficiently offset, and over the last five years in particular there’s scant evidence that, at least in a financial sense, clubs are enjoying profitable bottom lines.

Where most EPL clubs were profitable in the half-decade to the end of the 2018/19 season, the period since has seen just 17 clubs out of a possible 83 (only three clubs have disclosed 2023/24 financials at the time of writing) post an annual profit. 

Moreover, profits are concentrated in a small band of clubs: Manchester City, Brentford, Brighton & Hove Albion and West Ham United account for 10 of those 17 profitable years.

In other words, a majority of EPL clubs make an annual loss, including those clubs that ultimately wind up getting relegated. In the EFL Championship, the clubs who make a profit or post the lowest losses tend to be those that get relegated, yet even that doesn’t seem to be the case in the EPL. In 2023, the relegated trio of Leeds United, Leicester City and Southampton booked combined post-tax losses of £210 million.

As wages are a club’s biggest cost, it’s safe to say rising wages have contributed heavily to the EPL’s shift to loss-making. English clubs make more money than ever, but they spend more than ever on trying to not only compete in the top tier, but also simply to survive there. Is it worth it?

Leicester City are facing a nervous wait to discover whether they will be charged by the Premier League with breaching its Profitability and Sustainability Rules (PSR) for a second successive season, according to a report from The Guardian.

The club are one of several in the top-flight who had to submit their accounts for the 2023/24 financial year by 5pm on 31st December, because they have recorded losses over the past two years, and will be told by 13th January whether they have breached PSR.

Leicester escaped a Premier League points deduction earlier this season after they were charged with a £24.4 million breach for the three-year period up to 2022/23. The club’s challenge was based on the fact it was no longer in the Premier League following relegation in May 2023.

Club most vulnerable to charges

However, having recorded losses of £92.5 million in 2021/22 and £89.7 million in 2022/23, Leicester are at risk of being charged with another breach, and are the club most vulnerable to charges this month. Chelsea, Everton and Nottingham Forest sold players last summer so are confident of complying with PSR.

Leicester – who are currently second from bottom in the Premier League on 14 points – have expressed confidence they will avoid another charge, but Premier League sources told The Guardian they feel the club may have a case to answer.
 

Masters highlights concerns over lack of consultation on Club World Cup decisions

Premier League CEO Richard Masters has expressed his concern over the decisions being taken around the new 32-team FIFA Club World Cup due to be held in the US in June and July.

In an interview for Sky Sports’ The Boardroom podcast, Masters said that domestic bodies, including leagues and players’ unions, are “not happy with the decisions that are being taken at a global level”.

Manchester City and Chelsea are the two Premier League teams involved in the tournament, and Masters said should either reach the Club World Cup final on 13th July it would create difficulty for their schedule, with the new Premier League season beginning four weeks later.

“Better outcomes”

Masters said: “So how does that work? With great difficulty I would say. We believe that if leagues and players’ unions were involved in the decision-making processes about how these competitions are put together, you’d have better outcomes. That’s what we’re calling for.”

The Premier League chief also spoke of “overloading players on the number of matches they have to play” in a calendar year and said the situation was at “a tipping point”.

FIFA has said that the new men’s football’s match calendar, which runs from 2025 through to 2030, was approved by relevant stakeholders across the sport.

Nottingham Forest owner Marinakis converts £82 million worth of loans into shares

Evangelos Marinakis, the owner of Nottingham Forest, has reduced the club’s debt by converting another £82 million of loans into share capital.

While the Greek businessman has done this on a number of occasions over recent years, this is the largest amount of money he has written off loans so far.

In March 2023, Marinakis turned £41 million of loans into share capital. He had converted sums of £12 million and £20 million in the two years prior to that. Just over a year ago, in December 2023, the sum involved was £11 million.

Unburdened by debt

The process helps to keep the club, who currently sit third in the Premier League table, unburdened by debt, and comes after Marinakis gave the green light to another round of investment in the transfer market last summer.

The shipping and media magnate has ambitions to see Forest make a return to European football and is expected to sanction further transfer business, most notably the addition of a striker, in January.
 

Premier League clubs face January window ‘changed for ever’ as spending curbs bite

Premier League executives and managers have warned that the transfer market may be changed for ever as so many top-flight clubs are unable to spend in January due to the league’s Profitability and Sustainability Rules (PSR).

The Daily Telegraph spoke to multiple figures within the game, with all painting a gloomy picture of Premier League finances. With the January transfer window now open, it is understood there is little excitement surrounding it as so few clubs are expected to be looking to recruit.

And with PSR biting, many are predicting that transfer fees and wages are going to fall, even though many players and agents have failed to appreciate that clubs are being forced to curb spending.

“Major readjustment”

One leading figure said “Premier League clubs are finding it hard to trade with each other”, adding: “There is a major readjustment happening across the Premier League. This is the reality of PSR and nobody I’ve spoken to at other clubs is expecting to do much in January in terms of recruitment.”

Another leading football executive, with years of experience in the game, said: “Players who would have moved for £60 million or £70 million in the past, could now cost £50 million. … That seems to be the direction of travel, but whether agents and players have realised this yet, I’m not so sure.”
 

Everton’s new stadium to host first match next month with 10,000 fans

Everton have announced that the first match at the club’s new stadium at Bramley-Moore Dock will take place next month, when the first of three test events will be held ahead of the £750 million venue’s formal opening later this year.

The first test event – an Everton under-18s friendly fixture – will be held on Monday 17th February in front of 10,000 spectators. The club said its under-21s will then play a friendly for the second test event in late March or early April, when the capacity will be increased to 25,000.

A statement from Everton said: “A third test event will be held later in the current season, details of which will be confirmed in due course.”

Restricted capacities

The club added: “The restricted capacities for the events are a requirement of the testing process that will allow the club to obtain the necessary licence and safety certificates to operate the stadium at full capacity from when it officially opens ahead of the 2025/26 season.”

For the opening test event fans will be located in the upper and lower sections of the South Stand, which has been designed to be similar to the ‘Yellow Wall’ at Borussia Dortmund’s Signal Iduna Park. Everton’s new stadium will have a total capacity of 52,888.

Ajaccio face “critical situation” after potential buyer withdraws from takeover deal

AC Ajaccio have said they are facing a “critical situation” after a prospective buyer of the Ligue 2 club withdrew from a potential takeover deal.

The Corsican club, who are currently second from bottom in the French second-tier, were provisionally relegated to the Championnat National by French football’s financial watchdog the DNCG last month.

In a statement released yesterday, Ajaccio said that “after requesting a postponement until December 31, while guaranteeing their commitment, [the potential buyers] finally withdrew.”

Decline in value of media rights

The club said that payment issues with a sponsor and the decline in the value of media rights in French football are key factors behind their current position, but stressed that “we are mobilised to find a solution even if there is reason to be worried”.

The statement added: “It must be clarified that [club president Jean-Noël] Fattaccioli's good faith cannot be called into question since he himself found €3 million paid to the club at the end of last June.”

Everton’s new US owners The Friedkin Group (TFG) are planning a major commercial revamp focusing on turning their new £500 million stadium into an “NFL-style” arena in a bid to transform the club’s revenues.

As reported by The Daily Telegraph, a key priority will be securing naming rights ahead of the move from Goodison Park to Bramley-Moore dock, with the first Premier League game in August 2025.

TFG, led by American businessman Dan Friedkin, also believe there is broader potential in selling as much advertising space as possible in and around the spectacular venue on Liverpool’s waterfront.

American football setting

The new approach raises the prospect of the Everton stadium resembling an American football setting once a broad portfolio of commercial partners are on board. Traditionally, English clubs have tended to focus on the perimeter fencing around the pitch for advertising.

TFG have studied the approach of many Premier League clubs – especially those in recently built arenas – and expressed bemusement about the contrast with US sports stadiums, especially in the NFL, where brand logos are blazoned on virtually every stand and around the big screens in every corner.

FC Barcelona's attempt to register Dani Olmo rejected by LaLiga

LaLiga have confirmed they have rejected FC Barcelona's attempt to register attacking midfielder Dani Olmo for the second half of the season as the club continues to face restrictions under the Spanish league’s spending controls.

Olmo moved to Barcelona from RB Leipzig in the summer in a €55 million deal but could only be registered on a temporary arrangement until the end of the calendar year due to LaLiga's financial constraints.

Barça have been trying to re-register Olmo as well as striker Pau Victor, but in a statement released ahead of the midnight registration deadline on 31st December, LaLiga said the club “has not presented an alternative that … would allow it to register any player starting next January 2.”

Application for new licence from RFEF

Barcelona have not given up hope of finding a solution and issued their own statement on 31st December, revealing they have applied for a new licence from the Spanish Football Federation (RFEF) to register Olmo and Victor.

The statement added: “The club wants to deny that it has requested or received any moratorium from any other body for the registration that is requested.”

According to Spanish media, RFEF sources have claimed the federation cannot process any licence without the approval of LaLiga, but it is understood the Catalan giants still believe they will be able to reach an agreement to keep Olmo.

West Ham United post £57.2 million profit for 2023/24

West Ham United have reported a profit of £57.2 million for the year ending 31st May 2024 after suffering a loss of £18.3 million the previous year.

The biggest factor behind the result was the club record transfer of midfielder Declan Rice to Arsenal for £105 million in July 2023, while West Ham’s 2023 Europa Conference League victory prize money was also reflected in this latest set of accounts.

The club’s finances for 2023/24 were further boosted by reaching the quarter-finals of the Europa League last season and finishing ninth in the Premier League after ending the previous campaign in 14th place.

Turnover for 2023/24 rose to £269.7 million, up from £236.7 million in 2022/23, with all the key income streams higher than the previous year.
Matchday income reached £44.6 million (£41 million in 2022/23), with broadcast revenue £167 million (£147.6 million), commercial income £41.9 million (£35.1 million) and retail income £16.1 million (£13 million).

Player trading profit of £96.3 million

The sale of Rice was the key driver behind a profit on player sales of £96.3 million, compared with £17 million in 2022/23. As for costs, West Ham’s total wage bill for 2023/24 was £161 million, up from £136.8 million in 2022/23.

The club said that in 2023/24 it also “continued to optimise its funding, repaying the outstanding MSD facility during this financial term, renewing its Barclays overdraft facility, and accelerating a number of future transfer fee receivables.”

Guardiola admits Manchester City would face financial issues without Champions League football

Manchester City manager Pep Guardiola has admitted that failing to qualify for the Champions League would create financial issues for the club, and raise the danger of being left in the European wilderness.

City are sixth in the Premier League table after a run of two wins in 14 games in all competitions and will need to finish in the top four to qualify for the Champions League for a 15th straight campaign.

In comments reported by The Times ahead of City’s 1-1 draw with Everton on Boxing Day, Guardiola claimed that every year finishing in the top four is his main aim and an achievement that most pleases his owners, for reasons of money and prestige. But it is a run the City manager knows is under threat.

“Now we’re at risk”

“Financial is an issue, of course it is, but it’s not just that,” Guardiola said. “When I said before, people laughed. It’s presumptuous, us winning the Premier League. They said, ‘Ah qualifying for the Champions League is not [such] a big success.’

“I know it is, because it happens with clubs in this country. They were dominant for many years and, after, they were many, many years not qualifying for the Champions League. … Now we’re at risk, of course we are. Definitely.”

Arsenal and Liverpool settle with insurers in Covid-19 dispute

Arsenal and Liverpool have agreed to settle their lawsuit against some of the country’s biggest insurers after pursuing a pandemic-related business interruption (BI) claim, according to a report from Law360.

The two Premier League clubs – along with Aston Villa, West Ham United, Tottenham Hotspur and Brighton & Hove Albion – pursued a BI claim against Allianz, Aviva, CNA Insurance, Zurich and Liberty in 2022.

The basis of the claim was formed on the UK Supreme Court’s January 2021 ruling in the Financial Conduct Authority (FCA)’s BI test case, which ruled that insurers are liable for BI losses in most cases, particularly when a policy offers cover for closure because of an outbreak of infectious disease.

Legal dispute

With the legal dispute set to go to trial in 2025, Tottenham, West Ham, Aston Villa and Brighton settled their claims. Law360 reported that this was negotiated by Paul Wordley, partner at solicitors Wordley Partnership, with a conclusion reached in the first half of 2024.

According to the report, Arsenal and Liverpool have now hammered out a settlement after recently striking an agreement with their insurers. Law360 said this was negotiated by Clifford Chance, which had been instructed to launch the class action lawsuit in 2022.

Real Madrid consider stadium name change after dropping ‘Santiago’ from digital platforms

Real Madrid are considering changing the name of their Santiago Bernabéu stadium after quietly dropping the word ‘Santiago’ from the club’s digital platforms, Spanish media have reported.

The change is currently limited to marketing and merchandising strategies. The stadium’s official website, for instance, now uses only “Bernabéu”, as do the club’s social media accounts, while the stadium tour is now known as the “Bernabéu Tour”.

The adjustments have sparked debate among fans and club members, as the current name honours Santiago Bernabéu, a pivotal figure in the history of Real Madrid who served as its president from 1943 to 1978.

Naming rights

The move has also led to speculation that it could be a preliminary step to sell the stadium’s naming rights. However, Real Madrid are yet to comment on that prospect or the recent changes seen online.

While commercial actions by the club do not require approval, any definitive change to the stadium’s name, including the selling of naming rights, would need to go through Real Madrid's General Assembly of members.