FIFA will need to amend parts of its transfer regulations following a European Court of Justice (CJEU) ruling in the case of Lassana Diarra, that could have wider implications depending on future legal interpretations of the judgement.

The ruling requires changes to ensure penalties for players breaking contracts are less severe. While this decision does not have the same immediate impact as the landmark 1995 Bosman ruling, its long-term effects could reshape football’s transfer landscape depending on future court cases.

Diarra’s case stems from his 2014 contract termination with Lokomotiv Moscow. He sought FIFA’s confirmation as a free agent to join Charleroi, but delays led to the Belgian club withdrawing their offer. Diarra argued that this delay amounted to a restraint of trade.

In Diarra's favour

On Friday the CJEU ruled in Diarra’s favour, stating that specific FIFA regulations, particularly article 17.2, conflicted with EU law. This article dictates how compensation is paid when a player terminates their contract without just cause.

The ruling emphasised the need for more balanced contractual relationships between players and clubs, while still recognizing the importance of maintaining contractual stability in football.

FIFA responded by acknowledging the ruling but downplayed its significance, emphasising that only two paragraphs of two articles are affected. Legal experts scrutinising the ruling say it may lead to minor adjustments rather than a complete overhaul, suggesting that FIFA already operates in line with the court’s expectations.

RedBird Capital denies reports of selling AC Milan stake

RedBird Capital, the U.S. investment firm that owns AC Milan, has categorically denied a report from Italian newspaper La Repubblica claiming it is seeking to sell a stake in the club, according to Reuters.

A spokesperson for RedBird stated, "The reporting by La Repubblica about selling a stake in AC Milan is a complete fabrication. It is wholly untrue." The firm acquired AC Milan in 2022 from another U.S. fund, Elliott, in a deal valued at €1.2 billion.

According to La Repubblica, the purchase was partially financed through a vendor loan from Elliott worth €560 million due next year, complemented by RedBird's investment of €681 million. The newspaper suggested that RedBird was looking to "rebalance its portfolio" by offloading up to €150 million of its initial capital investment at base cost.

Doesn't know the investment firm

La Repubblica cited a document allegedly prepared by U.S. investment firm Washington Harbour on behalf of RedBird, which has reportedly been shared in financial circles since May.

However, in an earlier statement to Reuters, a RedBird spokesperson clarified that Gerry Cardinale, the founder and managing partner of RedBird, "does not know Washington Harbour and the document cited by the newspaper is not attributable to him."

Lazio report record revenue and strong profits

Champions League football and player sales helped Lazio achieve the highest turnover in the club’s history and a €40.7 million pre-tax profit in 2023/24.

Turnover reached €195 million, up from €148.6 million in 2022/23. The main growth drivers were broadcast and matchday income, which rose by 40 per cent and 55 per cent respectively, boosted by Champions League participation compared to the Europa League the previous year.

Despite this, the club managed to limit expenses to a 9 per cent increase, partly due to a wage bill that grew by just 5 per cent, resulting in a rare operating profit in European football.

Disappointing season

The sale of Milinković-Savić to Saudi Pro League club Al-Hilal also brought in a €40 million profit from player sales. Lazio ultimately reported a €40.7 million pre-tax profit.

However, a disappointing domestic season, finishing 7th, means Lazio missed out on Champions League football for the 2024/25 season, which will undoubtedly impact the club’s income.

FIFA have announced the introduction of a new transfer window, set to run from June 1 to 10 2025, aimed at facilitating player movements ahead of the 2025 Club World Cup.

This additional window will provide legal coverage for contract extensions that may be required due to the tournament's timing, which is scheduled between two seasons.

The upcoming Club World Cup, slated for next summer in the United States, has prompted FIFA to create this new transfer period. It will be available to all clubs participating in the World Cup and any other clubs whose national federations choose to adopt it.

For fairness and competitiveness

FIFA's decision is designed to ensure that clubs can legally reinforce their squads and secure new signings in preparation for the competition, thereby promoting fairness and competitiveness.

The establishment of this new transfer window reflects FIFA's commitment to addressing logistical challenges posed by the unique scheduling of the Club World Cup and ensuring that clubs have the necessary legal structures in place to manage their rosters effectively during this period.

SL Benfica reports €31.4 million loss for 2023/24 season

SL Benfica have reported a loss of €31.4 million for the 2023/24 season, marking a downturn in their financial performance with a 10 per cent decrease in total revenue to €256.4 million.

The Portuguese club's financial struggles are attributed to a reduction in profit from player sales and a decline in Champions League group stage earnings.

Benfica's turnover dropped by 8.6 per cent to €179 million, despite a slight increase of 3.3 per cent in television revenue which amounted to €50.5 million. This figure includes income from private national audiovisual rights agreements, ahead of Liga Portugal's centralized sales starting in the 2027/28 season.

Sponsorship falls, ticketing rises

Advertising and sponsorship revenues decreased by 6 per cent to €22.5 million, even as the club secured the renewal of Emirates' main sponsorship until 2029. However, there was positive growth in ticketing and VIP business, which grew by 5 per cent, surpassing €35 million for the first time. Additionally, event space rentals at Estadio da Luz brought in almost €5 million, a 33 per cent year-on-year increase.

In 2023/24 profit from player sales fell by 8 per cent to €58.4 million. On the expenditure side, the clubs total wage bill rose by 4 per cent to €110.5 million, with operating expenses climbing to €252.2 million, up by 3 per cent.
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​The club highlighted that this increase is partly due to higher amortisations and player value depreciation, with transfer amortisations alone growing by 14 per cent to €45 million.

Union Berlin reports profit and launches fan shares

Union Berlin, which narrowly avoided relegation last season, have seen an increase in turnover from €174.1 million to €186.4 million and reported a profit of around €1 million.

In a season where the club played in the Champions League for the first time, the wage bill only increased from €60 million to €62.5 million.

Union Berlin are set to expand its stadium capacity to 40,500 seats, with about 32,000 standing places, aiming to complete all extensions by the end of 2027. The club will temporarily move to the Olympic Stadium for the 2026/27 season, the club president Dirk Zingler told at the clubs general meeting.

Stadium shares to members and sponsors

Zingler also announced the issuance of a new "Alte-Försterei share" allowing club members and sponsors to invest in the stadium with shares priced at €500 each. A total of 120,000 shares will be issued, with no dividends and restrictions on sale. This initiative aims to deepen the emotional connection between the club and its supporters by involving them in the ownership and development of the stadium.

Union Berlin will debut a new jersey featuring "proAF Alte Försterei" in their upcoming home game against Borussia Dortmund, symbolizing this new shareholder opportunity for both men's and women's teams.

Newcastle set to determine St James’ Park’s future by early 2025

Newcastle United are progressing with their plans to determine the future of St James’ Park, aiming to reach a decision by early 2025 after completing the initial phase of their feasibility study.

The club have been exploring options for expanding the current stadium, which is favored by many, including head coach Eddie Howe, as well as looking into potential sites for a new stadium.

According to a report from The Athletic, no final decision has been made yet, but the club states they have advanced in understanding what is achievable. Despite the opportunities that come with remaining at St James' Park, there are also "several risks" involved.

Input from fans

Outgoing CEO Darren Eales had previously indicated that the results from the study were forthcoming. Now, Chief Operating Officer Brad Miller has confirmed the completion of the first phase and that an analysis phase is underway before any decisions are made.

Miller shared the findings with Newcastle's Fan Advisory Board (FAB), seeking their input throughout the process. He emphasised the complexity and importance of the project, stating, "This is a once-in-a-generation investment, so we don’t want to look back in years to come, as a club or as a city, and regret an opportunity missed."

The expansion of St James’ Park, which currently holds 52,300 fans, would be a costly venture due to physical constraints like listed buildings and an underground line.

FIFA issues ultimatum to Royal Spanish Football Federation ahead of 2030 World Cup

FIFA have issued a warning to the Royal Spanish Football Federation (RFEF), stating that it must have a president by 2025 to ensure that the 2030 World Cup, set to be held in Spain, Portugal, and Morocco, is not at risk.

This ultimatum was confirmed during a meeting in Madrid between FIFA, UEFA, the RFEF, and the Higher Sports Council (CSD), as reported by Spanish media Palco23.

According to FIFA's legal director Emilio García Silvero, "On December 11, the FIFA Congress will choose the venue for the 2030 World Cup; it will be the more than 200 federations that must give their confidence to a long-term project, but for this to happen, the (Spanish Football) Federation must have a president."

Call for election

UEFA's managing director of integrity and regulation, Angelo Rigopoulos, echoed this sentiment, stating that "the situation must return to normal and if not, as has happened in other federations, FIFA and UEFA will have to intervene."

The CSD is now expected to take action with a definitive call for election for the RFEF presidency. This comes after the Administrative Court of Sport (TAD), on September 20, annulled the electoral process following an appeal by Miguel Galán, president of the National Center of Football Coaches (Cenafe). The TAD had previously banned former RFEF president Pedro Rocha for abuse of authority until 2026.

AS Roma are facing the prospect of a fine of up to €34 millionafter Italy’s financial police, the Guardia di Finanza, concluded its investigation into the club’s financial statements from 2016 to 2021.

Roma’s accounts for the period were examined after the club, along with Lazio and Salernitana, came under investigation by local prosecutors back in April 2023 following the reopening of the investigation into the use of capital gains in Italian football.

A number of transfer deals were investigated over suspicions that exchanges were disguised as sales and of excessive devaluation of player fees. Among the deals under scrutiny was the swap of Luca Pellegrini and Leonardo Spinazzola between Roma and Juventus.

As reported by La Repubblica, in connection with the capital gains case Roma have also been accused of an evasion of Italian corporate income tax, known as IRES, of €19 million, leading to the possibility of a heavy fine that could range from €17 million to €34 million.

Club chose not to accept findings

It is understood that when the Guardia di Finanza presented its report to Roma, the club chose not to accept the findings. If the club had done so, it could have obtained a reduction of up to a sixth of the penalties that may be incurred.

However, it is thought the club’s stance suggests it believes it can demonstrate the regularity of the disputed transactions. The case will now be passed to the Italian Revenue Agency, which will be required to carry out further checks quickly given that the first year subject to dispute could become statute-barred on 31st December.

LFP broadcast deal: beIN Sports falls behind on payments

Concerns have emerged over the LFP’s new domestic broadcast deal with beIN Sports after it was reported that the Qatari-based network has fallen behind on its payments.

The LFP announced a deal with DAZN and beIN Sports in August to broadcast Ligue 1 and Ligue 2 matches for the new five-year cycle running from 2024/25 to 2028/29, reported to be for a total of €500 million per year.

However, it is understood that despite the first payment from beIN Sportsbeing due months ago, the broadcaster is continuing to withhold the money it owes the LFP amid ongoing doubts over sponsorship inventory.

£20 million from sponsorships

BeIN Sportshad reportedly agreed to pay £100 million per year for the prime Ligue 1 Saturday game, with up to £20 million of that figure to have come from sponsorships involving Qatari-based companies.

However, doubts have been raised over its funding of the deal as Qatari companies cut back on spending. It is believed that BeIN Sports had also committed to paying £40 million a year to show Ligue 2 matches on Friday nights.

LFP president Vincent Labrune cuts salary by 30 per cent

LFP president Vincent Labrune has agreed to reduce his salary by 30 per cent, according to a report from L’Équipe.

After his re-election last month, Labrune had announced he would be cutting his €1.2 million per annum wage, although election rival Cyril Linette had promised to cut his salary by 50 per cent if he were voted in as president.

The 30 per cent wage cut for Labrune is said to have come as the LFP looks to reduce its operating costs following the significant fall in the value of its broadcast rights for the 2024/25 to 2028/29 cycle.

The same reduction is also to be incurred by the LFP general director ArnaudRouger, who is reported to earn around €400,000 per year.

Parachute clause

Labrune’s decision to cut his salary was confirmed after a meeting of the LFP board of directors yesterday. Stade de Reims president and LFP board member Jean-Pierre Caillot said: “Unlike his predecessors, the president is giving up any parachute clause in the future… This clarifies the situation a little.”

He added: "We had the objective of a 22.5 per cent reduction in overall human resources costs, and we have a proposal from the president of the league and its general manager to reduce their remuneration significantly, by 30 per cent."

FC Barcelona have reported a net loss of €91 million for the year ending 30th June, 2024 following an extraordinary meeting of the club’s board of directors.

In a statement, the Catalan giants said the bulk of the loss was due to the failed sell-off of its digital business Barça Vision, which it said cost the club €141 million “due to non-payment by some of the investment partners involved”.

The LaLiga club emphasised that it “continues to be confident in [Barça Vision]’s viability and future capabilities, with an established business plan that will allow it to generate recurring income in the near future.”

Despite this setback, Barcelona said it had achieved an operating profit of €12 million. It claimed to have reversed the financial decline of recent years despite a reduction in turnover of more than €100 million per year while it plays at the Olympic Stadium during the revamp of the Camp Nou.

The club did not reveal the total revenues earned in 2023/24, but said it generatedrecord sponsorship income of more than €210 million, as well as record revenues of €110 million from its merchandising subsidiary BLM.

Profits from player transfers also reached their highest ever level, reaching €80 million following the departures of a number of players, including Ousmane Dembélé, Franck Kessié and Abde Ezzalzouli.

Wage bill falls to €500 million

Barcelona confirmed a €170 million reduction in the club’s wage bill, from €670 million to just over €500 million, and said their women’s team, who won the Champions League for the third time in four years last season, contributed €600,000 in profit.

For 2024/25 the club has forecast an operating profit of €5 million, and said this will “ensure a positive EBITDA generation that allows it to consolidate the foundations for the 2025/26 season, where the new revenue generation structure derived from the new Spotify Camp Nou will be extensively deployed.”

Newcastle United face £1 billion bill to redevelop St James’ Park

Newcastle United will be left with a bill of around £1 billion if they push ahead with a proposal to rebuild St James’ Park, according to a report from The Daily Telegraph.

The club continue to insist they have not made a final decision on whether to improve their existing stadium, or move to a new purpose built site elsewhere in the city.

However, it isunderstood that detailed architectural plans for the expansion of St James’ Park have been drawn up and studied, with the capacity of the stadium rising to more than 60,000 if the work goes ahead.

Built more than 20 years ago

The plans have focused on the expansion and redevelopment of both the East Stand and the Gallowgate End. There is also believed to be scope to modernise both the Milburn Stand and the Leazes End, which were built more than 20 years ago.

The estimated cost is believed to be between £800 million and £1 billion, depending on the final details of the project. As revealed earlier this year, Newcastle will need to extend the leasehold on St James’ Park, which expires in 70 years, if they agree to stay put.

Javier Tebas: Piracy costing LaLiga €700 million per season

LaLiga president Javier Tebas has said that piracy is now costing LaLiga around €700 million each season, and warned it is “a real possibility” that some of the league’s broadcast deals could decline if illegal streaming continues apace.

Tebas – who in recent weeks has called piracy “the biggest challenge in the world of football and the sports industry in general” – addressed the issue at the United Nations General Assembly in New York last week.

In an interview with Forbes, the LaLiga chief said the league has been fighting illegal streaming for over 11 years, and also explained how it has begun fining fans who have accessed its content illegally.

Access to first and last names

Thanks to a ruling by a Spanish court, LaLiga now has access to first and last names of certain fans (specific parameters had to be met) illegally pirating its content.

The league sent out thousands of fines for the amount of €450.16, which Tebas said “a large part of fans accepted to pay, and have subsequently stopped pirating.”

Tebas also noted that LaLiga is involved in and has prepared roughly 70 criminal court cases against Google as “necessary cooperator in the theft of television broadcasting rights.”

Italian politicians clash over proposed law allowing fans on to club boards

A fierce war of words has broken out among Italian politicians, including Lazio owner Claudio Lotito, over a proposed law that would allow the entry of fans on to club boards.

After being discussed over recent months, the potential change, first introduced a year ago by the Italian minister of economy and finance Giancarlo Giorgetti, is now generating an increasingly heated debate among members of the country’s parliament.

As reported by Calcio e Finanza, Lazio president Lotito, who is also an Italian senator, said the law would be impractical especially for those clubs who are listed companies. Addressing politicians in favour of it, he said: "You don't understand anything about football and finance.”

Meeting with senators

Earlier this week a meeting was held with senators Lucio Malan and Maurizio Gasparri in the presence of the Italian minister for relations with parliament, Luca Ciriani, to discuss the issue.

During the meeting, a commitment was requested for the proposed law to be repealed within 60 days of its potential introduction, and also an extension of its application date to 20th June, 2025.

Former Newcastle United director Amanda Staveley is aiming to secure a “sizeable stake” in Tottenham Hotspur before the end of the year, according to a report from The Daily Mirror.

Staveley and her husband Mehrdad Ghodoussi were guests of Spurs at last month’s visit of Brentford, and the pair are said to be in advanced talks to acquire a stake in the North London club.

A source close to the deal told The Mirror: “Amanda is serious about being involved with Spurs, and is hoping that an initial purchase can be completed within weeks.”

Family trust

Tottenham are looking for new investment due to one-time majority shareholder Joe Lewis’ declining influence on the club. Staveley and Ghodoussi are expected to buy up some of Lewis’ shares, which are now held in a family trust.

It was first reported back in July that Staveley was exploring a possible stake in Tottenham. The British business executive has recently raised around £500 million through her investment fund PCP Capital Partners – with backing reported to be from the Middle East.

AZ Alkmaar post €12.6 million profit for 2023/24

AZ Alkmaar have reported a profit of €12.6 million for the year ending 30th June, 2024 following the surplus of €1.4 million earned the previous year.

The result came despite turnover falling to €42 million, down from €46.4 million in 2022/23, which the Eredivisie club said was largely due to the team not qualifying from the group stages of the Conference League after reaching the semi-finals of the competition in 2022/23.

The fall in ordinary revenue was compensated for by an increase in other income, including from player sales, which showed a substantial increase of €30.3 million.

Wage bill rises by €3.4 million

The club also reported that its wage bill increased by €3.4 million, with other operating expenses, excluding depreciation costs, decreasing slightly compared to 2022/23.

AZ said the increase in staff costs was mainly due to the growth in the number of full-time equivalents (FTEs) within the club, with a key driver the re-establishing of a women's team, who competed in the Women's Eredivisie in the 2023/24 season.

Joan Laporta faces fresh calls for FC Barcelona assembly to be face-to-face

FC Barcelona president Joan Laporta has come under renewed pressure after former presidential candidate Víctor Font reiterated calls for the club’s general assembly of delegate members to be held face-to-face.

The assembly has been held online since the Covid-19 pandemic but requests have grown for the next meeting to also take place in person, including by six opinion groups from the club who last month initiated a motion of confidence aimed at the board of directors led by Laporta.

In a letter to the current president, Font added to those calls, writing: “We once again demand that this year's assembly cease to be exclusively in telematic format and that it can also be attended in person to maximise participation, as you committed to do during the celebration of the last assembly.”

“Actions of a dubious nature”

Font added: “It is all the more essential that this assembly be a model exercise in participation and transparency and that the whole truth can be known about all those actions of a dubious nature that have been carried out in recent years and that still have no response.”

The former presidential candidate called for greater transparency over a number of developments, including the sale of stakes in Barça Studios, the renewal of the club’s deal with kit sponsor Nike, and “the real evolution of the works” on the Camp Nou revamp.

Juventus have posted further heavy losses, recording a €199.2 million deficit for the year ending 30th June 2024 following the €123.7 million loss suffered in 2022/23.

The club said the result was “heavily influenced” by the club’s ban from competing in Europe last season over breaches of UEFA club licensing and financial fair play rules, as well as by “certain non-recurring costs”.

Revenues fell by 22.3 per cent to €394.6 million, down from €507.7 million in 2022/23, with income from UEFA competitions just €0.1 million compared with €76.3 million the previous year.

Juventus said the club’s return to the Champions League in the current 2024/25 season, as well as its participation in next summer’s FIFA Club World Cup, will have a “positive impact on revenues”.

Profit expected in 2026/27

Juventus added that the “operating result and cash flow are expected to be in the break-even range” for 2024/25 and said that in line with the strategic plan approved by the club’s board in October 2023 the club expects to make a net profit in 2026/27.

Operating costs fell to €400.1 million for 2023/24, down from €427.6 million in 2022/23, while net debt as at 30th June, 2024 was €242.8 million, down from €339.9 million at the end of the previous year.

Trion Reid, an analyst at Berenberg, said the decline in net debt “reflected the fact that the negative operating cash flow and payments for prior player transfers was more than offset by the €198 million capital increase and another €77 million inflow from the factoring of transfer receivables.”

Borussia Dortmund announce €44.3 million profit and record revenues

Borussia Dortmund have reported a net profit of €44.3 million for the financial year ending 30th June 2024, up from €9.6 million in 2022/23.

The result – revealed in the Bundesliga club’s annual report for 2023/24 – was driven by both record turnover of €509.1 million, compared with €418.2 million the previous year, and record total revenues, including player sales, which amounted to €639 million, up from €515.4 million in 2022/23.

Dortmund said their run to the Champions League final – where they lost to Real Madrid in June – as well as significantly higher income from player sales were the key factors behind the healthy financial performance.

Transfer income amounted to €129.7 million, up from €99.1 million in 2022/23, following the departures of Jude Bellingham to Real Madrid, Thorgan Hazard to Anderlecht, Hendry Blank to RB Salzburg and Julian Rijkhoff to Ajax. Profit from player sales was €97.9 million, compared with €72.5 million the previous year.

Broadcast income reaches €206 million

All the main ordinary revenue streams also grew in 2023/24, with broadcast income reaching €206 million, up from €157.5 million in 2022/23, matchday revenue rising to €52.6 million, up from €43.5 million, and commercial income climbing to €146.6 million, up from €142.3 million.

In addition, merchandising income rose to €47.9 million, compared with €33.4 million the previous year, and conference, catering and miscellaneous income reached €56 million, up from €41.6 million.

As for costs, personnel expenses rose to €268.5 million, up from €236.2 million the previous year, while depreciation, amortisation and write-down costs declined by €2 million to €104.3 million. Other operating expenses increased to €166.7 million, up from €114 million.

Wolves chairman Jeff Shi says club is in talks over minority investment

Wolverhampton Wanderers chairman Jeff Shi has revealed that the club is in talks with potential minority investors.

Wolves have been owned by the Chinese conglomerate Fosun since 2016. Speaking to The Daily Telegraph, Shi said: “We have been speaking with groups about minority investment and there is plenty of interest.

“We have to find the right people aligned with us. The valuation, terms, and how we work together for Wolves’ long-term future is all important. We are in a very active process now to have more investors to join us.”

Open to discussions

The Athletic reported last year that while the consistent line from senior figures at Molineux has been that Wolves are not for sale, conversations about potential investment had taken place.

The talks did not develop into detailed proposals, but it was clear Fosun was open to discussions about a sale, partial or full.

Athletic Club use €14.2 million of ‘provisions’ to break even in 2023/24

Athletic Club have said they are moving closer to balancing their books without needing to use financial “provisions” after reporting a break-even position for a second successive year.

The LaLiga club said in a statement that it released €14.2 million in provisions to balance their accounts for the year ending 30th June 2024, an estimated €7 million less than in 2022/23, and said it hopes not to have to resort to using the cushion in order to break even in 2024/25.

To achieve that, the club is hoping to generate another significant increase in turnover, to €155.8 million. In 2023/24, revenues rose to €134.9 million, up 13.3 per cent year-on-year.

Extra €11.5 million

Athletic said the increase in revenues in 2023/24 was mainly due to an additional €11.5 million from ticketing and sponsorship income, the San Mamés VIP Area, museum, events and retail-textile.

The club added that for 2024/25 it is confident in "the consolidation of commercial income and new income from competitions", with its participation in the Europa League a key factor.

Total expenses for 2023/24 rose by 5.5 per cent, to €148.6 million, although amortisation costs were cut by €9.8 million due to lower spending on transfers.

Valencia owner Peter Lim ‘under investigation for €23 million in alleged tax fraud’

Peter Lim, the Singaporean owner of Valencia, is under investigation for tax fraud, according to Spanish media reports.

Miguel Angel Zorio – a former vice-president of the club and one of the most vocal opposers of Lim’s leadership – has claimed that Lim is under investigation for money laundering, disloyal administration and falsification of documents.

Zorio said the tax office is investigating documents he had provided, alleging that Lim’s company Meriton Holdings was paid €23 million between 2022 and 2023 by the club for services not rendered.

‘No evidence’

Zorio alleged there is no evidence of the €17.2 million in 2022 and €6.1 million in services in 2023, and also pointed to the fact that Valencia president Lay Hoon Chan did not declare any income in Spain.

Valencia have not publicly commented on the matter, but it is understood the club has noted that both LaLiga and auditors Ernst & Young looked at their accounts in both years, and that it would be difficult to get any false accounting past them.

Serie A blackout in France closer to ending as talks with L'Équipe progress

The prospects of an end to the coverage blackout of Serie A in France have been boosted following reports that the sports TV channel La Chaîne L'Équipe is in talks to show one game per week from the Italian top-flight.

No Serie A matches have been shown in France yet this season after beIN Sports opted not to renew the rights and no agreement was found between the Italian league and a French broadcaster.

Media in France have reported that La Chaîne L'Équipe wants to seize the opportunity and move forward quickly, and that the choice of broadcaster could be ratified at a Serie A assembly today.

Broadcast tests carried out

A source close to the negotiations told Eurosport: "It seems to be becoming concrete with L'Equipe.” It is also understood that a series of tests was carried out last weekend in preparation for a possible broadcast of Serie A on the channel.

Serie A has sold its broadcast rights for the current 2024/25 season in England, Spain and Germany, with France the only major European market where a deal is yet to be struck.

Manchester City appear to have secured a potentially significant victory in their legal battle with the Premier League over its Associated Party Transaction (APT) rules, according to a report from The Times.

The newspaper has reported that a “last-minute” withdrawal of a league-wide vote on the rules at yesterday’s Premier League shareholders’ meeting indicates City have had at least partial success in their attempt to change them.

A central pillar of the rules – which are designed to limit how much associated parties can pay clubs in sponsorship – was a databank to which clubs are required to submit all commercial contracts, and which in certain circumstances can be used to validate the value of such deals.

Restricting access

The Times understands that the 20 Premier League clubs were due to vote on an amendment to rules specific to the database at the shareholders’ meeting yesterday, and that the clubs were to be asked to vote on restricting access to the databank.

However, the planned vote on the amendment was removed from the agenda late on Wednesday night, even though more specific details of what the amendment regarded were not included.

Sources told The Times that the “last-minute” withdrawal was being interpreted as an indication that a City legal team have enjoyed some success in convincing an independent panel that the APT rules need to be changed.

Ajax post €9.8 million loss for 2023/24

Ajax have reported a net loss of €9.8 million for the year ending 30th June, 2024, following the €39 million profit earned in 2022/23.

Total revenues fell by €44.4 million to €152 million. The Dutch giants said the result was mainly due to lower income from European competition and player transfers, as well as a fall in merchandise sales.

The 2023/24 season was Ajax’s first without any Champions League football for 13 years. The team were knocked out of the Conference League in the round of 16 after finishing third in the group stage of the Europa League.

Income from player sales amounted to €81.5 million, down from €113.3 in 2022/23, and was mainly driven by the transfers of Mohammed Kudus and Edson Álvarez to West Ham United and Jurriën Timber to Arsenal. After depreciation of fees, the figure was €31.3 million.

Ajax also reported that costs decreased, by €11.4 million to €191.3 million due to a fall in player salaries and purchasing costs as a result of the lower merchandise sales. The operating loss for 2023/24 amounted to €39.3 million, compared to €6.4 million for 2022/23.

Another loss expected for 2024/25

Ajax – who are playing in the Europa League again this season after ending their 2023/24 Eredivisie campaign in fifth place – said they expect a further negative result after tax for the 2024/25 financial year.

The club said this was “due to the current level of costs in relation to participation in the UEFA Europa League on the one hand and the transfer result achieved so far on the other.” It added: “With a view to sustainable financial health, additional structural cost reductions will be implemented this season.”

S.C. Braga profit falls by 15 per cent despite record revenues of €90.5 million

S.C. Braga, owned by Qatar Sports Investments who also owns Paris Saint-Germain, have posted a net profit of €17.3 million for the year ending 30th June, 2024, down 15 per cent from the surplus of €20.4 million achieved in 2022/23.

The lower figure came despite the Portuguese club earning record total revenues of €90.5 million, compared with €77.5 million the previous year.

Ordinary turnover doubled to €55.2 million due to S.C. Braga competing in the group stage of the Champions League in the 2023/24 season after playing in the Europa League the previous campaign.

However, income from player trading fell to €34.9 million, down from €49.8 million in 2022/23. The biggest sale was that of Álvaro Djaló to Athletic Club for €15 million (plus €5 million in variables).

Costs rise to €59.6 million

Braga’s presence in the Champions League also increased their costs in 2023/24, with the club recording operating expenses of €59.6 million, up from €45.2 million the previous year.

Added to this were €10 million in transfer amortisation costs, compared with €6.8 million in 2022/23, and €5.3 million in other expenses related to operations on players' rights.

Premier League’s legal fees hit £50 million: six times higher than expected

The Premier League spent nearly £50 million on legal costs in 2023/24 –six times the amount it had budgeted for, The Times has reported.

The cost of investigations and arbitration hearings involving Manchester City, Chelsea, Everton, Nottingham Forest and Leicester City led to the league’s legal bill soaring well beyond the anticipated £8 million.

The Premier League’s finances were due to be discussed by the clubs at yesterday’s league shareholders’ meeting, with questions about the scale of the legal spending expected to be raised.

Unprecedented number of cases

League chiefs could point to an unprecedented number of cases and investigations, and were also expected to explain at the meeting that the costs have been incurred in an effort to protect the integrity of the competition, defend it from legal challenges and enforce the rules.

The Times had previously reported that the Premier League’s costs for the first Everton case alone amounted to £4.9 million, but an independent commission ruled that the club only needed to cover £1.7 million of that.

York City minority shareholder named as US private equity chief Bill E Ford

The family office of Bill E Ford, the CEO of private equity firm General Atlantic, has emerged as a significant minority shareholder in the English National League club York City.

According to a report from Bloomberg, Ford’s family office acquired a 24 per cent shareholding in the club earlier this year. York City announced “a new strategic partner” in June but didn’t identify them.

A source familiar with the matter told Bloomberg that the investment is driven by Ford’s sons – Billy and Tim. York City said in their June statement that the new member of its ownership group would operate as a silent partner.

Data firm

York City are majority owned by the wife and son of Lance Uggla, who is vice chair of General Atlantic and founded IHS Markit, the data firm that merged with S&P Global in 2022.

The Ugglas secured a majority shareholding in York City in June 2023, with the rest of the equity then owned by the York City Supporters’ Trust.
 

Inter Milan have made significant strides towards financial stability by reducing its losses by 58 per cent to €36 million for the fiscal year 2023-2024. The club's total turnover, including player transfers, reached €473 million, marking an 11 per cent increase from the previous year.

This improvement in the club's finances is attributed to a boost in sporting and commercial revenues following their Serie A title win.

According to a statement from Inter, the growth in business was driven by the success in the sporting area, which led to an increase in commercial turnover. Despite this rise in revenue, operating expenses remained nearly unchanged at €464.5 million.

New owner

The club's new owner, the American investment fund Oaktree, has played a pivotal role in Inter's financial recovery. Oaktree took control of the club in May after the previous Chinese owners, Suning, defaulted. Upon taking over management, Oaktree recapitalized Inter with €47 million. This recapitalization included increasing Inter's capital reserves by €44 million and converting the last €3 million of shareholder loans into capital.

These moves by Oaktree are highlighted by Inter as a demonstration of their commitment to achieving financial and operational stability for the club.

UEFA regulations restrict OGC Nice contact with Manchester United owners

According to L'Equipe, OGC Nice, owned by INEOS, has been prohibited from making contact with the owners of Manchester United due to UEFA's regulations on multi-club ownership. This measure ensures that both teams can participate in the Europa League without conflict of interest.

As both Nice and Manchester United started their Europa League campaigns yesterday, INEOS has been instructed to maintain a distance from the French club.

This is not an unprecedented situation; RedBird Capital had to follow a similar protocol last season to enable Toulouse and AC Milan to compete in UEFA competitions.

Affected potential transfer

The arrangement stipulates that Nice must operate independently of INEOS. L'Equipe reports that the club's shares have been placed in a trust until June 30, 2025.

Additionally, have been barred from making contact with the Manchester United owners, including with INEOS Sport CEO Jean-Claude Blanc. This restriction appears to have affected Jean-Clair Todibo's potential transfer to Manchester United, derailing the move.

Chiellini invests in women's football through Mercury/13

Former Italian footballer Giorgio Chiellini has made a "significant" six-figure investment in women's soccer through Mercury/13, a network that owns FC Como Women in Serie A, as announced on Wednesday.

Chiellini, who concluded his illustrious playing career with LAFC in Major League Soccer last December, was inspired to invest in the women's game after witnessing the progress of women's football in the United States, particularly the impact of Angel City FC in the NWSL.

"After spending time in the U.S., I saw the incredible strides women’s football is making there and how much potential it still has to unlock in Europe," Chiellini stated. "That experience inspired me, and I’m proud to be part of a project that’s all about creating new opportunities for female athletes and taking the sport to the next level internationally."

No formal role

While Chiellini will not have any formal role beyond his investment at this time, he will be available for informal consultations. His connection with Mercury/13 co-CEO Victoire Cogevina Reynal began through their involvement with Common Goal, a charitable movement.

Cogevina Reynal expressed her excitement about Chiellini joining as an investor, highlighting it as a testament to the growing recognition and support for women's football. Mercury/13 aims to amplify its impact by acquiring teams across European leagues.

Mercury/13 was established in 2023 with ambitions to invest $100 million in women's soccer across Europe and Latin America.

The German Football League (DFL), responsible for the Bundesliga's media rights, is set to re-tender its rights package B for the seasons from 2025/26 to 2028/29 following a partial legal victory by streaming service DAZN. The arbitration tribunal's decision comes after DAZN filed a lawsuit in April, challenging the DFL's awarding process.

According to announcements from both the DFL and DAZN on Tuesday, the reasons behind the tribunal's decision will be disclosed to the parties in November. Consequently, the DFL has chosen not to comment further until it receives detailed justification and has had time for "substantive coordination" within its Executive Committee.

DAZN had approached the German Institution for Arbitration (DIS), claiming that the DFL had favored competitor Sky by awarding them the contract despite DAZN's higher bid of an alleged €400 million per season. The dispute centers around DAZN's inability to provide a bank guarantee required by the DFL, offering instead a "strong letter of comfort" which was deemed insufficient.

Threats of total withdrawal

DAZN has accused the DFL of abusing its market dominance and had even threatened a "total withdrawal from the Bundesliga" prior to the ruling. The streaming platform currently holds live broadcasting rights for all Bundesliga matches on Fridays and Sundays and insists it made the "most financially attractive and convincing" offer.

DAZN views the arbitration ruling as a victory, expressing satisfaction with the outcome and reaffirming their belief in being the best partner for the DFL, clubs, and German football fans. Sky, however, must now adjust its plans without assurance of holding rights package B.

European football associations rally for extended tenure for UEFA president

A coalition of European national football associations is urging Aleksander Ceferin to remain as UEFA president beyond his current term, which ends in 2027.

The Independent reports that up to 35 of the 55 member associations are prepared to back Ceferin for an extended tenure, which would see him at the helm for a total of 15 years.

This potential extension comes after UEFA's statutes were amended to allow longer terms, a decision that has sparked controversy and could attract scrutiny from the European Commission regarding football governance and term limits.

Mixed signals from the president

Ceferin himself has sent mixed signals about his future intentions, initially indicating he did not plan to run again in 2027, but later avoiding further comment on the matter.

His indecision coincides with increased scrutiny from European political institutions on football governance, particularly in light of the upcoming December 2023 European Court of Justice judgment on the "Super League case" that challenges UEFA and FIFA's monopoly over the sport.

Manchester United's redevelopment plans could boost UK economy

According to statement from Manchester United, a report by Oxford Economics, a independent global advisory firm, the regeneration of Trafford Park with the inclusion of a world-class 100,000-seater stadium could significantly boost the UK's economy.

The preliminary economic impact assessment estimates that the project could contribute an additional £7.3 billion annually to the economy. This development is expected to create 92,000 new jobs and more than 17,000 new homes while attracting an extra 1.8 million visitors each year.

The initial findings, shared by Manchester United's Communications Department, are based on various potential development opportunities in the Old Trafford area. These include not only the stadium but also new mixed-use developments around it and in the adjacent Trafford Wharfside area. The aim is to benefit the local community by attracting new residents, increasing job provision, and transforming the location into a vibrant destination for visitors from Manchester, across the UK, and globally.

Opportunities for more

Foster + Partners, the lead architects on the Stadium District project, have been instrumental in shaping proposals to regenerate the land around the stadium. The vision is to create a sustainable growth hub centered around sports, residential spaces, entertainment venues, business complexes, and educational institutions.

Moreover, there are opportunities to unlock further economic impact through potential changes to the rail infrastructure surrounding Old Trafford. The final results of this study will also guide the final recommendations of the Old Trafford Regeneration Task Force once completed.

Derby County owner seeks new investors following promotion

Derby County's owner, David Clowes, is actively seeking new investors to help consolidate the club's position in the Championship following their promotion. Clowes, who rescued Derby from the brink of liquidation in 2022, is open to selling a significant portion of his shares—up to 80%—to a credible investor, while aiming to maintain his role as chairman post-deal.

According to The Telegraph, since saving the club last summer, Clowes has engaged in discussions with various interested groups globally. Although no formal negotiations are underway, Derby's successful move back into the Championship has attracted a fresh wave of potential investors.

"David made it clear from the moment he took control of the club that he was open and willing to discuss external investment as long as that investment aligned with the club’s existing business model and principles," a source familiar with the situation explained.

No financial distress

The search for additional funds is not indicative of any financial distress within Clowes' company; attracting outside investment has been part of the plan all along. Clowes invested approximately £55 million to bring Derby out of administration. Despite a pre-tax loss of £30 million reported in the latest accounts, this figure includes an impairment charge related to the acquisition of assets whose value later declined.

Derby's resurgence under Clowes' ownership and manager Paul Warne's guidance has been notable, with over 20,000 season tickets sold this season and a current standing of 10th in the Championship.

UEFA boosts solidarity payments in Women's football for non-participating clubs in men's competitions

The UEFA Executive Committee has agreed on a new distribution model for solidarity payments to clubs not participating in UEFA's men's club competitions for the 2024-27 cycle, UEFA says in a statement.

The decision, made during a meeting in Prague, Czechia, will see an increase from 4% to 7% of the projected revenue threshold of €4.4 billion, resulting in €308 million being allocated to these clubs – a nearly 80% rise compared to the previous cycle.

According to the criteria approved by the executive committee, developed alongside the European Club Association and European Leagues, there will be a cap on the distribution to the top five federations (England, Spain, Italy, Germany, and France), with each receiving €10 million. Consequently, the funds available to the other 50 associations will grow from €135 million to €258 million.

Funds for competitive balance

The distribution of these funds will be based on two main criteria: 70% according to each association's position in the UEFA access list and 30% in proportion to the revenue received by each association's top-earning club. This latter criterion is designed specifically to target competitive balance within domestic leagues.

This decision represents UEFA's commitment to supporting clubs across Europe, particularly those not benefiting from the lucrative men's club competitions, by providing a more substantial financial foundation and promoting greater equity within the sport.

The Friedkin Group, owned by American billionaire Dan Friedkin, has reached an agreement to acquire a majority stake in Everton Football Club.

The deal comes two months after Friedkin stepped away from negotiations to purchase Farhad Moshiri’s 94.1 per cent shareholding in the club, amidst concerns over legal issues surrounding loans owed by the club.

The American nevertheless loaned Everton £200 million at the time and retained a vested interest in the club via that investment.

Restarted talks

Friedkin resumed talks with Moshiri over the weekend, engaging in constructive discussions to finalise the acquisition, which sees off interest from Crystal Palace co-owner John Textor. Textor had briefly emerged as a frontrunner in the protracted takeover negotiations following Friedkin’s earlier withdrawal.

Friedkin’s initial attempt to acquire Everton had faltered due to concerns regarding a £200 million loan from 777 Partners, one of several parties that sought to purchase Moshiri’s stake over the past two years.
777 Partners is currently involved in a legal dispute with one of their backers, Leadenhall Capital, in a New York district court. However, following recent negotiations between Friedkin and A-Cap, the principal backer of 777 Partners, these concerns appear to have been addressed.

The American also owns AS Roma and is a member of the European Club Association board.

Eagle Football Group set to cut jobs at Lyon “to adapt to new realities”

Lyon owners the Eagle Football Group look set to embark on a redundancy programme at the club as it reacts to recent developments including the significant fall in the value of Ligue 1 media rights and the failure to meet key targets in the summer transfer market.

In a statement, Eagle Football Group said it “will implement a cost rationalization plan to adapt to the new realities and revenue prospects of Ligue 1 and will shortly be initiating discussions with employee representatives that may lead to a voluntary departure plan.”

US listing

A number of other new developments were also announced, including that the multi-club group Eagle Football Holdings (EFH), and not Eagle Football Group (EFG), the listed entity that owns Lyon, will now seek a US listing on the New York stock exchange by the end of this year.

The statement added that Lyon have faced “cash flow challenges in recent weeks” following limited player disposals (€39 million) and significant player purchases (€145 million).

Also taking into account the fall in future domestic TV revenues due to the new deal with DAZN and beIN Sports, the statement said “EFH intends to provide EFG with working capital financing (approximately €40m) in the coming weeks”.

This will be followed by a capital injection following the sale of EFH’s Crystal Palace stake and the launch of the formal US IPO process.

Commenting on the developments, Trion Reid, an analyst at Berenberg, said: “While the measures announced sound like necessary short-term efforts in order to maintain the viability of the club, we still struggle to see how the club is sustainable in its current form without further asset sales, new funding and/or Olympique Lyonnais managing to qualify for the Champions League and/or Club World Cup.”

Leeds United to increase Elland Road capacity to 53,000

Leeds United have announced plans to expand their Elland Road stadium, increasing capacity to around 53,000 from the current 37,645 seats.

In a statement, the EFL Championship club noted that in its current form the stadium has sold out for every match over the last six years and there are 26,000 supporters on the waiting list for season tickets.

The West Yorkshire club said the project “will focus on increasing capacity to the North and West Stands and will be delivered in phases to maintain as much seating as possible during construction.”

Seventh-largest club stadium

The expansion will make Elland Road the seventh-largest club stadium in English football while keeping Leeds at the ground they have called home since 1919.

Earlier this year, the ownership of the stadium was transferred back to the club, giving it full control of the ground for the first time since 2004.

Real Betis agree €125 million debt refinancing deal with Goldman Sachs

Real Betis have reached an agreement with Goldman Sachs to refinance €125 million of the club’s debt.

The LaLiga side said in a statement that the arrangement will “substantially improve” its balance sheet, as well as providing it with “sufficient liquidity, solvency and financial depth for the coming years.”

The agreement will allow the restructuring of the debt, of a secured senior nature, with a maturity of 10 years, a grace period of three years, and an average maturity of around eight years.

Bullet repayment

The deal also includes a bullet repayment at maturity of 50 per cent of the nominal amount of the debt and underlying cost, incorporating a "very advantageous" annual interest rate.

Betis said the agreement “completely refinances its previous borrowing”, which it said was “more expensive and inefficient”, and “obtains additional resources to comfortably meet its ordinary working capital and other anticipated corporate needs.”

Women’s Super League and Championship agree ‘£45 million’ sponsorship deal with Barclays

Title sponsor Barclays and Women’s Professional Leagues Limited (WPLL) –the new company overseeing the top two tiers of English women’s football – have agreed to the biggest deal in the history of the domestic women’s game.

In a statement, the WPLL said the bank has doubled its previous financial commitment with the renewed investment, which covers both the Women’s Super League and Championship.

According to the PA news agency, the deal is in the region of £45 million across three years starting from 2025.

Significant growth

When Barclays became title sponsor of the Women’s Super League in 2019, it was the biggest investment ever made by a brand into women’s sport in the UK.

The WSL has experienced significant growth since, especially in the wake of the Lionesses’ triumph at Euro 2022. According to Barclays data, the league now attracts 3.2 million followers, with average attendance at matches up 283 per cent since the 2021/22 season.