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Football Finance

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Bid for Leeds put on ice

The bid by a mystery Middle East consortium for Leeds United has effectively been put on ice with the exclusivity period enjoyed by them coming to an end.   The club is prepared to continue discussions, but the ball is very much in the court of the prospective purchasers.

Financial fair play hits smaller clubs

Like many well-devised schemes Uefa's Financial Fair Play has perverse and unintended consequences, particularly as it is rolled out a lower level.  The new Salary Cost Management Protocol rules that come into effect this summer in Leagues 1 and 2 may appear to be a sensible attempt to curb unsustainable spending, but in fact they could hit smaller clubs.

Council to provide loan to Pompey fans trust

Portsmouth City Council is expected to approve a £1.45m 12 month loan to help fans bid for Pompey.  The money will only be made available to the Pompey Supporters' Trust if there is no other commercial alternative to bringing the club out of administration.


Tough conditions are expected to be attached to the loan.   The club and its assets have to be bought for £7.68m which includes provision for the full and final settlement of the football creditors.   This requires agreements with all players on high wage contracts.

Truro City crisis deepens

The crisis at Truro City has deepened with players' wages not paid by the deadline they set yesterday.  It's uncertain what sort of team they will field at their opening fixture at Billericay Town.  Apart from anything else, the cost of transporting a team from Cornwall to Essex is substantial and any coach operator is likely to want payment up front.


Chairman Kevin Heaney has not been contactable and there is speculation that he may be going into hospital for an operation which could sideline him for several months.

United success forecast in IPO but concerns remain

The initial public offering (IPO) of Manchester United is set to be finalised this evening.  The club is offering 16.7m Class A shares which are set to be priced at between $16 and $20 each before listing on the New York Stock Exchange tomorrow.

Instiutional investors are said to have shown strong interest.   The ratio of conversion from attendance at roadshow events to firm indications of interest has been better than usual.

Why financial fair play doesn't work

This is a contributed article by Daniel Clyne and takes the form of an open letter in response to recent comments by senior Uefa official William Gaillard about the rationale and benefits of financial fair play:

Why the Glazers are really good guys

In today's Financial Times, leading football economist Stefan Szymanski argues that there is something to be said for the Glazers, the controversial owners of Manchester United.

He argues that the club's debt burden is not as bad as it looks.  He admits that Glazer financing has added £350m to the costs of the business, but with the owners promising to use half the proceeds of the IPO to retire loan notes, 'debt is no longer really a problem for the club.'

Scottish football's financial woes

Scottish football is starting to face up to a life with Rangers in the third division.   The Scottish Premier League's £80m five-year broadcasting deal with  BSkyB and EPSN, which had not been signed, has been axed.   It is thought that the new agreement is worth £50m to the 12 SPL teams over the same period.   And with Celtic nailed-on football betting favourites to win the title in Rangers' absence, will people still be tuning in to watch the SPL?

Chinese buy into Inter

A group of Chinese investors is set to become Inter Milan's second biggest shareholder following the club's agreement to sell a block of shares.   Inter's objective is to raise its profiles among Asian fans so as to raise new resources.

The investors including a company controlled by China Railway Corporation.   They will develop a new football stadium with Internazionale Holding, the football club's parent, for completion in 2017.   Inter currently shares the San Siro with rivals AC Milan.

Bleak outlook at Truro City

The future of Truro City as a Blue Square Bet South club is hanging by a thread after the squad gave the club a seven day deadline to pay the wages they are owed.