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WG 14 out of 20 Premier League cubs paid no corporation tax according to their latest accounts although half of them were profitable. This is largely because historic losses can be set against future profits to wipe out tax bills.
Tottenham Hotspur reported profits of £83.3m in its last set of accounts, but only paid £518,000 in corporation tax. Manchester City made profits of £15.3m and received a tax credit of £380,000.
As well as topping the Premier League, Leicester City have recorded record pre-tax profits for the year ending 31 May 2015. Profits were £26.8m compared with a loss of £20.8m in the previous year. Income was up to £104.4m from £31.2m.
With the return to the Premier League, income went up from £31.2m to £104.4m. The King Power stadium was largely sold out at 98.5 per cent of capacity with match day receipts up from £6.9m to £10.6m.
Reports are claiming that five top Premier League clubs have been involved in a meeting to discuss a breakaway European Super League. The clubs were Arsenal, Chelsea, Liverpool, Manchester City and Manchester United.
They met with American billionaire Stephen Ross at the Dorchester Hotel. The real estate developer created the pre-season International Champions Cup.
There has already been big interest in taking over Notts County with eight buyers reported to be in the frame. Most of the interest has come from overseas and talks have already been held with an anonymous Danish billionaire.
Having failed in a takeover at Woking, businessman Ashley Read is now to trying to take control at rivals Aldershot Town. Months of negotiations with Woking ended after they failed to provide the financial information he required. Woking, who posted losses of £500,000 in their last financial year, badly need a cash injection.
Aldershot chairman Shahid Aszeem save the club from almost certain closure in 2013, doesn’t hide the club’s search for fresh investment. However, he says that there is no offer on the table yet.
Subject to Football League approval, the takeover of Bolton Wanderers by the Sports Shield consortium headed by Dean Holdsworth has been completed. He has yet to make investment promises or identify his backers.
Iranian-born British citizen Farhad Moshiri, who is resident in Monaco, has agreed to take a 49.9 per cent stake at Everton. Until Friday he was a significant shareholder in Arsenal.
Moshiri, who made a fortune of £1 billion through investments had been a co-investor in Red and White Holdings who own 30 per cent of Arsenal. He sold his stake to partner Alisher Usmanov for £150m to fund buying into Everton. His investment values the club at £175m. It is expected that he will eventually complete a takeover.
Arsenal recorded a small loss of £3.4m in the six months to 30 November, compared with a profit of £6.2m in the same period the preceding year. The difference is largely explained in terms of income from player transfers.
Turnover was up from £148.5m to £158.4m. The club has a war chest of over £159m should it need to draw on it.
Lincoln City have faced more than their fair share of financial problems over the years. They went into administration in the 2001-2 season and were relegated from the Football League in 2010-11.
They then faced a new financial crisis in 2015. However, their fans rallied round and invested £165,000 in the club, as well as raising money through a crowdfunding scheme. Their finances are now back on an even keel.
Ray Trew has stepped down as chairman of Notts County and has announced the club is for sale. He became owner and chairman in 2010 but said he and his family were subject to ‘foul and mindless abuse’ in recent days.
Trew bought the club for £1 and took in debts of £1.5m built up during Middle East consortium Munto Finance’s brief period as owners. The Magpies have had nine full-time managers during Trew’s tenure.
Whether there will be any buyers for the club remains to be seen.