More money, more problems
“Long-term expansion”, “income and sustainability”, “investment for the future”, “increasing expenses of products and services”: the terminology used in modern soccer is now synonymous with the awkward jargon spoken by UK chancellor Jeremy Hunt during Wednesday’s budget speech. In fact, football finances have become such a significant topic that there has been a rise in the number of “football finance experts” in recent years. This encompasses a wide range of individuals, from Gianni Infantino enjoying the benefits of Saudi funding, to Big Sir Jim leading a revolution at Manchester United, to more local matters such as Neasden FC’s ongoing operational costs since Buffy Cohen’s departure. This field of expertise can be a valuable resource for those who struggle with financial statements, spreadsheets, and profit and loss reports.
This season has seen a surge in certain industries, similar to a bullish market. This is evident in the emphasis placed on understanding the Premier League’s sustainability and profit regulations. The recent 10-point deduction for Everton, later reduced to 6, served as a practice run for future penalties. Everton’s accountants have more explaining to do, and they may face additional penalties. Another team facing scrutiny is Nottingham Forest, with their recruitment process being compared to the high-stakes comedy “Brewster’s Millions”. Manchester City’s 115 charges, which have been a long time in the making, are likely to result in disappointment, much like the highly anticipated Second Coming of the band The Roses. Other teams are also facing repercussions, such as Leicester who may be doing well in the Championship, but are at risk of breaking financial rules set by the English Football League (EFL). It is possible that the final standings for both the Premier League and Championship may be marked with asterisks due to ongoing issues with financial compliance. However, Leicester denies the EFL’s jurisdiction as they argue that the financial discrepancies occurred while they were in the Premier League.
Currently in queue for the chat: Chelsea. Within the category of football finance experts, there is a subgroup of individuals who are deeply invested in the financial success of their own team and eagerly await the financial reports of other clubs in order to compare and validate the management of their own club. Chelsea is the prime example for these experts. And their expectations have been met as Chelsea announced a pre-tax loss of £90.1m on Wednesday, following a loss of £121.4m in the previous year. Under the regulations, the club is allowed to lose up to £105m over a period of three years, rather than just one. In a monotone statement, the club declared that it is still in compliance with the financial regulations set by Uefa and the Premier League.
Oops! Hooray! Woof! However, how can sports clubs adhere to regulations? Instead of spending excessive amounts on mediocre players while profiting Mr and Mrs 15%, could there be other options? Perhaps, but there are also other reliable sources of income. Tottenham has recently announced a 6% increase in ticket prices, including a raise for seniors. The supporters’ trust expressed dissatisfaction, stating that these changes unfairly affect elderly loyal fans. Meanwhile, the club justified the increase by citing rising costs of utilities, rates, and supplies, as well as the need to maintain a sustainable operation. This left fans searching for words to rhyme with the chancellor’s name.
Streaming live on a major website.
John Brewin will be providing live minute-by-minute coverage of the Roma vs Brighton match in the Big Vase tournament, starting at 5:45pm GMT. Simon Burnton will also be covering the Sparta Prague vs Liverpool match at the same time, and Will Unwin will be providing updates on all the 8pm kick-offs in his clockwatch. It’s going to be an eventful evening!
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“Quote of the day”
In a study conducted by Kick It Out, it was discovered that 80% of UK-based female participants faced sexism in coaching and expressed both their passion and exhaustion for the profession. They shared how they were often undermined, questioned, and overlooked in their coaching environment.
FOOTBALL DAILY LETTERS
As a newcomer to the world of tribal support, I was thrilled to hear the recent Football Daily episode about the Championship. I do not have any sophisticated analysis to offer, nor do I seek to win any awards, but I commend you for showcasing the Championship. Sincerely, Krystyna Findley, a relatively new fan of Leicester.
Sarah Rothwell mentioned in yesterday’s Football Daily letters that my local team, the Colorado Rapids, are currently struggling. However, there was a time when they were successful and even won the MLS Cup in 2010 under the leadership of Omar Cummings, a prolific Jamaican striker. Since then, they have not been able to achieve many wins, whether playing at high altitude or at sea level, and I have not been attending their games as regularly. Initially, I attributed the team’s shortcomings to Stan Kroenke’s ownership, but then his other teams such as the Colorado Avalanche, Los Angeles Rams, and Denver Nuggets all won their respective championships. This made me rethink my reasoning and I began to believe that Kroenke lacked knowledge about soccer. However, to my surprise, Arsenal (another team owned by Kroenke) became successful again, causing my previous justification to lose value. As we enter a new season with only one point gained from two matches, my current excuse for not supporting the Rapids is, to quote the phrase used by Bajan cricket fans in the past, “no Cummings, no goings” – R Reisman.
Please send correspondence to the boss’s email address: [email protected]. Our chosen recipient for today’s letter of the day is R Reisman.
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Source: theguardian.com
