The Political Economy of Football V2

Having lived in the Midlands for over 50 years, I regard Aston Villa as the leading regional club, a status that has gone from aspiration to fulfillment.  My chiropodist is a keen season ticket holder so we always discuss the club’s progress. Here I rely on the latest assessment by the Swiss Ramble of the club’s 2024/25 accounts.   He has an unrivalled data set and forensic financial skills which he applies from his Zurich base.    Read more on his Substack page. This has the makings of another fine season for Aston Villa, as they on course for fourth place in the Premier League, while they have guaranteed their qualification for the Champions League. In addition, they could get their hands on some silverware by winning the Europa League, as they are favourites to beat German side Freiburg in this week’s final in Istanbul. It bears remembering how far Villa have progressed under owners Nassef Sawiris and Wes Edens, who bought the club in July 2018.  ...

  From his Zurich fastness, the Swiss Ramble casts his forensic eye over Watford's finances.  More analysis and detail is available on his Substack page. Watford swung from a £12.8m pre-tax profit to a £16.0m loss in   2024/25, a decline of £28.8m in the bottom line, mainly due to a significant reduction in revenue, which more than halved, falling £31.6m from £57.6m to £26.0m. This was exacerbated by lower profit on player sales, which dropped £13.5m (46%) from £29.3m to £15.8m. This was partially compensated by a £14.5m (21%) decrease in operating expenses from £68.9m to £54.4m, as the club “implemented several cost saving initiatives and made efficiencies across the business”, while net interest payable fell by a third from £5.2m to £3.5m. Watford’s loss follows two years when they posted profits, adding up to an impressive £37m.   In fact, they have managed to make money on five occasions in the last decade, which is not too shabby in the crazy world of foot...

Football finance guru Kieran Maguire reckons that Rotherham United are one of the best run clubs in the EFL, but they will nevertheless be hit hard by relegation to League Two,  It's only recently that they were in te Championship and the financial gap between the two divisions has become wider:  https://www.rotherhamadvertiser.co.uk/sport/football/rotherham-united/words-of-caution-for-rotherham-united-from-one-of-footballs-top-finance-voices-8545580

Hull City could be the losers from the 'Spygate' crisis and the lawyers could be the winners. If the EFL decides that Southampton can stay in the play off final, Boro are likely to sue given the sums that are at stake.  And if the EFL removes them, the Saints will call in their lawyers. Meanwhile Hull City do not know who they are going to face and when they will face them.   This makes it particularly difficult for their disabled supporters who need to book transport and accommodation. One thing that surprised me is how open Boro's training ground is.   I live near Coventry City's training ground and once they started to be a serious club again, big screens were erected.

Problems on the pitch and in the dressing room in Madrid are feeding into the boardroom. This week Florentino Pérez, the club’s all-powerful president,  said  he would call an election, even though his current term runs for another three years. He vowed not to resign, and lashed out at his various critics, who he blamed for trying to destabilise the club. “Why do they want to get rid of me? Just because a few people are saying they want to stand for election? Let them stand”, he said. It’s not that long ago that Pérez was touting his plan to reorganise Real Madrid in order to raise money from investors. The idea was to allow an outside party — perhaps a private equity firm — to buy a stake of 5 to 10 per cent. The proposal is controversial, to say the least, for a club owned by its 100,000 members. The Spanish club has the highest revenue in football, at more than €1bn a year. Sportico reckons the club is worth $7.7bn; Football Benchmark has a slightly lower figure of aro...

  Daniel Levy’s sudden dismissal last September put the Lewis family in the spotlight like never before. Without Levy there to run the club and act as the lightning rod for criticism, more questions have been asked of the Lewis family regarding their long-term plans. Throughout, the Lewis family have been very clear that they do not want to sell up.  A consortium did express interest last September , which led to a source close to the Lewis family dismissing it as “unsolicited and unnecessary interest”. But whatever happens over the last two games of this season, the question of the Lewis family’s long-term intentions for Tottenham Hotspur won’t go away for long. Especially with fans aghast at the struggles of the club this season, facing the fear of their first relegation for 50 years. The Lewis family’s position, that the club is not for sale, is steadfast, regardless of which division Spurs are playing in next season. There is another potential factor regarding the ownershi...