Skip to main content

Posts

Bitter £4m legal battle threatens York City's promotion hopes

A bitter legal battle between the former owner of York City Jason McGill and the current owners could threaten the chances of the Minstermen returning to the EFL after a decade's absence. It is a complex dispute and one that has attracted the attention of the independent football regulator. McGill was credited with saving the club from oblivion with his loans, but he was a divisive figure and his relationship with the supporters' trust became strained. Julie-Anne Uggla is a 62-year-old British-Canadian entrepreneur and philanthropist who lives in north London. The purchase of a football club — she also looked at Yeovil Town — was prompted by a passion for the game she shares with her son, the two of them forming 394 Sports Ltd. At York, they have become popular owners, investing more than £6 million in the past two years in pursuit of promotion. Should the Ugglas be unsuccessful in challenging McGill’s demand, it could be ruinous for the club. As detailed in the High Court clai...
Post a Comment
Read more
Recent posts

Big losses at Charlton

Charlton Athletic have published their annual accounts for 2024/25.  A big loss of £16.8m is slightly offset by player sales:  https://www.charltonafc.com/news/charlton-submits-annual-accounts-report Revenue was up from £8.8m to £11.2m, but the wages to turnover level was 141 per cent, double the recommended level.
Post a Comment
Read more

Have Grecians turned away gifts?

As Exeter City emerges from a financial crisis which has led to budget cuts, it is evident that there have been offers of external investment.  This interview with the interim chairman illustrates some of the limitations of the fan ownership model:  https://www.devonlive.com/sport/football/football-news/exeter-city-open-investment-offers-10872138
Post a Comment
Read more

Blue skies over Coventry

My eldest lives down the road from the Coventry City training ground at Ryton.  During the years of exile at Northampton and Birmingham it was a forlorn sight, blighted by years of under investment.  Now high fences keep out inquisitive eyes.  A cluster of Sky Blues fans can usually be seen by the gate hoping to see players or even Frank Lampard himself. The Swiss Ramble has cast an inquisitive eye over the 2024/25 accounts for the Sky Blues.  As usual, the full picture is available on his Substack platform, but here are some highlights. Despite the improvement in the league, Coventry found life more difficult off the pitch, as they swung from an £8.7m pre-tax profit to a £21.6m loss, a decline of £30.3m in the bottom line. The positive was a large increase in revenue, which rose £4.8m (17%) from £29.3m to a club record £34.1m, but this was not enough to compensate for a significant reduction in profit from player sales, which dropped £20.6m from £23.7m to just £3.1m...
Post a Comment
Read more

Liverpool owners opt out of buying second club

Liverpool’s U.S. owners Fenway Sports Group (FSG) has shelved plans to purchase a second football club.   FSG announced its intention to create a multi-club ownership (MCO) group in 2024 when it rehired Michael Edwards as its CEO of football. Extensive analysis was conducted on around 25 clubs with a strong focus on Spain, Portugal and France. FSG investigated possible deals for Bordeaux , plus Spanish outfits Malaga  and Getafe,  but opted not to pursue them. The New York Times  also revealed FSG looked into buying a minority stake of less than 30 per cent in Monaco in early 2025 alongside another ownership group but, again, decided not to take it any further. The reasons behind FSG's decision is necessarily speculative but they tend to be cautious and risk averse. To some extent the MCO bubble has burst or at least peaked.   It was also never quite clear what strategic objective they were pursuing.
Post a Comment
Read more

What is happening about Manchester City charges?

The penalties imposed on Chelsea have reignited interest in the charges made against Manchester City  There has been no formal movement in the Premier League’s case against Manchester City for over a year. Following a four-year long investigation, City were originally charged with 115 breaches of the league’s financial regulations in February 2023 — depending on classification, it could even be understood as 130 breaches. City deny all charges, but broadly, the Premier League allege that the club breached profit and sustainability rules (PSR) by disguising payments from ownership as sponsorship, and providing undeclared salary or bonuses to players and managers. The in-person hearing began on September 16 2024, finishing almost three months later on December 6. The three-person independent panel then retired to reach their decision. Fifteen months have now passed without an update. “I really can’t comment, and there are very good reasons for that,” Premier League CEO Richard Master...
Post a Comment
Read more