The Political Economy of Football V2

Newcastle United’s owners are open to selling a minority stake in the club in order to help fund significant infrastructure projects, including a potential replacement for St James’ Park and a purpose-built training ground. People familiar with the matter have told  The Athletic  that Saudi Arabia’s Public Investment Fund (PIF) retain a long-term commitment to Newcastle, the club they bought from Mike Ashley for £305million in 2021.  Nevertheless, they are willing to dilute their current 85 per cent shareholding and have been approached by possible investors. The British Reuben family own the other 15 per cent of Newcastle. David Hopkinson, Newcastle’s chief executive, has been pushing to end the sense of stasis regarding the club’s stadium plans and training facilities, both of which have become a source of frustration. St James’ is routinely sold-out but is in need of refurbishment, while Eddie Howe’s first-team squad continue to train in an environment which is mor...

Southampton have been kicked out of the Championship play-off final, known as the richest game in football due to the financial rewards from winning it, after the club was found to have broken league rules by spying on opponents’ training sessions.  The English Football League, which runs the second, third and fourth tiers of professional men’s football, said on Tuesday that an independent disciplinary commission had decided to expel Southampton from the play-off final, due to take place on Saturday. It added Southampton had “admitted to multiple breaches of EFL Regulations related to the unauthorised filming of other clubs’ training”. Southampton will also receive a four-point deduction for next season. Southampton had been hoping to bounce back to the Premier League after being relegated last year. The south coast club is majority owned by its chair, Serbian billionaire Dragan Šolak. The club still has tickets for the Championship play-off final advertised for sale on its web...

Tottenham Hotspur will travel across London on Tuesday night for one of the most financially consequential games in football history. Victory against rivals Chelsea would see Spurs take a big step towards maintaining their place in the Premier League after the club’s worst season in more than 50 years. Defeat would leave the door open to relegation and a potential drop in revenue of up to £270mn next year alone. Spurs’ plight belies its longstanding reputation as one of the game’s most shrewdly run clubs under former executive chair Daniel Levy, who was ousted last year by majority owners the Lewis family. Over the course of his 25-year tenure, Levy garnered a reputation for overseeing a lean, frugal operation — former Manchester United manager Sir Alex Ferguson once said that negotiating with him was more painful than his hip replacement. But his latter years were characterised by wasteful spending on players and worsening performances on the pitch. The spectre of relegation is pr...

Does Milan’s San Siro need to be demolished?   Edwin Heathcote reviews the evidence from an architectural perspective in the Financial Times. Milan’s San Siro stadium is one of football’s great spectacles. Part of it is the atmosphere during a game, especially one of the Madonnina matches, the fierce derbies between the two teams that call the stadium home, AC Milan and Inter. But it is also the incredible sight of the architecture after a match, when the fans descending the huge concrete circulation cylinders create the dizzying impression of a building swirling around them, as if the whole structure is spinning in response.  The Madonnina is named after the gilded statue of the Virgin that stands atop Milan’s Duomo. The San Siro is far bigger than even that huge gothic cathedral and, together with La Scala opera house, the three constitute a kind of trinity of revered Milanese monuments. Unlike the other two, however, the San Siro looks likely to be demolished....

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...