The Political Economy of Football V2

Those fans calling for a change at the top at Wet Ham should take account the the ownership structure. The future could hinge on the late David Gold’s 25 per cent stake, controlled by his descendants. Discussions have included a potential investment into the club, which is set to announce big losses for last season. But the problem remains that any new investor would not have control of the club without buying shares from David Sullivan, the co-owner who owns 39 per cent, or the Czech billionaire Daniel Kretinsky, who bought a 27 per cent share for about £150million in 2021. West Ham expected Kretinsky to exercise his option of a full takeover in the summer of 2022.  He never did and bought Royal Mail. Some of the potential investors have a tech background, which could appeal to supporters who have called for better scouting and the use of the type of analytics employed by other clubs.

Italian side Juventus are the subject of an investigation from UEFA into possible financial breaches. The Turin-based club received notification from European football’s governing body last month that proceedings had been opened into the three-year period from the 2022-23 season through to the 2024-25 campaign, with an outcome expected in spring 2026. n July 2023, Juventus were banned for a season from European competitions by UEFA for breaches of club licensing and financial fair play (FFP). The club were also fined €20m (£17.1m, $22m), of which €10m was conditional and would only be enforced if there were irregularities in Juve’s annual financial statements for 2023, 2024 or 2025.

HM Revenue and Customs has filed a winding-up petition against Sheffield Wednesday for an unpaid tax bill estimated at £750,000 to £1 million, related to PAYE and VAT obligations. The Championship club, owned by Dejphon Chansiri since 2015, could enter administration, incurring a 12-point deduction from the English Football League and threatening their 20th-place standing, two points above relegation.  This development follows repeated transfer embargoes, wage delays, and unsuccessful sale attempts amid ongoing financial difficulties.

Real Madrid are stepping up plans towards a radical change in their ownership structure — one that would allow external investors to purchase stakes in the club for the very first time. Madrid have been owned by their  socios  (club members) since being founded in 1902 and any adjustments to that model would require them to approve it in a vote. Only three other clubs have the same structure in Spanish football — Athletic Club, Osasuna and Barcelona. Madrid are the only club in world football to have recorded revenues over €1billion (£870million; $1.2bn), a total reached over the 2023-24 season according to a Deloitte report (€1.045.5bn was the exact figure). Despite this, Madrid’s president, Florentino Perez, has spoken about how being owned by members holds them back in certain ways, especially when competing in the transfer market with rival clubs backed by billionaires or sovereign wealth funds. Madrid’s president is now set to present new details and further plans...

It was October 15, 2010, when Fenway Sports Group, then known as New England Sports Ventures, completed its £300million takeover of Liverpool.  The debt-ridden Premier League giants had been pulled back from the brink of administration after the destructive reign of Tom Hicks and George Gillett. “I am proud and humbled,” principal owner John W Henry told reporters. “I can’t tell you how happy I am. We’re here to win.” It took FSG time to get the right personnel and structure in place after the mess inherited from Hicks and Gillett. This summer’s record-breaking spending spree, following last season’s title triumph, underlined how increasing revenues have allowed Liverpool to buy established, elite talent rather than untapped potential. Liverpool’s total outlay was around £449m, including add-ons. No club in the Premier League era has ever spent more in one window, but they also generated up to £260m from sales.   “It’s been years in the making,” CEO B...

“Everything about the Premier League becomes more difficult every year,” Brighton & Hove Albion owner and chairman Tony Bloom tells  The Athletic , speaking at the club’s training ground. There can be no denying Brighton’s incredible progress since Bloom first took over the club in 2009. They had just finished 16th in League One — English football’s third tier — when Bloom arrived in the boardroom, but in the eight years that followed, they won two promotions and a place in the Premier League, and moved into both a state-of-the-art training facility and their now-famous Amex Stadium. The hallmark of Brighton’s spell in the Premier League has been innovative thinking — be that in the transfer market or when appointing new managers. This vision has helped keep the club punching above their weight and regularly overcoming opponents with far bigger budgets, and has also secured Bloom’s status as one of the most respected minds in the game. “It’s getting to that point where th...