The Political Economy of Football V2

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...

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.