Skip to main content

Two cheers for the Premier League

An all English Champions League final. That will silence knockers of the Premier League, for 24 hours anyway. There are always plenty of believers in the tall poppy syndrome ready to say that La Liga, Serie A or the Bundesliga are better.

First, congratulations to Liverpool and Tottenham Hotspur for incredible comebacks. Anfield will always be one of my favourite football stadiums and I enjoyed going there when Charlton were in the Premier League. The owners of the club have invested money in the stadium, the manager and players, but in a prudent rather than reckless fashion.

Tottenham Hotspur have come through a potentially difficult season with flying colours. No money was spent on the team in the summer and they have had a difficult stadium transition, albeit one that has ended with an iconic stadium. I was privileged at the beginning of the season to attend a reception opened by the Mayor of Haringey and meet some of the Spurs fans doing important work in the local community.

Of course, the knockers will be back. They will say that the Premier League uses too many foreign players, rather than encouraging English talent. They will complain about foreign owners, although for me the distinction is between good owners and bad owners, not English and foreign ones.

They will complain about the money washing around in the Premier League without focusing in the consequences of globalisation or the use of soft power by states like Qatar (although there have been rumours this week that they may reduce their backing for Paris Saint Germain).

I was once accused of a Panglossian attitude towards the Premier League, but I do have some criticisms which is why I say two cheers rather than three. The dominance of the top six, even stronger this year, undermines the competition. OK, Wolves may break in next year, just as Leicester did, but it's a case of the exception proves the rule. I have an even greater concern about the distorting effect that in my view (and that of experts like Kieran Maguire) over generous parachute payments have on the Championship.

I am also not happy about plans to turn the Champions League into an effective cartel, although apparently these are running into some opposition.

Comments

Popular posts from this blog

Threat of financial calamity removed from Baggies

West Bromwich Albion had effectively been in decline ever since the club was sold to a Chinese consortium in August 2016, paying a figure north of £200m to buy former owner Jeremy Peace’s stake. Controlling shareholder Guochuan Lai’s ownership was fairly disastrous for the club, but his unloved tenure finally came to an end after Bilkul Football WBA, a company ultimately owned by Florida-based entrepreneur Shilen Patel and his father Dr Kiran Patel, acquired an 87.8% shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion Football Club. This change in ownership was urgently required, due to the numerous financial problems facing West Brom, including growing high-interest debt and serious cash flow concerns, following years of no investment from the former owner. Indeed, West Brom’s auditors had already rung the alarm bell in the 2021/22 accounts when they cast doubt on the club’s ability to continue as a going concern without making player s...

Spurs to sell minority stake

Tottenham Hotspur is in talks to sell a minority stake in a deal that could value it at up to £3.75 billion and pave the way for Joe Lewis and his family to sever ties with the Premier League football club. Tottenham chairman Daniel Levy is seeking an investment that values the club at between £3.5 billion and £3.75 billion, including debt. While the terms of any deal have not been finalised, City sources expect Spurs to sell about 10 per cent. The club is being advised by bankers from Rothschild on the sale. Tottenham wants to raise fresh capital for new player signings and to help fund the development of an academy for its women’s team, as well as a 30-storey hotel next to its north London stadium. The financier Amanda Staveley, who brokered the deal for Saudi Arabia’s Public Investment Fund to take over Newcastle United, is understood to be among the parties to have expressed an interest in Tottenham. Staveley’s fund, PCP Capital Partners, has raised about £500 million to ...

Millwall punch above their weight

Millwall’s season was overshadowed by the tragic death of owner John Berylson following a car accident. The American had been an exemplary owner, beloved by the fans for his leadership, passion and generosity. Millwall’s finances had been pretty good during his tenure, which we shall explore by looking at the most recent accounts from the 2022/23 season, when the club narrowly missed out on a place in the play-offs after finishing 8th. Millwall’s pre-tax loss slightly reduced from £12.6m to £12.2m, as revenue rose £0.8m (4%) from £18.6m to a club record £19.4m and player sales improved from a £0.1m loss to £2.5m profit. However, other operating income dropped from by £1.1m from £1.3m to £0.2m, while operating expenses increased £1.7m (5%) from £31.6m to £33.3m. The main driver of the revenue increase was broadcasting, which rose £1.1m (12%) from £9.1m to £10.2m, though match day was also up £0.4m (7%) from £5.8m to £6.2m. In contrast, commercial fell £0.7m (19%) from £3.7m to £3....