The Political Economy of Football V2

The tireless Kieran Maguire has been up early looking at the latest filings at Companies House. Blackburn Rovers parent company Venky’s London publish results for year to 31 March 2019. The whole of the turnover is attributable to Blackburn Rovers. The club lost £20.3 million in year despite promotion to the Championship, which works out as £391k a week. Average income in the Championship is £31.4m, so Rovers are on less than half that, partly due to impact of parachute payments [which have such a distorting effect in the Championship]. The Blackburn wage bill in 2018/19 was the third lowest of the decade, average weekly wage £11,000 a week last season compared to division average of £16,000 a week. At £6.1m media (up from £2.9m in League One) accounted for 41 per cent of income; commercial at £5.2m accounted for 35 per cent; matchday at £3.6m accounted for 24 per cent. Lancs Live comments on the results here: Blackburn Rovers You can read the accounts online at: Venky's Lon

In an example of a successful fan social media campaign centred on the tag #DonaldOut, Sunderland owner Donald Stewart is actively seeking a buyer for the faltering club with a 'heavy heart': Just how many buyers there are out there at the moment with a number of clubs potentially available is a moot point. The Chinese are no longer big investors so much depends on the Gulf States and the US. Saudi Arabia may, however, be willing to make a move as it seeks to burnish its image. Sunderland are currently 13th in League One, one point ahead of mighty Burton Albion. One can understand the frustration of fans, but it is not always easy for substantial clubs to get out of the third tier.

A sale of AS Roma is imminent, reports the Financial Times from New York. According to the Pink 'Un, the club is set to be acquired for €750m including debt which would be a record for a Serie A team. Growing television revenues provide an incentive to buy clubs. The buyers are a consortium led by US billionaire Daniel Friedkin. His family own the Gulf States Toyota Distributors car dealership and other business interests. He is expected to go ahead with a plan to build a new stadium for AS Roma. A group of US investors bought a controlling stake in the club in 2011, making them the first foreign owners of an Italian club. The existing American investors have become disillusioned about the failure of the local authorities in Rome to upgrade or regrade the Stadio Olimpico shared with local rivals Lazio. They have a poor reputation for failed governance This points to a wider failure, the dysfunctional nature of the Italian political system. One might ask how some economic

The authoritative and thorough Swiss Ramble has reviewed the 2018/19 accounts of Stoke City. Despite relegation, Stoke City cut their pre-tax loss from £30m to £15m, even though revenue dropped £57m (45%) from £127m to £71m and profit on player sales fell £4m to £18m, as costs were down £75m. The Swiss Ramble comments from Zurich, 'The £15m loss is obviously not great, though in fairness very few clubs manage to make money in the challenging Championship environment. Worth noting that the highest losses are often reported by the promoted clubs – though these invariably include hefty promotion bonuses.' He adds, 'Following four consecutive years of (small) profits between 2014 and 2017, Stoke have now posted losses two years in a row, adding up to £45m in total (£30m in 2018 and £15m in 2019), though worth noting that £31m of this is from impairment (non-cash) adjustments.' Revenue trends The main reason for Stoke's £57m revenue reduction was broadcasting, whic

An interesting and in depth account of what has happened to Italian football based on an interview with John Foot, author of the authoritative Calcio: A History of Italian Football : Serie A The article starts by stating: 'In the 1980s and 1990s, Italy’s Serie A was the world’s leading football league. But as financial interests asset-strip once-great clubs and the terraces become home to harshening racist abuse, Italian football no longer looks like such a “beautiful game.”' Of course, others might argue that recent inward investment in the Italian offers more promise for the future.

The Financial Times had a very interesting article yesterday by Bryan Harris about football in Brazil suffering under a debt burden. Yet I think it could have been an even better article if the Pink 'Un had separated out those factors that arose from globalisation and could apply in any country in the Global South and those that were specific to Brazil. The article argues, 'Following years of financial mismanagement and corruption, some of Brazil's biggest clubs are on the brink of collapse' and may not survive 2020. Revenue from TV rights has increased 160 per cent over the past decade, but this has been outpaced by the cumulative debt of the 20 top league teams that has soared to $1.7bn. Some of the patterns that are noted are common to football in general. Some 40 per cent of club revenues come from TV rights - lower than for many Premier League clubs, but still substantial. An increasing portion of revenue comes from player sales, some 24 per cent, which is u

Comments on social media suggest that some Sky subscribers were not happy to find that Amazon had secured the exclusive rights to the Boxing Day Premier League round of fixtures on the 26th and 27th December, including Liverpool's demolition of Leicester City and the exciting fixture between Wolves and Manchester City which brought the title race to an end. Subscribers thought that the chance to watch Brentford or Hearts was meagre fare in comparison. It was great news for me as I live in a conservation area and am not allowed to have a satellite dish, so I was able to watch live Premier League matches for the first time. One suspects that one 'ain't seen nothing yet' from Amazon as a challenger to BT and Sky. As a company Amazon likes to have a big stake in every area of world commerce, and nothing is more global than football. With Manchester City giving up on the title race, one wonders if Liverpool's procession to the trophy will diminish the interest of th

Shakers fans have three plans on the table as they seek to revive their club: Plan A: a consortium interested in buying the club in its present form. Plan B: the purchase of Gigg Lane, valued at £3.8m, by entrepreneur Robert Benwell, either out of liquidation or by way of repossession. Talks are continuing with mortgage holder Capital Bridge Financing. Plan C: A supporter-led phoenix club named Bury AFC to apply to join the North West Counties League from next season. They would seek a ground share, possibly with Radcliffe. As far as Plan B is concerned, Benwell has said that he would invest £800k of his own money to pay off a percentage of the ground's mortgage. He claims to have an agreement in principle with Capital Bridge Financing for £4 of every ticket, potentially priced at £15, to pay the interest on the rest of the mortgage. Chair of the Bury Phoenix Group Chris Murray told The Football League Paper, 'I wasn't totally on board with the Benwell idea when yo

The authoritative Swiss Ramble reports on the latest set of accounts from Lazio. Their net financial debt rose €10m from €46m to €56m, as gross debt was up from €50m to €60m and cash was unchanged at €4m. Financial debt was just €10m in 2012. Lazio have been steadily increasing their expenditure in the transfer market with average annual gross spend rising from €20m 2010-14 to €28m 2014-17 and €38m 2017-20. However, average sales have also grown to €46m in the last 3 years, leading to €8m net sales. Although the €28m Lazio wages growth in the last two years is quite steep, it has still been outpaced by the “Big Three” in Italy (Juventus €66m, Inter €41m and Roma €39m), which means that the gap has further widened. Revenue has grown by €24m (24%) in the last 2 years from €100m to €124m. The highest increase in this period came from commercial €13m, followed by broadcasting €8m and match day €3m. Since 2016 Lazio have managed to grow revenue by a third. However, their €30m growth ha

Uefa have now published the financial results of all European competitions for 2018/19 and the Swiss Ramble has made his authoritative analysis available on thread reader. A link to it does not work, but you should find it easily enough if you go to Twitter and check @SwissRamble. Among the key points: Barcelona had the highest 2018/19 Champions League payment of €118m, but English clubs received four of the top six distributions. The Champions League revenue distribution changed in 2018/19 with the introduction of the UEFA coefficient, so that the TV pool is much less important than it was before. This rewards historically successful clubs rather than those with larger national TV rights deals. At €85m Real Madrid almost earned the same as Atletico Madrid €86m, as their higher UEFA coefficient just about compensated for a lower TV pool. Highest Europa League payments by far went to English clubs, winners Chelsea €46m and runners-up Arsenal €39m. Juventus €96m was by far the high

The keeper waits for some action at the Garrison Field Waterlogged pitches are a big problem around the country at the moment, particularly for non-league clubs. I can't remember a game being called off for that reason in the Isles of Scilly league, but that is what has happened to today's fixture between the Woolpack Wanderers and the Garrison Gunners. The Garrison field stadium is on a high elevation. The next match will be between the Old Men and the Young Men on Boxing Day. Poole Town, ironically known as the Dolphins, have been particularly hard hit and have launched a crowd funding appeal to ease their cash flow 'desert': Appeal to ease cash flow crisis

I have two old friends who are lifelong Bristol Rovers supporters, but with one now living in Hong Kong I no longer get the chance to discuss matters with him. Manager Graham Coughlan has left for the delights of Mansfield, 18th in League Two, although it is evident that not all fans were behind him. Bristol Rovers are currently fourth in League One. According to Bristol Live, 'Both Coughlan and former boss Darrell Clarke have both now shared their grievances about the lack of financial support from the club, and a minimal to non-existent budget is something the new boss should expect.' That should attract some good candidates, although some worthwhile names have been mentioned. Leading football finance expert Kieran Maguire did express concern earlier in the year about the fact that 97 per cent of turnover was being spent on wages at the Memorial Ground: FFP rule could hinder Rovers The whole situation is something I need to look into in greater depth, but I doubt wheth

Bury Football Club have had two lifelines. First, a winding up petition has been dismissed in court after an undisclosed debt to Her Majesty's Revenue and Customs was paid, by whom it is not clear from this report: Live to five another day Second, the North-West Counties League is considering an application from a phoenix club, Bury AFC. This formula was pursued with most success by AFC Wimbledon. AFC Rushden and Diamonds has been making reasonable progress in the non-league pyramid. The House of Commons select committee concerned with media and sport made some stringent criticisms of the way the EFL handled the matter before Parliament was dissolved. They may well return to consider it further, although the two Bury constituencies have new MPs. I wish every success to Bury fans in the New Year.

There is a risk that Aston Villa could breach the Premier League's Financial Fair Play (FFP) rules which are less stringent than those of the Championship: Forced fire sale? Villa nearly breached the Championship rules last year, but were one of three clubs that avoided a breach by selling and leasing back their stadium. I wouldn't panic if I was a Villa fan just yet. The difficulty is that promoted clubs have to spend unless they are happy to just stay in the Premier League for one season which then reduces their parachute payments.

The takeover of South-East London club Charlton Athletic appears to be on track after concerns were raised by the EFL about the Abu Dhabi consortium's links to Manchester City. Assurances have been given that the takeover is being funded from private funds and it is not a backdoor takeover by global football business City Football Group: Addicks takeover The collapse of Bury has put increasing pressure on the EFL to ensure that its tests are stringent. The EFL's conduct was criticised by a House of Commons committee. Fans have called for tougher tests, but the downside is that some much needed takeovers may fail as a result. The role of the Gulf States in football is a very interesting topic as we enter the 3rd decade of the century. It is in large part an exercise of 'soft' power. China has also seen its potential, as recent events involving Arsenal have shown, and Chinese interests have taken a stake in City Football Group which is the first really global footb

Luton Town are finding it a financial struggle to compete in the Championship, not a surprise: Gary Sweet talks about Luton's financial constraints Kieran Maguire of the PriceofFootball is now the leading academic analyst of football finance living in the UK. The estimable Swiss Ramble lives, of course, in Switzerland. I am greatly looking forward to Kieran's book on the subject which is coming out in January and which will be reviewed here. Kieran is publishing with Agenda and my own book on football with them is due for submission in July. One of Kieran's strong (and justified) views is about Championship finance. I think that the linked article is wrong in saying that Luton have the smallest budget in the Championship. That honour belongs to Charlton Athletic, currently owned by barmy Belgian Roland Duchatelet. If the new owners from Abu Dhabi are approved by the EFL, and I don't see why there should be any objection, that is likely to change. Shell shocke

Unsurprisingly, relegation hit Stoke City hard: Accounts Stoke City suffered a pre-tax loss of nearly £15.5m in their first year after relegation from the Premier League, but that was down on the pre-tax loss of more than £30m in the previous financial year. The club continues to be reliant on the finances of the Coates family. I will try and provide more detail once I have looked at the accounts online at Companies House. However, the documentation is still being processed. Meanwhile, Stoke City had the most expensive squad in the history of the Championship last season with £196 million, beating the £147 million of Newcastle United in 2016/17, notes Kieran Maguire. Since the end of 2018/19 Stoke City have signed players for £9.6m and had sales of £1.6m.

The authoritative Swiss Ramble takes a look at Champions League finances so far this season. He states, 'What is clear is that qualification for the Champions League is more lucrative than ever – and this reinforces the financial strength of the elite clubs from the Big Five leagues. Huge money from the CL makes qualification more likely, which delivers more cash.' 'As an illustration of how much a club could potentially earn in total, let’s take Manchester City as a hypothetical. If they won the Champions League, winning all their group stage games (and the other English clubs were eliminated in the last 16), they would receive an incredible €134m. The maximum amount a club can earn from the Champions League (excluding TV pool and coefficient) is a substantial €82.5m, which is 44% (€25.3m) higher than the previous cycle’s €57.2m.' Barcelona have the highest Champions League 2019/20 revenue to date in Spain with €81m, due to earning the most prize money and having t

Yesterday's game between Arsenal and Manchester City was pulled by Chinese state television after Mesut Ozil made remarks on social media about what he stated was the treatment of Uighur Muslims in China (claims denied by China). Ozil has German nationality, but is of Turkish heritage and his remarks were initially made in that language. The game was replaced by a recording of the game between Wolves and another North London club. A Chinese state newspaper described Ozil's comments as 'false' and claimed he had 'disappointed' football authorities. In addition, the Chinese Football Association said Ozil's comments were 'unacceptable' and had 'hurt the feelings' of Chinese fans. Arsenal were quick to distance themselves from his remarks on Chinese social media, saying that they were those of an individual and not the club and emphasising that the club was apolitical. Any exclusion from the lucrative Chinese market would be a commercial b

Top South London football journalist Richard Cawley looks at the £11m shortfall facing AFC Wimbledon for the first phase of their new stadium at Plough Lane. Despite the shortfall, fans are for now resistant to offers of external investment (three individuals who would each put in £2.5m) which would change the character of the club: Plough Lane build Nevertheless, a leading blogger at the club said: 'It’s pretty clear some of the initial reaction from a fair amount of our fans – particularly younger ones – are all for the idea of selling off to some form of outside investment.' He also argued, 'There isn’t an £11m shortfall because they’ve actually got £5-6m of that secured if the other bit was in place.' An interesting observation with wider applicability was: 'It’s part of the wider debate in League One about clubs improving their grounds. Andy Holt at Accrington talks about this – most owners are almost discouraged from doing it because they don’t get money

Sir Alex Ferguson has condemned plans emanating from Real Madrid for a world soccer league. Globalisation may be alive and well in football when it has retreated elsewhere, but this is surely a step too far: Ferguson criticises scheme Sir Alex said: 'Without question it is money-orientated, but surely this would not be attractive to our clubs in the Premier League, which at the moment is the best domestic league in world football and is well-supported financially by Sky, BT and now Amazon. I struggle to see why an English team would need to leave.' I don't see this plan going anywhere. A European Super League is still on the table, though, although probably as an enhanced version of the Champions League.

After three years of losses Rotherham made a £1m operating profit last season, reports Kieran Maguire of the Price of Football. The Championship average was a loss of £24.2 million or £465,000. Rotherham income was up to a record £13.9 million from £10m on the back of higher broadcast revenues following promotion to the Championship. Of course, they were relegated to League One. This led to some savings as Championship bonuses did not have to be paid. The club feels 'that the players could have done no more to secure their cherished Championship status. Match day income in the Championship was up by 17 per cent to £2.6m. Average attendances increased by 16 per cent from 8,514 to 9,885. Season tickets sales were up by 8 per cent. The big increase was in 'central distributions' from the Premier League and Championship, up 233 per cent at £7.5m. Commercial income was £3m. Rotherham paid £56 in wages for every £100 of income in a division where the average is £107. A

It's not really news that Championship clubs are running up big losses or that they are spending more on players' wages than their incomes. The urge to get to the promised land of the Premier League is just too strong. Preston North End have been losing £112,000 a week over the last decade. I am always sceptical when I read about 'bubbles about to burst'. We shouldn't forget that many of these clubs have very generous benefactors. Sometimes their generosity pays off as at Brighton, sometimes it doesn't as at Middlesbrough. Nevertheless, this Radio 5 analysis contains some interesting detail: Championship in the red Kieran Maguire of the Price of Football notes, 'Championship revenues have risen over the last 5 years due to higher parachute and solidarity payments from the Premier League. The new domestic TV deal that starts this season is worth 10% less than the old one which will hit Championship, League One and League Two income. Half of Championship

Is Old Trafford 'tired and worn' as The Guardian claims? Faded grandeur It's an in depth article which looks at the history of the stadium and includes many photographs. There have been no significant improvements to the stadium since the Glazers took over in 2005 of the kind that have happened at Liverpool, while Tottenham Hotspur have an iconic new stadium.

A report that started with the Wall Street Journal but has been reproduced in the British press suggests that Roman Abramovich has rebuffed an inquiry from an American billionaire about buying Chelsea. The approach was made by Ted Boehly who is the head of a Connecticut-based private investment firm. He is part owner of the Los Angeles Dodgers baseball team. The £3 billion asking price for Chelsea would make a big dent in his $5bn fortune. Anyone who is going to buy Chelsea needs deep pockets as they would need to redevelop Stamford Bridge. Sir Jim Ratcliffe, Britain's richest man, had talks with Chelsea representatives, but considered the asking price to be poor value. He now owns Nice. The Financial Times reported in August last year that Mr Abramovich had appointed Raine, a US merchant bank, to conduct a ‘strategic review’ of the club he bought in 2003, after receiving multiple offers from potential buyers. One of the offers came from Silver Lake who have now bought a s

The authoritative Swiss Ramble examines the recently published accounts of Brighton and Hove Albion which showed a £22m loss in 2018/19. Only three clubs reported a larger loss than Brighton in 2017/18, namely Crystal Palace £36m, Watford £32m and Stoke City £30m. The blogger notes, 'Brighton are no strangers to losses. In fact, they have only reported profits twice in the last 12 years (2008 and 2018). In that period, the club has accumulated £135m of losses, averaging £11m a year, mainly in the pursuit of promotion.' The club have made very little from player sales [an increasingly important item for many clubs]. In fact, they have reported just £26m profit from this activity in the last 10 years. Their £17m profit from player sales over the last five years was the lowest of the clubs in the Premier League in the 2017/18 season. In stark contrast, Chelsea made £337m over this period, though Southampton’s £216m is perhaps more relevant. A massive 79% of club revenue comes

Qatari Sports Investment, the owners of Paris Saint-Germain, are closing in a takeover of Leeds United. They will buy a stake initially and take complete control at a cost of £120m if Leeds are promoted to the Premier League: Closing in on takeover Leeds owner Andrea Radrizzani will consider using part of the proceeds of the sale to buy another European club, possibly Genoa in Serie A which is currently up for sale.

Arsenal's poor form this season could cost them up to £40m in lost revenues if they fail to qualify for the Europa League. The club admitted in their accounts last year that playing in the Europa League rather than the Champions League in 2017/18 had cost them about £35m in football revenue. In the latest accounts the club state that they earned £36.6m in broadcasting revenue from the Europa League last season. There could also be reduced commercial income, including from sponsors, and a potential issue with season tickets as Arsenal include seven cup matches in the price. However, there would be lower bonuses and travel costs without European football. There are some puzzles in the latest accounts, partly arising from the fact that they are for Arsenal Football Club, whereas Arsenal Holdings has around 20 subsidiaries, one of which appears to be holding cash earned by the football club. Forbes comments, 'There is no reference in Arsenal Football Club’s financial statemen

CVC Capital Partners, one of the world's largest private equity groups with $82.5bn of assets, have been approached by Real Madrid about creating a new global football league contest. Two leagues of 20 teams each are being considered. These would probably include the founder members of the World Football Club Association. Florentino Pérez, the Real Madrid president, is also president of this newly created body. The founder members include Real Madrid, AC Milan, Auckland City, Boca Juniors and River Plate in Argentina, Club America in China and Maezmbe in DR Congo. Significantly, no Premier League clubs seem to be involved. CVC is involved in talks with Fifa about acquiring the commercial rights to the revamped Club World Cup. The present eight team Club World Cup is to be replaced by a 24-team contest featuring at least eight European teams and taking place every four years. China will host the first expanded tournament in mid-2021. CVC has a long history of acquiring and

Arsenal have published their 2018/19 accounts. They moved from a £97 million profit to a £23m loss due to lower revenue and profits on player sales. However, the balance sheet looks strong. They have over £100m in the bank and profits of £453m made over the years. The main reason for the fall in revenue is £30m less from matchday, this is less to do with attendances falling or lower ticket prices and more to do with how the bean counters recognise matchday income. The wage bill down at Arsenal to £230m, lower than Manchester United (£332m) Manchester City (£316m) Liverpool (£263m) and Chelsea (£244m) but higher than Spurs (£148m). The club spent £99m on transfers in 18/19 on Torreira, Leno, Sokratis and Guendozi. Player sales were £18m. Since the end of 18/19 Arsenal have had a net spend on players of £93m. The Swiss Ramble blogger warns, 'Arsenal accounts released today are only for the football club. We will only see the full picture when club publishes consolidated accou

There is no end to the ingenuity of top six clubs in securing new forms of sponsorship and training kit deals are a new earner. Liverpool and Manchester United already have them and Manchester City are on the verge of announcing an eight figure deal: Long term contract

Football finance expert Kieran Maguire has reassured Brighton and Hove Albion fans about the club's £21.2m loss in 2018/19, saying that they should not be too worried: Expert's view Maguire notes that the income £143.4m compares to £1.6m when they had their first season in the top division in 1979/80. Turnover remained similar to the debut Prem season at £143.4million last term against £139.4 million in 2017-18. The club made a £11.3 profit in the previous year, but managerial changes, wages and transfer fees dented profits. Maguire notes, 'Brighton matchday income flat as average attendance of 30,403 reflects capacity at Amex stadium. The only way to increase it is increase capacity (too costly) or more matches at home.' Broadcast income up 3% to £113m. More overseas income and FA Cup progress good but lower prize money and fewer matches shown on BT/Sky bad for finances compared to previous season. TV money contributes £79 out of every £100 for Brighton, compare

Aberdeen may stay at Pittodrie beyond 2023: If we can't raise the money we can't do it The Dons are ready to proceed to phase two of their planned new stadium at Kingsford as they finalise the completion of phase one, the training ground and community hub at Cormack Park, but incoming chairman Dave Cormack insists the move will only happen if the economic climate is right and the team is successful on the pitch.

Former Real Madrid president Ramon Calderon is fronting a bid to take over financially troubled Malaga. Owner Sheikh Abdullah is under pressure to step down and it is thought that Calderon is representing an investment group from Qatar: Malaga takeover

Sheffield Wednesday's chairman could be banned from football over his buy back deal for Hillsborough after the EFL charged him and two others with misconduct: Chansiri could be banned It is alleged that Chansiri sold the stadium to avoid breaking the EFL’s new profitability and sustainability rules. Wednesday are thought to be ready to contest the charges.

Grimsby Town have published their accounts for 2018/19. Income up 12% mainly due to broadcast revenue. Profit made due to player sale/loan income of £176k. Grimsby spent £46,600 on transfer fees in 2018/19. The wage bill was up five per cent to £2.77m. Grimsby’s main creditor is owner John Fenty. Club repaid £250k of loan in 18/19 following £200k previous year to reduce loan to £1.55 million. Grimsby total losses over the years just under £3m. The club is technically insolvent but not an issue whilst directors continue to back it. The Aaditors seem happy with this. The club is more or less cash generation neutral. Grimsby are committed to spending a further £107k on new ground plans.

The authoritative Swiss Ramble takes a look at Aberdeen's financial results for 2018/19. Aberdeen’s loss widened from £0.4m to £5.0m, almost entirely due to the £4.3m impairment of Pittodrie stadium. However, revenue rose £0.5m (3%) to another club record of £15.9m, though profit on player sales was unchanged at £0.3m. The only club in Scotland to generate sizeable profits from this activity was Celtic £17.7m, followed by Rangers £3.1m. Aberdeen’s revenue growth was driven by gate receipts, which increased £0.6m (13%) to £5.4m, due to the cup runs, and commercial income, up £0.5m (7%) to £7.4m, despite a reduction in sponsorship. Broadcasting fell £0.6m (17%) to £3.1m. The good news is that Aberdeen’s £16m revenue is the third highest in Scotland, but the bad news is that they are miles behind the big two Glasgow clubs. They are around a fifth of Celtic’s £83m and less than a third of Rangers’ £53m. The revenue gap between Aberdeen and Rangers has been increasing, as their riva

Writing in the Financial Times Tom Braithwaite puts a sceptical view about the acquisition of a stake in City Football Group by Silver Lake under the headline 'Silicon Valley is inflating the football bubble.' Silicon Valley gets accused of lots of things, but this must be a first. He questions the statement by Silver Lake boss Egon Durban that CFG is 'an impressive global platform of marquee football clubs across five continents.' OK, most of them are second or third rank, but with capacity for growth. He then goes on to assert that the fan base for Manchester City is 'thin'. It is true that at one time City was very rooted in Manchester and didn't have the global following of United. Indeed, it probably didn't have much of a fan base in Guildford where you could encounter United fans who had never been to Old Trafford. But City is catching up. The argument that media executives prefer Liverpool, Tottenham Hotspur, Chelsea or United doesn't

Previous interest by GACP Sports in making a bid for Newcastle United has been largely discounted by fans, but there are indications that they may be preparing a serious attempt, including the possible sale of a minority stake in Bordeaux to raise more funds: Serious bid coming soon