Skip to main content

Palace supremo wants spending rules relaxed

John Textor called for the Premier League spending rules to be relaxed at the FT Football and Business summit — or ditched altogether — so that rich owners can pump their own money into clubs and cut the gap with the top teams.  He also wants a World Super League.

Textor’s Eagle Football Group owns Olympique Lyonnais, RWD Molenbeek, Botafogo and is the largest shareholder in Crystal Palace. Textor said spending limits stopped ambitious clubs from upgrading their squads in the transfer market and amounted to “anti-competitive behaviour”. He cited the example of Nottingham Forest’s billionaire owner Evangelos Marinakis. Forest were charged by the Premier League earlier this year for breaching spending rules.

“Has this really been a problem, that everyone is going bankrupt? The sustainability issue is a fraudulent issue. Somebody shows up and tells Marinakis, an incredible guy in terms of resources and assets . . . and says we know you have [the money], but we’re worried about you Mr Marinakis. Don’t spend it.”

He went on to say that linking spending to revenue would merely make the Premier League less and less competitive and people would lose interest.

“I’ve got to somehow find a way to put Crystal Palace against Erling Haaland [of Manchester City]”, he said. “If you get an injury you don’t get to pull a £15mn player off the bench you’ve got to take somebody from your academy because you can’t afford to have that player on your bench. That’s not sport. Is anyone really having fun with this?”

He added: “Don’t tell me if Leicester City can do it, anybody can do it. It’s broken.”

Labels:

Comments

Post a Comment

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
1 comment
Read more

Gold standard ground boosts Tottenham's income

The gold standard in European football grounds is the Tottenham Hotspur stadium in north London, a £1bn construction project completed in 2019. Its impact on the club’s finances has become increasingly clear as the effects of the pandemic have faded. Previously, the average fan would spend less than £2 inside the ground on a typical match day, but now that figure is about £16, thanks to new facilities including the longest bar in Europe and an on-site microbrewery. Capacity has gone up from 36,000 at the club’s previous home of White Hart Lane to 62,000.  The new stadium — built on land adjacent to White Hart Lane — has opened the door to a broad range of other events that have helped to push commercial income up from €117mn in 2018 to €215mn in 2022. Last year, Tottenham hosted US singer Beyoncé for five nights on her global Renaissance tour, two NFL matches, as well as rugby games and heavyweight boxing bouts.  Money brought in from football has gone up too. Match day income is
Post a Comment
Read more

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 depl
Post a Comment
Read more