The Political Economy of Football V2

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Growing financial power of the big six

The authoritative Swiss Ramble looks at the gap between the ‘Big Six’ and other top flight clubs. They invariably have the financial muscle to ensure that results such as Unitrd and Spurs last season are the exception, rather than the rule, while other less fortunate clubs cannot afford a bad season or two, as shown by Leicester City’s decline since surprisingly winning the league. If we define success as qualifying for Europe, an achievement that has the added benefit of enhancing revenue streams, there is no debate around the success of the Big Six. In the last 15 years, there have been only two occasions when less than five members of the Big Six failed to qualify for European competitions. Indeed, in more than half of those seasons, all six clubs successfully negotiated this hurdle. Moreover, they almost always qualified for the lucrative Champions League. Out of the 63 slots available since 2010/11, all but four of them have gone to the Big Six, the only exceptions b...

Major turnaround in Inter's finances

2023/4 was Inter’s first full season under the control of Oaktree Capital Management, who became the new majority shareholder in May 2024, after the previous owners, the Chinese conglomerate Suning Group, had failed to repay a loan from Oaktree by the agreed deadline. The Swiss Ramble reviews their progress. Even if they narrowly missed out in terms of silverware, Inter hit the bullseye off the pitch, as they swung from a €27m pre-tax loss to a €50m profit, a hefty year-on-year improvement of €77m. This was driven by revenue, which shot up €144m (35%) from €407m to a huge new club record €551m, though profit from player sales fell from €65m to €14m. Growth in operating expenses was restricted to 4% (€18m), as these rose from €462m to €480m. All three main revenue streams set new club records, led by broadcasting, which surged €88m (50%) from €176m to €264m. Match day rose €29m (39%) from €75m to €104m, while commercial increased €28m (19%) from €147m to €1...

Wednesday administration is 'bitter sweet'

Following the club going into administration, the Sheffield Wednesday Supporters’ Trust described the situation as “bittersweet”, adding that it was “overjoyed to have Dejphon Chansiri out of our club for good”. It also said that, should a “suitable sale” not be forthcoming, the trust has been working on a fan-led takeover proposal to avoid the club being liquidated. A Trust spokesman outlined this proposal on Radio 4 this morning, but it is difficult to see how fans could underwrite the club's losses. The greater concerns of Wednesday fans will now be over the club’s long-term future. The club’s accounts indicate that in the region of £115m is owed to Chansiri in the form of loans but a sale process led by his legal team since the end of last season has failed to bring new ownership. The administration process and search for Chansiri’s replacement will be overseen by Manchester-based firm Begbies Traynor, which was previously appointed as administrators of Wigan Athlet...

Why ownership change at West Ham is difficult

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.

New Uefa probe into Juventus

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.

Taxman's winding úp petition against Wednesday

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.