The Political Economy of Football V2

Watching Spain in the World Cup is almost like watching Barca, not just because of the number of their players in the squad.  As the Financial Times pointed out in an interesting analysis, the playing philosophy (possession football) that can be traced back to Johann Cruyff subtly influences the way in which Spain play. Simon Kuper writes in the Pink 'Un: 'The story starts with Cruyff. The Dutchman played for Barcelona in the 1970s, and when he returned in 1988 as manager, he made every side from the under-10s to the first team play the same style.  They defended on the halfway line and pressed the instant they lost the ball. He introduced a training exercise that remains the staple of almost every Barcelona practice today: the rondo, essentially, a piggy-in-the-middle game in which players inter pass in a confined space, while opponents try to intercept. That helps explain why Barcelona, the most Cruyffian club, produced about half the national team’s current starters, whil...

When Fenway Sports Group president Mike Gordon started to plan for Liverpool’s future without Jurgen Klopp in early 2024, his first call was to Michael Edwards. Initially, Gordon’s attempts to get Edwards back on board were in vain. Enjoying more family time with wife Emily and their children, and the slower pace of life working as a consultant for Ludonautics, the sports advisory analytics business launched by his former Liverpool colleague Ian Graham, Edwards had no interest in returning to his old job as the club’s sporting director. However, Gordon refused to admit defeat and following discussions in Boston, he belatedly got his man by offering him a role with a much wider remit as FSG’s first CEO of football. Edwards, who had left the club in 2022 after more than a decade of service, was given responsibility for overseeing Liverpool’s budget and strategy. He was also tasked with identifying, buying and subsequently running another European club, with FSG vowing to embark on ...

On Thursday morning, Manchester United unveiled the proposed location of their new, 100,000-capacity stadium.  Unsurprisingly, minority owner Sir Jim Ratcliffe’s prize project will be based on land the club acquired last month to the north-west of the existing Old Trafford stadium, around 350 metres away from what has been their home since 1910. Collette Roche, United’s chief executive of new stadium development, spoke to journalists following the event at Old Trafford to give an update on where the plans stand, and how they have changed since United first announced their ambitions for a new home in March last year.  Back in March 2025, Ratcliffe expressed confidence that the project could be completed in as little as five years, provided it gained the support of local and national government. Omar Berrada, United’s chief executive, was unequivocal on timescales at that stage. When asked if the 2030-31 season was the target for the grand opening, he simply said: “Yes.”Yet ...

There was a time, not that long ago really, when Tottenham Hotspur were synonymous with frugality, on the pitch at any rate. The criticism of the club, and foremost on their erstwhile chairman Daniel Levy, was that they had money but wouldn’t spend it. Cash-rich. ‘Ambition’-poor. That is a tougher argument to square now.    Tottenham are spending big. For some time, the only player they’d ever committed a guaranteed fee in excess of £50 million for was Tanguy Ndombele, who joined from Lyon in 2019. But with these latest recruits, they will have spent over £50m on five separate transfers in a year. Even by the standards of modern English football, Tottenham’s outlay is eyebrow-raising. Inside the first three weeks of the summer window, they have committed a reported £230 million on three signings. Add unreported agent fees and the Premier League’s transfer levy of four per cent on every incoming transfer, and their splurge tops a quarter of a billion pounds. The club’s sing...

The latest Deloitte report on football finance calculates the benefits of promotion to the Football League. 'Coventry City, Ipswich Town and Hull City earned promotion to the Premier League for the 2026/27 season. Following their return to the top-flight after a 25-year absence, Coventry City can expect a revenue uplift of at least £210m across the next three seasons, based on projected increases in matchday, broadcast and commercial revenue. The other club that secured automatic promotion, Ipswich Town, may anticipate a minimum boost of £170m – this figure is comparatively lower as they were in receipt of parachute payments during the 2025/26 season, following their relegation from the Premier League in 2024/25. These figures could rise to £365m and £325m respectively, should both clubs avoid relegation after their first season in the Premier League. Amidst the controversy surrounding this year’s play-offs, Hull City ultimately defeated Middlesbrough in the final at Wembley to...

The latest Deloitte Annual Review of Football Finance is now available and is well worth reading:  https://www.deloitte.com/content/dam/assets-zone2/uk/en/docs/services/consulting/2026/deloitte-annual-review-of-football-finance-2026.pdf It sounds a cautionary note about the state of the game and the growing gap between fans and wealthy owners, but then we live in a world in which billionaires are increasingly calling the shots in culture, sports and politics. The report states: 'The 2024/25 season was one of transformation and expansion, with both UEFA and FIFA launching refreshed competitions for their flagship men’s club competitions. These saw more clubs compete for larger prize pots, with distributions to those participating bolstering otherwise plateauing broadcast revenues. These changes underpinned a 6% strengthening of the European football market, which surpassed €40 billion for the first time in 2024/25. The ‘big five’ leagues’ relative contribution to this total remain...