After spending the summer in Tokyo Olympic competition, And a short stay in Speak cricket With the legendary West Indies high-speed bowler Michael Holding, I’m back in reality. I spent this week at my desk in London focusing on my bread and butter: I talked to European football executives about their money issues.
Fans are excited about all the transfers that have caught the attention of the past few months, but the hidden story remains that most clubs across Europe are still in a serious financial crisis, as explained in this week’s scoreboard. Is suffering from. It’s an ongoing story to get attention, but there are also important dispatches on abuse scandals. American gymnastics It is approaching an expensive conclusion. Please read- Murad Ahmed, Sports Editor
Summer transfer provides a window to the new elite of football
European football summer transfer period, three months period when clubs can sign players, Slamming shut this week. There were many things to keep the headline writer busy. Lionel Messi When Cristiano Ronaldo, Made by both of the two best soccer players of their generation Big hit movement..
But as a number from a consultancy Deloitte Obviously, the amount spent on transfer fees fell by € 250 million compared to last summer to € 3 billion. Spending during the period has also fallen sharply from the record € 5.5 billion spent in 2019.
Indeed, the transfer window reveals how the crisis caused by the coronavirus has reconstructed the elite hierarchy of sports.
Let’s start with Spain. FC Barcelona The most profitable club in the world. But that income is almost not enough to manage huge debt worth more than a billion euros.
The Catalan team was forced to sell players. Its most valuable asset, Messi, is Paris Saint-Germain Free transfer for clubs I can’t afford it anymore Argentine astronomical wages. Barcelona will not be strong in the transfer market for the next few years.
real Madrid Attempted to show that they still have purchasing power by offering up to € 200 million to acquire PSG Kylian Mbappe.. However, some believe that bidding was a sign of stance.
People close to these negotiations said all parties knew that even if Mbappe’s contract expired in a year, the French club would not sell it. Qatar-owned PSGs simply don’t need money. Madrid knew that too.
There are several clubs — PSG, Manchester city When Chelsea — It can rely on the deep pockets of wealthy owners. This is even more true as the pandemic has relaxed the so-called financial fair play rules in Europe.
These curbs are set to be completely scrapped in favor of a system that allows the wealthiest people to use whatever they like, as long as they pay a large “luxury tax” on their privileges. I am.
In this upcoming regulatory environment, the only other club that can compete for the best players is the English club. Premier League, The wealthiest domestic soccer tournament.
In the UK, net spending during the summer (player acquisition minus sales) was £ 560m. This exceeds total spending in four other “big” leagues in Europe: Spain, Germany, France and Italy.
One of the major football industry figures is in Real Madrid, Barcelona and Italy. Juventus They are sticking to their dream of launching the European Super League, a project that other clubs are currently abandoning. They need money to stay at the top of the game.
U.S. gymnast abuses saga and approaches $ 425 million settlement
Since then Larry Nassar The sexual abuse scandal surfaced publicly in 2016, American gymnastics Hundreds of victims, including Olympic champions Simone Biles, Aly Raisman When McKayla Maroney, Trapped in a protracted court battle over how to compensate survivors.
Their battle involves reforming the governing body to prevent such a crisis from happening again.
This week, both sides approached the resolution as much as they have for years. A disclosure filed late Tuesday at the U.S. Bankruptcy Court in Indiana was a $ 425 million settlement with more than 500 survivors already mentioned and others who may choose to do so in the future. I revealed the details of the plan.
In summary, 2017, Nassar Plead guilty Following multiple accusations of possession of sexual assault and child abuse images, 40 years in prison and 175 years in prison.. It spurred the avalanche of proceedings by victims.
By the end of 2018, USAG filed for Chapter 11 bankruptcy. This is a move that states that governing bodies will accelerate their ability to reach reconciliation with survivors. This approach utilizes the so-called “automatic stay” in proceedings filed by the US government. I will explain As a “breathing spell for debtors”.
Nasar’s survivors were not satisfied. In January 2020, they rejected the proposed $ 215 million settlement. Explanation at that time As “not conscientious”.
But this week, both sides found consensus terms, nearly doubling their initial sum and other reforms within the USAG.
This includes the appointment of a new executive in charge of athlete safety, the mandatory display of posters advising athletes on how to report abuse, and the promise of peaceful protests to US gymnasts at the Olympics and international competitions. Includes worshiping.
The transaction has not yet taken place. The list of insurance companies must approve the full amount of the trust proposed to the survivors. Otherwise, both sides may approve a partial settlement or return to proceedings.
“It’s been a very long few years,” he said. Rachel Denhollander, The first whistleblower in the Nasar case and a member of the Survivor Commission By tweet After the proposal is submitted. “It is the insurer’s responsibility to fund this, and it is USAG’s responsibility to implement the agreed reforms.”
A USAG spokeswoman said the settlement was “supported by many of the insurance companies involved.” [and] This plan will be confirmed later this year. “
hoopCreate a fitness tracker that is popular with professional athletes, including Lebron James When Michael phelps, Reached a $ 3.6 billion valuation Following investment from Japan Softbank.. Early investors in wearable companies include: Rory McIlroy When Kevin Durant‘NS 35 ventures..
Slum co-op, A blank check company supported by a retired baseball star Alex Rodriguez, Pulled out Of negotiations to merge Panini, Italian manufacturer of sports cards and stickers.Bloomberg reports that the $ 3 billion merger debate has since collapsed Zealot, Florida-based sports retailer has signed a deal with Major League Baseball, Hitting Topps, A longtime producer of MLB cards.
NS PGA TourThe organizer of the golf tournament, Netflix documentary series, According to Golf.com Drive to survive, This is a young viewer Formula one Car racing series.
Hong Kong Jockey ClubGenerated to enjoy gambling monopoly Record bet sales In fiscal year 2020, it increased by almost 28% to HK $ 279.7 billion ($ 36 billion).Rescheduled football equipment including Euro 2020 When Copa America Soccer tournaments, and horse racing have boosted the amount of bets.
€ 2.1 billion partnership between Spanish LaLiga and buyout company CVC Capital Partners Provides templates for other football leagues that may help small clubs raise funds from the capital markets.Read an FT analysis of what the collective approach looks like Change the game Usually for clubs that struggle to attract prominent investors.
Jane Purdon, Chief Executive Officer Soccer womanHas resigned from his role in the UK-based campaign group. Purdon previously engaged in senior governance and legal affairs of football clubs. Sunderland AFC, With the English Premier League UK sports.. She continues as an ambassador to an organization looking for a full-time CEO.
— Gael Monfils (@Gael_Monfils) August 27, 2021
NS US Open Started this week without many traditional headliners: No Federer, number Nadal, number Serena. But that’s not bad news for talented tennis players who haven’t yet broken through to win a Grand Slam, such as two major semi-finalists. Gael Monfils..The French showed off his good mood in some Smooth movement Just before the action begins. So far, it has brought him to the third round.
The scoreboard was created by Samuel Agini, Murad Ahmed, Arash Massoudi in London, Sara Germano in New York, James Fontanella-Khan and Anna Nicolaou, and is the team that creates the due diligence newsletter, a global network of FT correspondents and data. There is a contribution from.Visualization team
Summer transfers provide window into football’s new elite Source link Summer transfers provide window into football’s new elite