“I think we’ve got an agenda sorted for tomorrow.”

Before every ‘Money Talks’ show that I do with The Anfield Wrap, John Gibbons drops me a message to pick my brain over what we should do for the show.

Post World Cup, and with Liverpool having jetted out to the US this week, the expectation was that this would be a show that was focused on what pre-season in America could do for Liverpool given that the biggest sporting show on the planet had left town literally a few days ago.

But on Tuesday, a report from the excellent Samuel Agini at The Financial Times stated that Liverpool owners Fenway Sports Group were in preliminary discussions with a consortium fronted by former Queen’s Park Rangers director and co-owner Amit Bhatia over the sale of a minority stake in the Reds.

Earlier that same day it had been reported that Bhatia had sold his stake in QPR, one he had held for 18 years, to majority owner Ruben Gnanalingam, a move that paved the way for knowledge of his discussions with FSG to make it into the public domain.

What has been reported thus far is that Bhatia, the son-in-law of Indian steel magnate Lakshmi Mittal, is putting together a consortium of wealthy individuals who can put both capital and expertise to work to aid an investment play in the Reds. Mittal is understood to be part of that group.

There are others, though, and the focus these past few days has been on one man: Jeff Bezos.

As the world’s third richest man, with a fortune of $245bn, the Amazon founder’s potential inclusion as a member of the consortium was one that drew the headlines. Indeed, I spent a part of my day on Wednesday live on Sky Sports News talking about the potential for a minority stake purchase, and much of the line of questioning focused on Bezos.

Zooming out a little, and attempting to remove some of the noise around Bezos’ potential involvement, I spent the last couple of days reaching out to some people with familiarity with the matter to gauge what the temperature was.

FSG won’t say much. They seldom do. A statement was put out that confirmed the interest, and that will be all that is forthcoming until such time that a deal is ready to be done, or that it bites the dust.

Bhatia’s representatives also aren’t making an official comment on the situation at the time, but he has engaged representatives to face those questions when the time comes for something concrete to be made public.

Sources have indicated to me that Bhatia is still in the process of putting together his consortium, although it will likely not reach double digits in number. Will Bezos be part of that? He has been approached, it is being discussed, but it has not yet been agreed. His potential involvement in investing in the football club is not erroneous chatter, it is based in truth.

As usually happens, some snappy graphics and hot takes on Bezos being owner and pouring billions in for Liverpool to spend like Brewster’s Millions have flooded the internet. Much of the noise and supposition is incorrect.

It has to be stressed that this is a deal at the preliminary stages, and that there is a way to go before a resolution. But from what well-placed sources have told me in the last 24 hours, this is a “largely passive” investment, even if the actual percentage may well fall between 20% and 30%.

What that means is that this is an investment play that has been identified by Bhatia, who knows the English game inside out and has a diverse portfolio, with the billionaire seeing the strong chance of a good return on his investment over the next five to seven years.

What Bhatia is trying to do is put together a consortium that not only has the financial wherewithal to pull this investment off, which let’s not forget, at a £4.5bn valuation would cost some £ 1.35bn at a 30% stake, but also has the connections and the expertise, and plug-in points to relevant industries and opportunities, whether it be tech or commercial, that can take Liverpool on to the next level as a business.

When FSG were open to selling a minority stake back in 2022/23, I was sent a pitch deck by a firm that was looking to raise funds for investing into Liverpool. I’m not naming the firm, but the head was a former owner of a major European football club who had seen the Reds opportunity through the same lens as Bhatia.

This proposal claimed that Liverpool could be a £1bn revenue business before 2030, and had the potential to reach £9bn in value around the 2030 mark.

Is that correct? Maybe not. After all, it was a pitch deck to appeal to investors to part with large sums of cash. But it was rooted in some pretty solid belief that Liverpool has a growth trajectory that is still incredibly significant, especially as a business that has global exposure, is recession proof and has potential untapped global audience opportunities through the adoption of new technology to monetise fandom in different countries.

Bhatia has a portfolio with plug-ins to plenty of relevant industries, and if you think about the clout that someone like Bezos brings, with his deep connections in tech and e-commerce, that could be significant.

But this is about return. FSG will sell Liverpool at some point. That isn’t a hot take or some insightful knowledge for clickbait. It is just a statement of fact that anyone could make. Nothing is forever, and John Henry himself said previously that they would not be in English football forever. But they will be in it for a little while longer.

The likely play here is that if a deal with a Bhatia consortium gets done it helps a few things. It strengthens the balance sheet, dilutes some risk on FSG’s behalf, potentially realises partial liquidity for some of FSG’s many partners, and also has a group of individuals at the table with the resource and knowledge to accrete their stake over time until such time that FSG are willing to pass the torch and assume responsibility to someone else.

Henry’s firm bought Liverpool for £300m in 2010. At the £4.5bn valuation that is an increase of 1,400%. That return significantly outperforms the performance of the S&P 500 over the same timeframe, which sits at around 600% growth. Not a bad investment play at all.

But the game is becoming more expensive to play, and with the continued expectation to participate in a bloated transfer market with ever-increasing payroll obligations, not to mention the heightened cost of other business costs against a backdrop of the potential diminution in the value of Premier League TV rights over the next decade as broadcasters face their own revenue challenges due to declining subscriber numbers, it makes sense to start to think about what comes next, and how to exit.

There was also the frustration around the lack of a multi-club plan coming to fruition, one that was supposed to be helmed by the now former CEO of Football for FSG, Michael Edwards.

Frustrations over finding the right club for the right price rumbled on, with inflated valuations and restrictions on the usage of stadia in some instances, notably Bordeaux, ultimately meaning a sensible investment play wasn’t blindingly obvious.

They are 16 years into ownership now. The Premier League has twice been won, and a Champions League crown achieved. The stadium has been redeveloped to a world class level and the club are at the elite tier again in terms of performance.

An end to the story comes sometime, and it’s closer than it was yesterday. But that’s not news. What this deal potentially does is start to crystallise the plan for what happens next, whether that be in two, five or 10 years. The latter seems too long a time frame, if we’re being honest here.

FSG remains committed to the football club. That is the line and it has always been the line. When I spoke to Henry in 2023 while I was at the Liverpool Echo he stressed the point that they hadn’t wavered from that, and that they were both financially and emotionally invested in Liverpool.

But Henry will be well aware that the pool of would-be investors and club owners is shallow when you get to the mid-billions in value. They already have some private equity investment through Dynasty Equity, which was strategic to reduce some bank debt. The addition of Bhatia’s consortium points to wealth, football expertise and connections to support business growth.

Sources have told me Bhatia’s consortium would not be running the football club. FSG have their hands still on the wheel. It will be for a while yet, but this feels like the first time where a meaningful conversation can be had about what succession planning looks like.

Leave a comment

There was a time, not too long ago, where the manager reigned supreme.

The Sir Alex Ferguson years at Manchester United and Arsene Wenger at Arsenal were very much standouts in the era of the ‘big manager’. Roll back the years some, and it was Bill Shankly, Bob Paisley and Don Revie. The heads of their clubs to whom deference was served, and where the pieces on the pitch were put together by design, by their own hand.

That model has changed now. The era of that type of manager has passed, and in truth, given the finances involved in acquiring players in the market nowadays, it is probably wise from a business sense. We are in the era of sporting directors and transfer by committee, where the players are signed based on analysis from a whole team of people, with some input from the manager, with the idea being that the thesis remains intact should the man at the top not deliver results.

Even Jurgen Klopp didn’t have carte blanche to go out and sign who he wanted. Sure, he had allies high up and was a man who could make a persuasive argument, but he still had to play the game, to an extent, with owners Fenway Sports Group.

Making decisions about recruitment using data analytics isn’t a bad thing. If Manchester United had adopted such an approach and focused on bringing in a real sporting director after Ferguson left then they would have likely avoided the pain they have suffered over the last 13 years, where chopping and changing managers with different approaches and different styles, who were allowed to operate in the market in the old Ferguson way, signed players who were for the benefit for their present, not for the club’s future. What that meant was these players turned into being the detritus of previous regimes, hard to move on and onerous on the wage bill, serving no purpose for the next person at the helm.

Read more

When a Paul Joyce tweet arrives it is usually decisive.

And so it proved to be the case, as Liverpool wrapped up a deal for the much-coveted Rennes defender Jeremy Jacquet for a £55m initial fee, with £5m in add-ons for the 20-year-old, taking the player from under the noses of Chelsea, who had been tracking him for some time. Joyce’s rather understanding way of tweeting rubber-stamping what will be one of the most interesting signings of the summer, which is when the deal will be completed.

Liverpool needed to address their centre-back positions, and on the back of a 4-1 routing of Newcastle United, where Ibou Konate, so far off the pace for much of this campaign, was utterly imperious, to add one of European football’s hottest defensive prospects for next season, not forgetting they already acquired another one last summer in the shape of Giovanni Leoni, cruelly injured on his debut, is the perfect pick-me-up for Reds fans, for whom this season has not lived up to initial expectations.

The fee for Jacquet, who has featured just 30 times for Rennes in Ligue 1, spending last season on loan at Clermont Foot in Ligue 2, on the face of it seems rather inflated. Analysts at the Swiss-based CIES Football Observatory, which uses a wide variety of metrics to obtain a fair market value for a player, pegged Jacquet at the high watermark of €29m (£25m), suggesting Liverpool have paid well over the odds for a player with such limited experience, who is yet to receive full international honours at senior level for France.

But that is the transfer world in which we live. The idea of what a player should be worth is all very well and good, but when there is competition in the market place for their services then the price point gets driven far higher than it really ought to be.

Read more

Welcome to the latest edition of infoRED, looking at the business side of Liverpool Football Club and why what happens on the pitch is so important as to what happens on it.

Today we’re focusing on a major move from Reds owners Fenway Sports Group. In fact, it is a move so major that it hasn’t been done in the past 23 years of them owing sports team franchises.

FSG are selling a team. A sporting portfolio valued at near $15bn, is to become a team lighter, at least for the time being.

But why are FSG selling a team, what will they do with the money that comes in from it (it will be significant), and what does it mean for the longer term when it comes to their ownership of Liverpool?

If you are thinking of subscribing, you can access all the goings on away from the pitch, and why it matters, at Anfield for £5 a month, less than the cost of a pint.

For that you get at least 100 editions over a year, all packed with the latest news, insight and interviews from what happens off the pitch at the Reds.

Let’s get stuck into today’s topic, then.

Read more

It wasn’t supposed to be like this.

The heady days of the summer transfer business at Liverpool now seems a long time ago, and a season that has descended into chaos took another unexpected twist on Saturday night.

When Ao Tanaka struck six minutes into injury time to hand Leeds United a share of the spoils with a 3-3 draw at Elland Road on Saturday evening, the focus was ready to shift to how the Reds became the architects of their own downfall once more, throwing away what was a comfortable 2-0 lead with 18 minutes left to play.

It was the latest display of mental fragility from Arne Slot’s side, and the mentality required to see out games and grind out results has long since departed this current crop at Anfield. Whether or not Slot remains to be able to summon it once more remains to be seen, as regardless of the posturing around backing the manager to the hilt, there is only so much that will be accepted by the powers that be at Fenway Sports Group.

But it wasn’t just unpicking the latest defensive debacle that cost Liverpool two points.

Mohamed Salah, one of the all-time greats of Liverpool Football Club. A man who has transcended the sport and found his way to the very heart of what it is to be a Red, and to be adored by the legions of fans around the world, opted to hit the nuclear button when he spoke to assembled media heading through the mixed zone after the final whistle at the weekend.

The ‘Egyptian King’, of course, was understandably frustrated. Footballers want to play. Supremely talented footballers expect to play. Club legends demand to play. For Salah, it was the third game in succession where he had been benched, but this time he wasn’t called upon to ignite a Liverpool response. He was left to sit there and watch on, the cameras fixed on him watching a side he helped lead to the Premier League title earlier this year crumble once more in a game they really should’ve won.

When quizzed after the game, Salah said: “(I couldn’t believe) That I’m sitting on the bench for 90 minutes! The third time on the bench, I think for the first time in my career. I’m very, very disappointed to be fair. I have done so much for this club down the years and especially last season.

“Now I’m sitting on the bench and I don’t know why. It seems like the club has thrown me under the bus. That is how I am feeling. I think it is very clear that someone wanted me to get all of the blame.

“I got a lot of promises in the summer and so far I am on the bench for three games so I can’t say they keep the promise.

“I said many times before that I had a good relationship with the manager and all of a sudden, we don’t have any relationship. I don’t know why, but it seems to me, how I see it, that someone doesn’t want me in the club.

“This club, I always support it. My kids will always support it. I love the club so much I will always do. I called my mum yesterday - you guys didn’t know if I would start or not, but I knew.

“Yesterday I said to them, come to the Brighton game. I don’t know if I am going to play or not but I am going to enjoy it. In my heads, I’m going to enjoy that game because I don’t know what is going to happen now.

“I will be in Anfield to say goodbye to the fans and go the Africa Cup (of Nations). I don’t know what is going to happen when I am there.”

While his claim that it has been the club as a collective that has thrown him under the bus was interesting, reading between the lines his issue lies with Slot, and Slot’s with Salah. The 34-year-old, who penned a two-year extension to his deal back in April, has been left out of the visit to Internazionale in the UEFA Champions League on Tuesday evening. Is there a road back for him? Maybe. But is there a road back for Slot after not only overseeing an abysmal start to the 2025/26 Premier League season, but also alienating one of the greatest players ever to have pulled on a red shirt for Liverpool?

FSG did not envisage these kinds of problems.

Read more

There once was a glorious period in time when PSR wasn’t part of the everyday vernacular in football.

But as the game got bigger, and the numbers eye watering, the regulations that had been in place for years previous failed to keep pace with a rapidly changing football landscape, and plenty of teams had to undertake all kinds of financial gymnastics to stay on the right side of the law. And so grew the clarion call to bring about some kind of change.

Last month, Premier League clubs voted 14–6 in favour of overhauling the financial rules that have governed English football’s top flight for more than a decade. Profit and Sustainability Regulations (PSR), introduced after Portsmouth’s near-collapse in 2009, were long a niche concern but have since entered the mainstream of fan debate.

Under PSR, clubs were permitted to lose up to £105m over three years, with deductions allowed for areas such as infrastructure, academies, women’s football, and community projects. That limit has remained unchanged for 15 years, even as the financial landscape of the game has transformed. Wages and transfer fees have soared, broadcast revenues have risen sharply, and yet clubs such as Everton (twice) and Nottingham Forest have still been penalised with points deductions for breaches.

The rules also constrained ambitious clubs like Newcastle United and Aston Villa, whose wealthy owners were unable to invest at the scale they desired despite breaking into the Champions League places and challenging the established “big six.” Even some of the Premier League’s historic heavy hitters, such as Chelsea and Manchester United began to feel the restrictions, fuelling the perception that PSR had become a handbrake on ambition. Calls for reform grew louder, and only last month did consensus emerge on what should replace it.

From the 2026/27 season, PSR will give way to two new frameworks: the Squad Cost Ratio (SCR) and Sustainability and Systematic Resilience (SSR). SCR aligns the Premier League more closely with UEFA’s financial controls, though with greater flexibility. It measures the proportion of adjusted revenue spent on first-team costs, such as wages, head coach salaries, amortisation, and agents’ fees. Adjusted revenue includes matchday, broadcast, and commercial income, plus profits from player sales and stadium events, but excludes asset disposals.

Clubs will be expected to keep their SCR below 85% of adjusted revenue, the so-called ‘Green Threshold’. Spending can rise to 115% (the ‘Red Threshold’) through an additional 30% allowance, though this incurs a levy. Breaching the Red Threshold risks sporting sanctions, making it a hard cap. The system is designed, it is hoped at least, to try and balance financial discipline with flexibility, allowing clubs with greater ambitions than to just tread water, to invest ahead of revenue growth and absorb some short-term volatility while maintaining competitive balance.

For clubs competing in UEFA competitions, like Liverpool, stricter limits apply, but those rules have been in situ for some time now, and seldom been a concern for the biggest sides in the Premier League. To take part in UEFA competition, clubs must meet a 70% Green Threshold and a 100% Red Threshold, reflecting the higher revenues generated by Champions League participation.

Subscribe now

Alongside SCR, the unanimously approved SSR will assess clubs’ financial health through three tests: Working Capital, Liquidity, and Positive Equity. These aim to safeguard stability across the short, medium, and long-term.

Of the 20 Premier League clubs, six voted against SCR—Bournemouth, Brighton & Hove Albion, Brentford, Crystal Palace, Fulham, and Leeds United. Notably, three of those clubs currently report the highest squad cost ratios in the division, exceeding UEFA’s 70% benchmark and the Premier League’s Green Threshold, though none surpass the Red Threshold.

So what does all of this mean for Liverpool?

There was never going to be a set of financial regulations to emerge that would please all of the owners of the 20 Premier League clubs that make up its shareholders, and the fact that three of the clubs who voted against have high SCR already should be instructive.

Read more

Analysing club accounts is a curious thing.

When football clubs publish their financials every year the actual information that is gleaned from them is actually 12 months out of date, it covers a snapshot in time and doesn’t tell the story of the here and now, but it does tell us the trends and the financial situation of the club in detail.

For Liverpool, the most recent set of publicly available accounts were released early in 2025, covering the financial year from June 1, 2023, to May 31, 2024. The results covered a season when the club weren’t the beneficiaries of participation in the UEFA Champions League, instead having to settle for the significantly lesser riches of the Europa League after finishing fifth at the end of the 2022/23 season.

The upshot of a season out of European football’s elite knockout club competition, which has become the bedrock of financial success for the over the past decade, was a pre-tax loss of £57m due to the decline in broadcast revenue as a result of a lack of Champions League football. The total revenue of £614m showed strength, up £20m year on year thanks to a record-breaking commercial year of £308m, while the increased capacity as a result of the completed Anfield Road redevelopment saw matchday revenue rise £22m, meaning that the Reds surpassed the £100m mark for the first time with a figure of £102m.

Commercial revenue was a success, with new partnerships inked with the likes of Orion Innovation, UPS, Google Pixel and Peloton, as well as extensions with Kodansha and Carlsberg, driving the club forward £36m compared to the 12 months previous. Retail revenues also reached record levels across the club’s seven global locations.

Most of the financial results were broadly in line with expectations. However, one standout was the sharp rise in other expenses, which jumped £30m (22%) from £137m to £167m. Over the past five years, this category has grown by £67m—an increase of 68%. Like all clubs, high inflation has driven up utility costs, contributing to an 80% rise in matchday expenses.

Share

Still, one figure that caught fans’ attention was the club’s wage bill, which rose 4% year-on-year from £372.9m in 2023 to £386.1m in 2024.

The wage bill increase came during a season without Champions League football and following the departure of several high earners, names such as Fabinho, Jordan Henderson, Roberto Firmino, Alex Oxlade-Chamberlain, Naby Keita, and James Milner.

Given the lack of Champions League revenue and the reduction in high-salary players, some questioned why wages still rose. While speculation online veered into the absurd the reality was more grounded in financial mechanics.

Liverpool’s third-place finish in 2023/24 secured Champions League qualification for the current season, triggering performance-related bonuses likely totalling tens of £m. This aligns with FSG’s incentive-based wage structure, similar to the bonuses awarded after the 2019 Champions League win. With UEFA’s new ‘Swiss Model’ expanding the prize pool, participation has become more lucrative than ever.

Additionally, Alisson Becker activated a clause in his contract during summer 2023, resulting in a substantial pay rise. Previously earning £150,000 per week, his new deal is believed to be closer to £250,000 per week, placing him just behind Mohamed Salah and Virgil van Dijk among the club’s top earners. His contract runs for another two years.

To replace outgoing players, Liverpool brought in Dominik Szoboszlai, Alexis Mac Allister, Ryan Gravenberch, and Wataru Endo. While their salaries are generally lower than those who departed, Szoboszlai and Mac Allister are among the higher earners in the current squad.

Contract renewals also played a role. Conor Bradley’s first major deal came with a significant pay bump, while extensions for Kostas Tsimikas and Ben Doak added further upward pressure. Cody Gakpo’s wages, previously accounted for only five months following his January 2023 arrival, were fully reflected in the 2023/24 accounts, likely adding around £3.5m, based on reported weekly wages of £120,000.

With 2023/24 having been boxed off, what of 2024/25?

Read more

During the summer, US network CBNC compiled what it believed to be the most valuable sports empires in the world.

To make it on to this list you had to be a heavy hitter and own multiple sports assets in the major American sports leagues, as well as having in the portfolio a slice of the English Premier League, a must-have for any discerning sports investment firm.

Topping the list was Kroenke Sports & Entertainment at $21.17bn, with KSE’s portfolio, built up by Stanley Kroenke, whose wife Anne was heiress to the Walmart supermarket fortune, having accumulated the Los Angeles Rams (NFL, relocated from St Louis), the Denver Nuggets (NBA) and the Colorado Avalanche (NHL). They also had the not-so-insignificant majority shareholding of Liverpool’s Premier League rivals Arsenal.

Next on the list was the Jones family, an American institution whose ownership of the Dallas Cowboys has seen the NFL become the most valuable sports team on the planet. The Cowboys and ownership of Legends Hospitality has seen their portfolio value soar to some $15.53bn.

Then comes the $14.58bn sports portfolio of Harris Blitzer Sports & Entertainment. The company, run by founders Josh Harris and David Blitzer, owns the NFL’s Washington Commanders, the NBA’s Philadelphia 76ers, NHL’s New Jersey Devils, not to mention having the majority shareholding at Crystal Palace.

And then, in fourth place, with a total portfolio value of $14.19bn, is Fenway Sports Group, Liverpool’s owners since 2010.

With the Reds, the Boston Red Sox of the MLB, the NHL’s Pittsburgh Penguins, NASCAR’s RFK Racing, not to mention the more recent acquisition, through the John W. Henry and Tom Werner-led Strategic Sports Group, of PGA Tour Enterprises.

Subscribe now

The $3bn investment saw the creation of the for-profit entity, PGA Tour Enterprises LLC, from Strategic Sports Group, a consortium of elite sports owners led by FSG and also including billionaires such as Arthur Blank, Steve Cohen, Wyc Grousbeck, and Thomas Ricketts, The deal introduced equity grants for active PGA Tour players in the face of competition from the Saudi Arabian Public Investment Fund-backed LIV Gold Tour, something that aligned athlete incentives with the commercial growth of the enterprise.

Sources close to FSG say that the PGA Tour element of the business has been where Henry has been spending the most of his time, with the rest of the portfolio looked after via the leadership network that already sits in place, with the football side having been strengthened through the creation of FSG Football last year, where Michael Edwards serves as CEO.

Read more

It’s Tuesday, so that means you get another drop of what has been going on in the world of football business right into your inbox.

Free for all subscribers, The Week In Football Business will bring together some of the key talking points that have been taking place away from the pitch, and impacting what happens on it, over the last seven days.

This week we’ll be kicking off with some Liverpool news after the club secured not one, but two new deals.

If Liverpool FC is your thing, and you’ve an interest in knowing what goes on underneath the bonnet and how it all works, and what it might mean for the future competitiveness of the Reds, then consider becoming a paid subscriber to infoRED. There will be analysis, exclusive interviews, news and views on all the goings on at the club when it comes to money, and how it relates to the pursuit of glory on the pitch.

LIVERPOOL BAG DOUBLE DEAL

First up this week is some commercial news from the Reds.

The club announced on Monday that they had extended their deal with Coca-Cola, which began back in 2020, for another ‘multi-year’ stint, with the extension to focus on delivering more for LFC Women, as well as continuing to deliver ‘engaging experiences’ for supporters globally.

Ben Latty, Liverpool’s chief commercial officer, said in a statement: “We’re thrilled to be extending our partnership with Coca-Cola, with a continued focus on enhancing the matchday experience at Anfield and expanding their support for LFC Women.

“Coca-Cola has helped us deliver some brilliant campaigns over the past few years, from unforgettable matchday activations to community-driven initiatives through LFC Foundation. With this renewed agreement, we’re looking forward to creating even more moments that celebrate both our men’s and women’s teams.”

Coca-Cola, whose arrangement with the club is separate to the Premier League-wide deal that is already in place, aren’t the only company to have landed as a global partner with the Reds this past week.

US technology firm Trimble has come on board to become the club’s, as reported late last week on infoRED. The Reds will use the Trimble’s technology and expertise to maximise elements of the club’s infrastructure and operations, something that will start with the upgrading of the LFC Academy at Kirkby.

Commercial revenue for Liverpool stood at £308m for the 2023/24 season, something that will have increased by tens of millions for 2024/25, with those sets of accounts to be published early in 2026. The Coca-Cola and Trimble deals will first see impact in the 2025/26 accounts, the same as the kit deal with Adidas, which kicked off this summer.

PSG CLOSE TO $1BN FEAT - BUT STILL UNPROFITABLE

In the league stage of the Champions League last year, Liverpool reigned supreme.

With a record of seven wins and a defeat from their eight league phase game, the Reds had ensured that they were booking more than £70m in attributed Champions League revenue for 2024/25, including matchday revenue, even before they took on Paris Saint-Germain in the round of 16.

But the French champions took on all comers during the knockout stages to triumph and lift their first-ever Champions League crown, defeating Internazionale in Munich.

For the Parisiens, the success that the Champions League can now deliver financially, helped in no small part by the pivot to the more lucrative ‘Swiss Model’ shows just why it is so valuable for clubs, and how it can be leveraged.

This past week saw the QSI-owned team post record revenues for the 2024/25 financial year. The club recorded €837m in revenue, although that figure does include men’s and women’s football, handball, and judo. From an annual perspective, it is a rise of €35m, an increase that has been driven by commercial growth and the Champions League win that QSI had been chasing since 2011, and one that they had spent huge amounts previously to try and achieve through putting together a strikeforce that not so long ago contained Kylian Mbappe, Lionel Messi and Neymar Jnr.

Commercial income hit €36m, lifted by six new partners and global merchandising, while the club’s matchday revenue reached €175m, despite the Parc des Princes’ capped 48,000 capacity. PSG’s famous home is the subject of much discussion in the French capital, with its ownership by the Paris City Council. QSI had wanted to purchase the stadium but no agreement was reached, and the club are assessing other sites for a new build as they look to take control of their matchday revenue and add in new revenue-generating potential via a new arena in one of the world’s most famous cities, one that will have a significantly larger capacity. How soon that gets to be a reality remains to be seen, though.

However, despite winning the Champions League, PSG still posted a small financial loss for the 2024/25 season, highlighting how even Europe’s elite clubs struggle to turn record revenues into profit.

Football is not a place where investors make strong profits annually, not in the main anyway. Liverpool have turned themselves into a financial powerhouse under Fenway Sports Group, but for 2023/24 the club made a £57m pre-tax loss for 2023/24, a season where they didn’t have Champions League football. That was despite record revenues, and record commercial and matchday figures.

Subscribe now

The value for investors lies in the valuation of clubs, and how well they can accrete in value over the lifetime of an investment play.

In the case of PSG, Forbes magazine valued them at $4.6bn in May, post Champions League success. Liverpool, on the same list, were valued at $5.4bn, the fourth-highest in world football.

PREMIER LEAGUE CHIEF TO TAKE US ROLE

Tony Scholes, the Premier League’s chief football officer, and who had voiced his opposition to Premier League games being played in the United States previously, is to take a new role leading a

challenger league to the MLS in the US.

Scholes is to become president of the United Soccer League’s new Division One competition, set to launch in 2028, where he will be tasked with running the league, which is designed to offer a path to the top flight not possible with MLS, which is closed to promotion, the idea being to create a meritocracy in the football system in the US.

The former Stoke City executive said: “I am thrilled to join the USL at such an important moment for the game in America.

“Having worked in football at every level of the English system, I’ve seen the power of sport and the compelling nature of games that truly matter, week after week.

“Promotion and relegation create opportunity, consequence, and emotion that capture the imagination of players and fans alike.

“The chance to help bring that model to the US, while developing high-performing leagues and pathways for players, is a once-in-a-lifetime opportunity.”

Earlier this year, Scholes addressed questions about the potential of ‘Game 39’ arriving in the near future, whereby Premier League clubs would play a competitive fixture in the United States or other major markets, much in the same way that the NBA, NFL and MLB do when they bring regular season games to other countries.

Speaking back in February, Scholes said: “Over the last couple of years we have played a number of pre-season games in the US.

“We have an excellent broadcast partner in the US and viewing figures are strong there. So I would personally say I don’t see a need to do that. And I could absolutely say there’s no conversations taking place to do it.”

Last year, Liverpool chairman Tom Werner had told the Financial Times that he was “desperate” to see a Premier League game played abroad, citing New York and Tokyo as examples. It wasn’t, however, a view shared by Fenway Sports Group chief and Liverpool’s principal owner John W. Henry who, in the same piece, said that it wasn’t something that he had any interest in the club exploring.

BACK NEXT WEEK

And there we have it, some of the key goings on away from the pitch over the past week.

Hopefully it’s been useful if you do fancy getting into the finances of Liverpool in a bit more detail, as well as all the key topics that impact the present and future of the football club and how it can compete for trophies, then do consider becoming a paid subscriber.

Thanks for reading, and there will be instalment number five next week.

Leave a comment

By the time that Standard Chartered’s current contract with Liverpool runs to its end in 2027, a Reds fan could have been born, attended primary and secondary school and learned to drive and only ever been alive while the financial services giant had been the club’s front-of-shirt sponsor.

The global banking firm first signed a deal with the club back in the summer of 2010, taking over from another Liverpool institution when it came to sponsorship - Carlsberg. The Danish beer company had been in situ on the front of Liverpool shirts since 1992, meaning that by the time 2027 rolls around, just two firms have held one of the most sought after positions in football sponsorship.

While the summer of 2027 might seem like an eternity away, and you may well be asking just why we are discussing this topic as we head into November of 2025, it is because the discussions about what comes next start well before the end of a deal. Often more than a year out, or at least that is what happens for clubs that operate world-class commercial teams that are able to maximise value and deliver for sponsors.

There is a reason why just two sponsors have been seen on Liverpool shirts since 1992, and that is because the club delivers for its commercial partners, something that has never been more important than it is today.

The most recent extension to the deal occurred in 2022, an additional four years inked as the club embarked on its first tour post-pandemic, ahead of the Standard Chartered Cup that took place in Singapore.

“When we partnered with Liverpool FC in 2010 we could not have imagined the success of both the partnership and of the club,” said Bill Winters, group chief executive at Standard Chartered at the time the extension was signed.

“Liverpool FC has been a true partner and, as one of the world’s best-known football clubs, we are proud to be associated with them. We are delighted to be continuing our partnership for the next four years and look forward to building on our already successful relationship.”

But what comes next?

Read more

Liverpool’s latest addition to their ever-growing portfolio of club partners very much follows the club’s commercial thread.

On Friday, the Reds announced that they had entered into a multi-year agreement with global technology firm Trimble, the aim being to use the company’s technology and expertise to maximise elements of the club’s infrastructure and operations, something that will start with the upgrading of the LFC Academy at Kirkby.

The Reds are to invest in the creation of a full-size indoor pitch, a brand new outdoor pitch and stands, as well as the revamping of existing medical and sport science functions, the aim being to improve facilities across the board for the Academy age groups to aid development as they move through the ranks at the club, and for the club to be able to maximise their potential.

Trimble, by their own explanation, is a company that seeks to connect the physical and digital worlds. Its core business spans construction, logistics, mapping, and infrastructure, with the aim being to help teams design, build, and operate with greater speed, precision, and foresight, something that can be valuable when committing hundreds of thousands, if not millions of pounds to a project. The company uses GPS-enabled surveying and 3D modelling to real-time workflow automation and ‘enables industries to anticipate challenges and deliver outcomes at scale’.

Subscribe now

Ben Latty, chief commercial officer at Liverpool, said: “Trimble’s technology and expertise will play an important role in how we continue to evolve our facilities to meet the needs of the modern game – starting with the redevelopment of our Academy.  

“Innovation has always been central to the club’s approach, and this partnership brings a fresh perspective to how we design and deliver spaces that support our players, staff and fans. We’re delighted to welcome Trimble to the LFC partnership family.” 

That’s the corporate spiel anyway, and it all sounds super professional and incredibly helpful to what Liverpool want to achieve. But while it might not be a deal that will be the talk of the pub this Friday evening, usurping the chatter around what happens to Arne Slot if the Reds lose the next couple of games, deals like these are of significant importance to the club and their long-term ambitions, and they also point to how the football club is run.

The club’s commercial revenue for 2023/24 stood at £308m. While the accounts for 2024/25 have not yet been published, something which will likely occur towards the end of February, another increase on that figure is almost certain thanks to deals struck with blue-chip companies such as Google Pixel, UPS and Lucozade during that period.

We are now in the 2025/26 financial year, one which will include what is set to be a record-breaking year one of the Adidas deal if early figures are anything to go by, and the Trimble deal will be one of a number that keep that commercial figure climbing higher, something that is vital to enable the club to keep investing in on-pitch talent in a market where transfer fees continue to rise along with wages, and one where clubs have had to start weaning themselves off broadcast income being the strongest revenue pillar due to a questionable outlook for the medium to long term health of domestic broadcast rights in the face of challenged subscriber bases for the main broadcasters such as Sky Sports and TNT.

Trimble will have the usual sponsorship activation. They will, as the accompanying press release to the announcement of the deal stated, ‘feature across Anfield and LFC’s digital platforms – which boast more than 215 million followers on social channels, 12 million subscribers on YouTube, and a cumulative TV audience of 583 million across all competitions during the 24/25 season – strengthening visibility among the club’s global fanbase and partners’.

But they are another partner that not only brings in funds for Liverpool from a commercial standpoint, but also adds operational expertise to help the club maximise their gains in other areas, just as deals with the likes of UPS and Peloton have done.

UPS, for example, helps power Liverpool’s global logistics by streamlining merchandise delivery and e-commerce fulfilment. Through its European distribution hub in Roermond, Netherlands, which was opened last year to remove pressure on the local distribution hub on Merseyside, UPS enables the club to get product to the fans in a shorter timeframe, and on a global scale. The US firm also helps to optimise Liverpool’s supply chain, ‘integrating packaging, inventory, and delivery workflows to meet global demand’. It is a deal which helps move the needle for the club beyond just raising commercial revenues on an annual basis, it aids the actual infrastructure of the club, and that is impactful over a longer period of time.

It is now a strategy that forms part of the commercial DNA of Liverpool, something that Latty explained to me when I spoke to him for the Liverpool Echo after the UPS deal in 2023.

“Clearly, monetary value is important for us and the way that we run the football club, and we’d never apologise for talking about the sustainable business model that we have got, and that we are proud of, quite frankly,” he said.

“What you have seen with the partnerships we have announced is a bit of an evolution of our business model. Most of the partners that we have now bring more than just monetary value for us. There are a few examples of that. There are those who support us with our Red Way strategy and our sustainability strategy and, ultimately, our commitment to building a better future for the people, planet and communities in which we serve. An example of that would be someone like SC Johnson and their commitment to reducing waste at Anfield. Our recycling rate now is over 90%, when we started that partnership it was about 25%.

“Another example is someone like Vistaprint, through their support of local businesses and the local community. There are others, like Expedia providing free transport to away women’s games, and other partners who are supporting our drive for women’s football, whether that be Google Pixel, Standard Chartered or AXA.

“Every partner we bring in now we like to integrate fully into the club and provide more than just a marketing partnership and provide to different areas of the club.”

Expect more deals of the Trimble nature as the club continues to add global partners in a bid to create larger commercial revenues to top out their rivals, but also to build a strong, sustainable business to move into the next decade and more.

Given the run of form that Liverpool have been on in recent weeks then it is entirely justified that head coach Arne Slot should come under greater scrutiny.

The weekend loss at Brentford was the fourth Premier League loss in a row for the Reds, something which is just completely unacceptable for Liverpool Football Club, at any time, in any era. In all competitions it is now six defeats out of the last seven games after a youthful Reds squad were handed a 3-0 home reverse against Crystal Palace in the fourth round of the Carabao Cup on Wednesday evening, the third time this season that the South London side had the number of Slot’s men. We are only in October.

But whatever happened on Wednesday, it wasn’t going to be the straw that broke the camel’s back for Slot, but the Dutchman does find himself under intense pressure after their exit from the competition.

As someone who has reduced the amount of time they spend on social media considerably, a quick dive back into ‘X’ this past week has shown social media sentiment among plenty of accounts to be pretty low. Wednesday did not help matters, although in normal circumstances the decision to play a vastly weakened team in a competition that doesn’t hold enormous importance for Liverpool right now would be understandable.

Calls for the sack are commonplace in football, a few defeats here and a poor performance there is enough to have owners shelling out millions in compensation then left with the very challenging process of identifying candidates who can address the issues immediately and come in and make sweeping changes to get clubs back to winning the whole lot.

But trigger happy owners who lose the thread of the long-term picture rarely make good decisions. Having narrowly missed out on the Champions League on the last day of last season, Nottingham Forest have already burned through two managers in Nuno Espirito Santo and Ange Postecoglou and are now on Sean Dyche. It is hardly something that points to a strategic way of working.

Read more

For Liverpool fans, the success last week in the Champions League at Eintracht Frankfurt aside, the past few weeks have been pretty miserable.

Four defeats in a row in the Premier League, and five in their last six in all competitions means that it is hard to just throw out the old ‘blip’ line, it seems a little more than that, and what is required to remedy the situation needing Arne Slot and his charges to dig deeper to find the answer.

The answers to the big questions relating to Liverpool’s form don’t lie on these pages, sadly. But, what I can offer with this week’s The Week In Football Business is some nuggets of football finance information from across the globe that might take the minds of Reds fans off the actual football (the part we’re all supposed to enjoy) for a little while. Well, however long it takes you to speed read your way through to the end of this week’s instalment.

As ever, there has been plenty going on with the game behind the game in the past seven days. Some of it pretty bleak as it relates to the future of one of English football’s most famous clubs, and other bits seeing grand plans to take competitive European football to the United States landed with a bloody nose.

Let’s dive into what’s been the week in football business.

WEDNESDAY BLUES

For every reason why the Premier League and its CEO Richard Masters might push back on the idea of the independent regulator for English football, the very future of the finest pyramid system in all of world football may well depend on it in years to come.

In my time covering the business of football I’ve written plenty on the financial cost of missing out on the Champions League or falling short in the bid to make it to the latter stages of European club football’s greatest prize.

I’ve also covered in great depth the impact that it has financially when clubs fall through the Premier League trapdoor into the Championship. The parachute system we have in place is designed so as to provide a softer landing for clubs exiting the world’s most lucrative domestic league, and over three years those relegated clubs get financial assistance on a sliding scale. That system, while offering some critical financial protection for relegated clubs, also has thrown up the very real phenomenon of the ‘yo-yo club’. Those clubs that just bounce between the top two tiers because the parachute payments mean that they have greater resource.

But when you miss the boat and success doesn’t come, and the financial burden of trying to live the dream becomes too much to bear, that is when we see real crisis. Leeds United, Portsmouth, Nottingham Forest, Ipswich Town, Birmingham City. While some of those clubs have made it back to the promised land it was after decades of trying and failing.

Sheffield Wednesday is another grand old name. At the end of the Premier League’s inaugural season in 1992/93, Wednesday had the sixth best attendance in the country. The four-time English champions and three-time FA Cup winners remain one of this country’s most famous clubs, but these are dark days indeed for the blue and white half of the Steel City.

Last week saw Wednesday placed into administration. After 11 years at the helm, the deeply unpopular owner Dejphon Chansiri finally had operational control removed, with debts at the rock-bottom Championship club spiralling and debts to HMRC in relation to unpaid tax sitting at around the £1m mark.

The club had already been hit with EFL charges for failing to pay its players on time, and with some fans choosing to boycott games until such time that Chansiri departed, the move into administration, which Chanshiri decided upon last week, while it brings with it a 12-point deduction to leave the Owls on minus-six points, those boycotting fans have now pledged to return as focus moves to trying to find a willing buyer to take on the beleaguered club.

Kris Wigfield, joint administrator and managing partner at Begbies Traynor said: “The joint administrators have taken over the running of the club with immediate effect to protect the interests of creditors, and to ensure Sheffield Wednesday can continue operating while we seek a new owner as swiftly as possible.

“Like many football clubs, it has been trading at a significant loss for several years, with those losses historically funded by the former owner Mr Chansiri.

“Due to increased financial pressure on the club, the owner has chosen to place the club and the stadium company into administration which will enable us to market the club and the stadium as a whole, which is great news for supporters of the club.”

The Wednesday players had not been in receipt of their wages on the day they were due for five of the last seven months. But with the club sitting at the bottom of the table, and 18 points from safety, the players reaffirmed their commitment to the cause for the supporters.

Subscribe now

“To all fans of our club. We, the players, want to say directly to you, our supporters, how much we appreciate the lengths you have gone to, to protect this great club that we all love so much.

“Whilst we fully understand your stance and the measures you have took to force change, as a group, not having you in the ground has been felt by all of us.

“After what has been a period of division and a feeling of ‘disconnect’ between the club, the players and the fans, we now hope this is the time we can all come back together under the badge and enjoy our football again!

“So we ask you, starting tomorrow against Oxford, please come back to Hillsborough and cheer the team on. Let’s make the ground a place for teams to fear as we do everything we can to get the points we are going to so desperately need.

“Think back to the comeback against Peterborough, wins against Arsenal and Newcastle. That was you in the stands as much as us on the pitch.

“We won’t give up and we ask you not to give up on us. Together we are stronger. Together we can fight.

“The players.”

For one of the famous names of the English game, here’s hoping for some positive news in the coming weeks. To protect clubs such as Wednesday is the exact reason why an independent regulator is required for the greater good of the game in this country.

TEXTOR BIDS FOR AN ENGLISH CLUB…AGAIN

I wonder how long it might be before it is easier to list the clubs that John Textor hasn’t been linked to than the ones he has.

The saga at Crystal Palace that played out over the summer, where Olympique Lyonnais owner Textor eventually sold his shareholding in the club so that they could compete in Europe, but the where the delay in doing so saw them miss the March deadline and the FA Cup winners for 2025 demoted from the UEFA Europa League to the Europa Conference League, was one of the many twists and turns of Textor’s time in the English game.

Through his Eagle Holdings company, which he had aimed to float on the New York Stock Exchange, majority ownership of an English side has long been seen as the play. Eagle already owns Lyon, Botafogo in Brazil and RWDM Brussels in Belgium. Given the desire to see the pathway for South American talent to Europe, and the plan to float Eagle on the NYSE, Textor needs an English club to replace what he had in Palace.

He has been linked with plenty of clubs over the past 18 months, including declaring his intention to bid for Everton while he held a significant minority stake in a rival Premier League team. He has also been linked to the likes of Queen’s Park Rangers, Charlton Athletic, Watford, Derby County and financially stricken Sheffield Wednesday.

The latest development came via a report in the Athletic, where Textor was reported to have submitted an offer to Wolverhampton Wanderers owners Fosun International to take over the club, the price point being in the region of £410m.

That bid was made in the same week Textor appeared in courtrooms across three jurisdictions. On Monday, a Florida judge rejected his request to move a $93m shareholder dispute with Iconic Sports to the US, citing Eagle Football’s UK registration and contract terms requiring English jurisdiction. On Friday last, a London court refused to dismiss the case, which will now proceed to trial next year.

Earlier in the month, Textor was in Lausanne at the Court of Arbitration for Sport, contesting a $6m transfer instalment dispute with Atlanta United and Major League Soccer over Thiago Almada. He is also challenging MLS’s single-entity structure, where the league owns contracts centrally and not the clubs, arguing it denies players their share of transfer fees.

Elsewhere, he has lost two cases in Belgium involving RWDM’s former owner Thierry Dailly, and remains in dispute with ex-Botafogo manager Bruno Lage, who incidentally used to manage Wolves.

But the bold American billionaire, who made his fortune through over-the-top streaming service FuboTV, an early participant in the streaming wars, hasn’t been shy about wanting to acquire a majority stake in an English club, and also about the state of regulation in the English game.

At the Financial Times Business of Football Summit in 2024 I heard first hand what Textor thought.

“I hear ‘what about sustainability or if a multi-club goes bankrupt?’ It’s the free market, clubs will be clubs and fans will be fans. There is always going to be somebody who will pick up a club.

“I’m an anglophile in my love of football, I’ve been watching small games here for years; Stockport County, Leyton Orient. Has this really been a problem that everybody’s going bankrupt? No. The biggest problem is the sustainability issue is a fraudulent issue.

“Somebody shows up and tells (Evangelos) Marinakis (Nottingham Forest owner), who is an incredible guy in terms of resources and assets, and says you got to fit your competitive club between this cap on revenues. ‘We know you have it, but we are worried about you, Mr Marinakis, don’t spend it! You lost £105m over the last three years so now we are going to put you back in the second division.

“Is that sustainability or is that anti-competitive behaviour?

“If somebody tops me out and says I can only spend 70% of revenues, but I’m already big and people love my brand all over the world, and I’ve got to find a way to put Crystal Palace against Erling Haaland, and if you have an injury, Palace, you don’t get to pull a £50m player off the bench, because you can’t afford to have that player on your bench,’ that is not sport. Is anyone really having fun with this?

“I think it would be great if someone like Sheffield United, one of the great champions of our past, had the chance to win the English title again. It’s broken.”

LA LIGA GETS PIE ON ITS FACE OVER USA GAME

A couple of weeks back I had written about how Spanish football’s top tier had struck a landmark deal, one that European football’s governing body UEFA had ‘reluctantly’ accepted.

The idea was for Barcelona and Villarreal to face off in a competitive game in Miami, Florida in December. It was all agreed. The old side of Inter Miami hero Lionel Messi coming to his new stomping ground, the optics of it would have been a marketing dream for both sides.

So, too, would it have been great news for Relevent Sports, the US-based company fronting the project and backed by Miami Dolphins owner Stephen Ross. Relevent has long pushed for European league fixtures to be staged abroad, and the December match at the Hard Rock Stadium would have marked a first: a competitive La Liga game played on foreign soil.

But while there remains plans for Serie A to host a similar project in Perth, Australia, in January, with AC Milan and Como the teams to face off in a competitive league game, the plan for La Liga’s game has now collapsed.

La Liga confirmed the cancellation late on a Champions League night last week, citing “uncertainty in Spain” and insisting the project was essential to the league’s global growth, making the usual point of blaming the Premier League for simply being too lucrative and that plans such as this are the only way for other leagues to get a slice of the action. UEFA had already expressed discomfort, saying matches should be played “on home soil,” and the backlash from players and clubs proved decisive.

Real Madrid filed two formal complaints with Spain’s sports ministry. Atlético Madrid manager Diego Simeone questioned the sporting integrity of moving a home fixture thousands of miles away, and Real goalkeeper Thibaut Courtois said: “It’s not fair to change the rules mid-season without consulting us.”

Players across La Liga staged silent protests at kick-off last weekend, standing still for 15 seconds. Courtois later accused the league of trying to hide the protest in its broadcasts.

The match would have seen Villarreal give up home advantage against Barcelona, with Messi’s return to Miami used as the commercial hook. But the optics that once made the fixture attractive were ultimately outweighed by the optics of player unrest and fan alienation.

Relevent, in its own statement, said it had informed La Liga of the need to postpone, citing insufficient time to execute the event and begin ticket sales. Neither statement from Relevent or La Liga acknowledged the negative fan sentiment towards the plans, which mirror what major league sports such as the NBA, NFL and MLB have done in taking a selection of regular season games abroad.

The Premier League, which shelved its own “39th game” proposal back some 15, has been pressed on the issue and a potential change in stance as the league becomes ever more global, but so far it has shown no appetite to revisit the idea. Chief executive Richard Masters recently said there was “no need” to follow La Liga’s lead, given the league’s global strength.

AND THERE WE HAVE IT…

Another week in the books. A win for Spanish fans, if we’re looking at the positives, but a pretty bleak outlook for fans of Sheffield Wednesday.

We’ll keep across what’s been happening away from the pitch in relation to the beautiful game ready for another instalment of The Week In Football Business next week. Hopefully, by then, the Reds will have punched their ticket into the next round of the EFL Cup and got back to winning ways in the Premier League with a win over Aston Villa. Then, all it needs is a win over Real Madrid in the Champions League and all is right with the world.

Easy, right?

Leave a comment

Welcome to infoRED—today we’re chatting Adidas. From trefoil classics in the ’80s to sleek Champions League kits in the 2000s, Liverpool’s history with the three stripes runs deep. And with the 2025 return, it’s not just nostalgia—it’s serious business.

If you like your football with a side of strategy, infoRED might well be for you. We go beyond the badge—tracking the deals, the numbers, and the boardroom decisions that shape what you see on the pitch. From kit launches to commercial pivots, we break down how the financial wheels at Liverpool turn. Consider becoming a paid subscriber today to stay ahead of the curve, and thanks for being part of the conversation.

Subscribe now

For a while it had looked as if the relationship between Liverpool and Nike would be a longstanding one.

The lengths that Liverpool went to in order to extricate themselves from their deal with New Balance in 2019 were unprecedented, with the Reds willing to take the fight all the way to the High Court in London, at great cost, in order to make sure that, from 2020, they were able to partner with Nike.

Not to get too bogged down in that particular case, but the long and short of it was that New Balance had a clause in their deal whereby they would have the option to extend so long as they matched the offer on the table from any rival bidder when a new tendering process came about.

They did that, actually offering more than Nike in terms of a flat annual rate (£35m), with the US sportswear behemoth offering up around £30m. The kicker, though, was that Nike were offering as much as a 20% slice to the Reds on the sale of Nike/LFC branded merchandise, and given the size and scope of the Nike global retail operation, and a strong online focus as well as major physical retail presence. That was seen as more valuable over the course of the deal than what New Balance were offering. Mr Justice Nigel Teare, the presiding judge agreed, and Liverpool and Nike were free to partner up.

The following five years saw some record numbers posted, and the impact of the Nike deal was significant, playing a prominent role in the club improving its commercial revenues from £217.4m in 2020, to £308m by 2024.

One of the key objectives for both was to create lifestyle merchandise. Football shirts designed well will sell well, especially if the team has a global fan base and is successful. What hadn’t really been monetised to any great deal by clubs other that Paris Saint-Germain was the idea of creating a lifestyle brand, tapping into fans who may not traditionally buy a Liverpool replica shirt or training apparel, but who wanted it to be more about fashion than anything else.

Collaborations with Nike athlete and basketball icon LeBron James came to fruition. James, a partner in Liverpool owners Fenway Sports Group, worked with Nike on a line of merchandise which included trainers, training wear and basketball jerseys. It’s hard to gauge how well they were received, but while they were deemed a success from a retail and merchandising perspective from the club, certainly outwardly, whether the numbers matched up with what had been hoped for from the off is questionable.

Read more

Welcome to the second instalment of The Week in Football Business—infoRED’s digest of the boardroom battles, financial flashpoints, and ownership dramas shaping the global game. Delivered every Tuesday, free to all subscribers, this series cuts through the noise to bring you what matters: the deals, the numbers, the governance shifts, and the commercial pivots that define modern football.

This week, the headlines are pretty seismic. Josh Wander, remember him? Well, the DH Gate version of Kendall Roy has been indicted in New York for wire fraud, exposing the financial scaffolding behind 777 Partners’ multi-club empire—and the near-miss disaster of their Everton takeover. John Textor loses a $97m court battle with investors, as his SPAC-driven model faces legal and reputational collapse. Barcelona, meanwhile, lock in a €460m Spotify extension, reveal an €800m valuation for their merchandising arm, and disclose €138m in outstanding transfer debt—moves that reinforce their pivot toward brand-led growth, even as Camp Nou remains under renovation.

Elsewhere, Juventus confirm they’re under formal UEFA investigation for fresh FFP breaches, reigniting scrutiny over amortisation and capital gains. And Chelsea make a decisive hire, appointing ex-Liverpool man Dave Fallows to lead their football intelligence rebuild—signalling a philosophical shift toward structured, data-led recruitment.

Let’s get into it.

Chelsea Hire Fallows

Chelsea have appointed Dave Fallows as Director of Football Intelligence, marking a decisive shift toward structured, data-led recruitment. Fallows spent over a decade at Liverpool, where he helped build one of the most influential analytics departments in world football. He was instrumental in identifying and securing transformative signings—including Mohamed Salah—and worked closely with Michael Edwards and Ian Graham to embed predictive modelling, squad planning, and marginal gains into the club’s DNA.

Before Liverpool, Fallows served as Head of Scouting at Manchester City under Damien Comolli, and was one of the first hires made by Edwards when Liverpool rebuilt their recruitment infrastructure. His track record spans data integration, long-term squad architecture, and bridging technical analysis with coaching strategy.

At Chelsea, Fallows will be tasked with rebuilding the club’s internal analytics stack, rationalising a £1bn transfer outlay, and future-proofing squad decisions under PSR constraints. He will report to Laurence Stewart and Paul Winstanley, but sources suggest he’ll have autonomy over infrastructure and long-term strategy.

This is more than a hire—it’s a philosophical pivot for the West London club. Chelsea’s ownership, led by Clearlake Capital, has veered from reactive splurges to a more sustainable model. Fallows’ arrival signals a commitment to probabilistic decision-making, tighter recruitment filters, and clearer succession planning.

Wander Indicted in New York Court

Josh Wander, co-founder of long-doomed 777 Partners, has been indicted in the Southern District of New York on multiple counts of wire fraud, securities fraud, and conspiracy—charges that expose the financial scaffolding behind one of football’s most aggressive multi-club ownership models, which has come crashing down in rather spectacular fashion over the past 18 months.

According to the indictment, Wander and former CFO Damien Alfalla (who has pleaded guilty and is cooperating) orchestrated a $500m fraud scheme. The core allegation: 777 repeatedly pledged the same assets to multiple lenders, falsified bank statements, and misrepresented its financial position to secure loans. These funds were then funnelled into high-risk ventures—including football clubs—without proper disclosure.

The Everton takeover bid now looks like a bullet dodged for the Toffees. Central to that deal was ACAP, a Miami-based lender whose funds were allegedly misused in the fraud. The Premier League delayed approval, citing concerns over 777’s financial transparency. The deal ultimately collapsed, and The Friedkin Group stepped in, completing the acquisition of Everton in December 2024.

Wander was arrested and released on a $2m bond. He faces up to 20 years in prison per count if convicted. The case is being prosecuted by the Southern District’s Securities and Commodities Fraud Task Force—a unit known for high-profile financial crime cases.

Textor Loses Court Battle Over $97M SPAC Fallout

US billionaire John Textor must face a $97m liability after a UK judge ruled that he breached contractual obligations tied to a failed SPAC merger.

The case centres on attempts by Eagle Football, Textor’s multi-club vehicle, to go public via a $1.2bn deal with Iconic Sports Eagle Investment. When the merger collapsed, Iconic exercised a put option to reclaim its $75m stake—Textor refused, citing concerns over sanctioned Russian ties in the investor group.

The court rejected that defence, stating Textor had “no contractual basis” to block repayment and had “knowingly violated” the agreement. His counterclaim in Florida was also dismissed, with jurisdiction confirmed in the UK. The ruling leaves Textor personally liable for $97m, including interest and costs.

This legal blow follows a UEFA arbitration ruling in August, when Crystal Palace were demoted to the Conference League despite qualifying for the Europa League. The reason: Textor’s dual ownership of Palace and Lyon breached UEFA’s multi-club rules. Lyon retained their Europa League spot, while Palace were bumped down—a reputational blow that exposed governance friction within Eagle Football’s expanding portfolio.

Textor was linked to Everton in early 2024, exploring a potential acquisition in the wake of the 777 collapse. That interest never materialised into a formal bid, but it underscored his ambition to gain a Premier League foothold.

Now, with Lyon, Botafogo, and RWD Molenbeek under pressure, and a confidential IPO still in play, Textor’s model—built around a SPAC, a shell company designed to take Eagle Football public without a traditional IPO—is facing scrutiny from both regulators and investors.

Barça and Spotify Extend to 2030—€460M Deal Locked

Barcelona have extended their partnership with streaming giant Spotify through 2030, securing €75m annually for shirt and training kit rights. Naming rights for Camp Nou stretch to 2034, worth €20m per season. The total package could reach €460m.

The deal covers both men’s and women’s teams and includes front-of-kit branding, training gear, and exclusive artist activations. Since 2022, Spotify has used Barça shirts to promote artists like Drake, Rosalía, and Travis Scott—blending music and football into a global fan experience.

Financially, the renewal improves on the original €280m deal. It follows a €1.7bn Nike extension and a €12m sleeve deal with Midea, locking in Barça’s commercial spine. But the Spotify clause—triggered only when 90% stadium capacity is restored—puts pressure on the Espai Barça rebuild.

With Camp Nou still under renovation and Estadi Olímpic Lluís Companys hosting home games, the club must deliver full capacity soon to unlock the full value. Until then, the Spotify deal is lucrative—but conditional.

Clubs Offload Barça Debt to Banks

Barcelona’s newly published accounts reveal €138m in outstanding transfer debt, including €13m still owed to Manchester City for Ferran Torres. Rather than wait for the instalment, City have sold the receivable to a bank—taking around 95% of the value upfront and passing on the collection risk.

Leeds United have done the same with the €42m owed to them, while Bayern Munich and RB Leipzig appear more relaxed, choosing to wait for scheduled payments. Selling transfer debt to financial institutions is now commonplace, especially when dealing with clubs under financial strain.

Liverpool did it with the Coutinho deal in 2018, offloading the receivable from Barcelona to a bank and securing immediate liquidity. For selling clubs, it’s a way to de-risk and accelerate cash flow. For buying clubs, it’s a sign of pressure—especially when the debt is being traded at a discount.

Barça’s accounts also show continued reliance on short-term financing and conditional commercial deals. With Spotify’s full payment contingent on stadium capacity and BLM equity still partially sold, the club’s cash flow remains tightly managed.

Juventus Under UEFA Investigation for FFP Breaches

Juventus have confirmed they’re under formal UEFA investigation for potential Financial Fair Play breaches. The probe follows a preliminary review of the club’s 2022–23 accounts and transfer activity, including capital gains and amortisation practices.

UEFA’s Club Financial Control Body (CFCB) is examining whether Juve misrepresented player valuations or manipulated accounting to meet FFP thresholds. The investigation comes just months after the club accepted a €20m UEFA settlement for prior breaches—€10m of which was suspended pending future compliance.

Juventus say they’re cooperating fully, but the timing is awkward. The club is rebuilding under Cristiano Giuntoli and has trimmed its wage bill, but legacy issues persist. The FIGC’s domestic case led to points deductions and executive bans; UEFA’s scrutiny now adds a European layer.

If found guilty, Juve could face fines, squad restrictions, or even the threat of bans from European competition.

And there we have it

That’s the week—seven heavyweight stories, each exposing the shifting ground beneath football’s financial elite.

Next week’s slate is already forming. We’re tracking UAE-linked interest around Manchester United, with INEOS still navigating regulatory hurdles and strategic control. The next move could reshape the Premier League’s ownership map—again.

If you haven’t already, hit subscribe. The Week in Football Business lands every Tuesday—free, forensic, and built for fans who want more than transfer gossip and who want to know more about what goes on in the game behind the game.

Until next time!

Leave a comment

Thanks for subscribing to infoRED. Whether you’re here for the financial logic behind football’s biggest moves, the governance shifts shaping the game, or the layered visuals that bring it all to life—this platform exists because fans like you demand more than surface-level coverage. If you’re a free subscriber you’ll get a weekly free newsletter, but for the full experience consider a paid subscription at £4.99 a month - the cost of a pint or a warm seasonal Starbucks beverage.

With infoRED, it isn’t about transfer gossip or recycled narratives. It’s about clarity, context, and commercial truth. We dig into the numbers, the boardroom decisions, and the regulatory frameworks that define modern football—especially when it comes to Liverpool FC and the wider Premier League ecosystem.

This week, we’re breaking down Liverpool’s Champions League campaign—not just on the pitch, but in the balance sheet. With Arne Slot’s side under pressure and European fixtures offering both redemption and revenue, we’re mapping out exactly what’s at stake. Let’s get into it.

Subscribe now

Liverpool return to European action on Wednesday night against Eintracht Frankfurt, needing more than just a result. Four straight defeats across all competitions—including a 2-1 loss to Manchester United at Anfield—have exposed tactical vulnerabilities and raised questions about squad cohesion. The midweek Champions League fixture isn’t just about points. It’s about stabilising a season that’s veering off course, and protecting access to the financial upside that comes with elite European competition.

Reds boss Arne Slot, whose stock couldn’t have been higher coming into this season following a Premier League title in his debut season at the helm, faces an early inflection point. The club’s summer outlay was significant. Alexander Isak, Florian Wirtz, Hugo Ekitike, Jeremie Frimpong, and Milos Kerkez arrived to reshape the squad. But the early returns haven’t matched the investment as yet, and that has led to plenty of dissection as to the reasons why, with the talking heads of sports radio making sure the froth is there for people to call in, and the odd hit piece on players who have played four Premier League games thrown in for good measure. The Champions League, however, offers both a reset and a revenue stream that can justify the strategy and quell the disquiet—if Liverpool deliver.

Champions League: The Financial Centrepiece

UEFA’s new revenue model for 2025/26 puts the Champions League at the heart of European football’s economy. Of the £3.03bn split across three competitions, £2.16bn (74%) is allocated to the Champions League. The Europa League receives £489m (17%), and the Conference League £247m (9%).

Liverpool’s guaranteed earnings before kick-off in the league phase stand at £53.1m. That includes:

• £16.1m participation fee

• £36.8m from the value pillar (based on UEFA coefficient and market strength)

• Minimum prize money

Only Manchester City (£55.7m) earn more among English clubs. Chelsea (£50m), Arsenal (£48.3m), Tottenham (£44.1m), and Newcastle (£30.4m) follow. The gap between Champions League and Europa League entrants is stark: Aston Villa and Nottingham Forest start with £15.3m and £13.4m respectively, while Crystal Palace begin their Conference League campaign with £8m.

This guaranteed income is foundational. It allows clubs to budget with confidence, plan for future investment, and absorb short-term volatility. For Liverpool, it’s a buffer against domestic inconsistency—and a baseline that can be significantly improved with competitive success.

But what else is in play?

Read more

Back in 2008, the suits that represented the affairs of the 20 member clubs that made up the Premier League at the time convened in London.

On the agenda, amid the gripes that clubs had with each other over some more trivial issues, was the rather big idea of a ‘39th game’ in English football’s top flight. An extra round of games to be played, but taken overseas, growing the Premier League brand globally.

The idea was a bold one, and one that was to face resistance enough to keep it locked away for more than a decade before the chatter resurfaced. Clubs were to stage one additional game per club in international markets like the United States, Asia, and the Middle East, with the aim of expanding the league’s global footprint and commercial reach.

Each team would play one extra match and the fixtures would be determined to maximise appeal—think Manchester United vs Liverpool in New York or Chelsea vs Arsenal in Tokyo. The plan was pitched as a way to tap into growing international fanbases and generate new revenue streams. Some of the clubs liked the idea, particularly the biggest clubs who already had global growth well within their sights. This was seen as something akin to manna from heaven, growing appeal with the Premier League’s backing.

There was, however, resistance. As we have seen in more recent years, most notably with the 48-hour rise and dramatic fall of the deeply-flawed and disturbingly clandestine European Super League plot, fan power can still play a decisive role in changing minds and altering decisions. In 2008 it was at play, with the idea seen as a blatant cash grab.

Supporters’ groups were furious, accusing the league of prioritising global TV money over local fans. The Football Supporters’ Federation (now the FSA) called it “a betrayal of loyal match-going fans” and warned it would turn the league into a “global roadshow.”

Managers weren’t impressed either, with former Manchester United manager Sir Alex Ferguson claiming such a move would “devalue the competition,” while then Arsenal boss Arsène Wenger, a manager who seldom saw eye-to-eye with Ferguson on many things, also raised issues with it, questioning the fairness of adding a non-reciprocal fixture that could impact the title race or relegation battle. The idea of clubs playing a 39th game in cities like New York, Dubai, or Tokyo—against opponents chosen for commercial appeal—was seen as a distortion of the league’s competitive balance.

FIFA and UEFA didn’t just raise eyebrows—they pushed back hard. Sepp Blatter, then FIFA president, publicly criticised the Game 39 proposal, warning that it could undermine England’s bid to host the 2018 World Cup. His concern wasn’t just about fixture congestion—it was about governance. FIFA saw the plan as a power move by the Premier League that risked upsetting the global football order, especially if other leagues followed suit.

UEFA echoed those concerns, with officials suggesting that staging domestic league matches abroad could distort competition and erode the integrity of national football structures. The idea of clubs playing competitive fixtures in neutral, commercial-first venues didn’t sit well with Europe’s governing body, which was already grappling with the rise of super clubs and the growing influence of private equity.

Pushback also came from proposed host nations. Football federations in Asia, the Middle East, and North America were wary of importing Premier League games, fearing it would overshadow their own domestic competitions. Some questioned whether hosting English league matches would benefit local football or simply serve as a branding exercise for foreign clubs. The optics weren’t great: English teams parachuting in for one-off games, soaking up attention and revenue, then flying out again.

In the end, the political pressure—combined with fan outrage and media scrutiny—was enough to kill Game 39 before it got off the ground. And so, the plan was shelved in 2010. It didn’t go away, it was just put into cold storage ready to be pulled out and defrosted at a time when the opposition to such a move wouldn’t be met with such widespread condemnation.

Is it coming back? And what would it be worth to Liverpool, and what are the risks?

Read more

First off, I just wanted to say a huge thank you to everyone who has supported the infoRED project so far, either via paid or free subscriptions. The aim is to offer subscribers genuine insight into the business side of Liverpool FC that they can’t get elsewhere.

It’s the start of the infoRED journey, one that I’m incredibly excited about, and today it’s time for ‘The Week In Football Business’, a round-up of all the latest from the world of football finance, available as a free-to-view post for all every Wednesday morning, delivered straight to your inbox.

There will be at least three written pieces of quality paid content each week, as well as podcasts and videos weekly to cover all the important off-field issues at Liverpool Football Club, and those elsewhere that are impactful for the Reds.

If you think this might be your bag, you can upgrade to paid by clicking the button below. You can cancel anytime, of course, but the aim is very much to make this a premium offering that becomes a staple of your weekly reading.

And on to the first The Week In Football Business. There has been plenty going on.

Subscribe now

‘OUR WORK ISN’T DONE’

The first piece this week on infoRED was all about Fenway Sports Group’s 15-year anniversary as owners of Liverpool Football Club.

In it we explained just why FSG were still in it for the long haul, with the club still having enormous value potential for the owners, as well as being well positioned to be a dominant force at the top of the European game over the next decade and beyond, at a time when the importance of being a global brand has never been so high.

This morning, the Reds’ social media channels were acknowledging the 15-year anniversary. For the occasion, a statement from FSG’s chief trio of John W. Henry, Mike Gordon and Reds chairman Tom Werner dropped, looking back on the past 15 years, the ups and downs.

Perhaps the most important detail was the declaration that the work wasn’t done at Liverpool. Here’s what they had to say.

“When we first became involved with Liverpool, we knew we were joining something extraordinary and we hoped we could restore such an incredibly storied institution to standards it had previously set — but we could never have imagined exactly how the next 15 years would unfold.

“From the outset, our primary aims were simple: to bring success back to Anfield and to ensure the long-term health and stability of this great club. We understood the responsibility that came with being its custodians, and we’ve tried to honour that every single day. We also understood the scale of the challenge but recognised the potential that could be realised if everyone pulled in the same direction.

“Looking back now, it’s not only been quite a journey; it’s also been an incredible adventure that we, as owners, have been privileged to be a part of. 

“The two Premier League titles — one under Jürgen and one under Arne — and the Champions League win are the obvious milestones. We will never forget being inside Anfield earlier this year on the day we were finally able to lift that league trophy in front of our fans. It is a memory that will stay with us for life.

“But there have been so many other moments that matter just as much. Sir Kenny Dalglish guiding us to our first trophy together in 2012. Becoming world champions in 2019. The cup double in 2022. The League Cup final in 2024. Back-to-back WSL title wins in 2013 and 2014 under Matt Beard. Each of them told its own story about what this club stands for — belief, togetherness, heart and so much passion.

“Of course, there have been tough times too. We’ve lost finals and missed out by the smallest of margins. Off the field, there have been times we’ve got things wrong. We know that and we have learned from it. All our decisions are made with the best, long-term interests of the club at the centre of our thinking.

“We are proud today of how the club has grown in every sense. The men’s team now train in world-class surroundings. The women’s team call Melwood home again, linking our future to our history. And Anfield itself — from the Main Stand to the new Anfield Road — has been transformed while never losing what makes it special.

“We also want to take a moment to recognise all the leadership at Liverpool, both on and off the field. Their guidance, commitment and dedication has been central to everything we’ve collectively achieved.

“Liverpool Football Club means so much to so many people, and that’s something we’ve always been conscious of. This club is part of the fabric of the city and far beyond it. It connects generations and communities in a way that is truly special. Being part of that story is a privilege, and it brings a responsibility we never take for granted.

“Today is a day to look back with gratitude. But it’s also a reminder that our work isn’t done. There’s still so much more ahead of us — more to achieve, more to win, and more memories to make, together.

“And to you, our supporters — on behalf of everyone at Fenway Sports Group — thank you. Thank you for welcoming us, for believing in this team through every high and low, for telling us when we’ve fallen short, and for showing the world what it truly means to be part of Liverpool Football Club.”

Right now, there appears to be more chance for another 15 years than ending their association within the next five. Against the backdrop of poor ownership elsewhere, such as Manchester United, and a lack of strategy at some major clubs, err, United again, it should be viewed through a positive lens.

CHAMPIONS LEAGUE FOR THE STREAMERS

As reported by The Times this week, starting in 2027, UEFA will kick off each Champions League season with a standalone Tuesday night blockbuster—the reigning champions hosting a marquee opponent, streamed globally. It’s a new curtain-raiser designed to grab attention, drive viewership, and give the holders a spotlight moment before the rest of the competition gets going. If it had launched this year, PSG would’ve opened against Barcelona or Bayern Munich.

The rest of the opening round will follow on Wednesday and Thursday, but that Tuesday fixture is the big sell. It’s part of a wider push to make the Champions League more streaming-friendly, with Netflix, Amazon, Disney, and Apple all being sounded out for global rights. UEFA wants that first pick to be a premium product—one game, one night, all eyes on it.

Behind the scenes, UC3—the joint venture between UEFA and the European Clubs group—is reshaping how rights are sold. From 2027–28, broadcasters will be able to bid across multiple markets and for longer deals, with four-year cycles replacing the current three-year model. That opens the door for platforms like TNT Sports and Sky to go big across the UK, Germany, Italy, Spain, and France.

UEFA expects to pull in €5bn a year, a 10% bump on the current cycle. The tender went live this week, with bids due by November 18. It’s not just about the Champions League—Europa and Conference League rights are bundled in too, giving broadcasters more flexibility and reach. Discovery/TNT and Sky are both expected to bid hard for the UK package.

Guy-Laurent Epstein, UEFA’s marketing chief, says the goal is to “attract a broader range of partners” and keep UEFA’s competitions at the cutting edge of sports media. Amazon already shows one game per round in several markets, and Apple’s global MLS deal shows what’s possible. Netflix, meanwhile, is still testing the waters—but its Tyson vs Jake Paul boxing stream hit 65 million views, so the appetite is clearly there.

With Relevent already locking in a six-year, $1.5bn deal with CBS for US rights, UEFA’s new model is all about scale and flexibility. The Tuesday night showcase is just the start—it’s a signal that football’s biggest club competition is ready to play by streaming’s rules, not just legacy broadcast ones. And for fans, it means more access, more choice, and a front-row seat to the biggest nights in European football.

UEFA MOVE TO TACKLE MULTI-CLUB ISSUE

UEFA is preparing to relax its multi-club ownership rules, a move that could reshape how European competitions are structured. The current stance—blocking clubs with shared investors from playing in the same tournament—is being reworked to reflect the reality of modern football investment. The new approach? Let them play, as long as they can prove they’re run independently.

Multi-club ownership is no longer niche. From Red Bull to City Football Group to Eagle Football, investor-led networks are now embedded across Europe’s top leagues. UEFA’s existing framework—designed to prevent conflicts of interest—has struggled to keep pace. The proposed rule change would allow clubs to compete in the same competition if they submit annual declarations proving operational separation.

The flashpoint came this season. Crystal Palace were bumped down to the Europa Conference League, despite qualifying for the Europa League, because of shared ownership with Lyon via John Textor’s Eagle Football Holdings. Lyon took the higher spot. Textor moved to sell shares in Palace to meet UEFA’s independence criteria—but the deal came too late.

Meanwhile, Fenway Sports Group are actively exploring their own multi-club strategy, with Michael Edwards now leading the charge through FSG Football. Clubs in Spain—including Malaga and Getafe—have been assessed for viability, with Edwards tasked with building a network that complements Liverpool’s recruitment and development pipeline. UEFA’s pivot could accelerate those plans.

The new framework will require clubs to disclose governance structures, voting rights, and any shared services or personnel. UEFA’s Club Financial Control Body will oversee compliance, and any overlap in decision-making could still trigger sanctions. It’s a balancing act: protect competition integrity without stifling investment.

If the rule change lands, it won’t just impact Palace or Lyon—it’ll shape how ownership groups build, manage, and scale football operations across borders. With more clubs entering Europe via second-tier competitions, the multi-club model is becoming less a loophole and more a strategic blueprint. UEFA’s shift is about catching up—not giving in.

SPURS £100M ENIC DROP HELPS PROBLEM

Tottenham Hotspur have entered a new chapter. Daniel Levy, the club’s dominant figure for nearly 25 years, has stepped back from all operational roles, handing the reins to Vinai Venkatesham, Johan Lange, and Thomas Frank. ENIC, the Lewis family trust, wasted no time in asserting control, injecting £100m into the club and rejecting takeover interest from Brooklyn Earick, Amanda Staveley, and a Chinese consortium. The message is clear: Spurs aren’t for sale, and they’re not standing still.

Levy’s financial strategy is often labelled cautious, but the reality is far more complex. Since taking charge, he’s overseen £1.6bn in operating cash flow—second only to Manchester United—built on tight wage control, consistent European qualification, and a commercial model that maximises revenue without owner subsidies. That cash wasn’t splashed on transfers; it was funnelled into infrastructure, including the £1.2bn stadium and upgraded training ground. Spurs now carry £851m in financial debt and £337m in transfer debt—the highest combined figure in the Premier League—but it’s structured, not reckless. ENIC’s £100m equity injection isn’t about lavish spending; it’s about easing short-term pressure and maintaining flexibility.

The irony? Levy, often criticised for being risk-averse, ran one of the most leveraged operations in English football. Spurs didn’t avoid spending—they just structured it differently. Deferred payments, calculated deals, and liquidity preservation became their playbook. In today’s market, cash is king, and Tottenham’s ability to generate it gives them an edge. Sellers want certainty, and Spurs can offer it—if they choose to unlock it.

On the pitch, the club spent over £150m in the last window alone, bringing in Kudus, Simons, Tel, and Danso. Squad cost hit a record £698m, yet silverware remains elusive. The stadium, once a symbol of ambition, is finally delivering commercially, with revenue rising from £209.8m in 2016–17 to £528.2m in 2023–24. Naming rights—long rumoured, never realised—could be hugely valuable, with Levy previously said to have priced the club out of the market. That may change under new leadership.

This is the paradox of the Levy era: cash-rich but debt-heavy, cautious yet ambitious, sustainable but leveraged. Spurs haven’t stood still—they’ve just played a different game. Now, with ENIC fully visible and accountable, the question is whether that financial strength will finally translate into trophies. The Levy era is over. The pressure to deliver has never been greater.

GOING GLOBAL, “REGRETTABLY”

UEFA has approved two landmark overseas league fixtures—Barcelona vs Villarreal in Miami this December, and AC Milan vs Como in Perth next February. The decision was made on an “exceptional basis,” with president Aleksander Čeferin quick to stress it “shall not be seen as setting a precedent.” But the precedent feels familiar. Back in 2009, the Premier League’s infamous Game 39 proposal—an extra round of fixtures played abroad—was shelved after fierce backlash. Now, the idea is creeping back in through the side door.

Despite governance concerns and fan resistance, the commercial logic is hard to ignore. These games offer global reach, brand expansion, and new market activation—especially in territories where clubs are already building fanbases and sponsorship pipelines. UEFA’s approval signals a willingness to experiment, even if it’s wrapped in caution tape.

Premier League chief Richard Masters recently stated that overseas fixtures are “not part of the current strategic plan,” distancing the league from any immediate revival of Game 39. But with La Liga and Serie A now testing the waters, pressure may build—especially if the Miami and Perth games deliver commercially. The question isn’t whether the Premier League wants it. It’s whether it can afford to ignore it.

For now, UEFA insists this is a one-off. But clubs are watching closely. If these fixtures succeed, expect more proposals, more pushback, and more debate about where domestic football ends and global entertainment begins. The line is getting thinner.

TANGERINE SCENES

From the 2026/27 season, Salford City will return to their historic orange kit, ditching the Manchester United-inspired red worn since the Class of ’92 takeover. The move follows a fan vote (77.1% in favour) and marks a deeper shift in branding, infrastructure, and ownership strategy.

With Gary Neville and David Beckham now in full control, the club is undergoing a visual overhaul—new cladding, seating upgrades, and a crest consultation are all in motion. The orange isn’t just nostalgic—it’s a commercial reset.

WELCOME TO STEVENAGE?

It’s not just the Premier League that’s attracting American money—Stevenage FC are reportedly in talks with US investors, and it makes perfect sense. Lower-league clubs offer something the top flight can’t: lower entry costs, strong local identities, and room to grow. For investors, it’s like buying a fixer-upper with great bones and a loyal fanbase.

Stevenage have the ingredients: proximity to London, a compact stadium, and a reputation for punching above their weight. If the deal lands, expect a pivot toward stadium upgrades, digital engagement, and long-term brand building. It’s not just about chasing promotion—it’s about building a football business that can scale.

Wrexham are the headline act, of course. Backed by Hollywood, they’ve gone from non-league to Championship contenders, spending £33m this summer and reportedly hitting a £350m valuation. But behind the scenes, it’s the Kop redevelopment, broadcast-ready infrastructure, and global storytelling that’s driving the business case. Ryan Reynolds and Rob McElhenney, Wrexham’s Hollywood owners, aren’t just chasing goals—they’re building a media empire with a football club at the centre, with the successful ‘Welcome to Wrexham’ documentary on Disney+ the vehicle.

Then there’s Gillingham, quietly doing things a different way. Under Brad Galinson’s ownership, they’ve focused on financial discipline, academy investment, and community integration. No viral content, no blockbuster signings—just a stable, scalable operation that’s turning heads in investor circles.

Leave a comment

Where does the time go, hey?

This week marks 15 years since Liverpool Football Club were involved in one of the most dramatic takeovers in football history, one where the stakes couldn’t have been higher, and one where the trajectory of the club changed forever.

Back in October 2010, the club was staring down the barrel of administration, buried under a mountain of debt, £237m of it due to Royal Bank of Scotland to be precise, and tangled in legal chaos, with the deeply unpopular former owners of Tom Hicks and George Gillett facing huge fan ire for their near ruinous running of the club, taking it to the brink of bankruptcy, something that barely seems believable as we sit here in 2025, where the main problems are how to integrate £125m Alexander Isak and £116.5m Florian Wirtz into a new look attack.

Hicks and Gillett were forced into selling Liverpool, placing the club up for sale in April of 2010 after their leveraged ownership model collapsed under mounting debt issues. The American duo had borrowed heavily to finance their £174m takeover of the club in 2007, but by 2010, they were unable to repay the RBS loan, thus sparking a race to the finish line for prospective new owners.

Gillett had already defaulted on a separate £75m loan, resulting in his shares being seized by Mill Financial, a US hedge fund, while Hicks, meanwhile, scrambled to sell his stake to Mill Financial in a last-ditch effort to retain control. But with the club facing administration and the Premier League refusing to recognise Mill Financial as a legitimate buyer, the board—led by chairman Sir Martin Broughton—pushed through a sale to New England Sports Ventures, now, of course, better known as Fenway Sports Group.

The financial pressure and legal dead ends left Hicks and Gillett with no viable path to hold on, and they would be defeated on a sale of the club to FSG, with Broughton, Christian Purslow and Ian Ayre voting in favour of a sale, while Hicks and Gillett voted against, desperately trying to retain control.

Hicks even filed a restraining order in a Dallas court and attempted a last-minute handoff to Mill Financial, but the Premier League wasn’t having it and the High Court in London shut down the legal block. Present to witness the occasion was the softly spoken, reclusive figure of John W. Henry, FSG’s supremo, a man who has retained that same level of mystery and intrigue throughout the past 15 years.

With their options running out, Hicks and Gillett dropped the restraining order and watched the club slip from their grasp. Their lawyer called it “tragic,” but for Liverpool fans, it was anything but. RBS welcomed the sale, the courts dismissed further claims as “abusive,” and FSG officially took the reins on October 15, 2010.

So, that’s how it all came about. For Reds reading who lived and breathed every moment of this saga as it played out, it is a tale they will know well. You’ll also know what has transpired in the past 15 years, the successes, the failures, the missteps, the euphoria, and the despair. Anfield has changed for the better, the team has changed for the better, the structure of the football club has changed for the better, and the prospects for the future changed for the better.

This is a football club that competes for the greatest prizes that world club football has to offer again, and while you can’t please all of the people all of the time, if one were to look at this objectively, zooming out from the noise around net spend and transfer windows, if you were to rate FSG’s homework, so to speak, then it should really score higher than most other owners in European football over the same time period.

The idea around infoRED, and why I’m passionate about it, is that I’m not aiming to tell readers what you already know. There are a myriad other places you can read wonderful writing about Liverpool Football Club and its rich tapestry of stories from on and off the pitch. For me, the aim is to make what has for so long been seen as the rather dry topic of football finance accessible, interesting and relevant to what is happening at Liverpool now and in the future, and how it will directly impact what happens on the pitch, which is the only place that truly matters.

This isn’t about FSG’s last 15 years, this is about what happens in the next 15, if indeed they decide to stay that long as owners of the football club. It aims to debunk some of the myths that exist around their motives and what the future might hold for the owners and the club itself.

So, here we are. It’s launch day for infoRED. It’s Monday, October 12, and this week it has been 15 years to the day since FSG acquired Liverpool. It seems an apt place to start this particular journey.

But where are Liverpool at right now? What does the current state of play look like, and what do we know that gives us some clues as to what the next few years might bring.

Read more

To actually start writing this feels a bit surreal.

It’s been a month since I left Reach Plc, where I spent six years as Business of Football Writer — mostly for the Liverpool Echo, but also contributing to the BBC, The Anfield Wrap, Redmen TV and others. If you’ve followed me there, you probably know what I’m about: football finance, the business behind the badge, and a healthy obsession with how clubs really work.

I’ve nudged past 40 now, and like anyone who’s spent years in the press box, I’ve had time to think about what the next chapter should look like. I wanted to stop drifting and start swinging. I’ve built relationships with decision-makers across football — from Anfield to New York — and I’ve learned that the real stories often happen off the pitch. Transfers, wages, ticket prices, valuations — everything has a cost. And behind every cost is a choice.

Money matters in the game. From the deals that dominate deadline day to the quiet boardroom decisions that shape a club’s future, football’s financial landscape is vast, complex, and often misunderstood. I’ve spent years trying to make sense of it — and more importantly, trying to make it make sense for fans.

When I started at the Echo, the Business of Football role didn’t exist. I was handed a blank canvas and told to try and make something work — and I had to, really, for my own employment prospects. But work it did. What started as a bit of a punt became a key part of the Echo’s coverage, and eventually, a valuable asset across the wider company. That only happened because of you — Liverpool fans who saw the value in understanding what was going on beyond the transfer rumours. You engaged with the stories, asked the right questions, and proved there was a real appetite for proper football business journalism.

I don’t do transfer gossip here — that’s someone else’s beat. What I will do is tell you how those deals can be afforded. What the numbers say. What else could be done in the market. What the financial levers are, and who’s pulling them. Because if we want to understand where the game is going, we need to understand how it’s being run.

Liverpool Football Club is at the heart of this. I know the ins and outs of the club — its ownership, its operators, the people who make it tick. I’ve built trusted relationships with decision-makers here and abroad, and I want to bring that insight to life right here. This will be a level of off-pitch coverage at Anfield that simply doesn’t exist anywhere else, backed by professional analysis and exclusive interviews that tell the full story.

How infoRED grows and evolves will be led by you, the community. Got a question you want answered? Let me know and I’ll get it done. Want a content series on a specific topic? You tell me, and I’ll make sure we’re covering all bases. This is a two-way street. I’ll bring the access, the analysis, and the storytelling — but you’ll help shape the direction.

Thanks for your support — genuinely. It means a lot.

The first piece on infoRED drops this morning. From here on out, you’ll get three new articles every week, plus one free piece of content for all subscribers. I’ll also be sharing weekly podcast updates covering everything happening behind the scenes at Anfield and beyond — from boardroom moves to broadcast deals, and everything in between.

I’ve tried to keep the price as low as I possibly can — and that price will stay put. No increases, no creeping costs. I just want this to be accessible, engaging, and above all, affordable. If you’re backing this, I’ll make sure it’s worth every penny, and every second of your time.

This is just the beginning. I truly hope to be able to build something that lasts, something that will be of real value, and something that will become commonplace for more and more clubs, as I feel it is more important that ever.

YNWA.

Share