The Week in Football Business #1
From UEFA regulations, to FSG comments, to Spurs' £100m investment, here is your weekly digest from infoRED
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.
‘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.