Wishlist0
0
Continue Shopping

 +91 91155 12977

Home / Tagged "FinancialFairPlay"

Tag: FinancialFairPlay

Barcelona Fined €500,000 for Financial Misreporting

Barcelona Fined €500,000 for Financial Misreporting

By October 18, 2024 0

Barcelona’s financial woes continue as the Court of Arbitration for Sport (CAS) has dismissed their appeal against a UEFA ruling that found the club guilty of misreporting income. The Spanish giants will now have to pay a fine of 500,000 euros (USD 542,000).

The case stems from Barcelona’s handling of a deal to sell off a percentage of its broadcast rights for the next 25 years. UEFA accused the club of “wilfully and consciously” misreporting the income from this deal in order to comply with European soccer’s financial rules.

In total, Barcelona secured deals worth 667.5 million euros (USD 724 million) in 2022 for selling off 25% of its future broadcast earnings from the Spanish league. However, UEFA said that Barcelona deliberately misreported one of these deals in its financial accounts and “overstated” its break-even results by 267 million euros (USD 290 million).

UEFA’s rules are intended to ensure the financial stability of clubs and only allow them to make certain losses over three years. The sale of “non-tangible assets” such as future broadcast earnings are not allowed to be included in these break-even calculations.

Barcelona has faced financial turmoil in recent years and reluctantly had to allow club great Lionel Messi to leave in 2021. The club’s financial situation has been further exacerbated by the COVID-19 pandemic, which has led to a loss of revenue from ticket sales and other sources.

The CAS ruling is a major blow to Barcelona and could have further implications for the club’s financial future. The club is already facing a transfer ban for the summer of 2023 and could be forced to sell more players in order to balance the books.

Categories: Football
Read more

Guardiola Accuses Critics of Wanting Man City “Wiped from the Earth”

By September 22, 2024 0

Manchester City manager Pep Guardiola has launched a scathing attack on critics of the Premier League champions, accusing them of wanting the club “wiped from the face of the Earth” over alleged breaches of financial rules.

City, who have dominated English football since Guardiola’s arrival in 2016, face a hefty points deduction or even expulsion from the league if found guilty on some or all of the 115 charges relating to financial regulations. A long-awaited hearing into charges brought by the Premier League in February 2023 finally began at the start of the week.

Guardiola has claimed previously that some of the club’s rivals hope to see them found guilty and he appears in no doubt they would expect punishment to be severe. He brought up the matter unprompted ahead of Sunday’s clash with Arsenal at the Etihad Stadium while talking about the tendency of people to overly criticize isolated bad performances.

“During a season, you can say, ‘Oh, it was a bad season’,” said Guardiola. “But for performances some people say, ‘Oh, it’s a disgrace, it is a disaster, it’s unacceptable’. No, during 90 minutes it’s one bad afternoon when they were better.”

“But I would say – I’m sorry, I want to defend my club, especially in these modern days when everyone is expecting us not (only) to be relegated, to be disappeared off the face of the Earth, the world – that we have better afternoons than the opponents. That’s why we win a lot.”

City face 80 breaches of financial rules between 2009 and 2018, plus a further 35 of failing to cooperate with a Premier League investigation. The club stand accused of failing to provide accurate financial information, including revenue from sponsors and salary details of managers and players.

However, City have vehemently denied any wrongdoing.

Guardiola’s comments come amid a backdrop of intense scrutiny on City’s finances. The club has been accused of using creative accounting to inflate its revenue and reduce its losses in order to comply with UEFA’s Financial Fair Play regulations.

If found guilty, City could face a range of punishments, including a points deduction, a fine, or even expulsion from the Premier League. The club could also be banned from European competition.

The outcome of the hearing is likely to have a significant impact on the future of Manchester City. If found guilty, the club could face a lengthy ban from European competition and a significant points deduction in the Premier League. This could seriously damage the club’s reputation and its ability to attract top players.

Categories: Football
Read more
Manchester City's Fate Hangs in Balance as Financial Fair Play Trial Begins

Manchester City’s Fate Hangs in Balance as Financial Fair Play Trial Begins

By September 16, 2024 0

Manchester City, the reigning Premier League champions, are facing a pivotal moment in their history as they prepare to defend themselves against 115 charges of financial impropriety. The allegations, which span a decade from 2009 to 2018, have cast a shadow over the club’s remarkable success in recent years.

The charges stem from leaked documents that allegedly show City inflated sponsorship revenue from Abu Dhabi state-controlled entities to circumvent financial fair play regulations. The club is also accused of failing to cooperate with the Premier League’s investigation into the matter.

If found guilty, City could face severe sanctions, including a points deduction or even expulsion from the Premier League. Such a verdict would not only tarnish the club’s reputation but also raise questions about the integrity of the English top-flight.

The stakes are equally high for the Premier League. A guilty verdict against City would expose the league’s vulnerability to financial manipulation by state-backed clubs. On the other hand, if City are exonerated, the Premier League could be seen as a soft touch that is unable to hold its clubs accountable.

The hearing, which is expected to last at least two months, will be closely watched by football fans and industry experts alike. The outcome will have a profound impact on the future of Manchester City and the Premier League as a whole.

Categories: Football
Read more
Leicester City Avoid Points Deduction in Premier League Financial Breach Case

Leicester City Avoid Points Deduction in Premier League Financial Breach Case

By September 4, 2024 0

Leicester City have successfully overturned a decision that would have allowed an independent commission to investigate alleged breaches of the Premier League’s profit and sustainability rules (PSR). The English top flight expressed “surprise and disappointment” at the appeal board’s ruling, which effectively absolves Leicester of any potential points deduction.

The initial claim against Leicester alleged that the club had exceeded the maximum permitted loss of 105 million pounds ($138 million) over a three-season period. However, the appeal board determined that Leicester’s accounting period ended on June 30, 2023, after the club’s relegation from the Premier League. This decision means that the league cannot take action against Leicester for exceeding the PSR threshold during the relevant accounting periods.

Leicester welcomed the verdict, stating that it supported their “consistently stated position that any action against the club should be pursued in accordance with the applicable rules.” The club, which famously won the Premier League title in 2016, could have faced a significant points deduction if found guilty of breaching the financial regulations.

The Premier League’s decision to appeal the board’s ruling highlights the league’s commitment to enforcing its financial regulations. Last season, Nottingham Forest and Everton were both given points deductions for PSR breaches. Manchester City, the reigning Premier League champions, are also facing charges of 115 alleged breaches of financial regulations.

The outcome of Leicester’s appeal raises questions about the effectiveness of the Premier League’s PSR rules. The league will likely review its regulations and consider potential amendments to ensure that clubs are held accountable for financial irregularities.

Categories: Football
Read more
Dani Olmo Poised for Barcelona Debut as Financial Woes Ease

Dani Olmo Poised for Barcelona Debut as Financial Woes Ease

By August 23, 2024 0

Barcelona manager Hansi Flick expressed optimism that Dani Olmo could make his long-awaited debut for the club on Saturday against Athletic Bilbao. The Spanish playmaker joined Barcelona from RB Leipzig this summer but has yet to be registered with La Liga due to the club’s financial constraints.

However, Barcelona’s recent decision to allow midfielder Ilkay Gundogan to return to Manchester City has potentially freed up enough financial space to register Olmo. “Financial matters are not my concern,” Flick said. “We focus on the team, and I’m delighted with what I’ve seen this week. Dani is ready to play, and we’re eagerly awaiting his registration. Hopefully, he’ll be part of the team tomorrow.”

Flick praised Olmo’s abilities, highlighting his exceptional performance for Spain in their Euro 2024 triumph. “He’s a phenomenal player who can make a significant contribution to our team,” Flick said. “His composure under pressure and his finishing ability are remarkable. It would be a major boost to have him in the squad as soon as possible.”

In addition to Olmo’s potential debut, Flick also confirmed that Fermin Lopez, who won both the Euros and Olympic gold for Spain, is ready to return for Barcelona. However, the German coach downplayed speculation linking Barcelona with a move for Athletic Bilbao winger Nico Williams, who is expected to face the Catalan giants on Saturday.

“We have experienced players in that position,” Flick said. “Jules Kounde will be responsible for marking him. It’s not my place to discuss Williams because he’s not our player. Our focus is on our own performance, and I’m confident that Jules will do a good job against him.”

Categories: Football
Read more
Premier League Moves Closer to Implementing Spending Cap

Premier League Moves Closer to Implementing Spending Cap

By April 30, 2024 0

The English Premier League is poised to implement a spending cap, a move that has been met with mixed reactions from clubs. At a recent shareholders’ meeting, top-flight teams voted to proceed with a legal and economic analysis of the “anchoring” principle.

The anchoring principle would limit spending by all clubs to a multiple of the combined prize money and TV rights revenue earned by the last-placed team in the league. This would effectively reduce the spending power of clubs with the largest revenues and wealthiest owners, potentially increasing the competitiveness of the league.

Clubs may have the opportunity to vote on the spending cap at the league’s annual general meeting in June, depending on the progress made in finalizing a proposal. However, it has been reported that Manchester United and Manchester City are among the clubs opposed to the measure.

The anchoring principle, if approved, would become part of new financial regulations set to replace the existing profitability and sustainability rules from the 2025-26 season. The current rules, which allow clubs to lose a maximum of £105 million ($133 million) over a three-year period or face sanctions, have been breached by Everton and Nottingham Forest this season, resulting in points deductions.

The introduction of a spending cap is seen as a way to address concerns about the growing financial disparity between clubs in the Premier League. Critics argue that the current system allows clubs with unlimited resources to dominate the league, making it difficult for smaller clubs to compete.

Proponents of the spending cap believe it will level the playing field and create a more competitive league. They argue that it will prevent clubs from overspending and accumulating unsustainable levels of debt.

However, opponents of the cap argue that it will stifle competition and reduce the appeal of the Premier League. They contend that it will prevent clubs from investing in their squads and could lead to a decline in the quality of football.

The debate over the spending cap is likely to continue in the coming months as the Premier League works to finalize its proposal. The outcome of the vote at the annual general meeting will determine whether the league takes a significant step towards implementing a spending cap.

Categories: Football
Read more
Main Menu
Home
Shop
Wishlist0
Back to Top

Search For Products

Product has been added to your cart