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Swansea City: Soul Train
Introduction Huw Jenkins, Swansea’s chairman, who made millions when the club was acquired by American investors in 2016, has resigned. Reading between the lines it appears that there are conflicts in terms of day to day running of the club. The club’s finances are clearly an issue, as is the strategy of the majority shareholders Jason Levien and Steve Kaplan in terms of how the club is going to deal with the aftermath of relegation. Swansea haven’t yet published their accounts for 2017/18, but were there warning signs in the previous year? Key Financial Highlights for year ended 31 July 2017 Turnover £128 million (up 31%) Wages £99 million (up…
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Arsenal 2017/18: My Friend Stan
Introduction Stan Kroenke, Arsenal’s invisible owner, saw goodbye to three big players in the club during 2018 as the club went trophy less but perhaps more importantly for the moneymen failed to qualify for the Champions League for the second season in a row. The power struggle with Ukrainian Alisher Usmanov ended with Stan as the final man standing as he bought out his rival, allowing the American to also take Arsenal from the AIM Stock Exchange to the less scrutinized private company. Arsene Wenger’s dignified reign as manager came to an end with perhaps sighs of relief from both the Frenchman and his many vocal and at times very…
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Rangers: Phoenix from the ashes or new dawn fades?
Rangers won the Scottish Premier League five times between 2003 and 2011, as well as reaching the final of the UEFA Cup in 2008, which on the face of it was an impressive achievement as the club went toe to toe with a resurgent Celtic during that period. To compete with Celtic the club was however prepared to take steps that would ultimately lead to the liquidation of the club’s operating company and had to apply for membership of the Scottish Third Division. It would take four years out of the top flight before the club was once again able to face its rivals in a league match. The high…
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Chelsea 2017/18: The Lion Sleeps Tonight
Introduction Chelsea had an up and down season in 2017/18, winning the FA Cup but not qualifying for the Champions League. The club’s financial structure is complicated, Chelsea Football Club Limited is owned by Chelsea FC plc, which is owned by Fordstam Limited, which is funded by Lindeza Worldwide Limited (based in the British Virgin Islands) and Camberley Investments Limited (based in Middlesex), which are owned by Roman Abramovich. This analysis looks at Chelsea FC plc, mainly because Fordstam Limited tends to publish its accounts a few months later. Key Figures Turnover £443 million (up 23%) Wages £244 million (up 11%) Pre player sale losses £41 million (down 23%) Player…
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Bolton Wanderers: What’s the frequency Kenneth?
Ken Anderson, Bolton Wanderers Swiss/Monaco resident rogue chairman until the club went into administration, has been in the firing line recently from fans, players, other clubs, unpaid creditors and the local media. Even before Anderson was involved with the club Wanderers had been struggling financially, despite once heady days in the Premier League and a benevolent former owner. Nat Lofthouse, the Lion of Vienna, is no doubt spinning in his grave as a series of damning stories have been publicised over the running of the one club he played for during his whole career. A look at Bolton’s most finances over recent years shows highlights the club’s decline that has…
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Everton 2017/18: The Long and Winding Road
Introduction: Farhad Moshiri, Everton’s new owner, had a busy year in 2017/18, sacking two managers and trying to make progress on a new stadium for the club. After sacking Ronald Koeman in October 2017, the club’s fans grumpily tolerated the alehouse tactics of Sam Allardyce that took them from 13th to 8th in the Premier League, and then he too was jettisoned. To an outsider this seems harsh, but phone ins and social media comments clearly indicated that Allardyce’s pragmatism in achieving results was not enough for a fanbase that had high expectations last season. Spending restrictions under the previous owner Bill Kenwright were replaced with both managers splashing the…
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West Ham 2018: Plastic Passion
Introduction: Getting to the London Stadium was supposed to be a game changer financially for West Ham, according to the club’s owners, David Gold and David Sullivan. Once the move was completed the additional capacity, combined with the greater opportunities for developing sponsorship and commercial agreements should have given the club the extra income to allow West Ham to break through the glass ceiling of the ‘Big Six’ clubs who had taken nearly all of the Champions League places this decade. Local fans however have not been happy with the move, leading to an uneasy relationship with the owners that manifested itself last season on occasion with demonstrations and hostility…
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Brighton 2017/18: What Do I Get?
Introduction: Tony Bloom, Brighton’s owner, probably heaved a sigh of relief in 2017/18, not just because his team had been promoted, but for the first time in living memory the club made a profit. Over the six initial seasons that Brighton had played in the Championship at the Amex stadium, the Albion had lost £110 million. Nevertheless, Bloom still ended up lending the club £32 million in 2017/18 as he underwrote investment in new players and capital projects. Yet for some Brighton fans this benevolence from Bloom is not enough, and recent tantrums and whines on social media suggest that some fans will always want more, especially if someone else…
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Stoke City 2018: Coat(es) of many colours
Introduction: There’s not a huge number of famous people from Stoke, Stanley Matthews and Robbie Williams come to mind, but then most people may be struggling. Recent events have brought one person to the public’s attention, and that’s Denise Coates, the main shareholder in Bet365, who own 100% of Stoke City Football Club Limited’s shares. She was paid £220 million in 2017/18, a record for a private company, which will come as little cheer to Stoke City fans as their club was relegated from the Premier League. The club was one of the first to publish its financial results for 2017/18. Key figures for year to 31 May 2018: Stoke…
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Manchester City and Der Spiegel: Second Skin
The Der Spiegel allegations in relation to Manchester City seem to have tongues wagging at present, but are City’s activities illegal, deceptive or just pushing the boundaries of what is within the regulations? What are the FFP rules? The short version is that clubs are allowed to make an FFP loss (which is an accounting loss excluding infrastructure, academy, women’s football and community scheme costs) of €5 million over three years. These losses can be extended to €30 million if the club owner is willing to inject the difference into the club by buying shares. The long version is 108 pages long and not recommended unless you are on a…