PL charge City for alleged breaches of financial rules

[nellyonthewing]

FFS at least put this in the joke thread so we know what to expect.

Lavinda Past will be all over that.

 

[2bluejacko]

If you don't like paying costs, don't bring lawyers into the equation. Especially not anyone over the rank of solicitor, and they are expensive enough.

Football managed for well over 100 years without all these fucking complicated financial regulations that no fucker understands. Once you need to start instructing KCs and their ilk to resolve questions you are essentially writing a cheque for ££££££££££££££s.

This legalistic approach to what is a game is a bit silly, quite frankly. The rules need to be massively simplified and their meaning should be obvious to all, not a mystery wrapped in an enigma. If the rules can't be understood by a reasonably intelligent layman, they are too complex.

Mansour and Khaldoon are not bothered about legal costs, they will simply hire the best and go to town on everybody who has tried to ruin our great club !!!

 

[dickie davies]

This is interesting:

"Sources have told Football Insider the Premier League could now propose new rules are brought in [after the 115 case] to ensure the majority of its legal fees are paid for by a club if they are proven to have committed a financial breach."

Maybe they could better put themselves in a position that they don't have to keep charging clubs with "financial" offences .....

Sounds like blackmail to me, where they are forcing a club to plea bargain

 

[BeerIsTheBest]

This is interesting:

"Sources have told Football Insider the Premier League could now propose new rules are brought in [after the 115 case] to ensure the majority of its legal fees are paid for by a club if they are proven to have committed a financial breach."

Maybe they could better put themselves in a position that they don't have to keep charging clubs with "financial" offences .....

Maybe they should also write in that the Prem will pay and not the clubs when they make a mess of charging someone (like the Leicester case). That way the Prem organisation would quickly slide into administration and could be bought by Fred Karno Circus Clown Enterprises Ltd.

 

[cheekybids]

The problem is that the PL always claims a win even when it has found to be acting unlawfully and unfairly. Apparently this is the new way legal disputes are settled. When you lose the case you just claim your lawyers won more of the debates and everything is perfectly fine. A bit like the Yorkshire Ripper won his serial murders case when the police dropped the motoring charge against him for having false number plates!

& flytipping….

 

[KS55]

Just checked and there's a c£500m loan on CFG's books, on which we pay commercial ratese of interest. I suspect that's to finance the NYCFC stadium.

I think CFG said it was for ‘infrastructure’ investment.

 

[Centurions]

I think CFG said it was for ‘infrastructure’ investment.

So, the NYCFC stadium perhaps?

 

[Asa's left peg]

Sounds like blackmail to me, where they are forcing a club to plea bargain

You can bring in any rule you like, but if it's against UK law, I would have thought it's irrelevant and useless. Oh, hang on, where have I heard that before?

 

[waspish]

I think CFG said it was for ‘infrastructure’ investment.

This article back when we took the loan out is interesting says it be paid up by 2028. Be interesting if that is still the case..

Manchester City-owner raises $650m in mega debt deal

The deal surpasses those made by FC Barcelona and Tottenham Hotspur.

uk.finance.yahoo.com

Manchester City’s parent company City Football Group has reportedly raised $650m (£470m) in one of the biggest ever debt deals the game has seen, as it looks to increase investment in its international network of clubs.

The loan will come due in July 2028, the FT reported, and was underwritten by Barclays (BARC.L).

HSBC (HSBA.L) and KKR Capital Markets assisted in arranging and distributing the debt, people familiar said.

Separately, CFG has also organised a revolving credit facility worth £100m ($138m) with the same finance providers.

CFG, which also owns clubs in the US, Australia and India, is a British-based holding company. It is majority owned by the Abu Dhabi United Group, a private equity company owned by billionaire and UAE deputy prime minister Sheikh Mansour.

The company's revenue for the year to June was down 14% to £544m and it posted a loss of £205m as a result of lower ticker and broadcast revenue. .

Yahoo Finance UK reached out to CFG but hadn’t heard back at the time of writing.

‘’This deal is indicative of the trend for the biggest footballing brands to develop into sporting supergroups and find growth through investment into other teams worldwide,” Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown, told Yahoo Finance UK.

“This will give City Football Group the financial firepower to develop its global footprint.”

The deal surpasses the €525m (£448m, $619m) debt refinancing arrangement between Goldman Sachs (GS) and Spain’s FC Barcelona agreed in June.

Read more: European markets drive higher as EU car sales rise in June

It also beats a deal made by England’s Tottenham Hotspur, which borrowed £637m a couple of years ago from several banks to build its new stadium.

CFG plans to use the funds for infrastructure projects including a new venue for its Major League Soccer franchise New York City FC.

The deal comes not long after the collapse of the European Super League.

City was among 12 clubs planning to form a breakaway rival to the Champions League. The move would have seen the clubs make nearly three times as much money.

Streeter said "CFG’s ambitions to compete exclusively with the world’s biggest football brands may have taken a back step due to the own goal failure of the break-away European Super League, but this shows its ambition to compete on a global financial level."

“Football fans might mourn the growing gulf between the rich elite of clubs and the grass roots but this deal will cement City Football Group in the global league of sporting giants.’’

 

[feedmpenzaandhewillscore]

This is interesting:

"Sources have told Football Insider the Premier League could now propose new rules are brought in [after the 115 case] to ensure the majority of its legal fees are paid for by a club if they are proven to have committed a financial breach."

Maybe they could better put themselves in a position that they don't have to keep charging clubs with "financial" offences .....

Is that basically even more illegal rules that the Premier League are looking to introduce?