Southampton takeover complete
No Le Tiss, all Swiss. Markus Leibherr whose money comes from owning engineering firms, is the new owner. Don’t expect silly money to be thrown around though, classic Swiss pragmatism and proper long-term planning will be the go. Caretaker manager Mark Wotte has already been axed. The 10 point penalty remains in place.
I also mentioned Ken Bates of Leeds United, in the article. This old school gun slinger has just been ordered to pay £50,000 to a former Leeds Director for libelous claims. David Conn at the Guardian has been sniffing around and it makes for intriguing reading.
Arbeloa school of finance’s first graduate
Well someone was listening to Alvaro Arbeloa at Liverpool’s Melwood training centre. When I heard Jermaine Pennant was going to Real Zaragoza, it seemed a bizarre move. Pennant will have trouble finding a decent R&B club in the sleepy city that sits between Catalunya & Euskadi.
Maybe the compensation will help. Take home pay of £40,000 a week plus taxes payed for by the club. The club can do this as Spain has a top tier tax incentive for executives. It was initially Real Madrid that argued footballers deserve the same allowance, and we generally know that RM get what they want. The tax rate payable is 23% for the first five years. This is a massive competitive edge for the Spanish clubs as the UK’s top tax rate is 50%.
Subscribe to:
Post Comments (Atom)
Ahh interesting developments with the Southampton situation. Damien Lovelock will be pleased but I hadn't heard that news as yet. It's not everyday you hear about Swiss money men making moves into football ownership is it, Fist? Even the Russians have largely gone off the radar since the GFC.
ReplyDeleteHey Ben,
ReplyDeleteThe Swiss generally like their money too much to 'invest' in football. I did think I heard of another group sniffing around some where over the summer but can not remember the club.
You think the US & Australian stock markets got hammered, then try the Russian market. It was decimated. Having said that it has rebounded 60% off its lows. The oligarchs should be back.