SBD Global/October 4, 2013/Finance

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  • League Championship Leeds United Chair Salah Nooruddin Says Investment Close

    League Championship Leeds United Chair Salah Nooruddin claimed that the club "is close to attracting the investment required to take it 'to the next level,'" according to the BBC. The Bahrain-based businessman also said that "huge progress had been made towards achieving financial stability." Nooruddin said, "We are very particular as to the quality and type of investor we want to bring in. But we have reached a situation where I would say we are close to engaging with one." Some supporters "have voiced concern at the lack of transfer funds made available" to Manager Brian McDermott before the transfer window closed last month. Nooruddin confirmed that McDermott "had clearance to make loan signings." However, Nooruddin also admitted that "attracting major new investment was the key to taking the club forward in the long term." He said, "There's a lot of interest, but we are looking for an investor that really adds value and can help us take the club to the next level. And we've been sometime doing that and I think something might be on the horizon. We need people who understand the dynamics of the football club" (BBC, 10/2).

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  • Finance Notes: Football Agent Challenging FFP Rules Due In Court

    Italian football agent Daniel Striani's challenge to UEFA's Financial Fair Play regulations is due in Brussels' Court of First Instance Thursday "in what will be a short hearing to set a schedule for handling the complaint lodged in May." Striani "has lodged a complaint with the European Commission on the basis that UEFA's Financial Fair Play Regulations are anti-competitive and will negatively impact on his ability to generate income" (INSIDE WORLD FOOTBALL, 10/3). ... Adverse "sporting results coupled with sluggish betting activity in its shops" pushed William Hill’s operating profit £20M ($32M) below expectations for the third quarter. Group revenues rose 10%, but operating profit was down 31%, leading William Hill "to warn that while fundamental performance was good, there was no certainty it could make up the shortfall before the year’s end" (FINANCIAL TIMES, 10/3).

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