AIU Adds American Football To Schedule Ecclestone: CVC Doesn't Want To Sell F1 Southampton Owner Provides $30M Loan Executive Transactions Combined Debt Of EPL Clubs At $3.7B Sky Confident About Bundesliga Rights Names In The News EPFL Welcomes Prize Money Increase Spain's Taxman Claims Xavi Owes $4.36M Ecclestone Weighs All-Women Series
SBD Global/October 4, 2013/FranchisesPrint All
FC Barcelona's new statutes, which will be voted on during a meeting Saturday, "will influence club leaders' responsibility to establish debt limits and close annual accounts without deficits, with failure to do so resulting in dismissal from the board," according to the EFE. This was "explained by Barcelona spokesperson Toni Freixa during a media meeting where the club explained the changes that will be brought about by new statutes." Among the changes, "the way the statutes will regulate team accounts was highlighted, including the establishment of a maximum debt ceiling." The statutes, however, will allow "a period of two years for accounts to settle the current deficit." Under the statutes, "if the team ends a year" with a €10M ($13.6M) deficit, it will have to "correct this in the next two years with a surplus" that equals or exceeds €10M. For economic control, "Barcelona's governing body will have to receive the approval of two thirds of club members for any expense that exceeds 10% of the budget, whether it is a sale or purchase of sponsorship." Decisions regarding shirt advertising "will require support from a majority of the team's voting members." Barcelona "also opened the possibility of electronic voting in the future, but this will require absolute guarantees for this process, and because of this, this method of voting is not planned for the short term" (EFE, 10/3).
The citizens of Seongnam, South Korea will become the new owners of K League Classic side Seongnam Ilhwa Chunma as their municipal government announced that it will "take over the southern Gyeonggi-based team that was in danger of being dissolved," according to the JOONGANG DAILY. Chunma was to be dissolved "due to the financial troubles of its mother operator, the Unification Church." Seongnam Mayor Lee Jae-myung said, "We have been considering many ways to host a professional football team for years that include plans of establishing a new club by cooperating with a conglomerate and taking over the Chunma football club." Chunma FC "has had a hard time financing its operation" since the Unification Church decided "not to monetarily support the club" after its founder, Rev. Moon Sun-myung, died in Sept. '12. The church "shut down all of its sports businesses." The church "then told the club to find ways to survive in the K-League on its own." Under those circumstances, the club "suggested that the municipal government take over the team." The study found it "is possible to run the club without a deficit." However, the city government "hesitated to do so" as about an average of 10B won to 20B won ($9.3M to $18.6M) "was projected to be spent every year for running Chunma" (JOONGANG DAILY, 10/3).
A-League club Western Sydney Wanderers knew "they had tapped into a fanatical football market, but even they were surprised by how lucrative their debut season proved to be," according to Carly Adno of the Sydney DAILY TELEGRAPH. The Wanderers had budgeted for A$300,000 ($281,400) in revenue from "over-the-counter merchandise sales at matches and events, as well as club-specific mail order items, but by the end of the season" the figure totaled A$1.8M. The biggest-selling items, "jerseys and scarves, flew off the shelves at such a rapid rate that retailers were continuously running out of stock." Nike, a club sponsor, could "barely keep up with the demand." The Wanderers "have, unsurprisingly, also set the benchmark with regards to membership sales." If "they weren't forced to cap their membership at 15,600 after plans to increase the capacity of Parramatta Stadium from 20,741 to over 24,000 were temporarily put on hold, the figures would have been much higher." Wanderers Exec Chair Lyall Gorman said, "We really haven’t done a marketing campaign on it this year either. We actually had a budget to do a marketing campaign and we haven’t had to call on that, so that’s been great as well. It’s a wonderful story and it reflects the pride and passion of not just the western Sydney football family, but the western Sydney region as a whole" (DAILY TELEGRAPH, 10/4).
Spanish cycling team Euskaltel-Euskadi is "on the verge of disappearing and the team's riders have been instructed to look for new teams." Title sponsor Euskadi Foundation President Miguel Madariaga said, "Only a miracle would prevent the team from disappearing. The possibility of the team moving forward is minimal. All the contacts we have maintained until now with other companies have been fruitless." Madariaga said that the team needs to raise at least €400,000 ($546,000). Madariaga: "Or, we need to add 1,200 members." The team currently has 1,600 (AS, 10/3). ... UCI Pro Continental team Sojasun "will fold at the end of the season after failing to secure a title sponsor moving forward" (VELO NEWS, 10/1). ... Former Scottish League 1 Rangers Chair Malcolm Murray claimed that Ibrox CEO Craig Mather’s assertion that he decided the controversial levels of executive salaries at the club were "misleading and vexatious." Mather said, "It was a decision taken by the remunerations committee and the chairman at the time, which was Malcolm Murray. So Malcolm Murray decided the remunerations for Charles Green and [Finance Dir] Brian Stockbridge and, unfortunately, the directors are duty bound to honor those scenarios historically" (SCOTSMAN, 10/3).