Well, here we go! The World Cup is about to kick off, and everyone is naturally going to be thinking a lot about the beautiful game for a good few weeks to come. However, with Portsmouth and other top clubs still featuring in the business news over their financial plight, I couldn’t stop myself from penning a few words about the recently approved UEFA Financial Fair Play Regulations. Don’t you think it’s slightly amusing to read about former football stars like Karl Heinz Rummenigge and Michel Platini approving rules that “begin to put stability and economic commonsense back into football……the philosophy is that you cannot spend more money than you generate”. Platini added that the new regulations, which will be phased in over the period 2010-2012, do not have the intention of punishing clubs, but of protecting them.
So there you have it. Great midfielders and goalscorers of yesteryear telling the boards of PLCs that for the good of the European game, they must learn to live within their means. You wouldn’t have thought it necessary would you…….. but hey, football is a funny game!
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies