FA suggests internal financial monitoring
As former England coach Terry Venables received a seven-year ban from holding company directorships last week, the Football Association published a report recommending an internal compliance unit to monitor the sport’s financial dealings.
According to Deloitte & Touche’s football specialists, professional clubs made losses of #98m on turnover more than #500m last year.
Unregulated, experts warn, dealing with such large sums leaves room for bungs and undisclosed perks such as the free Tottenham Hotspur executive box worth #14,000 that Venables (pictured with England striker Les Ferdinand) ‘loaned’ to his other company, Edenote. That was one of 19 serious misconduct allegations by the DTI Venables decided to admit or not contest.
Former Metropolitan Police deputy commissioner Sir John Smith’s report to the FA concluded the association’s rules ‘were insufficient for proper regulation of football’s financial affairs’, and recommended the internal compliance unit rather than an independent regulator.