Footnotes #23: Boehly, Foley, and a bubble in England's lower divisions?

Welcome back to Footnotes, your newsletter for everything relevant happening off the pitch in football.

I skipped the last edition but I'm making up for it by bringing you the best from the past two weeks.

Also, don't miss my transfer market analysis in the coming days now that the dust has settled.

Without further delay, here is our starting eleven:

1?? Boehly profits from Premier League ticket resales

2?? Who owns what in the Premier League?

3?? A bubble in England’s lower divisions?

4?? Bournemouth’s Portuguese gateway to the Brazilian market

5?? Straight to penalties?

6?? Old Trafford to get new surroundings with government backing

7?? Massive operating losses expected in France

8?? Coaches bulletin

9?? Bar?a, Real, and the Rolling Stones

1??0?? Saudi World Cup: No independent review on migrant workers

1??1?? Albania and Serbia join forces for 2027

1??2?? PSG, West Ham, the Club World Cup, a salary cap in the Premier League, and the team with 12 men

1. Boehly profits from Premier League ticket resales

Talking about ticket prices these days is frustrating for many fans who were once able to watch their team at reasonable prices. Well, not anymore—especially in England, where supporters are growing increasingly fed up.

Now, imagine a major club owner profiting from reselling tickets to tourists. According to The Telegraph, Chelsea’s Todd Boehly co-owns and serves as a director of Vivid Seats, a U.S.-based marketplace that resells Premier League tickets for tens of thousands of pounds.

How high can those prices go? Well, tickets for Liverpool’s final game of the season have been for sale at over ￡17,000 (around €20,000 at current exchange rate).

The Telegraph also reports that the website does not allow British supporters to buy or sell tickets—a practice that would be illegal under UK law.

2. Who owns what in the Premier League?

If you think it's becoming difficult to follow who owns what in the Premier League, this 50-page guide published two weeks ago by consultant and lecturer Jason Stephens is essential reading.

Just a glimpse: 54 people hold 10% stakes or more in Premier League clubs while investing in 52 other football clubs across 25 countries.

Only three Premier League clubs have no links to teams elsewhere.

You can find the report here.

3. A bubble in England’s lower divisions?

Another trend worth considering is the increasing American investment in England’s lower leagues, following the success of Ipswich, Wrexham, and other clubs.

According to The Independent, 19 out of 72 clubs in the EFL (which covers the second, third, and fourth tiers of English football) have this type of investment.

Despite the potential for huge returns, such investments could become a trap in an increasingly competitive environment. 'It is a classic bubble,' argues journalist Miguel Delaney. 'An oversupply of investors are drawn to takeovers further and further from the centre, which makes them much riskier as purchases. If they don’t meet their projections, who is left to buy the clubs?'

4. Bournemouth’s Portuguese gateway to the Brazilian market

Almost there, says The Times. Bill Foley’s group will soon add Portugal's top-tier club Moreirense to its portfolio, joining Bournemouth. The Black Knight Football Club umbrella also includes Auckland (New Zealand), Lorient (France), and a 25% stake in Hibernian (Scotland).

Buying Moreirense—currently 11th in Liga Portugal after finishing 6th last season—will be a 'game changer,' Foley believes, as it provides the group with 'direct access to Brazil.'

The Portuguese club is also supposed to imitate Iraola’s style of play in Bournemouth, which is having an extraordinary Premier League season, sitting just three points away from a Champions League spot despite the league’s smallest budget.

Moreirense becomes the third Portuguese club integrated into a multi-club ownership (MCO) structure involving a Premier League side, following Vitória de Guimar?es (linked to Aston Villa, among others) and Rio Ave (part of the same group as Nottingham Forest and Olympiakos).

5. Straight to penalties?

It won’t solve all the issues of an overloaded calendar—heavily criticized by players and clubs—but it is a start: UEFA is considering scrapping extra time in its competitions, according to The Guardian. Matches would go straight to penalties.

However, even if implemented, the British newspaper reports that the change is unlikely before 2027, as current broadcasting deals remain in place.

Last season, three Champions League and four Europa League matches went to extra time.

6. Old Trafford to get new surroundings with government backing

Manchester United has yet to decide whether to build a new stadium or redevelop Old Trafford, but it now has British government support to regenerate the surrounding area.

The announcement came from Treasury chief Rachel Reeves, who called the project 'a shining example' of how to promote economic growth.

You can read more about it in the Associated Press.

7. Massive operating losses expected in France

Problems in French football run deep, and a new figure underscores the extent of the crisis: Ligue 1 and Ligue 2 are projected to record a combined operating loss of €1.2 billion this season, according to estimates from DNCG, the financial watchdog for French clubs, cited by Football Benchmark. That figure is alarmingly close to the losses sustained during the pandemic.

While financial realities vary across clubs, overall conditions have deteriorated for everyone. Broadcasting revenues have dropped by 11%, and the private equity windfall from CVC has largely dried up.

Football Benchmark highlights that operating losses of both leagues have more than tripled over the past decade, and suggests that the transfer market could help alleviate the financial strain.

However, the latest numbers indicate that French clubs have yet to fully understand this as the net balance between transfer spending and income remained negative for the second consecutive season. The gap is closing—but not fast enough.

I’ll provide a deeper analysis of this and broader transfer market trends in the coming days.

8. Coaches bulletin

Porto has hired Argentine coach Martín Anselmi after dismissing Vítor Bruno at a moment when the Portuguese club faces financial and sporting struggles. [Associated Press]

In Spain, national team coach Luis de la Fuente has extended his contract until 2028. [Associated Press]

9. Bar?a, Real, and the Rolling Stones

Will Camp Nou be ready for the season-ending clash between Bar?a and Real Madrid? While renovation delays have already caused uncertainty, there's another complication: The Rolling Stones are set to perform at Montjuic, where Barcelona is currently playing, that same weekend, according to The Athletic.

10. Saudi World Cup: No independent review on migrant workers

The decision to award Saudi Arabia the 2034 World Cup has sparked criticism, particularly over the conditions of migrant workers, but Saudi authorities say everything is fine.

So, what’s the real situation? FIFA has been urged to allow an independent monitor to assess these conditions, but the governing body insists the current measures are sufficient.

For more, visit The Guardian.

11. Albania and Serbia join forces for 2027

It’s really happening: Serbia and Albania will co-host a competition together, the 2027 Under-21 European Championship. This could be a start for something bigger.

You can read the details on Reuters and The Guardian.

12. PSG, West Ham, Club World Cup, salary cap, and the team with 12 men

Yes, today we have 12. Here are the stories fighting for a few minutes of your attention:

— PSG has extended its partnership with Qatar Airways until the 2027-28 season. [Sportcal]

— Tony Scholes, the Premier League’s Chief Football Officer, guarantees that Chelsea and Manchester City will not be able to start next season later if they get to the final stages of the Club World Cup [The Independent]

— The Professional Footballers’ Association has warned the Premier League of potential legal action if it enforces a salary cap next season [The Athletic]

— West Ham have won a legal dispute against their London Stadium landlords. This is related to the deal in which Czech billionaire Daniel K?etínsky acquired a 27% stake in the club four years ago. [The Athletic]

— For a brief moment, the Dutch team Fortuna played with 12 men, against Heerenveen. Enough time to create chaos. [The Athletic]

Thank you for reading!

Vítor Rodrigues Oliveira