Damian Collins MP: “Weeks to save professional football as we know it”
The Government needs to take urgent action to “save professional football as we know it”, says Damian Collins MP, the influential former chair of the Digital, Culture, Media and Sport Committee.
The shock of COVID-19 has hit all clubs but it is especially devastating at clubs with already fragile finances who rely on season ticket sales and gate receipts for the vast majority of their income. That revenue has reduced drastically in the past few months.
Collins proposes a bailout for clubs who need it – but they don’t get something for nothing.
In return a Football Finance Authority (FFA) would be created by the FA and backed by government funding. The FFA could provide finance to clubs to help them meet short-term operational liabilities but could not be used for transfers or infrastructure spending. The FFA would include representatives from clubs, players, and fans.
The funds would be exchanged for minority shareholdings of between 10% to 49% and independent directors would be appointed to club boards. Supporters’ trusts may be the nominating body and the director would be subject to approval by the FFA.
These independent directors would then have a responsibility to report back the FFA and they would have the power to place clubs who continue to break financial rules into administration.
FULL ARTICLE
The Government needs to take urgent action to “save professional football as we know it”, says Damian Collins MP, the influential former chair of the Digital, Culture, Media and Sport Committee.
The shock of COVID-19 has hit all clubs but it is especially devastating at clubs with already fragile finances who rely on season ticket sales and gate receipts for the vast majority of their income. That revenue has reduced drastically in the past few months.
Collins proposes a bailout for clubs who need it – but they don’t get something for nothing.
In return a Football Finance Authority (FFA) would be created by the FA and backed by government funding. The FFA could provide finance to clubs to help them meet short-term operational liabilities but could not be used for transfers or infrastructure spending. The FFA would include representatives from clubs, players, and fans.
The funds would be exchanged for minority shareholdings of between 10% to 49% and independent directors would be appointed to club boards. Supporters’ trusts may be the nominating body and the director would be subject to approval by the FFA.
These independent directors would then have a responsibility to report back the FFA and they would have the power to place clubs who continue to break financial rules into administration.
FULL ARTICLE