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I'm fully in love with football meeting business. Its completely insane in soooooo many ways.
Since the pandemic killed club revenues and the European Super League was quashed, Barcelona have found themselves unable to keep Messi (something about wages being 110% of revenues not being sustainable, IDK).
PSG are already benefiting. Not only is he a great footballer, but he's good for business too...
Paris Saint-Germain chairman Nasser al-Khelaifi bluntly told reporters on Wednesday that people would be "shocked" by the revenue the 34-year-old six-time Ballon d'Or soccer world player of the year would bring to the club he joined as a free agent the previous day.
In PSG's flagship shop in central Paris, one fan who queued two hours to buy a Messi shirt as soon as the Argentine signed, was more than happy to part with the 165 euros ($194) his purchase cost him.
The fallout from the Messi transfer is only just beginning...
It's clear that there are huge financial problems in the game.
Too many 'Winston Bogardes' 👇👇👇
Back in Spain, La Liga has tried to bring private equity in to solve the problems, and it hasn't gone well...
Squabbling between Spanish football’s power brokers over a tie-up between its elite leagues and a private equity firm intensified on Wednesday, as the body representing lower-tier professional sides joined the two biggest in rejecting it.
Real Madrid said they would launch civil and criminal lawsuits against Tebas and CVC Capital Partners’ chief Javier de Jaime Guijarro over the deal.
These financial problems are nothing new for Barcelona, as we saw in the Arthur-Pjanic 'swap' deal with Juventus... 👇👇👇
Never mind the players for a moment -- this is a deal that brings Juventus and Barcelona closer to be being able to post a profit before the end of the financial year, which is at the end of this month. The incoming "money" -- and it's worth repeating that the only cash on the move is €12m -- is immediate income in full. The outgoing cost is spread across the duration of their contracts through amortisation.
Hey, presto, close to a €50m profit. Which is handy when it comes to FFP. The accountancy is more creative than the midfielders are.
For Barcelona, that is particularly important. More to the point, for Barcelona's board it is. Sam Marsden and Moi Llorens have explained on these pages how Barcelona already needed to raise €124m in sales this season, which put them in the position of needing to find around €60m before July 1. And that was before the effects of the pandemic were calculated. If they didn't, the board of directors would find themselves personally liable for 15% of the loss, as per the 1990 law that governed club structures. That is why Barcelona were so desperate to get a deal done, why a seemingly strange swap deal happened.
I wonder if FFP rules include crypto 'tokens'...? 🤔
Football is a long way from being financially 'fixed' and I doubt we've heard the last of the European Super League.
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Turns out there's an Economist version of the Bilderberg meetings...
It's called Camp Kotok. They say they go fishing, but I have a man on the inside who says it's actually about worshipping Central Bankers.
Surely no coincidence that both groups worship owls...
OK, it's not nearly as conspiratorial, but this is a great read from one of our favourites: Brent Donnelly
- Why hasn’t the dollar collapsed yet?
- What the h*ck is wrong with gold?
- Who would like to join the Global Society of Rational Bayesian Crypto Agnostics?
- Do CBDCs pose a threat to bitcoin?
- Is Long COVID a threat to future US labor force productivity?
- How will capitalism look post-COVID?
Issues about inequality, winner-take-all, and externalities all seem to have been made worse by COVID. Now, we are left to wonder whether trends like rising wages, tech regulation, and ESG finally turn the tide in how we split the spoils of capitalism between capital and labor.
Every assumption we used to make about the basic structure of how our economy works (9-5 in an office, 5 days/week, hospitality workers are cheap and easily replaceable, commuting is necessary, nationalism vs. globalism, etc.) is up for reexamination.
And he's on the Odd Lots podcast too! 👇👇👇
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ANOTHER Vaccine Trade...
We've been riding a couple of relative vaccination trades this year.
Simple logic. Countries with better vaccination rates have better growth prospects, and lower risks of restrictions being reimposed.
EURGBP back in January when the EU were making a complete balls-up of their vaccine rollout and trying to blame AstraZeneca.
Then GBPAUD more recently... 👇👇👇
Here comes a more exotic version via Nordea...
That tourism decline is STAGGERING.
What makes it worse?
IMF: The tourism sector accounts for about a fifth of GDP and 20% of employment.
If the rate of vaccination doesn't pick up, Thailand might miss out on ANOTHER tourism season in 2022...
Have a read of the full note here (although the trade itself is probably too exotic for non-institutional traders)
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