Almost one in three of the 92 Premier and Football League clubs are now substantially owned overseas, including in offshore tax havens, leading to the English football leagues being accused of allowing ownership structures of clubs that could be used for tax avoidance. Research into the ownership of all the clubs by the Guardian and the campaign group the Tax Justice Network has found 28 clubs with a substantial shareholding overseas, including nine of the 20 Premier League clubs. The Tax Justice Network, which has produced its own report, The Offshore Game, argues the ownership of football club shares via offshore companies means there is “huge potential for tax avoidance” when the clubs are sold. There is no suggestion any particular club or owner has engaged in tax avoidance; however, owners residing abroad, who hold shares in clubs through companies registered overseas, may not be liable for UK capital gains tax – currently 28% for higher rate, wealthier, tax payers – on the profits they make when they sell a club. The huge rise in offshore ownership of clubs, which were almost all UK-owned until the wave of overseas buyers moved in around a decade ago, has coincided with steepling increases in television rights and the value of clubs, in the Premier League, and in the Championship for clubs with a prospect of promotion. “The ownership of billions of pounds worth of assets through offshore shell companies means there is a huge potential for tax avoidance,” said George Turner, author of the Tax Justice Network’s report. “This should be of great concern to fans around the country, who invest so much time, commitment, emotion and money into their clubs. “Football is not just another business and tax havens have no place in our national game, whatever the reason an owner may have for using them.” please log in to view this image
While many of the clubs are not owned via shell companies and their locations reflect the nationalities of the businessmen who have bought the clubs – including Sheikh Mansour, the Abu Dhabi-based owner of Manchester City, the Malaysian owners of Queens Park Rangers and Venky’s, the Indian poultry company which owns Blackburn Rovers – other clubs are owned in a variety of countries widely recognised as tax havens. The Cayman Islands feature in the ownership of four clubs: Manchester United, now registered there; Birmingham City, Coventry City and Cheltenham Town. United was re-registered in the Cayman Islands when the club was floated on the New York stock exchange in 2012, and company documents state the club is now owned by family trusts “affiliated” with the Glazer family, via companies registered in the US state of Nevada. United and the Glazers have never explained why they employ this structure and did not respond to questions about it from the Guardian. The American businessman Stan Kroenke holds his 66.8% of Arsenal via a corporation, KSE UK Inc, registered in Delaware, sometimes referred to as the tax haven state of the US, because of the anonymity it affords shareholders and its taxation laws. The club declined to say whether this means no capital gains tax will be payable if Kroenke sells his stake at a profit but he has always been described as committed to owning Arsenal in the long term and not intending to sell. Fenway Sports Group and Randy Lerner, the US owners of Liverpool and Aston Villa respectively, declined to say in which US state their ownership companies are registered. Ellis Short, the American owner of Sunderland, still owns the club via the Jersey company, Drumaville, which the previous Irish investors, associates of the former chairman Niall Quinn, used as their ownership vehicle. A Fulham spokesperson said Shahid Khan, the club’s American owner, will shortly fold the British Virgin Islands company previously owned by Mohamed Al Fayed, and the ownership structure will become fully UK-based. please log in to view this image
They're name was tossed about before gfh even bought. Not a scrap of evidence they're interested unless you count their persistent denials. It's wishful thinking at best. If they are, and it's a huge if for me, what success have they brought to their other clubs? Hardly turned any of them into world beaters. Another alternative of course is the outfit gathering 5m of fans money in the belief that will somehow lead to fans having a big say. 5 m would buy a mediocre striker in today's climate so that lot need to get real
I think Red Bull will be very interested in buying Leeds provided the price is right MC gas got rid of most of the higher earners in the club we have a very good crop of youngsters coming through which by any reckoning they could be worth millions in transfer fees so why not? They will have no problem paying out any compensation out For Redders and the only player that will cost them anything is Morrison so its all pluses Good morning BTW from a dull Bardsey
Red Bull have consistently denied interest in buying Leeds, so even if we were considered a good investment (and I would argue we're not, especially by the time Cellino sells off the promising youngsters and replaces them with yet more substandard Serie B loans) it's an irrelevant conversation.
FC Red Bull Salzburg - Appointed Giovanni Trapattoni as coach and Lothar Matthäus as a trainer. Won the title the year Red Bull took control and again in 08/09, 09/10, 11/12 and 13/14 RasenBallsport Leipzig - Took over when in the 5th division, won it as champions, promoted again in 10/11 without losing a single game, 13/14 promoted again to the second division. They are currently in 6th position PL 28 won 11 drew 10 lost 7
I would Davy, Arsenal play at the Emirates, I would hapilly say Leeds played in the Red Bull Arena or Stadium and I don't care what our strip looks like either. I would hope that no RB was placed in front of Leeds United in the name but an owner who appointed quality people in charge of the team and invested just enough to get us competing, hell yes. Better than another dozen years languishing in lower divisions and IF Cellino does hit lucky one season and we win promotion his ego would kill it for us and we wouldn't last.
Agreed. I couldn't care less what were called or stadium either. It'll always be Leeds United and Elland road to us older lads. Just want to get back to competing in the top league. It's embarrassing where we are now
Surely, the fact they're constantly denying their interested, surely means they're "beggin for it' That's what Glory keeps maintaining (when talking about the fairer sex)
Ahhhheeeeemmmmm........Kim knows best and it's not the first time as I've got your result right a few times this season! Said Norwich by 2 goals as well so two on the spin for me.
I was thinking to myself if anyone had spotted Steve was the only one to get the result correct? How do you do it?
Hi Ristac. What we really need is an owner that understands they are buying one of the most iconic names in English football, that wants to restore it for both their financial gain and their desire to be one of the football powerhouse of this country. As you say nearly everything is in place to make this club challenge again. You have to wonder what it is that we end up with owners who want little more than rake cash off the fans. I thought Cellino might be different, that he wanted the glory as much as the fans, it's why people supported him. So we can only hope that when he sells we get someone in that wants the same for the club as we do.
