Football finance took centre stage at PQ magazine’s ‘No Accounting 4 the Love of Football’ evening seminar, a joint event with The Chartered Accountant Student Society of London (CASSL).
University of Liverpool’s Kieran Maguire told a pack audience that football was invented in 1992 by Sky! Since then, he said retail prices have increased by 108%. The revenue for the Premier League’s 20 teams has increased by 2,600%. But, there is one slight problem. During the period where revenue increased, wages also increased by 3,600%, and 18 out of 20 Premier League clubs in 2022 (a non-Covid year) lost money. The only two clubs to make a profit were Brentford and West Ham United.
Sofia Thomas, a partner in Juno Tax and Chair of the International Sports Association (pictured), also spoke on the night speaking. She said footballers are some of the highest taxpayers in Europe, so governments clearly realise they can receive significant amounts of taxes from them. The problem is many are not well advised and there is a need for more professional tax advisers to help them.
Other speakers on the night were Deloitte’s Kunal Sajdeh, and King’s Counsel Patrick Way.
Read our feature in the latest magazine: https://issuu.com/pqpublishing/docs/pq_aug24_multi.
Or, check out the video at: https://www.youtube.com/watch?v=_c47Xw8pQUI.
