Money-laundering, embezzlement, exaggerated attendances, the Economist takes a peek at football

704

This week’s Economist has a most curious article on the football business, entitled “Welcome to the beautiful game.  Football clubs can easily be used as stealing machines. Here is an instruction manual. The stories are real, but most details are concealed”.

They assert, “It is a good time to enter the football racket. Banks are less generous and sentimental about loans. Tax officials are less lenient, too, as Rangers, a big Glasgow club, discovered”.

“Set up a holding company (or a nest of them) in a discreet jurisdiction, as many owners do, and you have a money-laundering and embezzlement machine at your disposal.

“Exaggerating the attendance at matches lets you run some of the dirty takings from your previous career through the turnstiles, turning them into legitimate income (this particular ruse works best if you buy a middling club, where games are not routinely sold out).”

They conclude, “Some national associations do a spot of due diligence on new owners, but this is unlikely to interfere with your plans.”

Brazil, Balkans, Russia, Serbia and Bulgaria all get a mention but there was only the one club got a name check.

Nest of holding companies in discreet jurisdictions, money-laundering, embezzlement, exaggerated attendances, dirty previous businesses!!  Read it and weep, football fans, just don’t expect the blazers to watch out for your best interests.
[calameo code=000390171b241bb2703f4 lang=en page=132 hidelinks=1 width=100% height=500]

Click Here for Comments >
Share.

About Author

704 Comments
  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. 9
  11. ...
  12. 19

  1. Bmcuw

     

     

    Think STD must have other Klan members searching for that evidence.

     

    If its not posted by 6 o clock tonight you may have to wait, Sunday is cross burning, nothing apart from a good ole lynching gets in the way of cross burning.

  2. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    TSD

     

     

    Still waiting for the proof of your latest pile of ordure.

  3. eddieinkirkmichael on

    weeman67

     

     

     

    17:08 on 14 July, 2013

     

     

    WTF have his tweets got to do with the Fact that he was on his way home, unarmed, and then shot dead as he screamed for help?

  4. BABASONICOS71

     

     

    Deserved to be shot becouse of tweets and weight?

     

    World goes mad.

  5. The Singing Detective Demands The Resignation Of Campbell Ogilvie

     

     

    Agreed……..

  6. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    CHE

     

     

    Why would a supposedly Christian organisation burn a cross anyway?

  7. Joe Filippis Haircut on

    Do any of you Bhoys who want to hang on to Hooper and let his contract run out think he would try a leg if picked for Celtic?To my mind there were times last season after January I had to ask myself is he really trying ? His mind would be on getting away and trying not get injured if we can only get 5 million for him I say take it we dont want a disgruntled player hanging around the club. We would then have 17.5 million so we could invest part of it and spend part of it on players who want to play for Celtic.H.H.

  8. “And if you know your history”

     

    I have to afford myself a wry smile when I read on CQN about the similarities of Cliftonville and Celtic. Their histories could not be more different!

     

    Cliftonville were founder members of the IFA in 1880 and the Irish League in 1890 and until the mid 1970s they were an Amateur club much like Queen’s Park in Scotland. The Cliftonville Road district of Belfast was a staunch Unionist preserve, mainly middle class with many professional people in the area. There was at one time a covenant in force which declared that there would be no licensed premises in the Cliftonville district. Happily, when the covenant expired a public house was opened, McGrath’s, nicknamed the Suicide Inn, which no doubt, will be full of punters heading to the game. Until the Troubles erupted most of the meagre support of Cliftonville were of the Loyalist persuasion. I read on Follow Follow a few weeks ago about a guy telling how he and a few mates used to walk up the New Lodge Road on their way to the games without molestation. He further stated that three members of his Orange Lodge were members of the Cliftonville governing committee.

     

    In the 1930s and 40s the only time that Cliftonville drew a big crowd was when Belfast Celtic came to visit. The visitors were spat upon and trouble erupted frequently. An ex Celtic player told me that Solitude was a much more hostile place to visit than Glentoran’s Oval. For as long as I remember Cliftonville finished eleventh and last in the Irish league but there was no such thing as relegation or promotion in those times. A good friend of mine played for Luton Town and on his return to Belfast in the mid 1960s, was invited to join Cliftonville. He did not like the flying of the union jack on match days. We did a little research and found that one of the rules of the club was that all players should be holders of a British passport. He switched his allegiance to Gaelic Football.

     

    When the Troubles broke out in August 1969 all changed

     

    The traditional support vanished as the district was considered unsafe. Many RUC men turned out for Cliftonville over the years but they were ordered to desist. The RUC had a rule that when the Catholic population of a district or estate exceeded 33% they ordered their members to evacuate ( with generous reimbursement). This happened where I live now and many of my friends bought their houses cheap from RUC men who knew they would be compensated.

     

    In the 1970s Cliftonville went semi-professional. By this time the demographics of the area were changing fast. Many well off Protestants moved elsewhere. The Cricket pitch became the GAA pitch and the Cliftonville Road went green connecting the Bone and Ardoyne with the New Lodge. Yong men from the Bone and Ardoyne and from further afield such as our own OG Rafferty from Carnmoney began to support them becoming known as the Red Army but they were looked upon by the Board (which was in transition) in much the same way as the Celtic Board regard the Green Brigade. They reached the final of the Irish Cup in 1979 beating Portadown in front of record 15,000 spectators. A member of that team, Marty Quinn became manager in 1996 and won the league title in 1998. After him came Marty Tabb who held the job for four years but lack of funds meant that he had no success. Eddie Patterson took over in 2006 and Cliftonville began to be regarded as serious challengers for the league. He brought them into Europe three times but was unceremoniously sacked at the end of 2011 season by Chairman Gerard Lawlor. It ahs been suggested that Eddie’s esteem among supporters was worrying.The only time I’ve been to Solitude was in 1984 when the RUC caused serious mayhem. I hope to be there on Wednesday.

     

    By the way I know Marty Quinn, Marty Tabb and Eddie Patterson well. They’re all good Celtic men. That said I still have mixed feelings about Cliftonville.

     

    Celtic will win 3 – 1 on Wednesday with Diarymuid O’ Carroll coming back to bite Celtic. (WGS got rid of him as he thought he was too close to wee Aidan). Joe Gormley and keeper Conor Devlin are sure to catch the eye ( I don’t rate Liam Boyce) but for me it is a foregone conclusion.

  9. I hope justice was done in the US courts to the highest standards and its sad to see as young life lost but cannot comment as im not au fait with the ins & outs of the case.

     

     

    Was interesting to see Obama nearly in tears regarding Nelson Mandela when he was at Robben Island (was Nelson a patriot, insurgent or terrorist!) and try not to compare it with those interred in Guantanamo Bay without trial and being force fed…. away from their families for what they thought was protecting themselves against the foreign invasion of their country, no one invited them in. Were the Americans who fought the British (patriots, terrorists, insurgents).

     

     

    Interesting world we live in!!!

  10. Neustadt-Braw on

    aye “the burbling Terry the Tec @ his left hand hand ” are working hard the noo …pathetic does not come close…

  11. Joe Filippis Haircut

     

    17:51 on 14 July, 2013

     

     

    Totally agree re Hooper. Time to conclude deal and move on. Bring in the next striker and get a few games under his belt in time for next round of CL qualifiers.

  12. You assume we’ll get through the first round of CL qualifiers.

     

     

    I never thought Hooper lacked effort last season, sure some fans thought so but not me.

  13. Joe Filippis Haircut, its a tough one but i think im with you get as much cash as possible and reinvest in the striking area.

  14. TSD

     

     

    Pardon my unhygienic comments on your magisterial post. However I think that the post I commented upon makes me think you believe or would like us to believe that you believe that the President – whom I don’t particularly admire- is Muslim.

     

     

    As Marlowe would say Am I Right or Am I Right.

     

     

     

    Jimbo

  15. kikinthenakas on

    Crc

     

    Pedro67

     

     

    Enjoying Lanzarote myself, just outside Puerto Del Carmen….when are we all meeting up?

     

    Need Celtic talk….having dinner tomorrow with a CQN lurker!

     

     

    Kikinthenakas

  16. What is the Stars .

     

     

     

    I’m just back from Florida a week ago.

     

    I watched 14 days of the case .

     

    It was on 24/7 if you wanted it.

     

     

    When I sat down to watch the first day , I was convinced Zimmerman was guilty within 5 mins.

     

     

    As the case unveiled I began to change my mind.

     

     

    The evidence wasn’t there to convict.

     

     

    I missed last weeks defence as I returned.

     

     

    This case only went to court because of public and political outcry.

     

     

    It should never have gone to court.

     

     

    In the UK there would have been a case for manslaughter, but 2nd degree murder was a step to far.

     

     

    IMHO

     

     

    TT

  17. Haw,’Swindon Swinger’….

     

     

    It Was Yourself Who C&P The Relevant Article (From The Washington Post ?) Last Weekend….

     

     

    Why Don’t You Re-Post It…. ;-)

     

     

    Obama……Dontcha Just LOVE Him….!

     

     

    Swanning About In Senegal…..

     

     

    Wearing His Serious Face…..

     

     

    And Trying To Sound Like ‘Atticus’…..

     

     

    In “To Kill A Mocking Bird”….

     

     

    Tutt-Tutting…..As He Visits The Enclosures Where Slaves Were Held….

     

     

    Before Being Despatched To Their ‘New Masters’…..

     

     

    Obama…..Descendant Of Sudanese Muslim SLAVERS…!

     

     

    His Grandfathers Would Have Been Involved In The Slave Trade…..

     

     

    As The Arabs Have Preyed On The Black Africans…..

     

     

    For More Than A Thousand Years….

     

     

    Some Folk Jist Don’t GET Irony….

  18. The Moon Bhoys on

    Gubbed in 4 out of 4 friendlies, best player sold, top goal scorer about to be sold, potential top goal scorer about to be loaned out, a possible Artmedia type match coming up on Wed night and the hot topic on here is the nationality of the US president, you got to laugh.

  19. Joe Filippis Haircut on

    I dont know enough about Cliftonville but I hope you guys who are confident that we will reach the 2nd CL qualifying matches are right.To me the tie has all the hallmarks of a banana skin about it. Celtic rebuilding after loseing two big players also four or five injuries and poor results on the tour of Germany also the games are so early in the season and they mean so much to Celtic in order to continue our restablishment in European football .H.H.

  20. The Moon Bhoys on

    …..also, what have we got to be happy about cashing in on our best players….we wont see a thin dime of the cash, and we are hoping that Neil gets some, but thats all it is, hope.

  21. GlassTwoThirdsFull on

    the_huddle 16:39

     

    Yep if we are only get 3-4mill for Hooper then better to keep him until January and sell for £500k

     

    ———————————————————————————————–

     

    We’d probably get even more than that. Some club trying to get into (or stay in) the EPL would splash the cash. Look at QPR last January.

     

     

    Letting a player go into the last 18 months of his contract is crazy these days – the value drops substantially. The time to let him go would have been last January. On that point, anyone know why Ledley’s contract been allowed to go down to one year?

  22. The moon bhoys

     

     

    I find pointless speculation as to the religious background of the president of the US a welcome , if surreal, distraction from Wednesday’s business. But point taken

     

     

     

    Jimbo

  23. eddieinkirkmichael on

    TinyTim

     

     

     

    18:07 on 14 July, 2013

     

     

    In the UK, Zimmerman would now be starting a life sentence. Your contention that the case only went to court because of public/political outcry is frankly laughable and is based on nothing more than your opinion.

     

     

    Before you ask, yes I did follow every day of the trial, with the help of Media Hint for firefox

  24. Joe Filippis Haircut on

    The Moon Bhoys. We have already spent money on Balde and Virgil and I am certain we will sign at least another two players in the window.We had a good season last season and look for us to build on this. So although it wont be easy to qualify for the CL group stages im sure we will give it our best shot.The club are moving forward and I cannot see why you feel so down hearted about it ? H.H.

  25. Celtic will cruise by Cliftonville. It’s the next 2 rounds that will be a problem. The current squad minus Vic, Hooper and Watt will not be strong enough.

     

     

    The Dutch defender with Balde will not gel in time when there is 15 mil at stake. Also Balde looks like Bangura II and considering the amount of chances Bangura was given, Tony Watt has every right to have an attitude.

     

     

    With the current squad we will not make the CL. I understood the strategy had two parts . Firstly to buy well , develop and sell. Secondly to strengthen the Team and Squad with funds raised. Part one seems to be on track ; part two seems to be dependent on CL qualification. Perhaps I am missing something and Nike Friday is round the corner!

  26. The Moon Bhoys on

    We should be going for James McFadyen, and we should have gone for Johnny Russell, hope Neil has got a master plan up his sleeve, if not and the worst comes to pass all we will hear next season is how desperately we need the huns back in the top flight and how none of our misfortune would have happened if we hadn’t ‘relegated’ them.

  27. DUSHANBE BHILLY BHOY on

    ernie lynch

     

    12:16 on

     

    14 July, 2013

     

    ‘Brazil, Balkans, Russia, Serbia and Bulgaria all get a mention but there was only the one club got a name check.’

     

     

    #########

     

     

    Presumably because one cannot defame the dead.

     

     

    ——————

     

     

    Yes you can…..if your name is Sergei Magnitsky and you have been found guilty by Putin and his cronies, long after you have died…. as a result of a severe beating in a Russian jail by the ubiquitous corrupt Russian “militsia” (police).

  28. Neustadt-Braw on

    eddieinkirkmichael

     

    18:18 on

     

    14 July, 2013

     

    Fecked up State with 49 associates….a square go could never happen …..sadly everywhere else now …bring on the clowns….TV must win …etc etc etc ..

  29. eddieinkirkmichael on

    What remains frustratingly marginal in this discussion is the point Martin’s friend Rachel Jeantel raised in her testimony—that Martin himself was afraid, that a black person might assess a man following him in a car and on foot as a threat, never mind that he might have seen Zimmerman’s weapon and suspected his life was in danger. The defense paid a great deal of attention to the implications of Martin referring to Zimmerman as a “creepy-ass cracker,” but, to the extent that we think about the epithet, we’re concerned with the wrong C-word. Imagine George Zimmerman being followed at night, in the rain, by an armed, unknown black man and you have an encounter that far exceeds the minimal definition of “creepy.” Indeed, you have a circumstance in which anyone would reasonably fear for his life. Add a twist in which that black man fires a shot that ends a person’s life, and it’s hard to imagine him going home after a brief police interview, as Zimmerman did.

  30. Houl yer wheest…….

     

     

    Thanks for the informative post. A welcome break in a blog that has become a bog today…..

  31. The Moon Bhoys on

    Joe filipis haircut…

     

     

    I’m not downhearted bud, just dont like the way things are shaping up so far and in particular our chances of making it into the group stages of the CL league versus what will happen if we dont. I dont see Wed as a huge game considering the option, but the performance will give us a good idea of what lies ahead.

  32. The Moon Bhoys on

    Jimbo 67

     

     

    You could be right mate, probably like mine most of the speculation will be negative.

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. 9
  11. ...
  12. 19