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. ...
  4. 5
  5. 6
  6. 7
  7. 8
  8. 9
  9. 10
  10. 11
  11. ...
  12. 19

  1. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    asonofdan

     

     

    19:22 on 14 July, 2013

     

     

    It really is ridiculous at times………everything is going fantastically well for us and the relentlous negativity still ‘raises it’s ugly head’……noone is expecting ‘happy clapping’ but some of it is ‘beyond the pale’ ….. There must (also) be one or two sevconian lurkers at times…..I suppose there will be some folk who aren’t happy unless they are sad ….!!!!

  2. Jimbo

     

    No need to apologise mate,

     

    we’ve all fallen for STDs nonsense at some time or another.

     

     

    Well be fine over the 2 legs against the Reds. In my opinion.

     

    HH

  3. Celtic Underground ‏@celticrumours 1h

     

    Charlie Austin and Scott Parker being rumoured again.

  4. PF

     

    By the law of averages I was due to get one right… T4 says he’s using all his winnings to book Mrs T4 a well earned foreign break.

     

    Heart of Gold that fella.

  5. Neustadt-Braw on

    hahahahaha …..burbling Terry the Tec had a dominant English teacher….bet whoever it was ,had you down as a twat…regards to cojo the clown …

  6. Che

     

     

    My mate grassed me in to my mrs …..funny…they never offer to pay half the losses

  7. PF

     

    T4 grassed himself on Facebook…!

     

    Self inflicted wounds.

     

    Your a wise man avoiding that sinister place!

  8. Serious question, anyone think Sinn Fein would start fielding a number of candidates in elections in an independent Scotland?

  9. Phil Mickelson wins the play-off at the Scottish Open, and who appears from nowhere but old bawface.

     

     

    Only thing missing was the stars and stripes.

     

     

    Mrs Salmond must have mislaid her handbag.

     

     

    :-))

     

     

    HH!!

  10. maestro-number8

     

     

     

    19:34 on 14 July, 2013

     

     

    I would take two million for Hooper today, he is causing malaise amongst the team and the support and most of all CQN.

     

     

    Someone said he is holding out for 7 million I hope they didn’t mean Hooper, because its CFC that should be running the negotiations, not the player.

     

     

    If we can not get past Cliftonville (and no disrespect to them) without two of our first team we don’t deserve to be there, simples

     

     

    BTW I don’t give a flying fek what Obama’s religion is

     

     

    gsu

  11. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    asonofdan

     

     

    19:51 on 14 July, 2013

     

     

    No, but I think the DUP might, inthe SW..

  12. Che

     

     

    Facebook would just be another medium for me to make an erchie of myself …unnecessary …

  13. Ireland needs genuine republican politics –

     

    Adams

     

    News

     

    July 14, 2013

     

    Sinn Féin President Gerry Adams delivered the

     

    main address at this evening’s EU selection

     

    convention in the Radisson Hotel, Sligo.

     

    The following is the full text of Deputy Adams’

     

    speech:

     

    A chairde,

     

    I want to welcome you all here this evening.

     

    This meeting isn’t just about selecting a

     

    candidate for next year’s EU election for this

     

    region.

     

    Just as importantly, it is Sinn Féin declaring

     

    our intent to ensure that there is a Sinn Féin

     

    MEP elected to represent this part of Ireland

     

    when that election is held.

     

    This is an entirely realizable and doable

     

    prospect.

     

    Sinn Féin has been growing in strength right

     

    across this state.

     

    The party has doubled in numbers, with new

     

    members joining the party every day.

     

    Sinn Féin’s message of fairness and equality

     

    is finding ever-greater resonance among

     

    citizens.

     

    Because those qualities are missing in this

     

    state today.

     

    When the establishment parties fail to put

     

    fairness and equality at the centre of how they

     

    govern they fail all our citizens, but in

     

    particular they fail our most vulnerable –

     

    those who rely most on government to stand

     

    by them.

     

    People rightly feel angry and frustrated that

     

    there is a deep unfairness in ordinary citizens

     

    and hard working families being subject to

     

    harsh austerity measures while those who

     

    created the financial crisis have emerged

     

    unscathed and indeed enjoy ostentatious

     

    wealth.

     

    It is wrong and unfair that cancer patients are

     

    threatened with the withdrawal of medical

     

    cards.

     

    It is wrong and unfair that carers are denied

     

    access to respite care.

     

    It is wrong and unfair that health and

     

    education are being subject to thousands of

     

    small but devastating cuts.

     

    That child benefit is cut or that maternity

     

    benefit is taxed.

     

    It is wrong and unfair that billions of

     

    taxpayers’ money, that could and should have

     

    been invested in job creation, has been used

     

    to bail out banks.

     

    It is very clear that for this Fine Gael and

     

    Labour government all citizens are not equal.

     

    The Minister and Department have questions

     

    to answer on Anglo tapes.

     

    Enda Kenny promised that Fine Gael in

     

    government would usher in a new era of

     

    transparency and accountability.

     

    He promised that they would do things

     

    differently.

     

    He even spoke of a ‘democratic revolution’.

     

    Yet for all these great promises, trying to get

     

    a straight answer from the current government

     

    is like pulling teeth!

     

    For instance, why won’t the government

     

    simply come clean on the issue of the Anglo

     

    tapes?

     

    Why does it take Sinn Féin to submit in the

     

    region of 100 queries between Freedom of

     

    Information requests and Parliamentary

     

    Questions to elicit even the most minimal

     

    response containing the least possible

     

    information?

     

    We know, from what Alan Dukes has said, that

     

    that the Department of Finance was aware of

     

    the existence of these tapes. Yet the Minister

     

    for Finance denied any knowledge of them.

     

    Then, Michael Noonan, in answer to a

     

    Parliamentary Question by Sinn Fein — despite

     

    knowing clearly what he was being asked —

     

    only said the Department was ‘unaware of the

     

    content’ of the tapes.

     

    He had to be pressed further to clarify that the

     

    Department did indeed know of the existence

     

    of these tapes all along.

     

    And yet, if we are to believe the minister,

     

    nobody in his department told him and no one

     

    in the department took the time to listen to

     

    what was on the tapes!

     

    If true, this is incredible and a serious failing

     

    by the department.

     

    We now have to ask — who did the

     

    Department of Finance inform about the

     

    existence of the tapes?

     

    The minister denies that he was told which

     

    begs the question — why wasn’t he told?

     

    Who in the Department of Finance withheld

     

    this information?

     

    Was the Fianna Fáil Finance Minister told in

     

    2010?

     

    Did he inform his cabinet colleagues?

     

    Which Fianna Fáil ministers knew of these

     

    tapes?

     

    Minister Noonan also continues to deny that

     

    the Central Bank was aware of the existence of

     

    the tapes.

     

    Alan Dukes said they should have known.

     

    If Alan Dukes is misleading the people that is

     

    serious but if the Central Bank is misleading

     

    the people that has enormous implications.

     

    This is meant to be the new Central Bank that

     

    was to sweep out all the bad practice of

     

    previous years.

     

    Yet it is only investigating potential regulatory

     

    breaches at Anglo now as a result of the tapes

     

    being leaked.

     

    It should have been doing this years ago!

     

    Citizens have been drip-fed the content of the

     

    Anglo tapes.

     

    And this only after they were leaked to a

     

    newspaper.

     

    Since then citizens, including Sinn Fein’s

     

    Finance Spokesperson Pearse Doherty TD,

     

    have been drip-fed what the Department of

     

    Finance and Minister Noonan knew about

     

    them.

     

    This is unacceptable.

     

    I believe this government and this minister

     

    have questions to answer about what they and

     

    he knew and when they knew it.

     

    And the public deserves to get the answers.

     

    I believe that the department’s responses to

     

    Sinn Féin’s questions raise further important

     

    issues and that the Minister for Finance

     

    should make a statement to the Dáil before

     

    the recess on who knew what and when within

     

    his department and when was he informed and

     

    whether the previous Minister for Finance was

     

    told of the tapes.

     

    The government also has serious questions to

     

    answer about the role, remit and purpose of

     

    the so-called ‘public interest directors’

     

    appointed after the bailout of the banks.

     

    In several cases these directors were senior

     

    members of Fianna Fáil, Fine Gael and the

     

    Labour Party. Two of them are former Fine

     

    Gael and Labour Party leaders.

     

    These people were extremely well paid out of

     

    the public purse. On top of their salaries as

     

    public interest directors, they also had

     

    ministerial and TD pensions.

     

    But what is now abundantly clear is that the

     

    current system of public interest directors is

     

    not fit for purpose.

     

    The government must address this issue and

     

    spell out quickly what it is going to do to

     

    ensure that the banks — which only exist

     

    because of the injection of huge amounts of

     

    taxpayers’ money — are accountable and

     

    operating in the public interest.

     

    It is time to stop the delays and get on with a

     

    banking inquiry. No more excuses, no more

     

    distractions, no more prevaricating.

  14. After WW2 the USA was the only country with an intact industrial base…. they were the only country to actually turn a profit from WW2.

     

    The Bretton Woods Conference was organised after the war and the USD became the senior currency http://en.wikipedia.org/wiki/United_Nations_Monetary_and_Financial_Conference

     

     

    These “golden years” of the USA economy lasted until the Vietnam War when Nixon began printing money to pay for that war. De Gaulle asked for gold in exchange for USD paper and this happened….

     

    http://en.wikipedia.org/wiki/Nixon_Shock

     

     

    The USA has been on a slow slide to Latin American parity ever since.

     

     

    The only strategic leverage the USA retains is that oil is bought and sold in USD (even North Sea oil). Without this seniorage the USD would be on a par with the Zimbabeawan dollar.

     

    We buy and sell USD to buy and sell oil and the USA lives off this fat, much like some live on their overdrafts………so in effect we all pay for Americas perceived superior life style.

     

     

    This is the real reason America wages war……to protect the hegemony of the USD in oil purchase globally…….without this hegemony the USD and American society would be bust.

     

     

    The USA was built on European venture capital and black slave labour initially and until JFK’s tenure immigration was primarily white European http://en.wikipedia.org/wiki/Immigration_Act_of_1924

     

     

    He changed the percentages and allowed other ethnicities to enter at the expense of Europeans……..

     

     

    The end game over a 50 year period? Ever decreasing European population base, decreasing efficiency and effectiveness, more contrived wars to protect the currency, white flight, probably to Canada first and back to Europe if they can afford it or can claim a Euro zone passport.

     

     

    The United States of America has never been a country, rather it is a political construct built by Freemasons and its falling apart slowly but surely.

     

     

    So…….to the football :)

     

     

    A double of some sort

     

    Possibly a treble

     

     

    Group stages CL 50/50

  15. Dont understand why its all negative comming out Paradise time Mr Lawell spoke out transfer money

  16. Joe Filippis Haircut on

    Bhoys being nervous is par for the course pre-season I would go as far as to say it is better than being over confident.Some nerves can help a team to be up for a game.I would rather have a few nerves than be over optomistic and be thinking we will score double figures over the two games.So lets get behind the team and enjoy the fact we are at the start of a new season.H.H.

  17. Got an interesting call from a mate who has associations with quite a few supporters clubs and was told Neil Lennon has been a bit naughty with the press guys saying the Cliftonville game has came too early, does not know his team and preparations have been disjointed.

     

     

    I was told the training camp went very well and although the game results appear poor, there was a fantastic amount of hard work done in training and the players cannot wait for Wednesday. Laptop Loyal in for a slapped coupon.

  18. !!bada bing!!

     

     

    19:54 on 14 July, 2013

     

    Boris Salmond is the new John Terry…embarassment again.

     

     

     

    Wish you would give the man a break.

     

     

    He has flown back from Nottingham where his Missus had an Aussie flag in her handbag to get to the Golf.

     

     

    What a tireless leader you all have.

  19. Thiago signs for Bayern, they must’ve been worried they didn’t have enough good players :o)

  20. Neustadt-Braw on

    only in Scotland ..” Boris Salmond” the SMSM have a good tight hold …more twats …..

  21. Living_in_the_Love_of_the_Commons_People on

    A quick speed read of the blog today reveals that evidently that there is not a lot to be gained from summer break contributions. I have noted a certain vitriol repeatedly originating from certain contributors and I agree with Dick Bryne it’s time for moderation. I visit the blog, as I live in the west of the USA. I feel an infinity with those that congregate here and as I’m a little younger than most, I have learned much about Celtic and my heritage in general. I have many bookmarked posts from The Battered Bunnet to Auldheid and others.

     

     

    Bringing me to my point. I realize the blog welcomes one and all, however… Why would anyone spend time on a blog where he is obviously at odds with 99% of contributors on his outlook on life? Why would you saturate the pages with inflammatory opinions and jibes that seem nothing more than an agenda to turn posters away from contributing? Ego driven, agenda driven, or both?

  22. SF in Scotland?

     

    No chance of that happening, wee Salmond likes to fly his flags every day of the week

  23. dettolandblackash on

    Hamiltontim

     

     

    Tooting Tim told me you were looking for ticket for Belfast – I may have one available-let me know if you are interested

  24. I’d like us to get in a couple of new players, someone in midfield, someone who can be a playmaker for us and pick a pass, play a wee ba’ thru that cuts open a defence. A wee deft dink with the outside of either foot, which sets up a scoring opportunity. Someone we can give the ball to when things a tough and we need to hold on to possession. Someone who decides what he is going to do before the ball gets to him, someone who is ahead of the pack in thinking and movement. Someone who is the all encompassing modern midfielder, strong in the tackle yet the ability to caress the football with a lovely touch, guile and awareness.

     

    And I’m no on about MCCulloch by the way. I’m thinking the opposite end of the spectrum tae him.

     

    What does anyone else think? Have we got too many midfielders of the same ilk?

     

    Does Lenny think we already have this guy I’m on about in Commons?

     

    I don’t know anymore, my head is bustin’ trying to think of our best 4 in midfield.

  25. I Said on here many months ago. that any young decent football player at our club Celtic ,would struggle to get a run of ist team football ,while lennon is the manager, step up tony watt.,my view is for him to hand in a transfer request,because lets face it tonys face dosent fit in with lennon.

  26. ASOD

     

     

    I hope your info is correct about our preparation for Wednesday

     

    Victor was our midfield rock and needs to be replaced

     

    Hooper is our best striker by a mile and will need replaced

     

     

    We will win the league by a mile again

     

    We should win both cup competition

     

     

    However we are far from certain to progress to the group stages of the CL

     

    We need to make at least two quality signings who can go straight into the team

     

    These can not be another two projects

     

     

    HH

  27. Heard a lad on 6.06 Five Live tonight phoning in on his way back from Trent Bridge to Edinburgh.

     

     

    Said the he had enjoyed the Test match.

     

    Tuffnell asked if they had enjoyed the renditions of Jerusalem and Rule Brittania?

     

     

    He said “as Scots you know but we were supporting England so even we joined in”

     

     

    Tuffnell “what about the Westlife song”

     

     

    “Nah they are Irish would have preferred a few Scottish tunes you know like Wet Wet Wet”

     

     

    Now what team do they support?

  28. Toronto FC has parted ways with captain

     

    Darren O’Dea in another move to clear space

     

    under Major League Soccer’s salary cap.

     

    The club was without O’Dea for Saturday’s 3-0

     

    loss to Sporting Kansas City as the team

     

    finalized the defender’s transfer to a team in

     

    Ukraine.

     

    After the game, manager Ryan Nelsen

     

    explained that shedding O’Dea’s hefty contract

     

    — in the $450,000 range — would free up

     

    TFC’s options.

     

    “Darren has moved on. He got a contract from

     

    Ukraine that he couldn’t turn down,” Nelsen

     

    said in a interview on the team’s website.

     

    “Darren’s the most expensive player in the

     

    whole of the league, in terms of salary cap. It

     

    frees up some space for us. He wanted to go,

     

    it was a good opportunity for him.

     

    “Unfortunately for Darren it’s not his fault. His

     

    contract was pretty ridiculous, in terms of MLS

     

    contracts.”

     

    The 26-year-old Ireland international had a

     

    lucrative offer from Ukraine prior to joining

     

    Toronto last season.

     

    The move comes days after Toronto traded

     

    midfielder Luis Silva to D.C. United for

     

    allocation money that can go toward cap

     

    relief. On Friday, defender Danny Califf

     

    announced his retirement.

     

    The transfer also opens up an international

     

    spot, which is the second one acquired this

     

    month following a trade with Chivas USA.

     

    O’Dea has one goal and one assist through 17

     

    games with TFC this season. He last played

     

    for Toronto on July 3, a 3-3 draw with the

     

    Montreal Impact at BMO Field, where he

     

    scored his only goal of 2013.

     

    O’Dea began his career with Celtic in the

     

    Scottish Premier League in 2006 and has

     

    represented Ireland at the under-21 and senior

     

    level.

     

    Fellow defender Steven Caldwell wore the

     

    captain’s armband for TFC in Saturday’s loss

     

    in Kansas City.

  29. dettolandblackash

     

     

    20:16 on 14 July, 2013

     

    Hamiltontim

     

     

    Tooting Tim told me you were looking for ticket for Belfast – I may have one available-let me know if you are interested

     

     

    ——-

     

     

    I’ll take it mate if that’s ok? Many thanks.

     

     

    Che

     

     

    Cheers for the heads up buddy.

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