The formal acquisition of Botafogo SAF occurred in the wake of a desperate need for capital. In December 2021, the club reached an agreement in principle to sell 90% of its shares […]
Paul Quinn
The Analysis Series: Financial evolution of Eagle Football Group: Analysis of EBITDA and operational performance (2021–2026)
Football is a high risk business. Financial performance is determined by success on the pitch, the security of media rights deals, player acquisition and disposal, the cost and form of capital […]
The Analysis Series: Analysis of Ares Capital Corporation and Eagle Football Holdings Bidco Limited debt architecture
With the appointment of administrators, Cork Gully, in London’s High Court on Friday 27th March 2026, a detailed analysis shows Ares (the lender and security agent) rights and what happens to the […]
The Analysis Series: Navigating multi-club ownership under UEFA Article 5 – the Friedkins, Everton & AS Roma
As of early 2026, approximately 380 clubs worldwide are integrated into MCO frameworks, with nearly 42% of clubs in Europe’s five largest leagues, the Premier League, La Liga, Serie A, Bundesliga, and […]
Talking the Blues podcast; Everton 3 Chelsea 0
Welcome to this week’s Talking the Blues podcast, with George performing brilliantly on stage in Waiting for Godot (go and see it if you can) Andy joins me in a joyous chat […]
The Analysis Series: Analysis of the Eagle Football Holdings legal and creditor landscape
The operations and finances of Eagle Football Holdings (EFH), the multi-club operation majority owned by American entrepreneur John Textor, continues to experience a period of systemic volatility. This instability is evidenced by […]
The Analysis Series: Analysis of the Chelsea FC sanction agreement and the rise of statutory oversight
The ratification of the Sanction Agreement between the Premier League and Chelsea Football Club in March 2026 presents the most complete, extensive forensic investigation into club finances to date, since the inception […]
The Analysis Series: Statutory oversight of English football. An analysis of the Independent Football Regulator licensing proposals
The landscape of English professional football is poised for its most radical structural realignment since the formation of the Premier League in 1992. The enactment of the Football Governance Act 2025 […]
Talking the Blues, Newcastle United (a) & differences in home & away form
Welcome to this week’s Talking the Blues when the three of us look back on a sublime day in Newcastle. We look through yesterday’s performance before speculating on the true reasons for […]
The Analysis Series: The new “squad cost ratio” rules for the Premier League
The Premier League is undergoing a fundamental financial regulatory change, the impact of which will require considerable thought in the coming months. Who will the net winners be? What impact do […]
Talking the Blues Podcast – Manchester United (h) with the Costigan brothers
Welcome to this week’s Talking the Blues podcast. A little different this week as you will see (and hear) Talking the Blues with Andy and George Costigan looking back to Monday’s game………….. […]
The Analysis Series: The Glazer business empire
The business empire controlled by the Glazer family is a highly sophisticated, complex, and leveraged conglomerate in the global sports and real estate sectors. Originating from the commercial real estate activities […]
The Analysis Series: The Friedkin Group
The Friedkin Group (TFG), a privately held consortium headquartered in Houston, Texas, stands as one of the most structurally complex and financially potent business empires in the United States. As of […]
The Analysis Series: Audit of gambling’s commercial dominance in English professional football
An overview of the 2025/26 season English football in the 2025/26 season stands at a crossroads in terms of its relationship with the gambling industry. As the final campaign before the Premier […]
The Analysis Series: Financial analysis and balance sheet assessment of EFL Championship clubs: 2025-26 Season
The English Football League (EFL) Championship is the wealthiest non-top-flight football division in the world, yet it operates with structural insolvency, extreme financial volatility, and continuous reliance on external liquidity. As the […]
Talking the Blues podcast – In the words of Everton’s media team “Cottage Pied”
Welcome to this week’s Talking the Blues Podcast with George and Andy Costigan. We look back on a fabulous result at Craven Cottage, plus much more besides. Big hello and thank you […]
Talking the Blues Podcast – Brighton (a) and much else
Welcome to this week’s Talking the Blues Podcast with George and Andy Costigan. We look back at the away game at Brighton, look at Moyes’s passion, modern refereeing and finish with why […]
Talking the Blues Podcast, Leeds United (h) – a tale of two halves, long term v short term thinking?
Welcome to this week’s Talking the Blues Podcast with George and Andy Costigan. We look back at the frustrating draw versus Leeds United, and reflect on where we are as a club, […]
We’re forever Everton
These pages are usually reserved for my hobby (some might say obsession) on football finances. But I’m also a football fan too, just as passionate about what goes on on the pitch […]
BDO’s 20th Annual Survey of Football Finance Directors (January 2026)
This article provides a synopsis and analysis of BDO’s 20th Annual Survey of Football Finance Directors (January 2026), which examines the financial realities of professional football across the English Premier League (EPL), […]