Paul Quinn CWTE Limited 6th October 2026 Purpose of this paper: To set out Gordon Brown’s argument that the 2008 crisis was a solvency crisis rather than a liquidity crisis, to test […]
Opinion: Manchester City and the “115 charges” A proposal for restitution, a lower spending cap and personal accountability
Paul Quinn CWTE Limited 3 October 2026 IMPORTANT NOTICE Analytical commentary for public discussion, not legal advice. All findings referred to are first-instance findings of the Independent Commission, published in redacted form […]
The Analysis Series: State-linked revenue in the Premier League; Exposure to state-owned, state-controlled & government-funded counterparties, commercial & media rights, aggregate & club by club
Date: 2 October 2026 Author: Paul Quinn, CWTE Limited Scope: 2026/27 Premier League membership; 2025/26–2027/28 broadcast cycle; latest filed audited accounts Summary Headline finding Central estimate: c.£528m a year, c.7.5% of projected […]
The Analysis Series: Premier League v Manchester City, Systemic risk assessment after the Independent Commission’s Core Decision
Sporting integrity • Compensation cascade • Regulatory framework • Financial contagion • Political response • UAE investment risk • Ownership governance • UEFA Position as at 1 October 2026 Prepared by Paul […]
The Analysis Series: Premier League v Manchester City, Potential civil claimants & hypothetical criminal exposure arising from the Independent Commission Core Decision
30th September 2026 Paul Quinn ; CWTE Limited Author Paul Quinn, The Esk / CWTE Limited Date 30 September 2026 Classification Analytical commentary . Not legal advice. Status of findings First-instance Section […]
Premier League v Manchester City Analysis of the Independent Commission’s Core Decision (Redacted) The Disguised Funding Scheme, the Fordham Arrangement, remuneration devices and non-cooperation: findings, quantification, and implications for the league, the Independent Football Regulator, clubs and counterparties
Paul Quinn CWTE Limited | theesk.org 29 September 2026 Primary source: “In the Matter of Premier League Section W Proceedings, The Football Association Premier League Limited and Manchester City Football Club Limited […]
The Analysis series: Manchester City v The Premier League, the verdict, the leak and governance failure
What the 25 September 2026 press reports tell us, tested against my prior analysis, and how far the case evidences governance failure at League, club and Commission level Position as at: Friday […]
The Analysis Series: The Chelsea FC Premier League sanction agreements; Analysis of the charges, process, decisions and sanctions, with the case for and against the Premier League’s approach
3rd August 2026 Primary sources: Premier League / Chelsea FC Sanction Agreements (Phase 1 & Phase 2), published 16 March 2026; FA Regulatory Commission and Appeal Board decisions, 31 July 2026; UEFA […]
The Analysis Series: Why English football stands alone in allowing rival-v-rival compensation claims for financial and sporting wrongdoing
Inter-club litigation in European football, a comparative legal and historical analysis Prepared 26 June 2026 Sources: Premier League PLJP 2023/3 | FIGC | RFEF | DFB/DFL | FFF/DNCG | LPFP | UK […]
The Analysis Series: Systemic risk assessment, Premier League PSR compensation litigation, Burnley FC v Everton FC (PLJP 2023/3)
Systemic risks if the decision is not overturned on appeal Summary This article assesses the systemic risks arising from the Burnley FC v Everton FC compensation decision (PLJP 2023/3, 2 June 2026) […]
The Analysis Series: Premier League club brand value analysis
This report provides an analysis of Premier League club brand values, the methodology by which they are measured, the contributory factors that drive them, and the strategies by which clubs can grow […]
The Analysis Series: The new (and existing) Squad Cost Ratio, and Sustainability and Systemic Resilience rules (Part II)
Following on from Part I published yesterday, I continue the analysis of the new financial rules impacting English football. I’m going to start by looking at the six Premier League clubs that […]
The Analysis Series: The new (and existing) Squad Cost Ratio, and Sustainability and Systemic Resilience rules (Part I)
Premier League, Squad Cost Ratio (SCR) and Sustainability and Systemic Resilience (SSR) The rules were approved at a Premier League Shareholders’ meeting on 21 November 2025, with clubs voting in favour […]
The Analysis Series: MSCI State of Private Markets report 2026, potential risks to English Football Clubs
MSCI State of Private Credit & Equity Markets Overview of the report This inaugural MSCI report examines five structural forces reshaping private markets in 2026: Stress in private credit, A liquidity drought […]
Analysis Series: The Football Association Premier League Limited, Annual report and financial statements for the year ended 31 July 2025
The Football Association Premier League Annual accounts 2024/25 The Premier League is not a normal trading company. It is a near-pure pass-through vehicle: a single‑purpose monopoly licensor of broadcasting and commercial rights […]
The Analysis Series: West Ham United relegation scenario analysis
The FY25 accounts already describe a club operating well outside its means even before any relegation shock is applied. Turnover collapsed from £268.2m to £226.1m on the back of the drop from […]
Tottenham Hotspur relegation scenario analysis, financial and capital structure impact
Prepared: 3rd May 2026 Base accounts: Year ended 30 June 2025 Context: As at the date of this report, THFC sit 18th in the Premier League albeit with a game in hand […]
The Analysis Series: Manchester City v The Premier League: The “115 Charges” case
The case: In February 2023, after a four-year investigation triggered by Der Spiegel’s November 2018 Football Leaks publications, the Premier League formally referred Manchester City to an independent commission alleging breaches of […]
The Analysis Series: Analysis of Tottenham Hotspur Football & Athletic Co. Ltd and Tottenham Hotspur Limited: Strategic Review of the 2024-25 Fiscal Period
Tottenham-Hotspur-limited-full year 2024/25 Accounts The financial reporting period ending 30 June 2025 shows a critical inflection point in the modern history of Tottenham Hotspur. It is a period characterised by the starkest […]
The Analysis Series: Financial and systemic analysis of Manchester United plc (2024/25):
Manchester United Financial Results (2024/25) The financial architecture of elite global sports franchises has undergone a profound change over the past two decades. No longer operating as localised civic institutions governed by […]