Football

A few years ago, I was sitting at my desk late at night, frustrated by the latest sports financing project which I was working on at a large investment bank. Despite the iconic brand, large international fanbase and its many trophies, it was extremely difficult to find investors for this top-20 global football club. Time and again, potential investors struggled with the club’s volatile cashflow profile and uncertainty about its future revenues and performance. I asked myself: 'If it's this hard for this glamorous club to raise money, how are less fortunate teams coping?' However, contrary to normal businesses, sports clubs have one major intangible asset which the institutional market does not value properly: they are global brands with large international, online fanbases.

On this week’s Spectator Podcast, we discuss Britain’s obesity crisis, the upcoming German election and the England team’s footballing woes. First up, Britain’s obesity problem is worsening, says Prue Leith in her Spectator cover piece. The UK is the sixth fattest nation on earth and more than a quarter of the population is obese. Yet despite this worrying epidemic, precious little is being done. So how can we fix this crisis? Spectator Health’s Christopher Snowdon, Professor Graham MacGregor, Chairman of Action on Sugar, and Professor Francesco Rubino, from Kings College London, have some answers. In her cover piece, Prue Leith writes: Part of the UK’s problem is that we see government intervention as nannying.

Football is theatre, that much has always been obvious; but it’s also business. And though the rules of the game haven’t changed much on-field since 16th century Etonians codified the random kicking of an inflated pigskin, off the field the game has been in constant evolution. This summer has demonstrated, once again, that football is as much about ritual performances of capitalist peacocking as it is about twenty-two men going head to head. As the transfer window creaks closed today, it is worth reflecting on an historic summer. Neymar’s £200m transfer from Barcelona to Paris Saint-Germain more than doubled the world transfer record and created a domino of wildly inflated transfers – including 20-year-old Ousmane Dembele’s £135.

Football’s back, I’m afraid, and, in the imperishable words of David Mitchell, every kick in every game matters to someone, somewhere. Still, it’s the Premier League’s 25th anniversary, so a good time to take stock. There’s no doubt that with Sky’s help the PL has sexed up the English game and moved it once and for all from being the preserve of the working man. When I started going to matches half a century or so ago, the stadiums were awful, the food terrible, and the football not that great. A game could be intimidating; not for the fainthearted, or women, or people who weren’t white. Now that has changed out of all recognition, almost entirely for the better.

In a quiet season for business news, the giant cesspit that is the world of elite football can be relied upon to provide a money story with a pungent whiff to it. I refer to the transfer of the 25-year-old Brazilian known only as Neymar from Barcelona to Paris St Germain for a world-record fee close to £200 million. When Neymar was bought by Barcelona from Santos of Brazil in 2013, a £200 million break clause was inserted in his contract in the belief that no club in the world could possibly afford to buy him out. But PSG has done so even though Spanish football authorities refused to facilitate the payment, in the belief that it might breach ‘financial fair play’ rules designed to prevent clubs spending beyond their means.

Some years ago, when Millwall played West Ham United, the Millwall fans sang the following song (to the tune of ‘When The Saints Go Marching In’, if you want to hum along): ‘Oh east London, is like Bengal. Oh east London is like Bengal. It’s like the back streets of Delhi. Oh east -London is like Bengal.’ They haven’t sung it for two or three years, but only because Millwall haven’t played West Ham. I mean, I don’t think that Millwall’s supporters have gradually thought better of it and decided that the ditty was perhaps racist and demeaning, or are worried about the relative geography of Delhi and Bengal. If we (Millwall are my team) played West Ham tomorrow, I think we’d still sing it.

England won the cricket World Cup for the fourth time. Huzzah! England reached the semi-finals of the European football championship. Huzzah again! Or you can, as some have preferred, say well, it’s not really England, is it? It’s England women — and that’s not the same thing at all. Ten points for observation, eh? I remember when I first noticed. But there’s less power, less speed and it’s altogether less thrilling a spectacle than the men’s versions, they say. Anya Shrubsole, the demon fast bowler who secured the win for England by taking six wickets in the final, only bowls at 70 mph; she’d be cannon fodder in a men’s game.

A season ticket at the Parc des Princes, home to Paris Saint-Germain, will set you back somewhere between £336 and £2,116, with individual tickets ranging from £25 to over £100, depending on how good your eyesight is. But this is a small price to pay in order to watch footballing luminaries like Edinson Cavani, Ángel di María and Dani Alves light up a league that has long been the sickly cousin of the European superpowers. Indeed, if you’re a PSG fan, this cost will be nothing compared to the phenomenal resurrection, started in 2011, of a European superpower that appeared to be in terminal decline.

My latest bed partner is a seven-year-old lad. That first night we slept together in my double bed, I hardly got a wink. Vivid dreams made him lash out at me in his sleep with kicks and flailing arms. In the morning I opened my eyes and his clear blue eyes, three inches from mine, were studying me. ‘Did you have nightmares, Oscar?’ I said. The eyes considered. ‘Not nightmares,’ he said judiciously. ‘Dreams.’ ‘What about? You were kicking and punching me all night,’ I said. ‘I dreamt Dominic came to my school, and we didn’t do any work, we just played football all day.’ Dominic was Oscar’s best friend at his old school. Dominic is a gigantic boy and a Newcastle United supporter.

Not a bad week for Roger Federer then: first pootling along being cool and rich in a morning suit at the Philippa Middleton wedding, then being named in the world’s tennis top five again, with his increasingly elderly chums. It’s the first time all five (Murray, Djokovic, Federer, Nadal and ‘Stan the Man’ Wawrinka) have been over 30. Indeed, the only player born in the 1990s to reach a grand slam final is Milos Raonic; no spring chicken at 27. This is an astonishing time in tennis; a golden generation indeed. We have come a long way since Lleyton Hewitt beat David Nalbandian 3-0 to win Wimbledon. Nalbandian won just six games. That was in 2002; not so long ago, though it feels like a lifetime.