UK minister promises to look at football governance after Super League fiasco
April 21, 2021, 10:05 am

UK minister promises to look at football governance after Super League fiasco

Chelsea fan protests turn to celebrations as club pulls out of Super League

We will not have our national game taken away from us for profit,’ says Oliver Dowden

The withdrawal of six English Premier League clubs from the European Super League highlights the need to examine the governance of football, the UK culture secretary has said, pledging “we will not have our national game taken away from us for profit”.

Oliver Dowden paid tribute to the fans whose pressure prompted the withdrawal of the six English clubs initially signed up for the breakaway competition, leaving the project in tatters, but warned that more needed to be done.

Speaking on Sky News on Wednesday, he said: “It’s very important that we don’t see this as the end of the process. What this is highlighting, more than ever, is the need to look at the wider governance of football … to look at how we address local governance, football finance and indeed the whole fan experience.”

On Monday, Dowden launched a governance review into football – initially pledged in the Conservatives’ 2019 election manifesto – to be led by the former sport minister Tracey Crouch. Among the issues the review will examine are the financial sustainability of the men’s and women’s game, how finance flows through the game at different levels, the merits of an independent regulator and how fans can have a greater say in the oversight of the game.

But the threat from the ESL – which prompted Dowden to announce the review – remains, with it vowing to reshape the project, which has amplified fans’ longstanding concerns about financial disparities in the game and the greed of billionaire club owners.

Dowden said: “I met with the president of Uefa on Monday and I’ll be … speaking to him again later today. We’ve been absolutely resolute in saying that we will not have our national game taken away from us for profit.

“This is as much part of our national heritage as our great stately homes, our galleries, our museums out our theatres, our cathedrals, and we as a government will do whatever it takes to step up to protect it. And I’m very glad that working with fans, we have given strength to fans in stopping this and I pay tribute to all of the fans – and we saw it last night with Chelsea fans – they won’t put up with this and I’m glad that clubs have listened to it.”

He said the review would also also consider whether fans should be able to take a stake in their clubs in the way that German fans can.

“The German clubs didn’t participate in this proposal. One of the points that was made to me by fans when the prime minister and I met with them was the fact that there was that financial stake,” he told LBC radio.

“I think we should look at it,” he said. International investment in football has been a good thing. It has increased the quality of the game and the players and everything else … but I do think it is right that we look at how fans can have a stake in the game.”

Chelsea were the first Premier League to pull out on Tuesday, only 48 hours after Sunday’s bombshell announcement about the creation of the league. Manchester City were next, before Liverpool, Manchester United, Arsenal and Tottenham completed the U-turn by English clubs.

They had been the subject of a furious backlash of fans, players and managers over the past two days. The UK government had threatened legislation to derail the project, while there was also a royal intervention from Prince William.

The Football Association, European and world governing bodies Uefa and Fifa had threatened sanctions on clubs and bans for players at rebel clubs.

On Tuesday morning, Boris Johnson tweeted: “I welcome last night’s announcement. This is the right result for football fans, clubs, and communities across the country. We must continue to protect our cherished national game.”

The Italian clubs Milan and Internazionale were expected to announce their withdrawal on Wednesday, leaving a third Serie A club, Juventus, and the Spanish trio of Real Madrid, Atlético Madrid and Barcelona as the last standing members of the breakaway group.

source: Haroon Siddique

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.