Summary of "Is Multi-Club Ownership Here to Stay?" – The Athletic FC Podcast

Podcast Information:

• Title: The Athletic FC Podcast
• Host: Ayo Akinwolere
• Featured Guests: Matt Slater, Malik (Olympique Lyonnais Fan)
• Episode Title: Is Multi-Club Ownership Here to Stay?
• Release Date: March 26, 2025
• Description: The Athletic's flagship football podcast delves into the intricacies of multi-club ownership (MCO) in football, examining its effectiveness, future prospects, and impact on clubs and fans.

1. Introduction to Multi-Club Ownership (MCO)

Host: Ayo Akinwolere
Guest: Matt Slater

Ayo welcomes listeners to the final part of the series on MCO, emphasizing the focus on addressing listener questions about the effectiveness and future sustainability of MCOs in football.

Key Points:

• Overview of MCO: Understanding how multiple clubs are managed under a single ownership group.
• Listener Engagement: Introduction of listener-submitted questions central to evaluating MCO viability.

2. Listener Question: Leicester City and KRC Genk Relationship

Timestamp: [02:45]

Question from Listener Adam:
Adam, a Leicester City fan, expresses frustration over Leicester's relationship with KRC Genk in Belgium. He highlights that Leicester's youth players, sent on loan to Genk, rarely receive equitable playing time or opportunities to be signed by Premier League teams.

Discussion:

• Matt Slater's Response:
  Matt criticizes the lack of a coherent strategy between Leicester and Genk, noting minimal player development and limited success in leveraging the relationship for talent acquisition. He remarks, “I can’t see any sort of sense of strategy” ([03:15]).

Notable Quote:
Matt Slater: “...there have been players that have gone, they're on loan... just wasn't good enough” ([04:10]).

3. Profitability of Multi-Club Networks

Timestamp: [07:30]

Listener Question from Nathaniel:
Nathaniel questions whether MCOs are financially sustainable when considering acquisition costs and ongoing profits or losses. He inquires if the potential sale value of these networks could outweigh their initial investments.

Discussion:

• Matt Slater's Analysis:
  Matt discusses the generally non-profitable nature of current MCOs, citing City Football Group (CFG) as an example with combined losses nearing £1 billion. However, he highlights that the increasing asset values of clubs may offer future returns. He notes, “The actual value of the teams continues to rise” ([08:15]).

Notable Quote:
Matt Slater: “...these are now considered to be assets... the value of those assets has been consistent for 30, 40 years” ([10:05]).

4. Success Across CFG’s Portfolio

Timestamp: [13:27]

Ayo's Observation:
Ayo raises the point that while Manchester City under CFG has enjoyed significant success, many of its other clubs haven't matched this performance, questioning if resources are disproportionately funneled towards Manchester City.

Discussion:

• Matt Slater's Insight:
  Matt acknowledges Manchester City's dominance but points out successes within CFG's network, such as NYCFC winning the MLS in 2021 and Mumbai City in India. He explains that not all clubs are intended to be top performers, serving different strategic purposes within the network. “[...] Melbourne City have had a bit. Have had some success in Australia” ([15:00]).

Notable Quote:
Matt Slater: “...if you have someone good enough in the group, yes, they will get funneled up to the center, the first team” ([16:00]).

5. Black Knight Football Group’s Exemplary Model

Timestamp: [16:25]

Ayo’s Comparison:
Ayo contrasts CFG with Black Knight Football Group, noting that Black Knight's clubs like Bournemouth and Auckland FC are performing well across their respective leagues.

Discussion:

• Matt Slater on Black Knight:
  Matt praises Black Knight's strategic investment and balanced success, attributing it to their clear focus on sustainability and winning across their portfolio. He states, “They are about winning and they think that winning equals return on investment” ([17:00]).

Notable Quote:
Matt Slater: “They have a clear top of the tree but they're quite honest about it” ([17:10]).

6. Fan Perspective: Olympique Lyonnais and Eagle Football Holding Limited

Timestamp: [21:00]

Guest: Malik, Olympique Lyonnais Fan

Ayo's Introduction:
Ayo introduces Malik, a fan of Olympique Lyonnais (Lyon), discussing the club's provisional relegation to Ligue 2 and transfer ban due to financial audits under the ownership of Eagle Football Holding Limited.

Discussion:

• Malik’s Concerns:
  Malik expresses frustration over Eagle Football’s management, highlighting asset sales and financial restructuring that have negatively impacted Lyon’s football projects and performance. He shares, “It's really hard to be part of a group... I only feel like having Olympique Lyonnais fan” ([22:11]).

• Matt Slater’s Follow-Up:
  Matt delves into the complexities of ownership, noting the heavy debt incurred by Eagle Football in acquiring Lyon and selling off assets to manage finances, leading to operational strains. He explains, “They sold about half of it” ([26:09]).

Notable Quotes:

• Malik: “You're killing me right now, Matt.” ([27:35])
• Malik: “I upload what you're trying to do. Multi-club ownership is something really interesting.” ([32:20])

7. Critique of Multi-Club Ownership as an Antithesis to Football’s Essence

Timestamp: [35:00]

Listener Question from David S.:
David passionately argues that MCOs undermine football’s traditional values, posing conflicts of interest and neglecting smaller clubs. He calls for legislation to restrict ownership to single clubs to preserve competitive integrity.

Discussion:

• Matt Slater’s Response:
  Matt empathizes with the concerns, citing examples like Triple 7’s failed MCO efforts and the inherent risks of financial contagion across networks. He emphasizes the sentimental value of football clubs to communities, stating, “It's my school versus that school... it's my club versus your club” ([36:10]).

Notable Quote:
Matt Slater: “Football's supposed to be, get it right down to its brass tax. It's my school versus your school” ([36:50]).

8. Fan Influence and Power Dynamics in Club Ownership

Timestamp: [42:21]

Ayo’s Inquiry:
Ayo questions the extent to which fans can influence ownership decisions in MCOs, especially when clubs are struggling and in dire need of new investment.

Discussion:

• Matt Slater’s Insights:
  Matt highlights the limited power fans have in ownership transitions, noting that while organized fan groups can protest and demand change, ultimate control resides with current owners. He reflects on the emotional toll of losing clubs to mismanaged ownership, mentioning Macclesfield’s phoenix club as an example. “As fans groups, you can get organized to create change” ([43:00]).

Notable Quote:
Matt Slater: “You feel powerless... so many clubs are facing that dilemma” ([43:30]).

9. Conclusion: The Future of MCOs in Football

Timestamp: [45:51]

Listener Question from Michael H.:
Michael inquires whether the perception of MCOs as threats to football has softened, given some groups like Black Knight demonstrating successful outcomes across multiple clubs.

Discussion:

• Matt Slater’s Perspective:
  Matt acknowledges that MCOs are becoming a permanent fixture in football, stressing the need for better regulation and operational clarity. He cites successful examples like CFG and Red Bull but reiterates the overarching concern about sustainability and integrity. “It's here for. Yes, it's here. It's not going away” ([46:00]).

Notable Quote:
Matt Slater: “We can see failing businesses, distressed assets, jobs at risk, losses. And I'm thinking, well, I'm not kind of surprised that people are trying to look at this and think let's consolidate” ([46:15]).

Final Thoughts and Closing Remarks

Host: Ayo Akinwolere
Guest: Matt Slater, Malik

Ayo wraps up the episode by reflecting on the complex landscape of MCOs, acknowledging both their potential benefits and inherent risks. He thanks Matt and Malik for their insightful contributions, leaving listeners with a nuanced understanding of MCOs' place in modern football.

Key Takeaways:

• MCOs are here to stay: Despite challenges, MCOs continue to grow, driven by financial needs and strategic ambitions.
• Need for Regulation: To preserve competitive integrity and protect smaller clubs, robust regulatory frameworks are essential.
• Fan Impact: While fans have limited direct influence over ownership, organized support and advocacy remain crucial.
• Mixed Outcomes: Success varies across ownership groups, with some demonstrating sustainable models and others faltering.

Final Notable Quote:
Matt Slater: “We have been talking for three days now about proof of concept. Is anyone really making money yet? Not yet...”

Conclusion:
The episode provides a comprehensive exploration of multi-club ownership in football, balancing analytical insights with personal perspectives. It underscores the evolving nature of football ownership, the critical need for effective management and regulation, and the enduring passion of fans navigating these changes.