Latest news with #financialrules
Yahoo
17 hours ago
- Business
- Yahoo
Omar Berrada issues hard-hitting message to Manchester United over City's 115 charges
Those within Manchester United have been handing a tough message from CEO Omar Berrada concerning Manchester City's 115 charges, according to fresh claims. Supporters and figures throughout football are continuing to wait for a clear verdict and outcome surrounding Manchester City's charges issued by the Premier League for alleged breaches of the division's financial rules. Advertisement It comes after manager Pep Guardiola said back in February that he expected the club to learn the outcome of the hearing into its 115 charges 'in one month', after such hearing took place in front of an independent commission between September and December. While no-one has formally stated when a decision will be reached, and the widespread expectation of such a verdict coming in the first quarter of 2025, additional lines of reporting have indicated that even the summer time may not be realistic. Nevertheless, the ongoing wait has got some figures within the game bracing for what could be, in their eyes, the worst possible outcome and Manchester City emerge from the situation entirely unscathed. According to the information of Manchester City insider 'Tolmie's Hairdoo' on X, Omar Berrada – CEO at Manchester United – has now briefed those within Old Trafford to prepare for potential 'civil war' within the Premier League. Advertisement The message to the club is also said to have included the hard-hitting fact that there was no wrongdoing during his time at Manchester City, as well as the development that an announcement is imminent concerning the Etihad club's charges. Berrada is also said to be expecting Manchester City to be cleared of all of the 'most serious' charges put to the club by the Premier League in February, 2023. Omar Berrada was first appointed by Manchester United to their position of chief executive in January 2024 after he resigned as chief football operations officer at City Football Group, earning a significant reputation for his work at Manchester City. The 47-year-old was initially the Etihad Stadium club's commercial director, before taking on the position of chief operating officer ahead of moving into the chief football operations officer position within the wider City Football Group. Significant alterations in Manchester City's boardroom have continued beyond Berrada's exit, with Txiki Begiristain opting to leave the role of sporting director this summer after 13 seasons in the position, succeeded by Sporting CP's Hugo Viana.
Zawya
05-06-2025
- Business
- Zawya
Fed's Bowman confirmed by Senate to central bank's top regulatory post
WASHINGTON - Federal Reserve Governor Michelle Bowman was confirmed to the central bank's top regulatory post by the U.S. Senate on Wednesday, where she is expected to push an agenda aimed at easing rules for banks. Bowman, a former community banker who President Donald Trump nominated to the Fed's Vice Chair for Supervision role in March, has served on the Fed's board as a governor since 2018. She was confirmed by a vote of 48 to 46. In her new role, Bowman will lead the Fed's efforts to supervise and write rules for the nation's largest and most complex banks. That is expected to include easing leverage rules for large banks, making the annual "stress test" of big banks more transparent, and rolling out simpler capital rules for large firms, according to analysts. When she testified before lawmakers in April, she said current financial rules have grown "overly complicated and redundant" and impose unnecessary costs on banks and their customers. She has vowed to be a "pragmatic" regulator, as the Trump administration has made trimming rules in a bid to boost economic growth a top priority. (Reporting by Pete Schroeder; editing by Diane Craft)
Reuters
04-06-2025
- Business
- Reuters
Fed's Bowman confirmed by Senate to central bank's top regulatory post
WASHINGTON, June 4 (Reuters) - Federal Reserve Governor Michelle Bowman was confirmed to the central bank's top regulatory post by the U.S. Senate on Wednesday, where she is expected to push an agenda aimed at easing rules for banks. Bowman, a former community banker who President Donald Trump nominated to the Fed's Vice Chair for Supervision role in March, has served on the Fed's board as a governor since 2018. She was confirmed by a vote of 48 to 46. In her new role, Bowman will lead the Fed's efforts to supervise and write rules for the nation's largest and most complex banks. That is expected to include easing leverage rules for large banks, making the annual "stress test" of big banks more transparent, and rolling out simpler capital rules for large firms, according to analysts. When she testified before lawmakers in April, she said current financial rules have grown "overly complicated and redundant" and impose unnecessary costs on banks and their customers. She has vowed to be a "pragmatic" regulator, as the Trump administration has made trimming rules in a bid to boost economic growth a top priority.
The Sun
03-06-2025
- Business
- The Sun
Barcelona face starting Champions League 2025/26 with POINTS DEDUCTION with Chelsea and Villa also set to be punished
BARCELONA are facing the threat of Uefa sanctions after breaching financial rules for a second year running, reports claim. It comes after the Spanish giants lost an appeal in the Court of Arbitration for Sport (CAS) over a £420,000 fine imposed by Uefa for wrongly reporting profits in October. 2 2 The CAS ruling at the time warned the club would face "harsher" punishments if they failed to comply with rules again. And according to The Times, they have been found wanting again under Uefa rules, and the La Liga champions are now due to be hit with severe sanctions. These could include a reduced limit on the number of players they can register for next season's Champions League or even a points deduction in the league phase. English sides Chelsea and Aston Villa are also understood to have breached Uefa rules. THIS IS A DEVELOPING STORY..
Times
03-06-2025
- Business
- Times
Barcelona risk Uefa sanctions after second financial rules breach
Barcelona are facing the threat of Uefa sanctions after breaching its financial rules for a second successive year. Chelsea and Aston Villa are set to be hit with financial penalties for first-time breaches but Barcelona could face tougher sanctions, such as a reduced limit on the number of players they can register for next season's Champions League, or even a points deduction under Uefa's rules. European football's governing body is due to confirm details of financial settlements with the two English clubs and sanctions against Barcelona this month. The Times has previously revealed that Chelsea and Villa breached the rules and have been in talks with Uefa's Club Financial Control Board (CFCB) over a financial settlement. In October Barcelona lost an appeal in the Court of Arbitration for Sport (CAS) over a €500,000 (£420,000) fine imposed by Uefa for wrongly reporting profits, with the panel stating the sanction was 'actually relatively mild'. The CAS ruling also revealed a warning that Barcelona faced 'harsher' sanctions for another breach. 'The CFCB . . . highlights that a similar breach by the club in the 2023-24 monitoring process would constitute a case of recidivism and would be addressed by the imposition of a harsher disciplinary measure on FC Barcelona,' the CAS ruling states. Barcelona have been desperately trying to emerge from a financial crisis by raising money in a variety of unconventional ways. In 2022 the club sold 10 per cent of their broadcasting rights over the next 25 years for €267million and tried to claim it as 'other operating income' which would count towards their Financial Fair Play (FFP) calculation. However, Uefa insisted it should be classified as 'profits on disposal of intangible assets', which cannot be included in FFP calculations. In July 2022, Barcelona sold another 15 per cent of their broadcast rights for €400million but the CAS ruling means that too cannot be classed as operating income, which is understood to have led to the club breaching Uefa's limits on losses. Chelsea breached Uefa's limits on financial losses for last season as it would not allow the club to declare income from selling their women's team to a sister company for a world-record value of £200million. Unlike the Premier League, Uefa's financial sustainability rules do not allow clubs to declare income from selling assets to sister companies. Chelsea confirmed in April they had 'entered into discussions regarding mitigating factors affecting their regulatory submissions'. Villa are also understood to have breached the limits. Uefa allows clubs to lose a maximum of €200million (£170million) over three years under its revised football earnings rule. However, deductions can be made by the club for spending on youth and women's teams and on stadium and facilities infrastructure. Uefa also has a squad-cost rule which states that clubs cannot pay more than 80 per cent of their agreed revenue on player wages, transfers and agents fees. That will reduce to 70 per cent next season.
