#foreign owners

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‘It’s like a ghost town’: lights go out as foreign owners desert London homes

‘It’s like a ghost town’: lights go out as foreign owners desert London homes

Absentee owners and the ‘buy to leave’ market are hurting businesses as housing rises up the political agenda in the capital

Ed Cumming

The Observer, Sunday 25 January 2015

In the exclusive streets of Kensington and Chelsea, foreign buyers account for 20% of all property purchases in the last four years. The borough has the highest proportion of empty homes in the capital. Photograph: Alamy

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[btwoline]

Go direct to the EPL, if you pass 'Go' and spend £200 million

We've got to the point where foreign ownership has become as much part of the game as a Wayne Rooney red mist moment. Wherever you look there are foreign owners watching the game from the stands, trying to show the fans that they have the team's best interest at heart. I'm not a fickle human, I know business comes first for the majority of these owners. Well excluding the oil princes at the Etihad Stadium. They have a "money ain't nothing but a number" approach to football.

When I looked at the EPL and beyond at the start of the season, I saw more and more clubs operating under foreign ownership. Malaga in Spain, and (my beloved) Paris St Germain in France have now popped onto the scene showing signs that they aren't afraid to thrown bags of money at players and managers alike. And it's this where I think the major issue in foreign ownership is at it's worst. Other clubs can no longer compete with these millions. You only have to look at the Javier Pastore deal for an example. Rumours had the talented Argentine becoming a Chelsea player before the end of the transfer window. However up stepped PSG with their newly found millions to outbid Chelsea and their new transfer policy. If Chelsea can't compete with clubs like PSG, what will that mean for the other clubs?

The equilibrium of the transfer market has long been toppled, and there are overpriced players floating all around European football. Just compare England and Liverpool's Andy Carroll and Spain and Barcelona star David Villa's transfer fees. It's even worse when it comes to player wages. Just look at Manchester City outcast Emmanuel Adebayor struggling to seal a loan switch to Spurs due to his highly excessive wages. I've always said UEFA should take the courage to impose some sort of wage cap/and or transfer limit. Their proposed foreign ownership policy and attempts to limit the amount of foreign players in teams are nothing short of useless. Michel Platini and his supporting cast need to stop beating around the bush and actually take drastic actions.

These owners will use leagues such as the EPL as a monopoly board. It's already almost like a game to them. Just keep throwing money at the team until they're successful. And that's another issue. They're behaving like barbaric MNE's by landing down on a club and destroying what took years build in a matter of seasons. I think it's unfair that I'm blaming this all on foreign owners, as we have domestic (albeit very rich) owners playing this sort of game also. Take a look at Newcastle in England or Anzhi Makhachkala in Russia. They're both run by domestic owners, with the former said by many to have gone a long way to destroying a lot of what his club stands for. Remember Portsmouth? We all saw how the club crumbled over a matter of seasons. They nearly ceased existing altogether. Once the clubs get the destroyed, the leagues are next.

A story broke out this week that one of the foreign owners in the EPL are in favour of scrapping promotions and relegations altogether. You also had the Liverpool managing director talking about having exclusive foreign viewing rights. If we're not careful these money hungry owners (not just the foreign ones), will alter the way the game is run in the future. You may find that in 10 or 20 years time, football as we've come to love it will be unrecognisable. I've been saying this for a while, but something needs to happen. Sure the surge in foreign ownership has increased competition, but are all these cons worth it? Can you imagine European football becoming like American sports? No relegation or promotion. Just a huge league full of franchises? Something has to be done.