What is Lyon's stance on transfers amid relegation uncertainty?
There are plenty of talented players in the Lyon squad. Rayan Cherki has already left, but there are still the likes of Malick Fofana, Georges Mikautadze, Lucas Perri, and Ernest Nuamah. The latter, following a serious injury in the second half of last season, is not touted for a summer move, for understandable reasons, but there are nonetheless suitors for many players inside Les Gones' squad.
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However, there will not be a fire sale. As per L'Équipe, Lyon will not sanction transfers while uncertainty regarding the club's status in Ligue 1 remains. That stance, notably, saw Neom SC turn their focus away from Perri, who has also been linked with Leeds United. OL may be forced into sales later this summer, but whilst the appeal process is open, it looks likely to be all quiet on the transfer front.
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New York Times
27 minutes ago
- New York Times
Euro 2025 predictions: Will Spain win, which players to watch and could Iceland make the semis?
Today is the day. The Women's European Championship gets underway in Switzerland, with England defending the title they won three years ago and Spain the favourites to win the tournament for the first time. Our writers are already in Switzerland to cover the event and we have asked some of them, along with members of our UK and U.S.-based teams, to tell us how they think things will pan out. Advertisement Let us know whether you agree in the comments. Charlotte Harpur: Tournaments are all about people — you never know who you're going to bump into. At the men's Euros last year in Germany, I sat next to N'Golo Kante's childhood friends on the train. Next thing you know, a legendary French fan is pulling out his cockerel Balthazar in the car park. Megan Feringa: This is actually the first time I'm covering a major tournament on the ground, so I'm excited to finally be experiencing the adrenaline and atmosphere first-hand, rather than via a surreal para-social existence. Also, Switzerland is gorgeous. Alps outside my window? 10/10. Michael Cox: In an era when almost all international tournaments feature an unreasonably large or mathematically problematic number of nations, a 16-team Euros is a dream. Two matches a day. A quarter-final four days in a row. You can watch everything, get into a nice routine, and base your whole month around the tournament without it becoming overwhelming. Tamerra Griffin: I'll be keeping a close eye on the mid-tier teams in this tournament, especially those who have been quietly building their squads either from the top down or bottom up (looking at you, Belgium, Italy and Iceland). Cerys Jones: Seeing which teams have successfully moved on from their old guard and integrated their young talent. Since the last Euros, Germany's Alexandra Popp, France's Amandine Henry and England's Ellen White have all retired, while there is no Wendie Renard or Eugenie Le Sommer in the France squad. How will they adapt? Harpur: I'm intrigued to see what France striker Marie-Antoinette Katoto can do on the international stage. She was not selected for the 2019 World Cup and was injured for the 2022 Euros and 2023 World Cup. Feringa: Sorry for being basic but, health allowing, Aitana Bonmati. I love watching her play. The flair, the elegance, the rhythm — the fact all of those things occur simultaneously with seemingly no thought or sweat. She makes football look easy. And for someone who was asked politely not to return to their under-sevens team for being s***, I appreciate watching that. Advertisement Cox: I'm convinced Italy midfielder Manuela Giugliano has the potential to be the best midfielder in Europe, but at Euro 2022 and the 2023 World Cup, I've gone to matches hoping she would star, and Italy have lost 5-1 (to France in 2022 in Rotherham) and 5-0 (to Sweden in Wellington). Third time lucky for the 27-year-old? Griffin: Sandy Baltimore had arguably the season of her career with Chelsea, and frankly, should have made France's 2023 World Cup roster. She is decisive, pacy and creative on the ball, and has become an elite defender. That versatility will come in handy for France and provide oodles of entertainment. Jones: Claudia Pina. Within two minutes of coming on against England for Spain, the Barcelona attacking midfielder showed her ability to blow a game open. She's fearless, fun to watch and I'd bet on her to score one of the goals of the tournament. GO DEEPER The Radar - Women's Euro 2025: The Athletic picks 25 players to watch Harpur: Bonmati makes Spain tick. She sets the standards and the tempo, a creative outlet who can make something out of nothing and turns the heat up on the biggest stage. It will be such a shame if her case of viral meningitis limits her ability to make a huge impact. Feringa: Watching Mariona Caldentey is like watching someone who has been told they have only 90 minutes left to live, but that time limit might be forgotten if she plays well enough. Her voraciousness is enthralling, and for Spain, it is potentially tournament-deciding. The Arsenal midfielder was unlucky not to be named the Women's Super League's (WSL) Player of the Year following her move from Barcelona. Maybe that's because the summer belongs to her instead? Cox: More attack-minded Spanish midfielders have received the plaudits in recent years, so maybe it's the turn of Patri Guijarro. On one hand, she's a classic deep midfielder, on the other, she can suddenly push forward to influence the game in the final third. She's basically the equivalent of Rodri, who won the men's equivalent award at Euro 2024. Advertisement Griffin: Pina is Spain's 'it' player at the moment. She has consistently made the most of the minutes she's been given (and is still most lethal coming off the bench), with an insatiable hunger for goals and victory unmatched by any other player. Jones: I'm with Megan on this one. Caldentey blends consistency and flair perfectly. The Arsenal midfielder was the signing of the season in the WSL and will be the driving force behind Spain's creativity. Expect her to chip in with goals too. Harpur: Without Mary Earps as England No 1, Hannah Hampton makes her major tournament debut. She is no stranger to high-pressure games at a domestic level with Chelsea but many will not have seen her quick reactions and pinpoint distribution. Feringa: This is a two-pronged prediction, as Iceland should have a breakthrough tournament and Sveindis Jane Jonsdottir will be a key player in that. Some might recall the 24-year-old forward scoring four goals in 25 minutes against Roma in last year's Champions League, but she has more to show on the big stage, particularly after her move to Angel City. Cox: With apologies for choosing a 27-year-old as my 'breakthrough' player, Germany No 10 Laura Freigang is yet to start a game at a major tournament and remains a relative unknown to many, but her Bundesliga performances for Eintracht Frankfurt in recent years have been exceptionally consistent. Her late runs into the box could bring some crucial goals. Griffin: Even though Sydney Schertenleib is still growing her way into Barcelona's starting XI, she scored a stunner against Wolfsburg in the Champions League that makes you wonder what she's capable of with ample time on the pitch. Jones: Forward Michelle Agyemang, who has been on loan at Brighton & Hove Albion from Arsenal. Sarina Wiegman gambled on the 19-year-old instead of experienced Brighton & Hove Albion forward Nikita Parris — it could pay dividends. She will not be a starter for England but the stunning goal she scored seconds into her senior debut against Belgium shows super-sub potential. Harpur: We have seen glimpses of the vintage Alexia Putellas this season as she finished as Barcelona's second-highest goalscorer and top assist provider. If Spain go far, Putellas could be at the centre. Feringa: Lea Schuller. The 27-year-old Germany forward was in hot form for Bayern Munich last season (11 goals in 22 league appearances), but in even hotter form this calendar year for Germany (five goals in six appearances). It brings her total goal tally since her international debut in 2017 to 52 goals in 75 appearances. Germany's group (Poland, Sweden and Denmark) is not weak but not nasty. Schuller's goalscoring form will play a big part in the team's progression. Advertisement Cox: I feel inclined to choose someone from Group A, as it's so much weaker than the others. So let's overlook Norway's pathetic recent tournament showings and go for Caroline Graham Hansen. After all, she is probably the best attacker in Europe and enjoys more freedom for her country than her club. Griffin: Pina. Even if she doesn't start, she's one of those blood-in-the-water strikers from whom goals can cascade once they've sniffed out a vulnerability. Jones: Esther Gonzalez. The Spain and Gotham striker could feast on the supply line in group-stage games against Italy, Portugal and Belgium. Harpur: I really don't know which England is going to turn up, given their patchy form. They cannot afford to get off to a slow start, as that could mean them failing to make the knockouts. Hit the ground running, though, and they have the quality and tournament experience to go deep. Feringa: England will go far. The noise is loud, but that means the players and coaching staff have had time to adjust to the volume. Despite the retirements and absences, Wiegman has plenty of strength in depth. There are still vulnerabilities in midfield but if England fail to go beyond the quarters, serious questions need asking. Cox: As others suggest, it does feel difficult to work out. They may have got some lingering 'squad harmony' issues out of the way already. That said, they're light in midfield, and the draw is tough. But they'll get through, and continue up until they meet Spain, in either the semi-final or final. They might be better off coming runners-up in their group to avoid them until the final. Griffin: England under Wiegman at international competitions have been special. Even with the roster shake-ups and inconsistent play recently, I will never count them out. I expect them to grow into this tournament and produce those vital intangibles needed to edge out opponents. I expect them to reach the semi-finals. Jones: There's a real chance they don't make it out of the 'group of death' with France and the Netherlands. But if they do go through, that confidence boost should take them to the final four. Harpur: Despite the tough draw, France will change the narrative of their sub-par major tournament performances and will go further than the quarter-finals. Feringa: Nailing colours to masts pre-tournament is always dangerous (please don't keep this as a receipt), but if you're still sleeping on Italy, I highly recommend you wake up. Italy topped their Nations League qualifying group to reach the Euros, defeating the Netherlands and Finland and drawing with Norway in the process. They're fun, brave and — as Michael pointed out — have midfield quality in Giugliano. Watch this space. Advertisement Cox: It's impossible to ignore the lopsided draw. There are six serious contenders — Spain, Germany, Sweden, England, France and the Netherlands. Spain are the only ones in the top half of the draw, which means an outsider is going to reach the semi-finals, possibly without being that good. Let's go for Iceland, who have organisation, togetherness and some decent players too. Griffin: I'm going left-field and saying Portugal — in a bad way. I fear this tournament will expose them not as unworthy of a continental tournament, but for placing so much responsibility on their talismanic midfield maestro Kika Nazareth, who will miss out because of injury. The last match Nazareth played with Portugal, they drew 1-1 with England. They've had one win since, and a slew of wide-margin losses. For a side that nearly beat the U.S. Women's National Team at the World Cup, this Euros will hopefully be a wake-up call to the federation to continue investing in the team, not only its star player. Jones: Norway are far better than their 8-0 defeat against England at Euro 2022 suggests. If they top Group A, as expected, they're on the kinder side of the bracket and have stars, including Tuva Hansen, Ada Hegerberg and Guro Reiten. Harpur: This tournament is so open, so it depends on who peaks at the right moment. Spain won the World Cup with a splintered squad and despite their federation and coach. The talent from one of the best generations of players remains, with a team seemingly more unified than before. Feringa: I've tried to convince myself not to write the word 'Spain' for the past half hour. But the gut feeling is visceral. However wobbly some of the performances of the world champions have been leading to this tournament, when the players click, they're unbeatable. Cox: It's really hard to look past world champions — and Nations League champions — Spain. They actually weren't very convincing en route to World Cup glory two years ago, never truly finding the right balance. But they still won it. And they've got an incredibly easy route to the semi-finals this time. Griffin: France. It feels like now or never for a country that is yet to win a major international competition. Do I have questions about manager Laurent Bonadei's ability to lead them through knockout-stage football? Yes. Am I concerned about the absence of veterans like Renard to hold the dressing room together when the stakes rise? Yep. But Katoto is back, Baltimore and Delphine Cascarino have been balling, and goalkeeper Pauline Peyraud-Magnin just had the game of her life in their comeback win over Brazil. It's time. Advertisement Jones: Spain. They gave Belgium a 2-0 headstart in February and still won 3-2. In their past four games, they hammered Portugal and Belgium, then beat England and Japan. Their squad is packed with star players — as my answers above show — and they have a perfect blend of youth and experience. (Top photos: Getty Images; design: Eamonn Dalton)
New York Times
27 minutes ago
- New York Times
Instructed to right the ship, Norway manager Gemma Grainger brings something new to Euro 2025
The Law of Jante, or Janteloven in Norwegian, is not an actual law. It is rarely discussed among friends. But at some point in her life, Norway international Maren Mjelde came to know it intimately. 'It's like a philosophy,' the former Chelsea and Everton defender says over the phone about the phenomenon, which stems from a satirical novel by Danish-Norwegian author Aksel Sandemose. It's presented as a set of rules for a fictional town called Jante. Advertisement The law, which is said to reflect Scandinavian values, is code for 'stay humble'. 'The most important thing is the team,' Mjelde adds. 'Then you.' Two years ago, Mjelde's compatriot Caroline Graham Hansen referenced it after she was dropped by Norway boss Hege Riise for their second World Cup 2023 group stage game against Switzerland after being upset by co-hosts New Zealand in the tournament's opener. 'I think that in Norway we have a tradition of putting everyone in the same box,' the Barcelona winger, a three-time Champions League winner who came second for the 2024 Ballon d'Or, said after being left on the bench. 'The Law of Jante is strong.' Mjelde gets the Law of Jante. She also gets why, sometimes, it sucks. 'If you're really good, you're allowed to be a little bit arrogant,' she says. Norway have reason to be arrogant. They are two-time European champions and one-time world champions. Their current team brims with top-level talent from across Europe: Hansen, former Barcelona team-mate Ingrid Engen, Arsenal forward Frida Mannum, Chelsea midfielder Guro Reiten, Lyon striker Ada Hegerberg, Manchester United duo Celin Bizet and Elisabeth Terland, and Bayern Munich defender Tuva Hansen (you might recognise that name from the World Sevens). The past few years, however, they have failed to live up to expectations. At Euro 2022, Norway crashed out of the group stages for the second Euros in a row, losing 8-0 to eventual champions England in their second match. Head coach Martin Sjogren subsequently resigned after five years in charge. The following summer brought another managerial change, as Riise left her role after the team's last-16 World Cup elimination to Japan. Her exit was flanked by reports of internal strife, with players allegedly unhappy with perceived tactical imbalances and in-game decisions, including the benching of Graham-Hansen during the World Cup group stages. Ahead of Euro 2025, however, the tremblings of squad friction are gone, and expectations are even higher as Norway landed in a favourable group alongside Iceland, Finland and hosts Switzerland. Another reason is the arrival of head coach Gemma Grainger in January 2024. Tasked with 'bringing the group together', Grainger left her post with Wales to take the lead in Norway. In her 16 matches in charge, Norway have won seven, drawn six and lost three. Grainger has had to navigate injuries and absences to key players during the UEFA Nations League, including Chelsea's Guro Reiten, without the help of friendlies. Advertisement 'I don't think I've named the same starting four attackers since I've been here,' Grainger says from her office in Oslo. Fresh off a lunch of a waffle with brown cheese ('Sounds disgusting, but I cannot recommend it enough,' she says), Grainger speaks excitedly about the summer. Taking the Norway job wasn't on the former England youth coach's radar, particularly after narrowly missing out on a first major tournament with Wales in extra time of a 2023 World Cup playoff final against Switzerland. 'I was so invested there,' Grainger says of Wales. 'But it was an opportunity that I felt I couldn't turn down. The history, the potential, but also where the team was at and what they wanted from their new head coach, both on and off the pitch. I was at the World Cup as an observer. I was aware of what happened with Norway.' Stepping off the plane in short socks and exposed ankles in February 2024, Grainger felt the chill of -24C and immediately phoned her mum. But she's done well to settle. Her vocabulary and that of her staff have been upgraded with Norwegian football lingo. (Duolingo doesn't teach 'pocket of space' in its free version, according to Mjelde.) Darts fever hasn't caught on in Oslo the same as in Middlesbrough, where Grainger grew up escorting her dad to the local pub to play the sport. That hasn't stopped her from watching Premier League Darts every Thursday, taking in the spectacle that is 18-year-old arrow-slinger Luke Littler. 'I like it when you see he's too relaxed, he does some bad shots, then he turns it back up. I'm like, this guy's so good,' Grainger says. In this way, Littler is educational: a maverick disassembling the darting continental shelf, an indulgence in the individual in a country of the collective. 'I very much focus on the individual in the team,' says Grainger, who is Norway's first English manager and the only English manager coaching in this year's Euros. 'The view here is egalitarian, the culture of the flat hierarchy. Whereas in England, maybe it's not so much. The unique thing about Norway is that these players are playing across eight different leagues in Europe. So while it's about respecting the Norwegian culture, it's about recognising and appreciating the individual within the team. Advertisement 'So I spent the time to listen to them, having a team that can be aligned, but also have individuals who can be at their best. Because normally that's the biggest difference in the big teams: you can get the best out of your best players.' Grainger's focus on the individual keeps her busy. It also contradicts the Law of Jante. Days are spent travelling across Europe to check in with players. A focus on the individual also means hard conversations, as was the case with Mjelde, who found herself not called into the Norway squad after leaving Chelsea and returning to Norway for six months to play for first division side Arna-Bjornar (coached by her brother). 'I was honest with Gemma about what I needed,' says Mjelde, who featured for Grainger for the first time since December 3, 2024 (3-0 Euro qualifying victory against Northern Ireland), when she started in the 1-0 Nations League win against Switzerland on June 3. 'I said to Gemma, I'm willing to do everything to get back into this squad. She said, as long as you perform, as long as you're in a good place, she would always consider me to come back into the squad.' Norway failed to get the better of France in their most recent Nations League group, while they drew twice with Iceland, their group stage opponents next month. Early on in Grainger's tenure, a run of four draws against Italy, Finland and the Netherlands further exposed the need for improvement. Even so, Norway are expected to comfortably make it out of the group stages. 'I heard one coach say there are no big teams in Group A,' Grainger says with a wry smile. Recent history is a timely reminder not to get ahead of oneself, but shifting the perspective of what Norway at a major tournament are capable of has been another goal of Grainger's since arriving. 'We talk a lot about how we want people to see us,' Mjelde says. 'We've always had a really good group at Norway, it's a place you enjoy being. We just have to bring that out on the pitch to succeed. When you go through tournaments where you don't succeed, you have to figure out what didn't work. Everyone's been doing a great job. So we want people to see us as that hard-working team, a team that's together.'
New York Times
28 minutes ago
- New York Times
Why are Premier League clubs selling their women's teams? And which club could do it next?
Last year, Chelsea entered into a hefty deal with two days of their 2023-24 accounting period remaining. For £200million ($274m), Chelsea FC Holdings, the company which houses the club's operations, sold Chelsea Football Club Women Limited (CFCW) to Blueco 22 Midco Limited, a fellow subsidiary of Blueco 22 Limited, the club's parent company. Advertisement In doing so, Chelsea recorded £198.7m in profit in their 2023-24 accounts; the net assets of CFWC were just £1.3m, so anything above that value comprised profit for the club. As a result, Chelsea's pre-tax result last year swung significantly into the black. The club recorded a £128.4m profit in 2024, a £218.5m improvement on the season before. Fast forward a year, and where Chelsea led, Aston Villa followed. With the clock ticking on their 2024-25 accounting period, Villa agreed to the sale of Aston Villa Women's Football Club Limited (AVWFC) to V Sports, the club's parent company, domiciled in Luxembourg. In doing so, they booked a profit on the transaction into their men's team's accounts. The exact proceeds from Villa's sale are unknown. Reports have put the figure at around £55m. AVWFC's liabilities outweighed its assets at last check in June 2024. Based on the reported proceeds and AVWFC's balance sheet a year ago, Villa would book £56.7m in profit on the sale, though the actual figure is likely to differ slightly. A crucial difference between Villa and Chelsea lies in the presence of third parties: Villa have sold the women's team to V Sports but, separately, a minority stake in the women's team's operations has been acquired by new investors from the U.S. Chelsea's deal a year ago was entirely internal, though the valuation was recently given support by Alexis Ohanian buying a stake in CFWC that valued the business even higher than the internal sales price, at around £245m. So, how and why are teams doing this? Which team could be next? And what effect could this have on women's football? Chelsea and Villa have been able to undertake these transactions by virtue of how their women's teams fit into the wider legal structures surrounding each club. CFCW sat beneath the Chelsea men's team; selling CFCW to a related entity that sat above the men's team business meant the latter could record the profit on the sale. Advertisement At Villa, the women's team actually sat alongside Aston Villa FC Limited, which houses the men's team. Villa's group structure, as is increasingly the case in football these days, has multiple layers. Above both the men's and women's team entities sits Aston Villa Limited, incorporated way back in 1896 but now a holding company, and two levels above that sits NSWE UK Limited, the entity which reports the UK-based group numbers and, we believe, from which Villa's PSR calculations are derived. In another example of Villa boosting their bottom line through internal sales, Villa Park was sold to NSWE Stadium Limited in 2019 for £56.7m, a business which sits adjacent to Aston Villa Limited but below NSWE UK. The precise destination of AVWFC isn't yet known, only that a majority stake has been sold to V Sports. V Sports S.C.S. is a Luxembourg-based business that sits atop NSWE UK. As a result, NSWE UK, which is effectively just the whole of Villa's operations under a different name, is able to record the profit on selling AVWFC to a company that sits above it. And if all that hasn't caused your eyes to glaze over completely, well done, pour yourself a drink. It depends on who you talk to. Or perhaps your level of cynicism. Per Chelsea's announcement last year, the 'respositioning' of CFCW arose from 'a once-in-a-generation opportunity to support the acceleration' in the growth of women's football in England ahead of the formation of a new company to run the Women's Super League (WSL) from 2024-25. Missing from Chelsea's statement then was any suggestion the move would have the additional benefit of boosting the bottom line — which of course it did. The intra-group sale helped Chelsea out of a purported profit and sustainability (PSR) hole. Without the £198.7m profit on the deal, Chelsea would have lost £70.3m in 2023-24, and would have breached the Premier League's financial rules. The benefit from the sale isn't restricted to a single year. Chelsea's £128.4m pre-tax profit last year stays within their three-year PSR calculation up to the end of the 2025-26 season. The same points broadly apply to Villa. Through selling the women's team on June 30, the proceeds and profit can be booked into their 2024-25 figures. Advertisement Villa, as The Athletic detailed recently, were the Premier League club most at risk of a PSR breach this year; the sale of the women's team ensured no such breach occurred. They'll enjoy the positive impact of the transaction in each of the coming two seasons. Upon news of the women's team sale, Villa stated they had 'no issues' with PSR compliance, though how true that was without this transaction is unclear. The club can point to the introduction of new investors as a sign of growing interest in women's football, as well as the operational points highlighted by Chelsea a year ago. But, just like the London club before them, it's impossible to deny that the sale has enhanced profitability and improved Villa's ability to remain within Premier League rules. It's both entirely legal and allowed under Premier League PSR. By the time a club nears its financial period end date, the ability to quickly book income is limited. Sales of assets, be they players, infrastructure or women's teams, offer one such recourse. At a recent Premier League meeting, a motion was tabled to restrict clubs from recording intra-group asset sales within their PSR calculations. Had the motion passed, the only profit Villa could have booked on their deal would have been the element arising from the minority holding sold to new investors. Support for the motion was so thin that the matter didn't even make it to a formal vote. Premier League rules require related party transactions to be subject to a fair market value assessment but, given the presence of external investors in AVWFC, that should not be a problem. Their arrival provides a steer on where the market values the asset. It's a different story overseas, where UEFA's stricter financial rules expressly seek to deter clubs from intra-group asset sales. As a result, Chelsea's sale of the women's team was excluded from their 2023-24 figures submitted to UEFA. The same will be the case for Villa in 2024-25. Of the 18 Premier League clubs who have not sold their women's teams to themselves, 14 could feasibly do so within their current legal structures. At those clubs, the legal entity of the affiliated women's team sits either beneath the entity that has long housed the wider football club, or alongside the latter but beneath the entity the club files its group accounts — and its PSR calculations — through. Advertisement Two of those clubs have been active on Companies House recently. On June 19, Bournemouth's parent company, Black Knight Football Club UK Limited, set up 'AFC Bournemouth Women Limited', registered to the club's Vitality Stadium address. Bournemouth's women's team currently operates under the broader club structure, so this setting up of a new legal entity gives Bournemouth scope to change how the women's team is managed. The new entity has been set up alongside AFC Bournemouth Limited, rather than beneath it. On the face of it, that limits the scope for booking any profit on a women's team sale, and The Athletic understands there are no current plans to explore such a sale anyway. On May 29, an 'EFCW Holding Company Limited' was registered at Goodison Park, Everton men's former home and, from next season, their women's team's venue. EFCW is wholly owned by Roundhouse Capital Holdings Limited, the UK-based holding company through which The Friedkin Group completed its purchase of Everton last December. Everton's women's team is operated out of an entity that sits below the men's team; feasibly, the women's team could be sold to EFCW with relative ease. Other than activity on Companies House, there's no suggestion that such an internal sale is being readied. The Athletic understands that the potential for investment in Everton's women's team, like at other clubs, has been explored. Moving the women's team into a standalone entity registered at Goodison Park would, in theory, make it easier to keep their operations separate from the men's. One caveat among the 14 is Burnley: Burnley FC Women Limited sits below the wider football club entity but is dormant, so the women's team operations are currently housed within the wider club. There is, of course, little to stop them from carving it out in the future. At three other Premier League clubs — Brentford, Fulham and Wolves — no separate legal entity exists for their respective women's teams. Again, these could be created, but for those clubs to sell off the women's team would require an extra layer of activity compared to the rest. Advertisement The only place, other than perhaps Bournemouth, where there looks to be a clear barrier to replicating Chelsea and Villa's tactic is at Manchester City. Their women's team sits apart from the men's legal entity. So while they're both within the same wider group, the club wouldn't be able to record any proceeds from a sale of the women's team within the men's team's accounts. Separate from the clubs' various group structures is the point that not all women's teams are at the same level, either on or off the pitch. Of those 18 clubs yet to sell their teams internally, only 10 will have an affiliated women's side in the WSL this coming season. Those clubs with teams outside of the WSL would find it more difficult to justify punch valuations if they opted to go down that route. The immediate reaction has tended to be cynical, not helped by the timing. Yet that's not a universal view. Maggie Murphy, former chief executive officer of Lewes FC, the first club to pay male and female players the same, told The Athletic it's the substance that follows the sales which will determine whether or not this is a mere PSR swerve or something likely to help the women's game. 'The are some key ingredients you need, regardless of the (legal) structure,' Murphy said. 'Authority, autonomy, and accountability. There are still far too many women's teams that have very limited levels of authority within a club structure. 'Even if they do have commercial leads for the women's side, they don't always have autonomy to strike a deal, because they are just housed within a larger department. And there's also accountability, and that depends on how much the senior execs in the club actually care about the women's team.' If those three ingredients arise from these sales, Murphy contends, the impact on women's football will be positive. 'If an internal sale creates those conditions, then I actually think it's a positive for the women's side.' Advertisement Christina Philippou, an Associate Professor in Accounting and Sport Finance at the University of Portsmouth, concurred on the nuances. 'There are cynical aspects to these moves, and then there are more standard business aspects,' Philippou told The Athletic. 'There's the move being done for PSR and general regulations. On the business-related side, they're restructuring their women's teams to be under the holding company rather than the men's team, which makes sense with the increased commercialism of women's football, and how quickly it's growing.' It's easy to see these moves as profit grabs, and there's the risk these deals come with none of the 'key ingredients' Murphy mentioned. But even if PSR considerations are primary in clubs' thoughts, it doesn't mean there won't be wider positives. One key improvement which could stem from these deals would have a sizeable impact on the ability of women's teams to become viable businesses in their own right: owning infrastructure. 'If a women's team owns (its own ground), it means you've completely ramped up their ability to generate revenue,' says Murphy. The point is an important one. With Everton Women set to move into Goodison Park, there's scope for the women's team to utilise a significant asset. It's easy, in that respect, to see why a club might be keen to separate women's team operations, regardless of whether there's an ancillary boost to PSR calculations. As Philippou says: 'There's a whole different demographic out there. We are seeing it with things like Sunderland's deal with Nuby (a baby brand), for example. Manchester City recently partnered with a 'period pants' brand (snuggs). These are businesses that would not be interested in men's football.' Will these changes prove transformative to how women's teams are run? Or just serve as a quick fix to a wider problem? Time will tell. (Top photos: Getty Images)
