Latest news with #PaulConway
New York Times
5 days ago
- Sport
- New York Times
U.S. club investor in jail after arrest over fraud allegations, Vinicius Junior's sublime assist
The Athletic FC ⚽ is The Athletic's daily football (or soccer, if you prefer) newsletter. Sign up to receive it directly to your inbox. Hello. Today we're bringing you the wild tale of the multi-club ownership figure whose history in football leaves him under arrest and locked up in a Barcelona prison. He denies wrongdoing. TAFC has the full story. Plus: Vinicius Junior reprises the 'Heel of God' assist, Ronaldo resolves his future, and Weah and McKennie cross swords with the Italians. Pacific Media Group (PMG) is not the world's most prominent multi-club ownership stable, but it played a part in setting the trend before it was as ubiquitous or as fashionable as it is now. At its peak, PMG had no fewer than seven European clubs under its umbrella. One of its co-owners, Paul Conway, is a 55-year-old American who plenty of people in the sport know of or would recognise. Last night, Matt Slater broke the astonishing story that Conway is locked up in a Spanish prison, where he has been in custody for over a month. He's there because of criminal allegations relating to PMG's ownership history — and one Belgian team specifically. Advertisement It's essential to say at the outset that Conway denies wrongdoing. His wife, Louisa, spoke to Matt and said the experience of learning her husband had been arrested during a trip to Spain on May 20 — he planned to fly home to the U.S. a few days later, to help his daughter visit prospective colleges — was like 'waking up in Victor Hugo's Les Miserables, where a person is thrown in jail for stealing bread.' Conway, however, is subject to a European Arrest Warrant (EAW) issued by a court in Belgium. The Belgian authorities, who have not commented on the affair, intend to extradite him and question him over six allegations of fraud relating to the financial collapse of KV Oostende last year. Conway's legal team are fighting extradition — leaving the Florida-based businessman trapped behind bars in Barcelona. PMG's record of ownership, as Matt explains, is incredibly mixed. It ran OGC Nice in France for a while and made a healthy profit when the club was sold to Manchester United minority shareholder, Sir Jim Ratcliffe, in 2019, for a sum of £85m ($117m). Other projects proved far less successful. At various points, the group has also held stakes in Barnsley of England, FC Thun of Switzerland, Nancy of France, Esbjerg of Denmark, Den Bosch in the Netherlands, Kaiserslautern in Germany and GKS Tychy in Poland. But it was its management of Oostende, where PMG invested in 2020, which led to Conway being detained five weeks ago. The main allegation against him concerns a transfer involving Mickael Biron, a striker from Martinique who was 23 when Oostende (one PMG team) signed him from Nancy (another PMG team) in 2021. He cost in the region of £4.25m ($5.2m), according to reports at the time, but was then loaned straight back to Nancy before being sold on for a lower fee 12 months later. Advertisement Questions were asked about whether the deal was constructed to financially assist Nancy. Other claims against Conway relate to what the EAW calls 'unusual costs' involving Oostende and Nancy. Conway's family strenuously deny he was involved in any fraud and point out he was one of numerous people involved in running Oostende, that nobody else has been arrested and that his own personal stakes in Oostende and Nancy were small. It's not in dispute that PMG was a deeply unpopular owner by the time it exited Oostende in 2024. The club were effectively taken over by an administrator, who could not find a way to rescue them. But Conway maintains he is innocent of any criminal offences and, after weeks in a prison cell, can do little else than wait for legal arguments to play out. Ever since Rodri pipped Vinicius Junior to the Ballon d'Or, poor Vini Jr has been reaching for the form which put the trophy at his fingertips in the first place. There's magic in those toes — and those heels. It came forth last night with a genius assist as Real Madrid wrapped up their group stage — and the Club World Cup's group stage as a whole — by sweeping aside Red Bull Salzburg 3-0. Vinicius Jr's backheeled pass to Federico Valverde was manna from heaven for GIF enthusiasts (otherwise known as us). As many people noticed, it was not far off a replica of the storied assist served up by one of his Madrid predecessors, Guti, for Karim Benzema in 2010, dubbed the 'Heel of God'. Why shoot yourself when you can present a colleague with a gimme instead? As it happened, broadcaster DAZN had great footage of Guti in its commentary booth, looking on with a knowing smile. Fifteen years later, the baton's been passed. In a manner of speaking, Cristiano Ronaldo did feature in the Club World Cup. He wasn't there in body, but Gianni Infantino setting the hares racing by predicting the 40-year-old might join one of the 32 participants got him in the headlines. Truth be told, it was never happening. Ronaldo had offers and Argentina's River Plate were open about theirs, but the most likely direction of travel was confirmed yesterday when he signed a new deal with Al Nassr in Saudi Arabia. Advertisement The contract runs to 2027, which takes him beyond the next World Cup and to the age of 42. The most interesting part of Al Nassr's announcement were the final few seconds of their promotional video, in which Ronaldo said: 'Al Nassr forever.' It begged the question: is this his forever club now? Are we talking about Ronaldo's last professional deal? Or will the pursuit of that 1,000th career goal keep him going until he drops? I know where my money's going. (Kick-offs ET/UK time. All Club World Cup matches are shown on DAZN in the U.S. and UK, as well as the other channels stated.) Saturday: FIFA Club World Cup last 16: Palmeiras vs Botafogo, 12pm/5pm — TNT, Fubo, ViX (U.S. only); Benfica vs Chelsea, 4pm/9pm; UEFA European Under-21 Championship final: England vs Germany, 3pm/8pm — Channel 4 (UK only); Concacaf Gold Cup quarter-finals: Panama vs Honduras, 7.15pm/12.15am; Mexico vs Saudi Arabia, 9.15pm/3.15am — both Fox Sports, Fubo, ViX/Premier Sports; MLS: FC Dallas vs San Diego, 8.30pm/1.30am; San Jose Earthquakes vs LA Galaxy, 10.30pm/3.30am — both MLS Season Pass/Apple TV. Sunday: FIFA Club World Cup: Paris Saint-Germain vs Inter Miami, 12pm/5pm — TNT, Fubo/Channel 5; Flamengo vs Bayern Munich, 4pm/9pm — Channel 5 (UK only); Concacaf Gold Cup quarter-final: Canada vs Guatemala, 4pm/9pm; USMNT vs Costa Rica, 7pm/12am — both Fox Sports, Fubo, ViX/Premier Sports; MLS: Columbus Crew vs Philadelphia Union, 6pm/11pm — MLS Season Pass/Apple TV. Further to yesterday's theme of podcast aggro, we've got details of a jovial diplomatic incident involving Italy and the United States. USMNT pair Weston McKennie and Tim Weah drew attention to a pod produced by their club, Juventus, last week by gently besmirching Italian cuisine. Egged on by McKennie, Weah's abridged verdict was: 'Y'all don't have much variety. If I go to this restaurant and get a pesto pasta and then go 10 minutes down the street and order a pesto pasta, it's going to be the same thing.' Advertisement That's dangerous territory. With his tongue in cheek, former Italy goalkeeper Emiliano Viviano threw a counter-punch, saying he 'wouldn't let (them) back into Italy' (with the U.S. duo at the Club World Cup) and warning McKennie he had 'achieved the incredible feat of managing to unite all of Italy against him.' Man versus food, football style.
New York Times
6 days ago
- Business
- New York Times
U.S. soccer investor fighting extradition from Spain, wanted on multiple allegations of fraud
Prominent multi-club investor Paul Conway has been in a Barcelona prison for more than five weeks and is fighting extradition to Belgium, where he is wanted for questioning in relation to six allegations of fraud linked to the 2024 bankruptcy of KV Oostende. The American has strongly denied any wrongdoing and his wife has described the experience as a 'nightmare', likening it to a scene from Victor Hugo's novel Les Miserables. Advertisement Conway, 55, is the co-owner of Pacific Media Group (PMG), a Hong Kong-based sports and entertainment firm that combined with other Chinese and U.S.-based investors to build a stable of European clubs that numbered seven at its peak. He has either sold or lost control of three of those clubs now, though, with Oostende being his most acrimonious exit, as a local administrator seized control in early 2024 but could not prevent the Belgian side from collapsing that summer. The club's demise, however, sparked an investigation by the Belgian federal police's Sports Fraud Team and, in March this year, an investigating judge at the District Court of West Flanders issued a European Arrest Warrant (EAW) for Conway. It was done 'in absentia', which means the Florida-based Conway was not present. As a result, Conway was blindsided when he was arrested on arrival in Spain on May 20 for a short non-football-related business trip. He was immediately taken into custody and had his first court hearing, via video link, with a judge in Madrid the following day. His lawyers managed to block his immediate transfer to Belgium, but he has remained in prison while the legal arguments have continued, causing great concern to his family and friends. Speaking to The Athletic, his wife, Louisa Conway, explained that the first she knew of it was when her husband's Spanish lawyer informed her. She had been expecting him to return to Florida on May 23 to take one of their daughters on a college-visiting tour. 'It was a shock and the beginning of a nightmare for our family,' she said. 'Paul has no criminal record, so we struggle to comprehend why the Belgian government issued the EAW. 'The best way to describe this nightmare is to say it's like waking up in Victor Hugo's Les Miserables, where a person is thrown in jail for stealing bread. No facts, just emotional allegations.' Advertisement This is a reference to the family's view that the Belgian authorities want a scapegoat for the death of a community asset that was much loved but had been in well-publicised financial difficulties before Conway's group of investors arrived, then went bust after they were removed from power. While there is no disputing how unpopular Conway was by the end of his time at Oostende, he was initially greeted as a saviour. The Belgian police and investigating judge have not responded to requests for comment. The EAW outlines the six crimes it believes Conway may have committed, with the central allegation relating to Oostende's 2021 purchase of striker Mikael Biron from French team AS Nancy, another of the clubs in the PMG portfolio. Biron, now 27, cost a reported €5million (£4.25m), but was promptly loaned back to Nancy and then sold to Belgian team RWD Molenbeek a year later for €2.5m. The initial transfer raised eyebrows and many Oostende fans thought it was done to boost Nancy's finances when they were struggling to obtain a licence to continue as a professional side in France. The EAW explains that the football fraud squad were alerted to the issue by a July 2022 article in Belgian newspaper Het Nieuwsblad. The EAW also refers to other 'unusual costs' incurred by Oostende for Nancy's benefit, as well as a €1m (£850,000) payment made to a French law firm's client account that was later 'partially reimbursed' by some of Nancy's shareholders. Conway's family, however, in strenuously denying his involvement in any possible fraud, point out that Conway never had sole control at either Oostende or Nancy and his personal shareholdings at the clubs amounted to 7.5 per cent and 2 per cent, respectively. They also note that Oostende's local shareholders appear to be blaming PMG for the collapse of a proposed rescue by a group led by Mark Campbell, a British businessman who had previously failed with bids to buy Stirling Albion, Sunderland and West Bromwich Albion in the UK. As previously reported by The Athletic, Campbell was declared bankrupt in 2010 and has been involved with dozens of dissolved businesses in England and Spain. Advertisement Describing the Belgian authorities' action as 'mind-boggling' and 'an arbitrary abuse of power', Louisa Conway believes they are 'weaponising their judicial system to settle financial disputes related to a bankrupt soccer club'. '(They) have the right to conduct an investigation into Oostende's bankruptcy, but, oddly, they have only issued one arrest warrant,' she said. 'The club had a board of directors, which my husband was a member of between 2000 and 2023, and it was managed by several locals. Why is the Belgian management team not under investigation (too)? 'Belgium's use of the EAW here is truly frightening, and they have incarcerated my husband on the musings of a blogger. If they want to investigate, that's their prerogative. But why not call him? Why issue this arrest warrant? 'I still cannot believe this mess is emanating from Belgium, the 'heart of Europe', a land of diplomacy and cooperation. The USA needs to pay close attention to how American business people could be wrongfully detained by these EAWs.' While her anger at her husband's plight is understandable, there will be fans at the clubs Conway has invested in who will be thinking there is no smoke without fire, although Conway has strongly denied any wrongdoing. PMG, which is co-owned by Hong Kong-based businesswoman Grace Hung, first teamed up with Chinese-American hotelier Chien Lee to buy a majority stake in OGC Nice in 2016. A year later, after looking at several other British clubs, it bought struggling Championship side Barnsley, with famous Oakland Athletics executive vice-president Billy 'Moneyball' Beane joining the investment group. Barnsley were relegated that season, but Nice enjoyed some success and PMG and Lee's New City Capital were able to quadruple their initial investment when they sold the French club to Sir Jim Ratcliffe in 2019 for €100m (£85m). But it is what they did with that money over the next three years that catapulted them to wider attention, as they bought stakes in Swiss side FC Thun, Oostende, Nancy, Danish team Esbjerg, Den Bosch in the Netherlands, Germany's Kaiserslautern, and GKS Tychy in Poland. Advertisement In 2021, with Oostende flying high in the Belgian top tier and Barnsley reaching the Championship play-offs, it looked like the group's strategy of playing high-energy, hard-pressing football, with German coaches and young players, was working. The aim, Conway freely admitted, was to fund the group's activities by regularly selling its best young talent. However, problems hit in 2022 when Barnsley, Esbjerg and Nancy were all relegated in varying states of financial difficulty. The ownership group, which had evolved as more clubs were added, also started to fracture. Conway and Lee were pushed out at Barnsley in 2022 — and later fined by the EFL for failing to fully disclose who all of their partners were in 2017 — and lost control at Esbjerg in 2024, the same year they sold their Den Bosch shares to a Chinese group. With Oostende declared bankrupt last summer, PMG now only holds tiny stakes in Barnsley and Nancy, and larger but not controlling stakes in Kaiserslautern, Thun and Tychy. These five clubs are on firmer footing, but there is little sign of them operating as a multi-club group anymore. In the meantime, Conway is approaching his 40th day in custody, while lawyers in Belgium, Spain and the U.S. argue about his fate.
RNZ News
08-06-2025
- Business
- RNZ News
Reserve Bank chief economist Paul Conway
The Reserve Bank chief economist Paul Conway says New Zealand has a long-running productivity problem. In its latest Monetary Policy Statement, the Reserve Bank took a neutral position on any further cuts to the official cash rate, the benchmark for retail bank interest rates. The 'uncertainty' in economic conditions was a key theme in its messaging. Paul Conway, who has been the Reserve Bank's chief economist for three years, and a former director of research at the Productivity Commission, has long campaigned on the importance of lifting productivity as a means to higher wages and higher tax revenue. However, New Zealand's productivity growth has been languishing, averaging only 0.2 per cent in the last 10 years. Stats NZ estimated earlier this year that labour productivity, one component, fell 0.9 per cent in the year to March last year. Paul talks to Kathryn about what will be needed if the country is to turn around its productivity. To embed this content on your own webpage, cut and paste the following: See terms of use.
Reuters
14-04-2025
- Business
- Reuters
New Zealand central banker says inflation hit from higher tariffs 'more ambiguous'
WELLINGTON, April 15 (Reuters) - Higher tariffs and uncertainty about global trade policy could result in weaker-than-expected economic activity worldwide and at home, a top New Zealand central banker said on Tuesday. "At this stage, the likely impacts on inflation in New Zealand are more ambiguous, but the balance of risks has shifted to the downside," Reserve Bank of New Zealand Chief Economist Paul Conway said in a speech. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. He added that there were downside risks to growth and inflation, but, as mentioned in the central bank's April monetary policy meeting, there was scope to lower interest rates if necessary depending on how things play out. Since the U.S. imposed on-off sweeping import tariffs at the start of April, global markets have been rocked by volatility, while policymakers have been grappling with heightened recession risks. "It's not easy. I think a lot of people globally are struggling with these changes," Conway said, adding the bank was doing work to further their understanding of the impact of different types of uncertainty. Conway also announced the central bank would be launching KiwiGDP, a live nowcast of New Zealand's GDP growth in the current quarter. "KiwiGDP is a dynamic factor model a lot like one published by the Federal Reserve Bank of New York," Conway said. It will use a broad range of economic indicators and be updated weekly. Official New Zealand GDP data is released only quarterly and has been subject to significant revisions in the last year making it more difficult for bankers to correctly forecast the outlook for the country's economy.
Yahoo
07-02-2025
- Automotive
- Yahoo
Much needed SR 426 improvement project in Winter Park gets praise from residents
Thursday, residents got to see in person the design of a major safety and infrastructure improvement project that will enhance the safety of one of Winter Park's busiest corridors—State Road 426. 'This is the main corridor from West to East, East to West, and the accidents are amazing. Every week there is this major crash,' said Paul Conway, a Winter Park resident.' According to FDOT, in 2024, from January to October, there were 82 crashes, 18 reported with an injury, and 67 reported to have caused property damage. Read: Denver takes on Orlando, seeks 5th straight win 'While it's a busy road, I've been there for 10 years. I definitely think some improvements can be made,' said Drew Bernstein, a Winter Park resident.' The project will stretch from South Park Avenue to North Lakemont Avenue and is estimated to cost $9.4 million. The project was developed through the S.R. 426 Coalition to help manage speed through the corridor and provide more pedestrian crossing options. Read: Central Floridians rack up millions in COVID funds for lavish lifestyles The project will focus on repaving brick intersections for easier maintenance while introducing key safety enhancements. Raised crosswalks with pedestrian-activated signals will be placed mid-block, ensuring safer street crossings. Raised intersections will further improve pedestrian visibility and naturally slow traffic, reducing the risk of accidents. The project will include enhanced lighting and a secured curve system along Brewer Avenue to improve nighttime visibility and roadway safety. To further enhance traffic flow and pedestrian safety, the project will have median islands, providing safe refuge areas for those crossing the road. Read: 'Fulfilling her dream': 7-year-old girl dies after junior drag racing accident, family says The design phase is estimated to be finished by the end of this year, and construction will start in early 2026. FDOT said more than 100 active roadway projects are happening in Central Florida on State Roadways and Interstates. Although construction will happen at all times, lane closures will only be closed at night to avoid frustration for drivers during the project. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
