LONDON British finance minister Jeremy Hunt gave his backing to the country's financial regulator FCA to ensure banks

Cardinals catcher Willson Contreras went off with four hits against his former team as St. Louis flipped the script on the Cubs in the MLB London Series.Very little has gone right for the Cardinals in 2023, so it didn't feel like a huge surprise when the Cubs outscored St. Louis 13-1 in the...

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As Manchester City prepare for a week that could fulfil a 15-year objective, the discussion within the rest of the Premier League has not been about their undeniable greatness. It has still been about these 115 charges for alleged breaches of Financial Fair Play rules. Opinions were naturally shared in many executive lounges on the last weekend of the season, with particular attention to how any decision on Newcastle United’s prospective shirt sponsorship deal with events company Sela – which, like the club itself, is primarily owned by Saudi Arabia’s Public Investment Fund – might be relevant to City’s case. There is a belief it could lead the Premier League to a situation where it is accused of treating City by different rules to Newcastle. Pep Guardiola was of course concerned with none of this as he prepared for the FA Cup final. While the Catalan and senior City figures feel this is all overplayed, especially as the club absolutely insists upon its innocence, many others in football stress quite the opposite. There is a belief the true scale is not being grasped, whether City are exonerated or not. Such is the strength of feeling, for now just bubbling under the surface, that many sources from London to Nyon describe it as a “potential Super League moment” in terms of the ructions it could cause. There is “fury”. And, just like that moment back in April 2021, the Premier League is facing severe pressure from several different areas. There was first of all the agitation of the other clubs, who pushed for investigation in the first place. More immediately, there is obviously City’s strenuous defence, one source describing the legal back and forth as “like war”. Most coverage has so far been given to numerous legal challenges and obstructions, particularly as regards the objection to Murray Rosen KC as head of the Premier League’s independent judiciary panel. In terms of the club’s tactics in the case itself, The Independent understands City’s expensive legal team are primarily arguing this is not about “fraud”. That accusation is after all why the entire story has such gravity. City are accused of failing to accurately disclose information, with owner funding alleged to have been disguised as sponsorship from two Abu Dhabi companies, airline Etihad and telecommunications group Etisalat. The Independent has been told the club’s lawyers are arguing this is not about any of that but instead an “associated party issue”. That, covered on page 132 of the Premier League’s handbook, relates to parties “having material influence over the club or entity in the same group of companies as the club”. It is why Newcastle’s Sela case may be relevant, since that would be judged under the same regulations. Those regulations were actually updated after the Newcastle takeover, as the other 18 non-state-owned clubs raised concerns over how they could be outstripped by inflated sponsorship deals from companies in autocratic states such as Saudi Arabia. As it stands, Financial Fair Play regulations allow clubs to make a loss of £105m over rolling three-year periods, so long as that is covered by cash injections from owners. Anything exceeding this would be a breach. In terms of arguing that the current case is about associated parties, City actually attempted the same tactic with the previous Uefa case, that covered the same ground. They insisted that was – under the European body’s terms – a “related party issue”. Uefa’s Investigatory Chamber stated it wasn’t about any of that, and that if it is about failure to accurately disclose information it doesn’t make any difference if the parties are related or not. The Court of Arbitration for Sport came down on the governing body’s side in this aspect, as covered in paragraphs 124 to 135 of the judgement. Paragraph 127 reads that the panel found “the related party issue is separable from the charges based on the Leaked Emails”. CAS did ultimately overturn Uefa’s verdict due to alleged breaches being “either not established or time-barred”. Should the Premier League go down the route of looking at associated parties, it could mean the process going on far longer – potentially years – since this is an exceptionally difficult area to properly prove. More complications arise from the nature of autocratic states, where rulers have almost total executive power. It is why many Premier League executives are keenly watching what happens with the Sela example, especially since the relationship there is more direct. The events management company and Newcastle United have the same primary owner in PIF. This is not to suggest there is anything untoward in that sponsorship, and it is understood there has already been sound advice that it represents “fair market value”, especially given Newcastle’s Champions League qualification. A growing feeling among the other Premier League clubs – who are now acutely conscious of the wider effects of state ownership – is nevertheless that such deals should not be looked at through the prism of associated parties or fair market value. The increasing argument is that they need to be looked at through the prism of equity, since that is what money that ultimately comes from the same owners could be perceived to represent. While there are a number of different ownership examples such an approach could relate to, many sources believe it shows the specific complications of allowing autocratic states to own football clubs. One argument is that the Premier League needs to prohibit associated party sponsorships altogether. “By allowing such rules,” one source explains, “you are effectively saying that, if it’s fair value, it doesn’t matter if it’s equity or sponsorship.” For now, some think there is the possibility that Newcastle will be looked at on a different basis to City. If that happens, it might be setting a precedent for City to follow, or – as one source put it – “write their defence for them”. If the Premier League do look at the latter through associated parties, though, it could see the case go on for over two years, maybe up to four. Other clubs are already furious at the length of time it has taken up to now, forming another pressure on the Premier League. It is why some football figures, as reported by the Independent last week, have long advised the competition that they should have independent units to deal with such cases. They believe it is a farce that the competition could be clouded by such uncertainty for so long. The eventual conclusion of City’s case could lead to an explosion One argument that has been made is that, such is the complexity of a case like this, it requires more forensic financial expertise rather than the extent of legal advice the Premier League is understood to have leant on. “They don’t know the scale of what they’re dealing with,” were the words of one source. The Premier League are absolutely not commenting on anything to do with the case, but a fair counterargument that could be made is that the four-plus years the investigation took shows how seriously this has been dealt with. For all the rancour under the surface right now, though, the eventual conclusion could lead to an explosion. If the panel does reach a guilty verdict, there is first of all the likelihood that City would seek an arbitration hearing before further potential appeals in the High Court and the Court of Appeal. Other Premier League clubs would meanwhile seek the strongest possible punishments – potentially up to expulsion – and the prospect of legal action has privately been raised by individual clubs. Premier League rules do allow clubs to sue each other. If the punishment is weak, though, the current belief is that could lead to a “mutiny” within the Premier League. That may even happen if City are exonerated. All of this comes amid a more febrile atmosphere surrounding the dominance of state-owned clubs, especially as City come to the brink of a treble and Newcastle so quickly and impressively reached the Champions League. It has meant more attention than ever is being paid to the Sela sponsorship. State politics are just one more under-current to the City story, too. As one expert on the area said: “How would UAE-UK relations be affected if one of Abu Dhabi’s prize assets was punished like that?” Read More Premier League sponsorship rules set for major test as Newcastle eye shirt deal with Saudi company Supercharged Newcastle’s four key transfer targets to strengthen for Champions League Young players taking their life should not become a norm – Tareiq Holmes-Dennis The differences between old allies Ten Hag and Guardiola that will decide cup final The year that sportswashing won: A season that changed football forever

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England veteran Rachel Daly revealed she blocks out the frightening possibility of becoming a victim of the devastating injury crisis besetting women’s football and the World Cup. Midfielder Keira Walsh was stretchered off with a suspected knee injury in the first half of the Lionesses’ 1-0 group-stage victory over Denmark on Friday, later appearing on crutches and sparking concern she might join England’s Beth Mead and Leah Williamson on a long list of players ruled out of the 2023 tournament with the same anterior cruciate ligament (ACL) injury that disproportionately affects women. There was no update on Walsh’s condition as of Saturday night in Sydney, three days before the Lionesses play China in Adelaide with a target of escaping Group D in top spot. Daly said: “I don’t think you can think about it, for me, those three letters scare the absolute you-know-what out of me. “Fingers, toes, everything crossed for Keira, but that’s football isn’t it, it’s tough, you have your highs and your lows and you just hope that everything is all right and she’ll be all right for the future. It’s a tough one but I hope she’s all right. “I think losing anyone is tough but a player with the ability of Keira is a tough one to lose. She’s such an integral part of the way we play and it’s tough, but that’s why Sarina’s built a squad, we’ve got depth, and [Laura Coombs] came on and did really well. So it’s obviously disappointing and heart-breaking for Keira but hopefully it’s nothing too serious.” England boss Sarina Wiegman did not make any changes to her starting XI during the Lionesses’ Euro 2022-winning campaign, but on Friday opted for two from England’s 1-0 tournament-opening win against Haiti. Women’s Super League (WSL) Golden Boot winner Daly, who was named as a forward for this tournament, returned to left-back where she started every game of the European Championships, while Chelsea’s Lauren James got the nod on the left wing in place of Lauren Hemp. It proved a prescient swap after Daly set up James’ first World Cup goal after six minutes against Denmark, that strike also ultimately enough to maintain England’s 100 per cent record and place them in prime position to finish top of Group D with a point against China. Daly said: “I say it all the time but it’s an honour to put on this shirt whenever I can. I’ll play in any position. It’s not the one I’ve been playing in regularly for my club but it’s something that’s still familiar. “I think I did all right, there’s tweaks I need to make on my game in that position but that’s OK, I learn from it, I’ll go and analyse it, I’ll fix it and move onto the next game. For me, it’s just getting onto the pitch, and doing what I can for the team.” The 31-year-old Aston Villa striker also heaped praise on James, a decade her junior, hotly touted as the future of this England squad and backed by Blues boss Emma Hayes to be a vital force for the Lionesses in their quest for a maiden World Cup. Daly said: “Yeah, LJ’s just a strength on her own, she’s phenomenal, and you saw what she can do, glimpses of what she can do. I can’t take any credit for anything she does, she’s just an unbelievable person and player.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Allan Saint-Maximin confirms Newcastle exit ahead of expected Saudi Arabia move Louise Quinn keen for Republic of Ireland to end World Cup on a high Nathan Ake extends Manchester City contract to 2027

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