Tuesday Fulham Stuff 03.08.10

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http://www.google.com/hostednews/ukpress/article/ALeqM5iy0aAyAbGV5PyIWLZiCyVr1Dezsg

Pantsil backs Hughes for Euro spot

Fulham defender John Pantsil has backed new manager Mark Hughes to lead the club back into Europe.
Pantsil is convinced former Wales, Blackburn and Manchester City manager Hughes can build on everything Roy Hodgson achieved at Craven Cottage before he left for Liverpool. Against remarkable odds, Hodgson guided Fulham from the brink of relegation to the Europa League final in the space of two and a half seasons.
"I have said many times that Roy Hodgson was someone that made me the player that I am today, and for that I am very grateful. But we have to move on - this is what happens in football," said Pantsil. "The appointment of Mark Hughes is a very exciting one. I would love to see the club push as close as they can for a top six finish."
He added: "I'm looking forward to seeing how this team evolves under his guidance.
"He's a very good manager and I think most of the players have come up against his teams in the past and from those experiences we know that he has a lot of quality. He's someone that commands a lot of respect and is tactically very astute.
"It's not long now until the new season gets up and running. This will be my third as a Fulham player and I'm very excited about what could unfold.
"I believe in this squad of players and we have shown before what we can achieve as a team.
"I know that people will say that it will be difficult, but we have to be ambitious and have belief in our ability - otherwise what is the point in going out there?"
Fulham complete their pre-season preparations against Werder Bremen at Craven Cottage on Saturday.

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http://www.espnstar.com/home/news/detail/item477269/Hughes-makes-bid-for-Santa-Cruz/

Hughes makes bid for Santa Cruz

New Fulham manager Mark Hughes is looking to reunite with Roque Santa Cruz by nabbing him from Manchester City.
Although negotiations are only at a preliminary stage, it is reported by the Guardian that Hughes had made discreet enquiries about the availability of the Paraguayan.
It is believed that City manager Roberto Mancini is looking to off-load the striker, given his track-record with injuries as well as the bloated squad that he has to trim because of the new Premier League rules.
Santa Cruz is aware that he is out of favour at Eastlands, but has many suitors for his signature. Stoke City have previously made their interest clear to the Citizens, as manager Tony Pulis is looking hard to add another striker to his squad. Turkish side Fenerbahce have also made contact for the ex-Bayern Munich striker.
The player will not come cheap though, with his departure complicated by his salary demands, understood to be close to £90,000 a week, and his reluctance to leave the north-west, where he is comfortable settled in.
His injury-record also stands against him, given his recurrent knee problems that limited him to only four goals in his time at Eastlands.

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http://www.dailyrecord.co.uk/football/spl/2010/08/03/i-d-love-to-play-in-premiership-but-i-m-happy-at-dundee-utd-just-now-says-dusan-pernis-86908-22460312/

I'd love to play in Premiership but I'm happy at Dundee Utd just now, says Dusan Pernis

DUNDEE UNITED keeper Dusan Pernis admits he'd jump at the chance of a dream move to the English Premiership.
The Slovakian is being tracked by Fulham and West Ham, with both clubs sending scouts to United's friendly defeat by Hull last weekend.
But Pernis insists he's happy at Tannadice for now won't be sidetracked by the speculation.
He said: "I have heard the rumours but I don't know anything about any offers from those clubs.
"Of course it's great to have those kinds of teams interested in me. And I always said I came to Scotland to move closer to my dream which was to play in the English Premier League.
"But I am young, I'm 25 and I have plenty of time to do that in the future.
"I am a Dundee United player and happy with that. It has been a brilliant experience for me so far at this club.
"It has also helped me go to the World Cup with my country, which was a fantastic achievement.
"I feel I can continue to become a better goalkeeper here - I do not have to leave."
Pernis joined United from MSK Zilina in January and made 19 appearances, including the Scottish Cup Final victory over Ross County.

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http://www.blackpoolgazette.co.uk/sports-news/Pool39s-new-stand-on-course.6453234.jp

Pool's new stand on course

Blackpool's new East Stand takes shape

The Seasiders' new East Stand is taking shape and is on course to be finished in the next fortnight.
The stand will be officially opened for Fulham's visit on August 28, when 17,500 fans are expected at Bloomfield Road.

The opening Premier League game against Wigan on Saturday week had to be switched because Pool couldn't give a 100 per cent assurance that the stand would be completed in time.

The East Stand, to accommodate over 5,000 fans and media facilities, will complete Bloomfield Road's revamp following the opening of the North and West stands in February 2002 and of the Armfield Stand in March this year.

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http://citynewspost.com/the-premiership-interest-hots-up-as-season-opening-nears/85909/

The Premiership Interest Hots Up As Season Opening Nears

Liverpool under it's new Manager Roy Hodgson have the distraction of whether or not the club will be sold in the next few weeks as well as speculation over coming and goings within the squad.
Whilst they have made substantial signings in Joe Cole, Milan Jovanovic and Danny Wilson there is still continuing speculation about the likely whereabouts of talisman striker Fernando Torres at the seasons opening.
At Tottenham, who finished fourth last year, Harry Rednapp acknowledges he would like to sign Craig Bellamy. Whether that will be possible is an open question because Spurs are in competition with Fulham and their new boss Mark Hughes for his signature.
At the same time reports abound at the possible leaving of Robbie Keane and David Bentley, with Keane seemingly at the top of Martin O'Neill's list at Aston villa.
Rednapp thinks that currently with only 12 days to go to the opening of the season that the transfer market is sluggish but could change to a frenzy if James Milner moves to Manchester City from Villa.
At Everton speculation that they might attempt to resign Landon Donavan from LA Galaxy appears wide of the mark. The USA Captain, after a good World Cup, is now likely to be too expensive for Everton's purse.
At Arsenal concerns by the faithful about manager Arsene Wenger's future have resurfaced as he enters the final year of his current contract. The team's positive showing in the Emirates Cup with their defeat of Celtic bodes well for the coming season.
New signings Laurent Koscielny and Marouane Chamakh in participating over the weekend brought positive smiles to the supporter's faces but given the team's showing over the past few season's there is still great concern as to whether Wenger has the right mix to mount a really serious challenge for the Premiership title.

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http://blogs.bettor.com/Aston-Villa-Manager-Martin-ONeill-pleased-with-prospect-of-Luke-Young-and-Steve-Sidwell-staying-a19852

Aston Villa Manager Martin O'Neill pleased with prospect of Luke Young and Steve Sidwell staying

Aston Villa manager Martin O'Neill has said that he is pleased by the prospect of Luke Young and Steve Sidwell staying at Aston Villa next season. Both players had been speculated to move away from Villa Park before the window closes, but now it looks like both of them might be staying.
Luke Young was being hunted down by Liverpool, but the bid made from the Merseyside club was not accepted by Villa. O'Neill had earlier said that the price offered by Liverpool is way below the estimated cost of the player. While Sidwell had been reportedly chased down by Fulham, the new manager at Craven Cottage, Mark Hughes, however, has not shown much interest in attaining the services of the former Chelsea man.
Martin O'Neill said that he does not know the full extent of the transfer deals for the two players at this point, but said that if he still has the two in the squad, he would be more than happy. While talking to a British newspaper, the manager said that Liverpool had shown interest in Luke Young and also made a bid. However, he added that he directly does not interfere with the transfers if a player is willing to go. O'Neill said that the club's stance of not letting a player go under the estimated price stands, and that may be the reason he is still here.
He added that he knows that the player had expressed his desire to leave, but if he does not, he would once again accept him like he was part of the team. The Scotsman said that the fans also welcome back players with open arms and do not hold anything against a player if he desires to move. He added that in the modern game, it is normal for players to move around and this is just another season in the transfer market.
The manager said that as for now, both players are part of the team, and will be playing for Villa in the next match. Aston Villa is currently on a pre-season tour to Portugal.
O'Neill said that right now the team is focused on getting ready for the season, and all the players including Sidwell and Young are working hard in the camp. He added that the transfer sagas go on for way too long and rumours and speculations, even though normal, are not healthy for a team. He said that when a team is training together and there are rumours of a few players leaving, it creates an atmosphere of uncertainty.
While commenting on Sidwell, he said that Ajax's Martin Jol, the man who was supposed to take over at Fulham, was very interested in him. He added that now that Mark Hughes has taken over, the club has not heard much from Fulham. He went on to say that whenever they come knocking, the club will hear their offer and decide accordingly.
He added that Sidwell played for Villa in the last match against Walsall and gave it his all, so there is no question of the player not giving it a 100%. He said that until a deal is done all the players in the squad are playing for Aston Villa and working towards the same goal.
Martin O'Neill said that last season was a good one for the club, apart from a few slip-ups in the end that cost them the 4th spot. The team played a good brand of football; he said that the aim remains the same for the team. He ended by saying that he would not sabotage any transfers if a player wants to leave, but if they decide to stay, they will be no different from the others.

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http://bleacherreport.com/articles/428786-world-cup-2014-looking-at-the-future-of-us-soccer-part-iii-forwards

In my last piece, I talked a lot about Clint Dempsey's future in the USMNT.

In 2014, Dempsey will be 31 years old. That's fairly old for an international footballer and probably just past his prime, but I see Dempsey making the move up top by 2014 as a forward or outright winger.

This move works for Dempsey for a couple of reasons. First, his game is built around creativity, not speed. Rarely does he blow by people even now. His creativity should go nowhere, though, even if he loses a step or two. Second, I expect the U.S. to move to a 4-2-3-1, which would allow Dempsey to move to a wide winger position in the mold of Dirk Kuyt.

Dempsey will probably be our best option out left if we go to the 4-2-3-1. He cuts in beautifully, and this is his natural spot for Fulham—opposite a similar player in Damien Duff, also 31 years old and still playing at a high level. He can also interchange with Jozy at the top of the formation, as the 4-2-3-1 can shift and look like a 4-3-3 or 4-2-1-3.

The versatility that Clint provides as an attacker cannot be overlooked. With a great deal of depth emerging in the midfield and a lot of question marks up top, expect Dempsey to begin seeing more and more time at striker in the coming years. He may have to stay in the midfield while the rest of the U.S. midfielders develop, but once they arrive, look for Clint to slide into a forward position permanently.

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http://www.dailystar.co.uk/football/view/147412/Mark-Hughes-wants-Roque-Santa-Cruz-for-Fulham/

MARK HUGHES WANTS ROQUE SANTA CRUZ FOR FULHAM

MARK HUGHES is ready to raid old club Manchester City and sign Roque Santa Cruz for the third time.

New Fulham boss Hughes, who will be officially unveiled today, has launched a £6m bid for the Paraguay  international, nearly a year after spending £17m to take him to Eastlands.

Santa Cruz will be one of the most high-profile casualties at City this summer as Roberto Mancini attempts to trim his bloated squad.

Stoke have already enquired about the striker and have been encouraged by reports that he wants to stay in the North-West.

But Hughes has stepped up his own bid to sign the 28-year-old, who he first brought to the Premier League three years ago when he was in charge at Blackburn.

Santa Cruz has produced his best form under Hughes and is considering the offer of a move to Craven Cottage.

Olympiakos, Marseille and Fenerbahce are also in the hunt.

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http://www.telegraph.co.uk/sport/football/leagues/premierleague/arsenal/7923230/Arsene-Wenger-move-to-Barcelona-was-blocked-by-Arsenal-says-Joan-Gaspart.html

Arsène Wenger move to Barcelona 'was blocked by Arsenal', says Joan Gaspart
Joan Gaspart, the former Barcelona president, has claimed that Arsène Wenger once wanted to manage at the Nou Camp but that Arsenal blocked the move.

Gaspart also said that, following his experience of negotiating with Wenger in 2001, he would advise Barcelona to conduct face-to-face talks with the Arsenal manager in their attempt to buy Cesc Fabregas.
His intervention follows Fabregas's appearance in front of 2,500 Barcelona fans on Sunday as part of Spain's celebrations for winning the World Cup.
Fabregas was quoted saying: "I hope to see you more often and closer". The Arsenal captain had earlier received enthusiastic applause in the Plaça de l'Església d'Arenys de Mar as the mayor led a tribute for his part in scoring the goal that clinched Spain's 1-0 victory over Holland.
"It's very difficult for Arsenal to want to keep a player who doesn't want to stay," said Gaspart. "The English are very English, very hard at the time of negotiating. Moreover, Mr Wenger, as a good Frenchman, knows how to play his cards. I have seen him in negotiations and he has ended up selling. You have to meet him face to face to know if he is bluffing. My advice, and that's what I've told him [Sandro Rosell, the current Barcelona president], is that this will end by catching the plane to London and sitting down face to face with Wenger.
"When I was president, when Llorenc Serra Ferrer left [in 2001] we negotiated with Arsène Wenger and Fabio Capello to coach Barca. I met Wenger in Paris. He wanted to come to Barca, but Arsenal didn't let him. The Arsenal chairman ordered him to fulfil his contract. Capello also wanted to come, but Roma didn't let him either."
While the ongoing discourse from Barcelona regarding Fabregas is causing irritation at Arsenal, the claims about Wenger are unlikely to make too many ripples now. Wenger has never broken a contract and, while Barcelona were certainly once interested in making him their head coach, Arsenal have faith that their manager has always been committed.
The issue of Wenger's future, however, is again on the agenda. His contract expires at the end of next season, with full-back Bacary Sagna keen that he recommits to Arsenal. "I don't need to say how important the boss is to Arsenal," said Sagna. "He has done great work at Arsenal and we want to win things for him. I don't know if it will be his last season at Arsenal – we don't have to think about it. We just want to play and give back the trust he gave us."
Arsenal goalkeeper Manuel Almunia, meanwhile, has defiantly said that he does not need to prove his credentials as a goalkeeper.
Almunia's position has been undermined both by the effort to recruit Fulham goalkeeper Mark Schwarzer and also Wenger's admission that he does not currently have a 'No 1' goalkeeper. "I don't need to convince anybody – I just do my job," said Almunia. "I have a couple more years on my contract and that's it, I'm an Arsenal player."

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http://www.yorkshireeveningpost.co.uk/sport/Football-transfer-gossip-40Aug-341.6303472.jp

New Fulham manager Mark Hughes has joined the race to take ex-Arsenal midfielder Alexander Hleb on loan from Barcelona.
Full story: Daily Mirror

Hughes is also interested in a reunion with Manchester City striker Roque Santa Cruz but Stoke are also keen on signing the Paraguay World Cup striker.

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http://news.bbc.co.uk/sport1/hi/football/gossip_and_transfers/8879490.stm

New Fulham manager Mark Hughes has joined the race to take ex-Arsenal midfielder Alexander Hleb on loan from Barcelona.
Full story: Daily Mirror
Hughes is also interested in a reunion with Manchester City striker Roque Santa Cruz but Stoke are also keen on signing the Paraguay World Cup striker.
Full story: Daily Mail

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http://www.imscouting.com/global-news-article/Fulham-lead-Stoke-City-in-chase-for-Manchester-City-striker-Roque-Santa-Cruz/9212/

Mark Hughes hopes to make Manchester City striker Roque Santa Cruz his first signing for Fulham, once he is named as the new boss at Craven Cottage.

The Paraguayan World Cup striker endured a difficult first season at Eastlands following his £17.5million move from Blackburn last summer.  A calf injury and the sacking of Mark Hughes himself, who signed him for City, did little to help Santa Cruz, who scored three goals in nineteen appearances for Manchester City last season.

Santa Cruz faces intense competition up front at Eastlands with the likes of Emmanuel Adebayor , Carlos Tevez, Robinho and Craig Bellamy also on the books.  Roberto Mancini's attacking options are expected to expand with the imminent arrival of Mario Balotelli from Inter Milan.

Manchester City will be forced to trim their squad given the new Premier League rule requiring clubs to name a squad of only 25 players and Santa Cruz could be the first casualty.

Stoke City are thought to be interested in the striker, but the Daily Star claims that Fulham will now head the queue with Hughes having already signed Santa Cruz twice before, as manager of Blackburn Rovers and Manchester City .

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http://www.adifferentleague.co.uk/p6_2_3825_club-focus-fulham-201011-season-preview.html

Club Focus - Fulham - 2010/11 Season Preview

By Matt Bass
Tuesday 03 August 2010

A summer of uncertainty followed by a regime change and Mark Hughes' arrival as manager just weeks before the new season has been Fulham's reward for a magical run to a European final in 2009/10.

Last season
Fulham made the most of their Europa League qualification with a run lasting from the qualifying rounds right until an agonising defeat in the last four minutes of the final. What started as competitive practice for the reserves turned into the season's priority, with Clint Dempsey's chip in a 5-4 aggregate defeat of Juventus summing up the club's changed attitude towards the competition.

The squad
2010 summer transfer campaign - With Hughes joining so late in the summer there has been very little transfer activity to this point. Phillipe Senderos joined early in the break while Roy Hodgson was still in charge, presumably to replace Chris Smalling who left for Manchester United, but the rest of the squad is unchanged. Hughes may well just look to keep the bulk of the team together for now and use the January window rather than rush any deals through. A few players, namely Mark Schwarzer and Paul Konchesky, have been linked with moves away, but the longer time goes on the longer it looks to be the same squad that has found such success the past two seasons under Hodgson.

The manager - On paper, Hughes' past experience makes him almost the ideal replacement for Hodgson. The club needs a manager who can maintain the stability within the club and get the most out of less high-profile players. Apart from a blip at Manchester City where he never looked comfortable spending millions, his success with Wales and Blackburn Rovers fit Fulham's bill.

Anchorman - Aaron Hughes. A successful defensive partnership requires two players to perform, and the plaudits tend to slip by Brede Hangeland's ever-present partner. But make no mistake - Hughes is just as vital to Fulham's recent defensive success as the giant Norwegian.

Playmaker - So much of what Fulham did well last season went through Damien Duff. His career has been rejuvenated since joining last summer, and although Zoltan Gera impressed hugely in Andy Johnson's absence and Bobby Zamora scored for fun, Duff's influence on either flank throughout the entire season meant Fulham's attack rarely lacked creativity.

Hot Prospect - Although the Academy itself has a couple of players who have appeared for the first team, such as Matthew Briggs, this season could see goalkeeper David Stockdale continue his development. The 24-year-old impressed on loan at Plymouth Argyle last season, and his handful of Fulham appearances suggest he could make the grade. A lot will rest on Schwarzer's situation at the club.

2010/11 prediction
Success for Fulham this season would most definitely be not taking a step backwards. Supporters may not expect another seventh-placed league finish or a cup final, but comfortably avoiding the relegation scrap would be a positive outcome considering the manager debacle over the summer. An already old squad is a year older, but the lack of European football should have a good effect on the league finish. With no big acquisitions to speak of there is danger of slipping behind mid-table rivals, however the squad Hughes has inherited, even without additions, should be good enough to see Fulham safe in the sea of obscurity.

A Different League's prediction: 9th

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http://www.skysports.com/story/0,19528,11681_6292582,00.html

Prem pair in Aussie squad
Berger names 20-man party for friendly against Slovenia

Mark Schwarzer and Tim Cahill have been included in Australia's squad for next week's friendly against Slovenia.

The Fulham goalkeeper and Everton midfielder are among 13 players from the World Cup squad to be selected for the Slovenia game by interim coach Han Berger.

Blackburn Rovers duo Vince Grella and Brett Emerton have been left out of the 20-man squad for the game, which takes place just three days before the start of the new Premier League season.

Emerging Socceroos and former Adelaide team-mates Bruce Djite and Nathan Burns have been picked, but there are no places for Harry Kewell, Mark Bresciano or Josh Kennedy.

National technical director Berger said Football Federation Australia (FFA) had discussed the Slovenia match with the likes of Kewell and Emerton and it was decided their interests would be better served staying with their clubs.

"A number of players are not currently available, we discussed this fixture with a number of players, and it was clear that it was important for them to consolidate their positions with their clubs, they missed part of the preparation because of the World Cup," said the Dutchman.

"It is also in our interest that these players will be playing on a regular basis for their clubs and they are available for the matches in September and after that."

Scott Chipperfield and Craig Moore have both retired from international football since the World Cup, while A-League players Jason Culina and Michael Beauchamp have also been left out with the local competition set to begin this week.

There is no recall for Middlesbrough striker Scott McDonald, who surprisingly missed out on a trip to South Africa after being cut from the squad at the penultimate stage by Verbeek.

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http://bleacherreport.com/articles/428938-theres-only-one-debt-in-fulham

There's Only One Debt In Fulham

After failing in their bid to secure the services of Martin Jol from Ajax, last week Fulham announced the appointment of Mark Hughes as their new manager. Jol had appeared strangely keen to leave a team that has won the European Cup four times for London, though, as always, money probably played a part in his deliberations, as the famous Amsterdam club has become a selling side, while Fulham, though not the wealthiest, do have transfer funds available.

Hughes is replacing Roy Hodgson and the former Manchester City manager acknowledged that this would be a tough act to follow, "I am joining on the back of two of the most successful seasons in the club's history and that in itself brings with it the challenges of expectation and ambition."

Having been appointed halfway through the 2007/08 season with Fulham in the Premier League relegation zone, Hodgson rallied his team sufficiently for them to evade the drop, before leading them to an impressive seventh place the following year, which secured European qualification for only the second time ever. Last season was arguably the most successful in the club's history, as they finished in a comfortable mid-table position in the Premier League, got to the quarter finals of the FA Cup and, most thrillingly, reached the final of the Europa League, where they only succumbed 2-1 to the more highly regarded Atletico Madrid after extra time.

Even though Hodgson's role has been pivotal to Fulham's recent achievements, he is not the most important man at the club: that description applies to the chairman, Mohamed Al Fayed, who has bank-rolled the team's amazing rise. On buying Fulham in 1997, the then owner of Harrods, London's world-famous department store, brashly stated that he wanted them to become the "Manchester United of the South". This has not quite come to pass, but the club's transformation has still been remarkable. Al Fayed also pledged to take the club from the old Division Two to the Premier League in five years and they actually achieved that in one year less, winning two divisional championships en route to the top tier.

Obviously much of the credit for the club's progress must go to the players and various managers, but it is difficult to believe that Fulham would have reached these heights without Al Fayed's continual funding over more than a decade. Although not possessing the riches of Roman Abramovich or Sheikh Mansour, he is estimated to have a £650 million fortune, which places him 94th on the Sunday Times Rich List and has enabled him to finance the football club.



It is clear that Fulham fans owe Al Fayed a great deal – quite literally, in terms of the club's debts. As at 30 June 2009, Fulham's gross debt stood at an enormous £207 million, which is the 5th highest in the Premier League, only behind the so-called Big Four. However, only £12 million of this debt comes from commercial bank loans with the vast majority (£196 million) owed to the owner via a number of group companies. Al Fayed's generosity is highlighted by the "soft" nature of the debt with the £183 million loans from the parent company being interest-free, which really helps the club's financials.

Furthermore, much of this debt (£83 million) is unsecured, which means that Al Fayed has no guarantee of repayment. Even though £100 million is secured on the club's assets, the accounts contain assurances from Al Fayed's parent company that "no repayment demand will be made which would cause the group to become technically insolvent."

Al Fayed's flexibility had already been demonstrated in 2007, when he restructured the loan agreements with the club to ease the repayment schedule. Previously, the loans had been repayable on demand or within the following 12 months, but this was rescheduled to become repayable in annual installments of £10 million with the first payment only due in July 2012. In yet another gesture of support, Al Fayed forgave £9.5 million of outstanding loans as part of this agreement. No wonder that Deloitte's Sports Business Group describes such funding as "akin to equity rather than debt – where it is a contribution from a benefactor that is not necessarily requiring repayment in the future."


Fulhams Number 1 Fan

The £12.6 million loan from Harrods (UK) Limited did attract 7.11% interest, but this was repaid in August 2009 (after the accounts were published), as was £4.8 million of bank loans. More worryingly, £25 million of additional funding was obtained from third parties after the year-end, partly secured on future broadcasting rights and a second charge over the assets of Fulham Stadium Limited, though nearly £10 million of this has already been repaid.

Fulham's ownership might appear complex with their financing coming from an ever-changing list of companies, but it's really quite simple with the money effectively owed to Al Fayed. In the past, the owner used to support the club through loans from Harrods, but these have all been repaid and replaced by loans from Fulham's parent company, AIT Leisure Limited, which is incorporated in the British Virgin Islands, and its previous parent company, Fulham Leisure Holdings Ltd. The ultimate parent undertaking is Mafco Holdings Limited, a company registered in Bermuda, which is controlled by the Al Fayed family.

People may have doubted Al Fayed's motives when he paid £30 million to purchase Fulham, but he has since invested well over £200 million into the club, first in order to get the club into the Premier League and second to keep it there. The importance of this funding is evident when examining Fulham's financials.



The stark reality is that Fulham simply do not make profits. In the last five years, they have only managed to once report a profit – and that was due to some nifty accounting in 2008 when they booked the waiver of a £9.5 million loan as a cost credit. Without including that exceptional item, there would have been another loss of £8 million. Otherwise, it's a sea of red ink. Not only do Fulham report losses, but they're also relatively high compared to the turnover, e.g. they recorded losses of £16 million in both 2006 and 2007 on a turnover of less than £40 million.

Even though revenue has significantly increased over the past five years from £39.5 million to £67 million, largely due to the growth in broadcasting income, the club has not really improved its underlying financial position. The higher Sky television deals have only managed to contribute to smaller losses. The problem is that much of the revenue growth has been used to increase player wages and buy new players in order to give the club the best chance of surviving in the Premier League, which, in fairness, is completely understandable.

Fulham have managed to achieve an operating profit in the last two seasons, but this has been more than eaten up by player trading. The situation would have been even worse without Al Fayed subsidising the club by not charging interest on the loans. If the club had to pay a commercial rate, this would increase the interest payable (and losses) by around £10 million a year.



Given the size of Fulham's turnover, they are bound to struggle financially. If we look at the revenue of the clubs who finished in the top ten in the Premier League in 2008/09, we can see that Fulham are rock bottom with just £67 million, which is at least £10 million lower than every other team. In particular the match day revenue of £11 million is painfully small, while the low commercial revenue of £12 million is actually inflated by including £3.8 million of unexplained "other operating income". The real commercial revenue is tiny at just £8.6 million. Obviously, money is not the only factor in a club's success, which can also be driven by old-fashioned positives like good coaching, tactics, developing players and team spirit, but it sure makes life easier.

As with many other clubs of this level in the Premier League, it's all about the TV money with Fulham earning nearly two-thirds of their income from this revenue stream - £43 million out of the total £67 million. Despite this, Al Fayed believes that clubs like Fulham should receive even more from the central pool. Not only does he think that the total deal should be higher, describing those responsible at the Premier League as "donkeys who don't understand business", but he thinks that the distribution method favours the big clubs.



Although 50% of the domestic rights and 100% of the overseas rights are distributed equally among the Premier League clubs, much of the money is not allocated in this manner. Merit payments account for 25% of the domestic rights with each place being worth £800,000, so Fulham's slip from 7th in 2008/09 to 12th last season will cost them £4 million. As Al Fayed put it, with a typical flourish, "we are hopelessly dependent on our end-of-season league placing to determine our share of the cash – it makes a difference of feast or famine every season."

Less obviously, they are also reliant on how many times Sky deign to broadcast their matches live, which accounts for the remaining 25% of the domestic rights. The more a team is shown live, the higher the share of the facility fee. Each team must be broadcast a minimum of ten times a season with a maximum of 24, but this tends to benefit the big clubs. For example, in each of the last two seasons Fulham have been shown the minimum ten times, while we have had the pleasure of watching Manchester United the maximum 24 times. The difference in revenue? Nearly £7 million.

According to the latest accounts, the club's "commercial activities continued to grow", but there is precious little evidence of this driving significant growth with revenue still well short of £10 million – considerably lower than other clubs. As a comparison, Arsenal earn £48 million commercial revenue and they are usually considered as laggards in this area. Nevertheless, there are small signs of improvement here with a new sponsor and shirt supplier being announced for next season. FxPro, the global broker, has signed a three-year deal for over £4 million a year, replacing LG Electronics, who only paid £3m a year. Similarly, Kappa has replaced Nike as kit supplier for the next three years. Bizarrely, Fulham also have a joint marketing arrangement with the Boston Red Sox baseball team, but I can't see that bringing in much income.

Nor can Fulham look to gate receipts for big bucks. Even though it's been increasing, match day revenue is particularly low at £11 million. In comparison, clubs with substantial grounds like Manchester United and Arsenal generate over £100 million, but even other mid-size clubs earn over twice Fulham's revenue. Of course, Craven Cottage is one of the smallest grounds in the Premier League with a capacity of only 25,478, but even this is not filled to capacity every week, so discounts are sometimes offered. Although attendances have been steadily rising from the 19,800 average in season 2004/05, there was a slight dip last year to 23,900, which means a 94% utilisation – the lowest of all Premier League clubs in London.

Fulham actually have planning permission to expand their ground to 30,000, but it is far from certain that they would be able to fill it. As other clubs have noted to their cost, the "Field of Dreams" approach ("build it and they will come") does not always work. In fact, despite its picturesque setting, Craven Cottage has given the club a few headaches in the recent past, most notably when they were promoted to the Premier League and they were forced to ground share at QPR's Loftus Road, while their own stadium was converted to an all-seater.

There would be other difficulties in expanding the ground, most notably its proximity to the River Thames, but the great views offered by this attractive location make it a highly desirable piece of prime residential real estate. Indeed, many suspected that Al Fayed's motive in buying the club was to develop luxury riverside apartments. This view was given greater credibility in 2002 when the club agreed to sell the ground to a housing developer, Fulham River Projects, for £50 million, though the deal ultimately fell through. It was later explained that the club desperately needed the £15 million deposit at the time, after Harrods suffered a poor year's trading, meaning that Al Fayed could not make his usual cash injection.

Although it now looks like the club want to secure their long-term future at Craven Cottage, the ground's freehold is still one of their principal assets. Valued in the books at £22 million, it is clearly worth more than that. Given the £50 million price agreed eight years ago, a conservative estimate would be £60-70 million. The other important assets are the players (a.k.a. intangible assets), which are valued at £31 million, though would almost certainly realise more on the open market. The club also has a substantial deferred tax loss of £44 million, which is no use to Fulham, so is not recognised in the accounts, but could be useful to a future purchaser.



The horrible truth is that the only way that any financial value could be realised is from the sale of these assets and no fan would be in a hurry to sell off the players or the ground. Even so, the club still has net liabilities of £166 million, up from £115 million in 2004, a sign that the balance sheet is steadily deteriorating over time.

One of the main reasons is the growth in wages, which have risen 36% in five years from £34 million to £46 million. To be fair, this salary level is by no means the worst in the Premier League. In fact, it's the 13th highest, which is consistent with their league position of 12th. Furthermore, the important wages to turnover ratio has been improving, falling from 86% in 2005 to 69% in 2009, which is just about within the 70% maximum recommended by UEFA and Deloitte. However, it is still too large for the club to comfortably sustain, so it is little wonder that Al Fayed has been a staunch advocate of a wage cap, "They must put a cap on fees and salaries. It's madness what's happening."

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The other expense that has been growing over the years is player amortisation, which is the annual cost of writing-down a player's purchase price. For example, Damien Duff was signed for £4 million on a three-year contract, but his transfer is only reflected in the profit and loss account via amortisation, which is booked evenly over the life of his contract, i.e. £1.3 million a year (£4 million divided by three years). Thus, the total cost of player purchases is not immediately reflected in the expenses, but increased transfer spend will ultimately result in higher amortisation. In Fulham's case, it has grown from £7 million to £15 million, but this is still way behind their big-spending neighbours the dark side with £49 million. Interestingly, Fulham are one of the few clubs that explicitly include impairment losses for reducing the value of some of their players, which has cost the club almost £7 million over the last three seasons.

As stated above, the implication of the growing amortisation is that Fulham are a buying club and this is confirmed by their net transfer spend of almost £70 million since Al Fayed's takeover, though the activity has been sporadic. Although the expenditure might seem low in the early years, it was in fact very high for the lower divisions, but it only really took off in 2001 on the club's promotion to the Premier League, when they splashed out £32 million. Lawrie Sanchez was also given strong backing in 2007, when he bought Diomansy Kamara and what seemed like half of the Northern Ireland team, as was Roy Hodgson to a lesser extent in 2008



The sale of Louis Saha to Manchester United for £13 million in 2003 lead to that year's net surplus, but not many appreciate that these funds were needed to help repay the £15 million deposit (plus interest) that Fulham had received the year before as part of the proposed deal to sell their ground for housing development. Incidentally, that central London location surely helps Fulham in the transfer market when recruiting players from overseas. Unfashionable clubs in the North of England often have to pay a premium to tempt the same players away from the capital.

Despite the relatively high expenditure for a club of Fulham's size, Al Fayed has said that he will never pay more than £15 million for a player, having had his fingers badly burned after wasting £11 million on misfiring striker Steve Marlet. Having said that, the accounts state that the club "will continue to invest in the playing squad to maintain and improve on the results achieved during the playing season."

The fact is that the clubs needs to spend money on players in order to under-pin their basic strategy of remaining in the Premier League. The main commercial risk in the accounts is "that associated with potential failure to retain membership of the Premier League." If that were not enough, the accounts then proceed to really spell it out: "In the event of relegation from the FAPL, the Group's revenues would fall in the next two years to a level which would not finance ongoing contractual commitments and the Group would therefore have to take action to significantly reduce operating costs. Such action could prevent the maintenance of a playing squad capable of gaining promotion back to the FAPL."

There you have it: a perfect summary of the issue facing clubs such as Fulham. In short, they cannot afford to be relegated. This is why they will apparently over-spend on transfers and wages in order to avoid that risk becoming a reality. It is also why owners are ruthless with their managers, if the threat of relegation rears its ugly head. When this has looked like a distinct possibility at Fulham, Al Fayed has not hesitated to act, dismissing Jean Tigana, Chris Coleman and Sanchez, even though the first two had achieved their fair share of success.

Such clubs have become addicted to the Premier League's drug of choice, namely TV money, and in particular the tempting prospect of increasing money with every three-year contract. As we have seen, Fulham's chances of making more match day income are slim, and even though their commercial prospects have been enhanced by last season's exposure, this is really a drop in the ocean. No, they need the television riches, especially now that they will further increase next season on the back of far higher overseas rights, which will mean an additional £10 million per annum for each club.



How much of that extra revenue will find its way to the bottom line is unclear. If past experience is any guide, much of it will end up in the players' bank accounts via higher wages. This is why Al Fayed has to keep pumping money in, which we can see by looking at the cash flow statement. Before financing, the cash flow is negative every single year and has to be compensated by the owner. The club makes no bones about this in the accounts, "The Group's main sources of finance, for operating losses, working capital and capital expenditure (including player transfers) in excess of funds generated internally, are interest-free loans from its parent company." Thankfully, the accounts also state that the club has received assurances from Al Fayed that continued funding would be made available, if required – even if the team is relegated.

This support remains crucial to Fulham's future prospects. Indeed, in both the 2006 and 2007 accounts the auditors cast doubt on "the group's ability to continue as a going concern", specifically noting the "significant losses" and "significant deficit of shareholder funds", while stressing the importance of the parent company's financial assistance. Matters have since approved in the auditors' eyes, presumably due to the higher revenue and the debt restructuring, but these clauses do highlight Fulham's dependence on the chairman.

Fortunately, Al Fayed has proved to be one of the Premier League's most indulgent owners, seemingly happy to sink money into the club year after year, but there has to be a nagging concern over what would happen if he were to walk away. He appears perfectly happy with the club at the moment, but he could get bored, run out of money, emigrate to Switzerland (which he has already done once after a dispute with the Inland Revenue) or even die. Although apparently as energetic as ever, at 81 years old, Al Fayed's not getting any younger. Fulham is in many respects the typical benefactor club and could be plunged into financial chaos without Al Fayed's backing (for whatever reason), unless they could find a similarly big-hearted owner to replace him.

The other issue with benefactor clubs is that they could be prevented from playing in Europe under UEFA's new Financial Fair Play rules, which will ban clubs that make consistent losses. At present, this is not an issue, as Fulham's losses are within the "acceptable deviation" allowed during the first years of implementation, but UEFA aim to eventually bring this down to a genuine break-even. At least Fulham have the support of Premier League chief executive, Richard Scudamore, who has said he would "protect to the nth degree the ability of Mohamed Al Fayed to do what he has done at Fulham."

Over the years, Al Fayed has been a somewhat controversial figure. He waged a lengthy campaign attempting to prove that Princess Diana and his son Dodi, who died in a Paris car crash in 1997, were murdered as part of a conspiracy. Despite living in Britain for decades, his applications for a British passport have repeatedly been turned down, possibly because of his long-running feud with The Observer chairman, Tiny Rowland, who battled him for control of Harrods.

Ironically, Al Fayed recently cashed in on the Knightsbridge store, when he sold it to Qatar Holdings for a reported £1.5 billion. After repaying bank loans of £625 million, he received net proceeds of around £900 million. Despite this dramatic change in his lifestyle, he was anxious to re-assure the club's supporters, "It all remains the same at Fulham. Fulham is not being sold." This was re-iterated by one of his spokesmen, "Just because you sell your house doesn't mean you will sell your car." Nevertheless, there has to be some concern that without his cash cow, Al Fayed will at some stage stop putting money into the club.

However, Al Fayed has frequently expressed his commitment to the club, albeit sometimes with more than a touch of hyperbole, "I own the best club in the world with the best team and the best fans. If anyone thinks I'm not committed to the game, or to Fulham, they're wrong." As he more prosaically explained last season, "I have nurtured my club lovingly for nearly 12 years, and I don't plan to give it up." And that's the point – nobody could accuse Al Fayed of being a "here today, gone tomorrow" investor. He has been a committed owner, demonstrating real empathy with the fans. Moreover, his sons, Omar and Karim, are both active members of the Fulham board, and his attachment to the club must have been boosted by last season's displays.

So what next for Fulham? In the short-term, Mark Hughes has inherited an ageing squad with many key players nearing the end of their contracts, so may face a rebuilding challenge. Expectations among fans are very high after two successful seasons, but the club should probably be realistic in the transfer market and aim for mid-table security, rather than shooting for the stars.

What we can say with some certainty is that Fulham have been transformed under Mohamed Al Fayed's vision and leadership, not only rising all the way to the Premier League, but also managing to flourish there against all the (financial) odds. Despite achieving this with the help of Al Fayed's significant investment, they have somehow managed to do it without making enemies along the way. Maybe money can buy you love after all.

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http://www.skysports.com/story/0,19528,11676_6292593,00.html

Yebda attracting interest

But representative claims that a fee has yet to be agreed

Benfica midfielder Hassan Yebda could return to the Premier League, according to his agent.

The Algerian spent last season on loan at Portsmouth and was one of the standout performers in a relegation campaign at Fratton Park.
Yebda's displays are reported to have attracted interest from Aston Villa, Everton, Fulhamand Blackburn, with his representative confirming that there has been contact from England.

His brother Karim, who is also his agent, said in The Sun: "There are English clubs who've asked about him. But no fee has been agreed yet."

Benfica signed the 26-year-old on a free transfer in 2008, but he is now out of favour and is looking for a move.

It is understood the Portuguese giants would be prepared to sell him for the right price, even though he still has two years to run on his current contract.

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http://www.fansfc.com/story/23263.html

Fulham Football Club hope to take Carlo Cudicini on a free transfer.

The Londoners are still expecting to lose Mark Schwarzer to Arsenal this summer, despite Arsene Wenger appearing to have cooled his interest.

It is believed new Cottagers boss Mark Hughes will then turn to Italian ace Cudicini, who could find himself firmly down the pecking order at Tottenham Hotspur this season.

Brazilian international Heurelho Gomes is currently number one for Harry Redknapp, who also hopes to sign Stipe Pletikosa and has been impressed with young David Button.

Fulham hope this will allow them to take Cudicini on a free transfer, despite the 36-year-old signing a new one year deal in May after recovering from a motorcycle accident.