Shows / The Esk
Episodes
- The Esk
The Discharge Gap: why England’s stroke care stops at six months and the four actions that would fix it
England built one of the world’s best acute stroke pathways. Then, at six months, it stops, stops treating, stops measuring, and stops being accountable. The…
- The Esk
Tracker: Apollo takes the Mubadala Capital seat TWG never filled
The Football Capital Tracker · Event date: 26 October 2026 · Event type: Manager stake / M&A · Last updated: 28 October 2026 What happened Apollo Global…
- The Esk
The Analysis Series: Apollo’s minority stake in Mubadala Capital – the terms, the TWG stake that never completed, and what it means for football’s lenders
On 26 October 2026 Mubadala Capital, the alternative asset management arm of Abu Dhabi’s sovereign investor Mubadala Investment Company, announced that Apollo…
- The Esk
Velocity Capital (UK) Holdings: The parent Burnley depends on, and nobody can see
The company that controls Burnley Football Club has never filed a set of accounts. It owes the club £81m, it has pledged security to a Delaware credit fund…
- The Esk
The Analysis Series: Olympique Lyonnais Groupe 2025/26 annual report – a detailed review, and what it says about Textor, Kang and Eagle Football
Source document: Olympique Lyonnais Groupe, Document d’Enregistrement Universel 2025-2026, filed with the AMF on 26 October 2026 (245 pages). All figures are…
- The Esk
The Analysis Series: City Football Group – A Funding Review, 2013 to October 2026
The reported October 2026 Abu Dhabi injection into City Football Group is real. On 14 October 2026 City Football Group Limited (CFG) allotted 11,327,163 new…
- The Esk
The Analysis Series: Everton FC, what the Friedkin Group paid, what has been invested since, and what recent Premier League deals say about the price
Acquisition consideration, the capital injection schedule, the ownership and board of Roundhouse Capital Holdings Limited, and revenue multiples across recent…
- The Esk
The Analysis Series: Detailed review of John Textor’s Eagle Football “Memoranda”
Corrections and updates, 21 October 2026 On 20 October 2026 John Textor sent detailed comments on this review. In line with The Esk’s corrections policy…
- The Esk
Talking the Blues Podcast….. Chelsea at home and what’s really going on at our club?
Welcome to a new episode of Talking the Blues. In the 10 years we have podcasted similar themes re-occur. As always with George and Andy, an interesting take…
- The Esk
The Analysis Series: Squad-value financing in football, private credit, unsold players and the return of mark-to-model lending
Prepared by Paul Quinn / CWTE Limited Date: 16th October 2026 Summary Squad-value financing is high-cost, short-tenor private credit. It is sized against a…
- The Esk
The Analysis Series: IFR State of the Game 2026 Systemic risk in English football: what the Independent Football Regulator’s first State of the Game Report finds, what it misses, and what boards should do about it
13th October 2026 Football Finance, Governance & Regulation | CWTE Limited Source document IFR State of the Game Report Prepared by Paul Quinn, MY…
- The Esk
Why the Friedkins are selling Everton Football Club? Part II, what are they selling?
Position as at 9 October 2026 Prepared by Paul Quinn, CWTE Limited (theesk.org) Ownership chain, entity-by-entity notes, funding and security, verification log…
- The Esk
Why are the Friedkins looking to sell Everton Football Club? – part I
Club statement issued at 0845 BST 9th October 2026 The Friedkin Group is exploring new investment options for Everton Football Club, including the potential…
- The Esk
The Analysis Series: Roundhouse Capital Holdings Limited first consolidated accounts: 2 October 2024 to 30 June 2025
Prepared by: Paul Quinn, CWTE Limited October 8th 2026 Roundhouse Capital Holdings 30th June 2025 Group reporting quality, shareholder movements, funding of…
- The Esk
Everton & Crystal Palace valuations, five-year capital requirements and a stress test of the reported £900m Crystal Palace valuation
Prepared by: Paul Quinn, CWTE Limited Date: 7 October 2026 Headline conclusions Everton: central equity value about £360m (range £270m–£455m); enterprise value…
- The Esk
Solvency, not liquidity ? Gordon Brown’s diagnosis of the 2008 banking crisis & its implications for systemic risk, capital adequacy and regulation in English football
Paul Quinn CWTE Limited 6th October 2026 Purpose of this paper: To set out Gordon Brown’s argument that the 2008 crisis was a solvency crisis rather than…
- The Esk
Opinion: Manchester City and the “115 charges” A proposal for restitution, a lower spending cap and personal accountability
Paul Quinn CWTE Limited 3 October 2026 IMPORTANT NOTICE Analytical commentary for public discussion, not legal advice. All findings referred to are…
- The Esk
The Analysis Series: State-linked revenue in the Premier League; Exposure to state-owned, state-controlled & government-funded counterparties, commercial & media rights, aggregate & club by club
Date: 2 October 2026 Author: Paul Quinn, CWTE Limited Scope: 2026/27 Premier League membership; 2025/26–2027/28 broadcast cycle; latest filed audited accounts…
- The Esk
The Analysis Series: Premier League v Manchester City, Systemic risk assessment after the Independent Commission’s Core Decision
Sporting integrity • Compensation cascade • Regulatory framework • Financial contagion • Political response • UAE investment risk • Ownership governance • UEFA…
- The Esk
The Analysis Series: Premier League v Manchester City, Potential civil claimants & hypothetical criminal exposure arising from the Independent Commission Core Decision
30th September 2026 Paul Quinn ; CWTE Limited Author Paul Quinn, The Esk / CWTE Limited Date 30 September 2026 Classification Analytical commentary . Not legal…
- The Esk
Premier League v Manchester City Analysis of the Independent Commission’s Core Decision (Redacted) The Disguised Funding Scheme, the Fordham Arrangement, remuneration devices and non-cooperation: findings, quantification, and implications for the league, the Independent Football Regulator, clubs and counterparties
Paul Quinn CWTE Limited | theesk.org 29 September 2026 Primary source: “In the Matter of Premier League Section W Proceedings, The Football Association…
- The Esk
The Analysis Series: Manchester City FC & City Football Group board relationship mapping: the Abu Dhabi State, its Sovereign investment vehicles, directors’ private interests and club sponsors
Author: Paul Quinn, CWTE Limited Research current to 29 September 2026 Entities in scope: Manchester City Football Club Limited (00040946); Manchester City…
- The Esk
The Analysis Series: Sheffield United Ownership, finance and regulatory exposure FY2020/21 – FY2024/25 and post-balance-sheet events to 25 September 2026
  Author: Paul Quinn, CWTE Limited Date: 28 September 2026 Summary This article examines the ownership, financing and regulatory position of The Sheffield…
- The Esk
Talking the Blues Podcast – catch up time, a bit of the Ipswich game before a really interesting discussion re Manchester City
Welcome to this week’s Talking the Blues Podcast – we catch up on Everton before focus turns inevitably to the reported 114 breaches by Manchester…
- The Esk
After the reported verdict: Leadership, prevention and the recovery of English football’s integrity following the Manchester City commission findings
After the reported verdict – an opinion paper Item Detail Author Paul Quinn, CWTE Limited Date 26 September 2026 Status Opinion. Written on the basis of…
- The Esk
The Analysis series: Manchester City v The Premier League, the verdict, the leak and governance failure
What the 25 September 2026 press reports tell us, tested against my prior analysis, and how far the case evidences governance failure at League, club and…
- The Esk
The Analysis Series: Manchester United plc annual report, financial year ended 30 June 2025
Paul Quinn| CWTE Limited | 24 September 2026 Primary source: Manchester United plc, Form 20-F for the year ended 30 June 2025 (filed 18 September…
- The Esk
The Analysis Series: FC Barcelona: The €510m financing package and the complete debt position
  Terms of the €210m Senior Secured Media Notes and the €300m Espai Barça extension, with a granular reconstruction of the club’s debt stack at 30 June…
- The Esk
The Analysis Series: Sovereign capital in professional sport
Prepared by Paul Quinn CWTE Limited Summary Sovereign capital has become one of the three structural forces in professional sport, alongside North American…
- The Esk
The Analysis Series: The Florida default judgment (15th September 2026) and the ownership of Botafogo SAF
18th September 2026 What the Fifteenth Judicial Circuit actually decided on 15 September 2026, why Eagle Bidco did not defend, and why the declaration collides…
- The Esk
Talking the Blues Podcast – post Wolves Carabao Cup win and update on the Friedkins’ intentions for Everton
Welcome to this week’s Talking the Blues Podcast with George and Andy Costigan. We catch up on recent results including the Tottenham and Wolves’…
- The Esk
The Analysis Series: Chelsea FC: Clearlake’s acquisition of the Boehly and Walter stakes; transaction terms, valuation, source of funds, settlement mechanics and a return model for the selling shareholders
Paul Quinn, CWTE Limited Date: 17 September 2026 Companion papers: Valuing Chelsea FC in 2026 (18 Aug 2026); Guggenheim and Chelsea FC (29 Aug 2026)…
- The Esk
The Analysis Series: Manchester City v The Premier League
17th September 2026 The Unresolved “115 Charges” Case: Causes of Delay, Comparative Precedent, Stakeholder Implications and Consequences for the Decision and…
- The Esk
Opinion: CONTEMPT: The Friedkin Group’s treatment of Everton Football Club, its supporters, the community and the city of Liverpool
15th September 2026 Contempt: a feeling for someone or something regarded as unworthy of respect or approval : disdain. Much of the content I have written in…
- The Esk
The Analysis Series: LIV Golf Chapter 11 Bankruptcy filings
  September 12th 2026 Paul Quinn · CWTE Limited Previous LIV Article Income and expenditure, funding, the failed business model, governance failures, the…
- The Esk
The Analysis Series: Clearlake’s buy-out of Boehly & Walter: What the £5bn price means, what it changes at Chelsea FC, and what it does not
  Paul Quinn, CWTE Limited Date: 11 September 2026 Transaction status: Reported as close to agreement; unsigned and unannounced by the club or Clearlake…
- The Esk
When willingness fails; the LIV Golf Chapter 11 and the systemic fragility of sport built on discretionary capital
  Paul Quinn, CWTE Limited 10 September 2026 Evidence base: Companies House and Jersey FSC filings, US bankruptcy reporting, Deloitte Annual Review of…
- The Esk
Independent analytical report: Everton Football Club; Assessment of a prospective sale by the Friedkin Group
6th September 2026 Prepared by: Paul Quinn CWTE Financial data current to the audited accounts for the year ended 30 June 2025, published 31 March 2026. Market…
- The Esk
Talking the Blues Podcast: Groundhog day; transfer window woes – why? Ownership change?
Welcome to this edition of Talking the Blues Podcast with George and Andy Costigan, in which we examine the final hours of this summer’s transfer window…
- The Esk
New issue of shares at Everton Football Club (on 13 August 2026) raising additional £14.175 million
By Paul Quinn on 3rd September 2026 On the 3rd September 2026, Everton Football club confirmed a new capital raise amounting to £14.175 million, with 81,000…
- The Esk
The Analysis Series: Systemic risk; football’s shadow credit market
3rd September 2026 – Paul Quinn CWTE Limited Inter-club transfer debt in English football before and after the summer 2026 transfer window The record…
- The Esk
The Analysis Series: Everton’s 2026 summer transfer window
Everton’s summer 2026 window was, in financial terms, a controlled and internally coherent operation, but in sporting terms, a failure at the positions that…
- The Esk
Talking the Blues Podcast – Post Bournemouth, the Armstrong saga and what are the Friedkin’s plans?
Welcome to this week’s Talking the Blues Podcast with George and Andy Costigan. It’s been an eventful week at Everton and the three of us examine…
- The Esk
New issue of shares at Everton Football Club (on 27th July 2026) raising additional £13.8 million
On the 26th August 2026, Everton Football club confirmed a new capital raise amounting to £13.8 million, with 79,000 new shares issued to the club’s…
- The Esk
Talking the Blues Podcast – first game of the season, 3 points v Crystal Palace and more
Welcome to the first game of the 2026/27 season Talking the Blues Podcast with Andy and George Costigan. Rather like Moyes, we keep the same team and a…
- The Esk
The Analysis Series: Private credit, governance and relevance to football financing
How Guggenheim's cov-lite term loan fell 20 points in a session — the revenue recognition question, par fund marks, and the Mark Walter probe explained.
- The Esk
The Analysis Series: Chelsea FC / BlueCo Group: Covenant architecture and technical default risk on the Ares Management facilities
Risk assessment of covenant structures, comparable breach precedents (including Eagle Football Holdings), and the probability of technical default across the…
- The Esk
The Analysis Series: Valuing Chelsea FC in 2026 – don’t be fooled by the headlines
Valuing Chelsea FC in 2026 Enterprise value, equity value, and realism Date: 18 August 2026 Series context: Companion to the Chelsea/BlueCo debt-structure…
- The Esk
The Analysis Series: Related parties: Inside the Walter probe and what it means for Chelsea’s ownership
  Mark Walter & Todd Boehly; Ownership, business empires, and the Federal probe reshaping Chelsea’s shareholder register Captive insurance…
- The Esk
The Analysis Series: Saudi Arabia’s State funding of global sport: Analysis of the 2026 recalibration
14th August 2026 TL;DR Saudi Arabia has deployed an estimated $51 billion into sports properties since 2016 (a figure tied to PIF’s c.$925bn AUM and…
- The Esk
The Analysis Series, Continuing the systemic risk argument following the Burnley Everton decision (subject to appeal)
13th August 2026 Duties of care in adjudication: Judges, Premier League independent commissions, and the systemic-risk governance gap The immediate context is…
- The Esk
The Analysis Series: Textor’s English injunction over the Eagle Bidco / Botafogo SAF shares
Date: 13 August 2026 TL;DR Verified: On Wednesday 12 August 2026, HH Judge Mark Pelling KC (London Commercial Court, KBD) granted John Textor an interim…
- The Esk
The Analysis Series: German Football; 50+1: the rule that survived, and the cracks the regulator left behind
12th August 2026 On 12 August 2026, with rather less fanfare than the subject deserved, the Bundeskartellamt, Germany’s Federal Cartel Office, closed the…
- The Esk
Talking the Blues Podcast…. as the new season nears we look at progress or otherwise this summer
Another season is nearly upon us, and Talking the Blues returns for what I believe is our 11th season. Welcome back to George and Andy Costigan as we discuss…
- The Esk
The Analysis Series: Marinakis v Crystal Palace: when a banner becomes a balance sheet issue
12 August 2026 Two days ago, lawyers acting for Evangelos Marinakis lodged a defamation claim at the High Court against CPFC Limited, the company behind…
- The Esk
The Analysis Series: The end of 777 Partners, the Chapter 11 filing, and what it admits about Everton
11 August 2026 On Sunday 9 August 2026, in the U.S. Bankruptcy Court for the Northern District of Texas, an entity called Signal National LLC filed for Chapter…
- The Esk
The Analysis Series: Systemic risk in inter-club football litigation
Prepared in the context of Burnley FC v Everton FC (PLJP 2023/3, under appeal). Paul Quinn | CWTE Limited 10 August 2026 | Data current to date of…
- The Esk
The Analysis Series: Ares Management Corporation, corporate update and sports exposure
State of the Platform, H1 2026: Fundraising, Redemptions, Private Credit Performance, and the Football Exposure in Context Eagle Football Holdings…
- The Esk
The Analysis Series: FC Barcelona’s most recent funding round; Analysis of the €210m senior secured media notes programme
Data as at 4 August 2026 Evidential base: FC Barcelona official statements and accounts; Morningstar DBRS rating actions; CNMV filings (Espai Barça FTA); KBRA…
- The Esk
The Analysis Series: The Chelsea FC Premier League sanction agreements; Analysis of the charges, process, decisions and sanctions, with the case for and against the Premier League’s approach
3rd August 2026 Primary sources: Premier League / Chelsea FC Sanction Agreements (Phase 1 & Phase 2), published 16 March 2026; FA Regulatory Commission and…