Saturday, November 25, 2006
Foreign investors
Amid growing concern over the ownership of clubs by foreign investors, the Premier League have begun using the services of a secretive corporate intelligence company to check the background of businessmen seeking to buy into the game.
More than three years after Roman Abramovich's acquisition of Chelsea signalled a new era for English football, any new owner is now subject to discreet checks on his financial background and business history.
Eggert Magnusson and his main backer, Landsbanki chairman Bjorgolfur Gudmundsson, will become the latest overseas businessmen to be looked into by the Premier League following their successful £108 million takeover of West Ham United earlier this week.
However, with Magnusson well regarded in Uefa's corridors of power and Gudmundsson the head of Iceland's oldest bank, the League are not expecting to unearth any major skeletons.
The new process is part of the fit and proper persons test introduced by the Premier League in the summer.
It is thought Randy Lerner, the new owner of Aston Villa, was the first new investor to undergo the checks after his £62.6 million takeover of the Midlands club in August.
More than three years after Roman Abramovich's acquisition of Chelsea signalled a new era for English football, any new owner is now subject to discreet checks on his financial background and business history.
Eggert Magnusson and his main backer, Landsbanki chairman Bjorgolfur Gudmundsson, will become the latest overseas businessmen to be looked into by the Premier League following their successful £108 million takeover of West Ham United earlier this week.
However, with Magnusson well regarded in Uefa's corridors of power and Gudmundsson the head of Iceland's oldest bank, the League are not expecting to unearth any major skeletons.
The new process is part of the fit and proper persons test introduced by the Premier League in the summer.
It is thought Randy Lerner, the new owner of Aston Villa, was the first new investor to undergo the checks after his £62.6 million takeover of the Midlands club in August.
