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One-month moratorium on clubs to show they are past due

first_imgThe clubs will have one more month to demonstrate that they have no deferred debts, within the measures adopted by UEFA in the face of the exceptional situation caused by the coronavirus pandemic and the economic impact suffered by the suspension of competitions.According to the Club Licensing and Financial Fair Play Regulations, The teams must meet this requirement on March 31, but with this possibility the deadline to do so is postponed from that date to April 30, 2020, as confirmed by UEFA.On the 17th and after deciding to postpone the Euro Cup from next summer to 2021 (from June 11 to July 11), UEFA also agreed to the creation of a working group to assess with the clubs, leagues and players unions, the economic, financial and regulatory impact generated by the coronavirus and adopt measures that help mitigate the damage.The UEFA Club Licensing and Financial Fair Play Regulations provide for the principle of force majeure regarding supervisory activity in relation to financial fairness. According to this, “any extraordinary event or circumstance beyond the control of the club and that is considered a case of force majeure is taken into account in the evaluation of the clubs on a case-by-case basis.” The leagues and clubs that have had to stop their competitions already have warned of the millionaire losses that they will suffer from this situation, as is the case of the Spanish LaLiga, which has estimated that not resuming the competition would mean losses of around 700 million euros.Clubs like Barcelona are studying measures that could affect the salaries of their squad and in Italy, Serie A weighs decisions that could include a reduction in the salary of footballers.The calculation of income from television rights in Italy amounts to 1,400 million euros per year. The stoppage of their competition already implies close to 600 million euros of losses for these rights, plus some 200 million for sponsors and another 150 million for tickets.last_img read more

Canadians love to complain about the weather — this time we may

first_img Kevin Carmichael Facebook Sponsored By: Twitter Comment More I have talked to about a dozen Alberta entrepreneurs, executives and venture capitalists over the past few weeks about what’s going on with their economy. The latest conversation was with Chris Jones, who advises a few dozen companies on management strategies. “The attitude, I’ve never seen it this low,” said Jones, who made his name 20 years ago when he invented and started selling a glove for football receivers.He blamed the province’s moodiness on the usual suspects: the slump in oil prices and “all three levels of government.” I’ve heard that from just about everyone. Then he added a new variable: Mother Nature.“We had eight to 10 weeks of cold, pissy weather,” Jones said from Calgary. Layer that onto the bad economy and broad-based disenchantment with politicians, and you have your answer for why one of Canada’s main economic engines is belching so much angry, black smoke.“I work with a lot of leadership teams,” said Jones, who runs Strategic Traction Inc. “This is a really bad spot.” Email Caroline Miller of BCA Research in Montreal said her firm senses that China and Europe are on the verge of recoveries after slumps last year. Easier financial conditions will help, as central banks, including the Bank of Canada, have made clear they are “less worried about leaving interest rates too low for too long,” Miller said.In Alberta, which weighs heavily on Poloz’s outlook for the broader economy, Jones said he thinks things are getting a little better, in part because spring finally has arrived.About 34 centimetres of snow fell at Calgary International Airport in February, 10 centimetres less than the same month a year earlier, according to Environment Canada data. But it was colder: the average temperature was -18.2 C compared with an average of -11.6 C in February 2018. And it’s possible that consecutive nasty winters took a toll: the average February snowfall between 2013 and 2017 was about 12 centimetres and the average temperature was closer to zero.Alberta had bigger problems than ice and snow this winter. It’s possible the cold made them feel worse. Some sunshine, low interest rates and a global economic rebound will do the province some good.• Email: kcarmichael@postmedia.com | Twitter: April 30, 20198:07 PM EDTLast UpdatedMay 7, 20197:40 AM EDT Filed under News Economy Recommended For YouFerring Collaboration with Digital Health Innovators WOOM Aims to Help More People Build Families FasterTrans Mountain construction work can go ahead as National Energy Board re-validates permitsDavid Rosenberg: Deflation is still the No. 1 threat to global economic stability — and central banks know itBank of Canada drops mortgage stress test rate for first time since 2016The storm is coming and investors need a financial ark to see them through Share this storyCanadians love to complain about the weather — this time we may be right Tumblr Pinterest Google+ LinkedIn Join the conversation → Blaming the weather sounds like a cop out to a lot of people, including those who find themselves doing it.“I hate using weather as an excuse,” said José Cil, chief executive of Restaurant Brands International Inc., who nonetheless used unusually frigid temperatures as a partial explanation for poor sales at Tim Hortons restaurants over the first three months of the year.Cil, who released his company’s latest quarterly results on April 29, isn’t the only executive who found his or her plans knocked off track by a terrible winter. Canada’s economy unexpectedly shrinks as resource sector stalls Turns out, there’s more to Alberta’s economic story than pipelines ‘Thank God I diversified’: An Alberta business leader reflects on the province’s future “What happened to us in February, especially in the first two weeks of March, was extraordinary,” Keith Creel, chief executive of Canadian Pacific Railways Ltd., told analysts on April 23.He was explaining a lower-than-expected profit, as his trains moved freight at the lowest rate per mile in eight years, mostly because the tracks were covered in snow and ice. Airports and highways were equally unforgiving.I hate using weather as an excuse United Parcel Service Inc.’s shares fell almost 10 per cent on April 25 after the company said it would need a strong second half to meet revenue targets after winter storms slowed deliveries. Takeoffs and landings decreased at eight of Canada’s 10 busiest airports in February compared with a year earlier, Statistics Canada reported on April 30.Restaurant Brands, CP Rail, and UPS have issues other than the weather. But if you get a critical mass of companies saying the same thing, there might be something to it. Stephen Poloz, the Bank of Canada governor, said last week that the trade data so far this year are “puzzling,” citing the weather as a possible explanation. Gross domestic product dropped 1.1 per cent over the same period, as a big drop in output by the transportation and warehousing and construction industries outweighed a 4.1-per-cent increase in professional and scientific services, StatCan said in a separate report on April 30.All of this chatter about the weather matters because of the uncertainty over whether Canada’s economic slump is transitory or entrenched. It’s possible that the poor trade numbers have more to do with weaker global demand, the trade wars, and the fact that Canada trades seriously with too few places. That would mean there will be no offset for weaker household spending, an inevitability given record levels of debt.Poloz and others see a rebound in the second half. Tony Valente, senior foreign-exchange dealer at AscendantFX, a payments firm, observes that the U.S. Conference Board’s leading economic indicator, which has a good track record of forecasting downturns and rebounds, has turned upwards.Blaming the weather sounds like a cop out to a lot of people Alberta had bigger problems than ice and snow this winter. It’s possible the cold made them feel worse.Gavin Young/Postmedia 38 Comments advertisement Featured Stories What you need to know about passing the family cottage to the next generation Reddit Canadians love to complain about the weather — this time we may be right Kevin Carmichael: Who knows? Spring might not just bring sunshine; it might also bring an economic recovery ← Previous Next →last_img read more