It is encouraging to see that football keeps enjoying constant (increasing?) demand, both from a 'consumption' perspective (i.e. following of the various competitions) as well as from an investment point of view. As a person involved in local football, I fully appreciate how important both are. New investment in the local game is undoubtedly hard to come by. The MFA President keeps harping on the fact the the current structure of most of our clubs is inadequate – and he has a point. What is one investing in when putting money in a local Club – a non-profit organisation based on the voluntary contribution of a few?
This summer has been characterised by announcements, rebuttals, retractions and rumours of a spate of investors intending to 'invest' in some of our Premier League Clubs. We've been here before. Way back in 2004 – yes, that far back – Msida FC had partnered with Roberto Goveani ('ex-Torino Calcio') who had promised financial backing. I don't know how the story unfolded, but since then Msida had to endure difficult times and now linger in the Second Division. A few other Premier League clubs have had their own moment of glory - does Marsaxlokk FC ring a bell?
The latest news concern Floriana, Sliema, and to a certain extent Qormi. Investors and partners have been unveiled and suddenly their future starts looking somewhat brighter. With all the success I wish these clubs, I cannot but sound a word of caution to all administrators of local clubs. I have on several occasions called for a 'fit and proper' test to be introduced in our regulations. Or at least a framework to that effect, that is adapted to our needs and realities, aimed at safeguarding clubs against the penetration in their administrative structures of persons with a history of offences related to fraud.
I have no doubt the said clubs have done their homework. I actually hope their ventures would prove to be a positive learning experience even for others. We should not, on the other hand, risk the future of perhaps more vulnerable clubs in dire need of fresh capital and unable to undertake the required objective filtering of potential investors. Think of lower division clubs rather than the big few.
At times a google search can already give you an idea of who we're dealing with. In reality, a proper due diligence process is needed. As in any other business context, it is crucial that we protect the local game from speculators, even more so when football relies on the integrity of the game, the presumption of healthy competition, and the unpredictability of the result.
