English Football: Financial Sustainability and Governance Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Baggy Shanker
Main Page: Baggy Shanker (Labour (Co-op) - Derby South)Department Debates - View all Baggy Shanker's debates with the Department for Digital, Culture, Media & Sport
English Football: Financial Sustainability and Governance
Baggy Shanker Excerpts(3 days, 14 hours ago)
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Baggy Shanker (Derby South) (Lab/Co-op)
It is a pleasure to serve under your chairship, Mr Turner. I thank my hon. Friend the Member for Earley and Woodley (Yuan Yang) for securing this important and timely debate. So many things make me proud to be an MP from Derby, and Derby County football club is one of them. We have some of the most dedicated and passionate fans in the country.
However, as anyone who has followed the fortunes of Derby County will know, we have had our fair share of financial difficulty. In 2021, our beloved club entered administration. I know at first hand how the lack of transparency made the subsequent negotiations and the administrators� job difficult, and I was involved in a number of those discussions. We were thankfully saved by a local man and fan, David Clowes, who stepped up to preserve Derby County for generations of fans to come, but the dire financial situation he faced in 2021 showed just how important securing financial stability is for clubs in the EFL.
EFL clubs will lose around �450 million this season. The financial instability jeopardises the clubs that sit at the heart of our communities. That is why I welcome the Government�s plans to introduce an independent football regulator through the strengthened Football Governance Bill. It is right that clubs are required to stick to stringent financial regulations.