Member

That gives a carte blanche to the Government to change their mind and revise their statement every few months if they wish to—I am sure they would not—but my noble friend said that football clubs are significant institutions that make very large investments for the long term. They are, very often, significantly owned by owners who have a very long-term view of their ownership. They want to invest and are very patient—a lot of this is very patient capital. A lot of the debate about football has been predicated on the assumption that all owners are only after short-term gain and want to strip assets and milk them for cash. Most owners of football clubs do not take that view. They want to take a longer-term view; it is an impact investment, a long-term investment, where the return they get is as much the impact on the sport and the community locally as it is a financial return.