Lord Moynihan (Con)

My Lords, it is a privilege to follow the noble Lord, Lord Mann, not least because I am a member of his supporters’ group. We also have another supporters’ group, for Leeds United. Members of Parliament in both Houses are parties to the WhatsApp group. While the public-facing position regarding the manager is always one of support, it cannot always be said that those on the WhatsApp group speak in such gentle and supportive terms of the manager after one or two defeats. That aside, I support the noble Lord, Lord Watson. He made an extremely important point, and it was wise to pray in aid the Minister in another place regarding his Amendment 78. If we are to have a regulator, surely, in terms of financial regulation and the overall financial role, we cannot just ignore the players, let alone the fact that they are right at the heart of the game. The total wage bill across Europe’s big five leagues—England, Germany, Spain, Italy and France—was £13 billion in 2022-23, up from 12.3 billion in the prior season. We all know that, in certain circumstances, players are brands in their own right. Many boast bigger social media followings than their clubs. Sponsors know this, investors are taking note and the clubs know it. Only this week in the Financial Times, the IMG sports and entertainment president, George Pyne, stated: “The players are the most valuable asset in the sport … With social and digital media, commercial opportunities today are more valuable than they might have been 10 years ago because these players are now brands in themselves”. It is a people business; it is relationships that matter, and relationships with the players are central to the success of any football club. The noble Lord, Lord Watson, is right. If we are to have a state-appointed regulator, that regulator, in looking at the finances of the club and taking an overall view of it, must engage with the footballers and listen to their representations.