FIFA panel agrees planned limits on agent fees, loan deals

first_imgA FIFA panel has agreed limits on fees that agents can take from the $7 billion annual soccer transfer market, and caps on the number of player loan deals that clubs can make.Seeking some control over the global trade in players often described as a “Wild West,” FIFA said its stakeholders committee of soccer industry experts recommended key principles on Wednesday.The panel, which includes delegates from FIFA, clubs, leagues and player unions, agreed that agents are set to earn a maximum 10% cut of transfer fees when acting for the selling club.Juventus reportedly gave almost 26% 27 million euros ($29.6 million) to agent Mino Raiola from the 105 million euros ($115 million) Manchester United agreed to pay as a then-world record fee for Paul Pogba in 2016. Raiola also was paid millions more by Pogba and United.”All agents’ commissions (are) to be paid via the FIFA Clearing House,” soccer’s world body said in a statement, citing the payment processing center it is currently creating.Player’s agents are expected to legally challenge rules which would cap their fee at 3% of a player’s income, or 6% when they are also acting for the buying club. Agents would be prohibited from representing both the buying and selling clubs in a transfer.FIFA’s ruling council is scheduled to approve the proposals in China next month, with rules to be drafted and take effect next year and in 2021.Agents also face mandatory licensing by FIFA, which aims for stricter and faster enforcement when rules are broken.A range of punishments would include fines, suspensions from work, and transfer bans.advertisementIn the spiraling loan market, FIFA aims to enforce limits for the 2021-22 season eight players moving in and eight players going out in temporary deals on clubs that stockpile talent.The limit would not count players aged 21 and under seeking playing time to speed their development.The limit should become seven players loaned in and out for the next season, and settle at six in each direction when the 2023-24 season starts.FIFA previously announced plans to create a financial clearing house that will also process around $400 million annually to ensure a player’s previous clubs get rightful shares of transfer fees.Also Read | St Petersburg, Munich and Wembley stadium to host Champions League finals from 2021Also see:last_img read more

Ontario enlists former bank CEO to help with bid for Amazon headquarters

TORONTO — Ontario Premier Kathleen Wynne says a former banking executive will help guide the province’s bid to become the home of Amazon’s new corporate headquarters.The online retail giant announced earlier this week that it planned to establish a second North American office, and many cities have already expressed their interest in the project.Wynne joined their ranks on Saturday, announcing she had named former TD Bank chief executive Ed Clark as the head of a group tasked with landing the project.Clark, who retired from TD in 2014, now serves as the Wynne’s business adviser.Wynne says he will head a group of business leaders who will work to secure Amazon’s interest in locating its headquarters in Ontario.Toronto Mayor John Tory has already expressed keen interest in bidding to make Toronto Amazon’s next home.Amazon says that it will spend more than US$5 billion to build another headquarters in North America to house as many as 50,000 employees. The technology company plans to stay in its current Seattle headquarters and the new space will be “a full equal” of its current home, said Amazon founder and CEO Jeff Bezos.Cities have until Oct. 19 to apply through a special website, and Amazon said it will make a final decision next year.While many cities will likely be clamouring to make their pitch to Amazon as well, candidates must meet specific requirements to be considered. Key criteria include: a prime location, access to mass transit and proximity to an international airport. Any potential site must have room to grow, as Amazon wants to expand its new headquarters to as much as eight million square feet in the next decade. That’s about the same size as its current home in Seattle.Other Canadian cities, such as Waterloo, Ont., or Vancouver, may also fit the bill.Amazon said its search is open to any metropolitan area in North America that meets the parameters. The city itself doesn’t necessarily have to be one million people, but declined to say how open it was to going outside of the United States.Amazon’s current campus in Seattle takes up 8.1 million square feet, has 33 buildings and 24 restaurants and is home to more than 40,000 employees. At the second headquarters, Amazon said it will hire up to 50,000 new full-time employees over the next 15 years who would have an average pay of more than $100,000 US a year. read more