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Wrexham AFC, the football club co-owned by Hollywood stars Ryan Reynolds and Rob Mac, has been awarded a £3.8m government grant without a contract or a completed state aid assessment in place. This has raised questions over whether the award was lawful.The club has received a total of £18m in taxpayer-funded grants to help redevelop its stadium, the Racecourse Ground. This is significantly more than any other club in the UK.Responses to freedom of information requests suggest that Wrexham county borough council awarded the money before completing the usual steps. Alexander Rose, a partner specialising in subsidy control at law firm Ward Hadaway, stated that the lack of a final state aid assessment at the time the grant was awarded would have left it vulnerable to legal challenge by a rival.However, there is little prospect of Wrexham AFC being forced to repay the cash, as the one-month window for challenges to be filed has since closed. The leader of Wrexham council, Mark Pritchard, said: “All due diligence and checks were in place ahead of the transfer of any funding and we refute any accusations to the contrary.”Reynolds and Mac took over the club in 2021, bringing with them a wave of sponsorship and global interest via their Disney TV series Welcome to Wrexham. The club has been able to far outspend their lower-league rivals, transforming the club’s fortunes.Wrexham, which was granted city status in 2022, awarded the £18m to the star-studded club as part of its “Wrexham Gateway” urban improvement scheme. Most of the money went towards developing the stadium, despite the club having deep-pocketed owners.The first £3.8m tranche of cash was awarded on 8 February 2022, less than a year after Reynolds and Mac’s takeover. Another £14m was awarded in September 2025.Public authorities that give out grants are required by law to judge if they comply with the principles of subsidy control, to ensure taxpayer money is not misspent. However, in response to a freedom of information request, Wrexham council said it only had “draft assessments” in place before the money was awarded.The council said the final assessment it provided was submitted nearly five months later, on 6 July 2022. In response to questions, the council shared a draft assessment it said dated from 7 September 2021.Rose said: “At the time the £3.8m grant was awarded there was a duty to carry out a principles assessment. Evidence that this assessment wasn’t finalised when the grant was given would certainly have helped a challenger, for example a rival football club.”“Subsidy control rules exist to ensure there’s a level playing field in which businesses can compete,” he added. “That includes in professional football. They’re also an important protection for the taxpayer, preventing wasteful and unnecessary subsidies from being awarded.”Recipients of large grants almost always sign contracts to ensure taxpayer money is spent as promised. Yet the council said the grant was authorised by its executive board and “provided in advance of the finalisation of the grant funding agreement”.The council said the grant funding agreement – apparently covering the whole £18m – was only created in July 2023.The contract was then completed on 17 September 2025, when the £14m tranche was awarded.The two-year delay between the creation of the contract and its signing also offered another potential benefit to Wrexham council: new subsidy control laws that came into force days earlier in August raised the threshold for mandatory scrutiny of the grant by the Competition and Markets Authority.Delaying the subsidy meant the award to Wrexham AFC was not subject to this scrutiny.While it was tapping taxpayer money, the club was also able to raise huge amounts from private backers. In the year to June 2025 it raised £36m through share issues. Three months after the second grant, Reynolds and Mac announced the sale of a stake in the club to Apollo, one of the world’s largest private equity firms.Bloomberg reported that Wrexham was valued as high as £350m. The club then raised another £47.8m in January, according to corporate filings.In the year before it received the £14m grant, Wrexham was able to repay loans worth £10.6m to Ryan Reynolds’s company, according to accounts published last month. It also lost £3.8m from the collapse of Argentex, a currency brokerage that entered special administration in July 2025 because of failed foreign exchange trades.Pritchard, the council leader, said: “The grant represents a small investment compared to what the club will be investing at the Racecourse … In fact, as the club has grown in both stature, ambition and from external investment, the percentage of public investment compared to that of the club has shrunk from roughly 68% of the project costs to around 25% currently.“This demonstrates further value for money in regard to the initial investment from the public purse.”Wrexham AFC said the club is itself making a “significant financial investment with the support of our ownership group and investors”. Accounts published last month show the club has signed a £69.2m contract to build a new stand.The spokesperson said the “funding ensures the facility can be brought up to the required standard to host international sporting events, including international football and rugby matches (as opposed to just meeting domestic football criteria)”

At a damp morning meeting in Sandy Park, Exeter Chiefs chairman Tony Rowe outlined the club’s next chapter: a potential sale to an American investment group that will be decided by the club’s 700‑plus members at an extraordinary general meeting on 7 May.Rowe, now 77, has steered the Chiefs for more than three decades, guiding the team from a modest county‑ground side to Premiership champions in 2010. Yet he admits that “romance doesn’t pay the bills” in today’s professional rugby, and a well‑funded owner could finally provide the financial muscle the club needs.The proposed buyer is described as a “mega‑wealthy multi‑sport investor” already active in British football. If the vote passes, the investor would inject fresh capital, allowing Exeter to compete for top talent such as marquee player Immanuel Feyi‑Waboso and to pursue broader ambitions.Rowe argues that English club rugby must look beyond nostalgia. “We’ve got to wake up and smell the coffee,” he said, emphasizing the need for an owner with deep pockets. He warned that the club’s current shareholder structure, which “has no money,” limits growth.The takeover is part of a wider trend of foreign money entering English rugby, following recent investments in Newcastle Red Bulls and Bath. Rowe believes a cash‑rich owner will position Exeter to help expand the Premiership from its current ten clubs to twelve, and eventually fourteen, with a view to incorporating Welsh sides.He suggested that adding “two Welsh clubs” could revitalise Welsh rugby, which he described as “on its arse,” and noted that travel logistics would not be a barrier for English clubs making weekend trips to Wales.Financial pressures remain acute. Rowe cited a £25 million loss from Covid and the post‑pandemic mini‑recession, compounded by a government grant that was later converted into a loan and a Rugby Football Union (RFU) contribution that covered only half of the promised support.He also criticised a £200 million 2018 deal that gave private‑equity firm CVC Capital Partners a 27 % share of the club’s commercial rights. “We should never have sold those shares,” Rowe lamented, adding that CVC has done little to boost sponsorship or “razzmatazz” for the sport.Looking ahead, Rowe stresses the importance of attracting a younger, millennial fan base, noting that “our future supporters are millennials” and that they will be the financial lifeline of the club.Despite the uncertainties, Rowe remains optimistic. He confirmed he will stay on under the new ownership, describing the investors as “long‑term” and “understanding of the sport.” He warned the new owners must respect Exeter’s Devonian heritage, likening the club’s future to a bus that needs a fresh fuel supply to reach “even greater success.”

Negotiations are intensifying between the Australian National Rugby League (NRL) and the UK’s Super League over a prospective takeover that could reshape the sport’s calendar and governance. The NRL’s chief executive, Andrew Abdo, told The Guardian that any acquisition would hinge on a major investment package and a decisive move to re‑introduce a winter competition, the first such change since 1996.Abdo travelled to England this week to discuss the feasibility of the deal, emphasizing that the London Broncos would be pivotal to the NRL’s vision. He warned that British clubs would need to surrender the extensive control they currently wield if they hope to benefit from the financial backing the NRL could provide.The proposed shift to a winter schedule is driven by the prospect of a global broadcast arrangement that would allow the NRL to sell television rights throughout the year. While a summer season avoids clashing with the Premier League, Abdo argued that a unified calendar could attract new fans and sponsors on an international scale.Super League clubs are reportedly losing close to £20 million annually. An infusion of NRL capital could not only cover the salary‑cap obligations for every club but also free up resources for further investment in facilities, talent development and marketing.Governance would also undergo a overhaul. The NRL operates under an independent commission, whereas Super League’s club owners currently dominate decision‑making. Abdo stressed the need for an independent governing body to make “tough calls” and separate day‑to‑day club interests from the sport’s strategic direction.London’s role is another cornerstone of the plan. Abdo highlighted the city’s diverse population and commercial potential, suggesting that a strong London franchise could boost fan acquisition, sponsorship deals, and overall league visibility.With the existing Sky Sports broadcast contract set to expire at the end of the season, timing is critical. The NRL aims to align its own TV‑rights expansion with a possible partnership, viewing broadcasting as the key lever for global growth.While no formal offer has been lodged, Abdo indicated that the NRL will present its findings to its board and Australian clubs before any official proposal is made. The next few weeks will be decisive for both leagues as they weigh the benefits of a combined, year‑round rugby league ecosystem.

Saudi Arabia has withdrawn its bid to host the 2035 Rugby World Cup as a result of the Public Investment Fund's (PIF) new financial strategy, prioritizing projects with potential returns. The country's sports minister, Prince Abdulaziz bin Turki al-Faisal, had expressed interest in bidding for the tournament last year, but no expression of interest was submitted to World Rugby.The PIF's 'value realization' phase of its Vision 2030 economic plan, published recently, has led to the decision to put rugby aspirations on hold. This shift in focus will impact various projects, including LIV Golf, which will see its funding withdrawn next year.While Saudi Arabia and other Gulf countries, such as Qatar and the United Arab Emirates, had considered a joint bid, it has not materialized. World Rugby's bidding process is ongoing, with countries like Argentina, Japan, and Spain having submitted initial expressions of interest.The decision to step away from the Rugby World Cup bid was made before the conflict in Iran began, and the PIF governor, Yasir al-Rumayyan, confirmed that all spending projects are being reviewed. The PIF will continue to invest in sports but will focus on domestic projects, such as infrastructure related to the 2034 football World Cup and the Formula One track near Riyadh.

OnlyFans, the UK-based adult video platform, has reached a valuation of over $3 billion as it engages in advanced talks to sell a minority stake to US investment firm Architect Capital. The London-based company is looking to offload less than 20% of its shares, with sources confirming the talks to the Guardian.The deal comes at a significant time for OnlyFans, following the death of its founder, Leonid Radvinsky, a Ukrainian-American billionaire who passed away from cancer last month at the age of 43. Radvinsky's death has prompted the company to seek a minority stake sale as a means to guarantee stability for the business.OnlyFans has reportedly chosen Architect Capital for its expertise in the financial services sector. This aligns with the UK company's plans to offer banking products to its creators, who have historically struggled to access such services due to the nature of their work.The platform, synonymous with adult content, operates with a strict 18+ age limit and has 4.6 million creator accounts registered. These creators split their subscription proceeds 80:20 with the platform. OnlyFans also boasts 377 million fan accounts, allowing users to purchase videos and send messages to their favorite performers.In terms of financial performance, OnlyFans posted $1.4 billion in revenues for the year ending November 30, 2024, with a pre-tax profit of $684 million, marking a 4% increase from the previous year. The platform also reported $7.2 billion in payments to creators, a nearly 10% increase.Radvinsky himself received $701 million in dividends from OnlyFans in 2024, adding to the over $1 billion he had previously received. The company had previously explored sale talks with various investors, including a potential 60% stake sale to Architect Capital and a consortium led by Forest Road Company.If the minority sale proceeds, control of OnlyFans will remain with the family trust holding Radvinsky's shares. OnlyFans has declined to comment, while Architect Capital has been contacted for a statement.

War, energy crises and supply‑chain disruptions are eroding confidence across Europe, driving up energy costs and exposing dependence on fossil fuels and critical minerals. These challenges highlight the continent’s structural vulnerabilities.At the same time, coordinated European action—such as the joint effort to protect Greenland’s sovereignty—demonstrates how a united front can expand political and security options. Despite turbulence, Europe remains a highly attractive place to live and work.Germany’s next step, according to Finance Minister Lars Klingbeil, is to secure a sovereign future that is not rooted in nationalism but in collective European strength. He stresses that Europe’s resilience depends on its ability to act independently of external pressures from the United States, China or Russia.The government is launching a €500 bn investment fund aimed at modernising infrastructure and delivering high‑quality public goods. Coupled with a recent amendment to the “debt brake,” this financing will enable upgrades to the armed forces and deeper NATO engagement.Klingbeil also points to Europe’s talent drain, noting that many start‑ups relocate to the United States due to limited capital. To counter this, he advocates accelerating the single European capital‑markets union, giving firms easier access to financing.Germany’s traditional system of collective bargaining—linking unions, employers and the state—offers a strategic advantage during crises. Building on this, the proposed tax overhaul aims to raise disposable incomes for roughly 95 % of households while asking the wealthiest to contribute more.With a part‑time employment rate close to 40 %, one of the highest in the EU, and half of women working part‑time, the reform agenda targets structural labour‑market barriers. Current measures, such as income‑splitting for married couples, can discourage higher earnings because of benefit withdrawal thresholds.Investments in childcare facilities and the expansion of all‑day schools are also on the agenda, intended to ease family life and support higher labour‑force participation.Affordability measures will focus on reducing energy, transport and housing costs while improving education and childcare provision.The ongoing conflict in Iran reinforces the need for a decisive energy transition. Klingbeil calls for expanded wind and solar capacity, larger electricity‑storage solutions, and modernised grids, warning that any push to revive nuclear power threatens Germany’s sovereignty.Europe must continue to champion open trade, as illustrated by recent EU agreements with Australia, Mercosur nations and India. Yet, to guard against unfair competition, the bloc should consider local‑content rules and “Buy European” policies in strategic sectors, and tighten investment‑protection standards to ensure foreign takeovers deliver tangible economic and technological benefits.Public officials must lead the charge, but businesses are also urged to prioritize community and employee welfare over short‑term profit motives.These domestic reforms and external alliances are presented as two sides of the same coin: a confident, democratic Europe that acknowledges its weaknesses, embraces bold change, and sets its own terms on the global stage.Upcoming progressive leaders’ meetings in Barcelona (April 17‑18) will serve as a platform to cement this vision, positioning a reformed Germany as a cornerstone of a stronger Europe.In Klingbeil’s words, “strength is freedom; sovereignty is not about walls, but about having the power to keep them down.”

Richard Desmond, the media tycoon and former proprietor of the Daily Express and Channel 5, has lost his claim for up to £1.3bn in damages against the Gambling Commission. The claim was related to the regulator's decision not to award him the 10-year licence to run the national lottery.Desmond's companies, Northern & Shell investment company and the New Lottery Company, had launched a legal action against the Gambling Commission in 2022, arguing that the commission made 'manifest errors' in the process governing the UK's largest public sector contract, worth £6.5bn. The legal process was lengthy, with Desmond's costs estimated to have reached £55m by May last year.The media mogul claimed the commission's mistakes caused him to incur £17.5m of needless costs in pursuing his bid. However, he was also seeking up to £1.3bn in damages to reflect hypothetical lost earnings from running the lottery.The licence was ultimately awarded to Allwyn, a new vehicle owned by Czech billionaire Karel Komárek, which has been running the draw since 2024. On Friday, Mrs Justice Smith dismissed Desmond's claim, stating that the claimants had failed to make out any case of 'manifest error' on the part of the commission.The competition for the award of the fourth licence was found to have reached a lawful outcome. Desmond had previously failed with a separate claim that Allwyn had received an unlawful £70m marketing subsidy from the Gambling Commission.

LIV Golf chief executive Scott O'Neil has acknowledged that the rebel golf tour's finances are being managed very tightly and that structural changes are on the horizon, which may necessitate raising additional funds. However, he emphatically stated that the league will not fold.O'Neil's comments come on the heels of reports that Saudi Arabia's Public Investment Fund, a key backer of LIV Golf, is cutting its funding for the league. Despite this, O'Neil described the situation as 'business as usual' and expressed confidence in the tour's future prospects.In an interview with LIV employees during the broadcast of the tour's Mexico City event, O'Neil hinted at upcoming structural changes but did not provide specifics. He suggested that these changes could involve new formats or business structures, possibly including team-based elements.O'Neil also downplayed speculation about the tour's financial health, stating that LIV Golf had secured almost $500 million in sponsorships last year from major brands like Rolex, HSBC, and Aramco. He emphasized the tour's global appeal, particularly in markets such as Australia and Asia, where it has attracted significant interest.While acknowledging that fundraising may be necessary, O'Neil expressed optimism about the tour's trajectory, suggesting that continued revenue growth could mitigate the need for external funding. He concluded by stating that LIV Golf is poised for long-term success and will continue to evolve in the coming months.

The UK government has taken a significant step in boosting its tech sector by announcing its first investment in a £500m sovereign AI fund. Technology Secretary Liz Kendall has urged the public to 'make AI work for Britain', despite concerns about job disruption and cybersecurity risks.Kendall acknowledged that 'people are worried about the risks and what it means for their jobs', but emphasized that AI entrepreneurs believe they can create new employment opportunities. The government has taken an undisclosed shareholding in London-based Callosum, a company that helps different types of computer chips work together efficiently to train and operate AI models.The investment is part of a broader effort to support national AI champions and ensure that internationally competitive companies can start, scale, and stay in Britain. The sovereign AI unit, designed to act like a venture capital fund, has also provided access to a network of government-funded supercomputers to help six UK companies develop AI models.These companies include Prima Mente, which is building 'biological foundation models' to tackle diseases like Alzheimer's; Cursive, a company developing autonomous AI agents founded by Google DeepMind alumni; and Odyssey, which develops 'world models', an approach to AI where systems interact with a convincing simulation of the real world.Rachel Reeves, the chancellor, said that by supporting national AI champions, the UK could ensure that internationally competitive companies can 'start, scale and stay here in Britain'. The investment is seen as a key step in establishing the UK as a leader in the AI sector.