Kia Joorabchian became a household name in England in 2007 when he claimed he owned the “economic rights” for Carlos Tevez while in the middle of a lucrative move to Manchester United. His club West Ham, though, felt that they deserved to get the transfer fee from his sale since they ‘owned’ the player. The matter eventually ended up in the Court of Arbitration for Sport which ruled that even though West Ham had some rights to get a share of the transfer fee, most of it would go to Joorabchian-owned Media Sports Investment. A landmark judgement in a way that this type of player-owner partnership became common knowledge to the average fan. The English FA, however, has since banned the ownership of players by third parties, but it is still widely practiced in the rest of European leagues.
To put it in banal terms, a third-party ownership means that the player’s economic benefit i.e. his economic rights, are owned by a third party – a portion of it anyway. How it works is that when such an agency finds a player with potential, they buy some portion of the economic rights to the player. The player, mostly hailing from the poorer countries, is promised a steady income in return, and if his stock rises and he makes a move to a big club, a big payday is in the offing.
The obvious downside to this is that the player is seen as an ‘asset’ and treated as one when being sold/ bought by a club. Since the company owns the economic rights of the player, the decisions it sometimes takes are exactly that – economic. Rather than looking at what is best for a player in terms of his career progression, the company will obviously choose what is best for them financially. If that offer happens to come from one of the big leagues or from one of the big teams, icing on the cake. A classic case of this is the career so far of Radamel Falcao, a case that is discussed later in the piece.
The counter-argument to this is also quite a strong one. Players from the South American countries, mostly raised in a poverty-ridden environment, look to this as a means of making sure of a secure future, financially. A relatively unknown player playing in the Brazilian League, for example, can become an overnight superstar if his ‘owner’ manages to broker a deal with one of the European giants. In many cases, the agency pays some amount of the transfer fee and considers it as an ‘investment’ in the player. In that case then, the player than feels obligated to heed to the agency’s advice since they had invested at a time when no one would.
While making his case in the CAS, Joorabchian and many other ‘super-agents’ like him have since argued that having this style of ownership would mitigate the risk that a club takes when signing a certain player. If the player fails and his price is significantly lowered, the loss is shared. If, however, the player succeeds and is sold for a profit, the club takes in a significant portion of the money – if not all- but the risk is reduced.
A classic case would be that of current AS Monaco striker, Radamel Falcao. A company called Doyen Sports Investment (owned in part by Cristiano Ronaldo’s agent Jorge Mendes and former Chelsea chief executive Peter Kenyon, among others) owns a portion of Falcao’s economic rights. At the time he was not owned by any agency, he moved from River Plate in Argentina to FC Porto in Portugal. 41 goals in 51 matches for the Portuguese side later, the footballing world began to take notice.
Falcao’s stock Ai??rose and a potential move to Spanish giants Atletico Madrid for 32 million pounds was on the cards. Doyen Sports then stepped in and bought 55% of Falcao’s economic rights meaning that cash-strapped Atletico had to pay only 45% of the 32 million pounds to get the Colombian’s signature. A win-win deal for both parties involved.
Another 52 goals for Atletico and two seasons later, Radamel Falcao was one of the most talked about strikers on the planet. A potential big-money move to Real Madrid or Manchester City or Chelsea was being talked about. Instead, he surprised everyone when he announced he had signed for AS Monaco, who were just promoted to the French Ligue 1.
As it turns out, the most recent addition to clubs owned by billionaires, Monaco had the deepest pockets and offered 51 million pounds for the transfer of Falcao. This was in addition to the cool 12 million pounds he would earn every year, in the tax haven that is Monaco. The poor boy from Santa Marta in Colombia now had enough money to last a lifetime. His part-owners, Doyen Sports, also pocketed a decent 28 million for the deal, a profit of more than 12 million when they invested in him while Ai??he was moving from Porto to Atletico.
Falcao is just one of many South American players to have gone this way. Only time will tell if it is detrimental to him and his career. A career, that for slightly lesser money, would be headlining the major papers in Spain or England. A career that could have had one or more UEFA Champions League medals to his name. This is not to say that Monaco cannot do it, but history is against them as only one French team has ever won the coveted trophy. For him to forgo his personal ambitions for only relatively slightly more money, did not make sense to many fans around the world.
Football purists believe this is ruining the ‘beautiful game’ by making it more commercial than it has already become. It is almost akin to selling one’s soul, they would say. On the other hand, the agencies involved in this believe it only brings the economic disparity between the big clubs of Europe and the rest of the world a little closer. They make the ‘poor’ clubs feel that they can at least compete with the giants of the League. Whichever side of the fence one is on, it is quite clear to see that money, like with real life, makes the footballing world go round.
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