SWR: Chapter 816/819

Chapter 816: Target Seven

The day before the match, after their morning training session and a brief lunch break, the team set off for the Abu Dhabi Palace.

The entire process of meeting the sheikh was steeped in ceremony. There were designated staff to instruct Manchester City on where to go, how to proceed, and what etiquette to observe. It was said the event would also be broadcast on Al Jazeera.

Everyone at Manchester City took it very seriously. Mubarak and others accompanied the team, acting as interpreters.

Gao Shen was undoubtedly the central figure. Naturally, he led the team at the front, with everyone else following behind.

The UAE isn't a large country, and Abu Dhabi likely doesn't have a heavy load of governmental affairs, but their president was still very busy. All ministers were present for the entire audience, making the occasion appear particularly grand.

The Manchester City delegation waited in the palace for about half an hour before they were finally ushered in for the audience.

The sheikh and ministers were dressed in their finest attire, but the whole meeting lasted less than ten minutes.

As the most powerful figure in the UAE and Abu Dhabi, the sheikh first praised Manchester City's contributions to Abu Dhabi and the UAE, especially after winning the Champions League, which had brought great positive exposure to the country.

He specifically mentioned Gao Shen, shook his hand, and exchanged a few words with him—mainly affirmations and words of gratitude.

Several lesser-known ministers also said a few words, after which the Manchester City group took their leave.

Although brief, the entire process was full of formality and left a deep impression of majesty and solemnity.

Gao Shen understood that this was more than just a meeting with Manchester City. It was more like sending a signal.

Over the years, the Middle East has been wealthy, but its people have been plagued by troubles.

As the saying goes, a man's wealth is his own undoing.

When you hold immense wealth without the power to protect it, that often marks the beginning of misfortune.

The Middle East has been in turmoil for many years because of oil.

In fact, everyone in the Middle East, including the ruling class, has always been concerned about one thing: what if, one day, oil ceases to be a strategic resource? Or worse, what if it runs out entirely?

They weren't just thinking about themselves, but about future generations too.

That's why, over the years, the region has been pushing for transformation and breakthroughs.

For example, the UAE has heavily invested in developing Dubai and Abu Dhabi. Wealthy individuals from various Middle Eastern countries have gone on spending sprees across Europe, buying stakes in banks, ports, investment companies, and acquiring assets like London's Knightsbridge.

Ultimately, they're all seeking a future no longer dependent on oil.

Perhaps, this meeting with Manchester City is also a part of that signal.

After leaving the palace, Gao Shen and his group visited Mansour's private residence.

He had prepared a lavish banquet to host the Manchester City squad and their families.

During their stay in Abu Dhabi, all accommodations, meals, and transport were arranged by Mansour. At the banquet, he also gave each guest a valuable gift.

Of course, it wasn't the kind of watch worth hundreds of thousands like last time. These were more modest. After all, there were too many people this time, and even billionaires must be cost-conscious occasionally.

After the banquet, Gao Shen asked Carlo and Brian Kidd to take the team back to the hotel, as they would later visit the stadium to get familiar with the pitch. He stayed behind to chat with Mansour, Mubarak, Gary Cook, and others.

Mubarak reported the outcome of his talks with other Premier League clubs. The responses were mostly negative.

Most clubs did not want Gao Shen to continue managing Manchester City. They all recognized that if he stayed, Manchester City would become the dominant force in the Premier League.

The Premier League itself had a similar stance.

From the league's perspective, they didn't want to see a single team monopolizing success. That would eliminate competition and suspense, making it harder to promote the league.

Why had the Premier League been packaging the so-called Big Four all these years?

Because each of those teams had the strength to contend for the title.

Now, Manchester City had joined them.

In La Liga, it's clear: Real Madrid and Barcelona dominate. In Serie A, Inter Milan has struggled, Juventus is catching up, and Napoli occasionally shines. In the Bundesliga, it's Bayern Munich's domain, with Dortmund only occasionally showing promise.

Only the Premier League has the most intense title race.

Manchester City had dominated the league for three straight years. If Gao Shen stayed, it would harm the competitive balance of the Premier League.

"No one wants to watch a league without suspense!" Premier League CEO Richard Scudamore had reportedly told Mubarak.

It was obvious that he still resented Manchester United's dominance in recent years, but he couldn't do anything about it—United had the strength, the money, and Ferguson.

Then Chelsea rose. Now, here comes Manchester City with Gao Shen.

The league didn't want another Ferguson and Manchester United-like dominance.

After listening to Mubarak and Gary Cook's report, Mansour kept nodding. "From a business perspective, their view is understandable. The only problem is, we're too strong."

With that, he burst into laughter.

Everyone else smiled.

That was indeed the case. If Manchester City weren't this strong, others might have agreed.

After all, if both Manchester City and Leeds United were in the Premier League, any losses would be against Manchester City's interests.

Could Gao Shen really control other teams?

The issue now was that Manchester City was just too strong, and no one wanted Gao Shen to stay.

Mansour was decisive. Since there was no alternative, he had no choice but to accept it. So, he quickly changed his tone and encouraged Gao Shen to continue working hard and strive for even greater achievements this season.

"Don't worry. I've already told the players: our goal this season is to win four titles!"

Gao Shen's words surprised both Mubarak and Gary Cook. They hadn't heard this before.

In Premier League history, only Manchester United and Manchester City had ever won a treble. No one had ever won a quadruple.

If you included the Community Shield, the UEFA Super Cup, and the Club World Cup, that would make seven titles.

More importantly, no team had ever defended the Champions League title since its format change.

Seven trophies and a Champions League title defense—Gao Shen's goal was bold and ambitious!

Even Mansour was moved after hearing Mubarak's explanation.

"Alright, Gao, I wish you and the team success in achieving your goals!"

It was certainly a pity to lose a manager like Gao Shen. But if he could deliver seven trophies and defend the Champions League, that would be an unprecedented feat.

It would greatly elevate Manchester City's status in the Premier League and across Europe.

It would solidify the club as a true European powerhouse!

Gao Shen had done so much—what more could Mansour say?

"Gao, that's a lofty goal," Mubarak said with concern as they returned to the Royal Palace Hotel.

Manchester City was indeed strong, but beating everyone? That was a tall order.

Didn't they just have a fierce battle with Chelsea at Stamford Bridge?

Nothing is ever 100% certain in football.

If matches could be decided just by stacking strength, then what's the point of playing? Isn't it just simple math?

"It's definitely not easy. I even think maybe that goal was a bit too bold to say in front of the big boss," Gary Cook said cautiously as he looked at Gao Shen.

All employees, no matter how high their salaries or positions, instinctively shy away from setting too many KPIs in front of the top boss.

But Gao Shen was different.

If he simply coached step by step, life would be too easy.

He liked things to be exciting and challenging.

"Too bold?" Gao Shen looked at Gary Cook. This guy lacked guts and had only average competence. No wonder he was fired in his previous life.

"We need a goal like this to inspire the team. We're not just Manchester City anymore—we're treble winners, Champions League winners. Think about what Ferguson did after winning the treble."

He sold Stam and brought in Veron.

That was Ferguson's signal that he wanted to rebuild Manchester United.

It was a bold move.

Back in 1999, Manchester United wasn't the strongest team in Europe.

If they really were that dominant, how did they get outplayed by Juventus and Bayern Munich and only pull off a miracle comeback?

But now, Manchester City really was strong.

Not even inferior to Barcelona.

In that case, Gao Shen's only goal could be to win everything. Only then could he and his players summon the fighting spirit to push forward.

"I want to leave an unforgettable memory for Manchester City!" Gao Shen declared firmly.

And it wasn't just his desire.

After Gao Shen spoke to the players in the locker room, they all supported his decision and expressed their willingness to fight for all the titles with him.

This wasn't just about Gao Shen, the players, or Manchester City. It was about everyone.

"Well said!" Mubarak was fired up too. "Just lead your players forward. Gary and I, and everyone at the club, will be your strongest support. I promise you won't have any worries!"

Mubarak had made his stance clear, and Gary Cook immediately voiced his full support for Gao Shen as well.

Thus, in this extended Rolls-Royce on the way back to the Royal Palace Hotel, Manchester City's "Big Three" reached a unanimous agreement.

After returning to the hotel, everyone got back to their own work.

Gao Shen took a brief rest before taking the team to the stadium for their final familiarization training session.

Incidentally, the final would also be held at this stadium.

Gao Shen was determined to win both matches!

(To be continued.)

Chapter 817: World Champion

In the Club World Cup semi-finals, Manchester City faced Al Sadd.

Al Sadd's head coach, Uruguayan Jorge Fossati, deployed a 4-5-1 formation with three defensive midfielders, clearly showing his caution against Manchester City.

Only Mamadou Niang was left up front, prepared for counterattacks.

Since arriving in Abu Dhabi, Manchester City had maintained a relaxed schedule. Players were given time off to travel and explore, and training sessions were open to fans and the media, creating an atmosphere of ease.

But when it came to the match, Manchester City took it very seriously.

FIFA has strict requirements for participating teams in the Club World Cup regarding player appearances. Star players must feature in the matches. This is because some teams in the past fielded reserve squads, which severely impacted the tournament's revenue and reputation.

But Manchester City was different. Their squad was simply too strong.

Gao Shen chose to rest several core players for the final three days later.

After kick-off, Manchester City repeatedly fell into Al Sadd's offside trap.

The match was completely under City's control, but they struggled to break the deadlock.

It wasn't until the 17th minute that Manchester City finally created a clear chance inside the box.

While an Al Sadd defender was attempting to clear the ball, Yaya Touré charged in and blocked it with his body.

Van Persie reacted quickly, seizing the rebound and firing a low shot from near the penalty spot. The ball went straight into the net, giving Manchester City a 1-0 lead.

Just eight minutes later, Hazard crossed from the left side of the penalty area. The ball was initially blocked by a defender, but Zabaleta collected it on the right side, dribbled into the box, and smashed a volley to make it 2-0 for City!

Then, in the 34th minute, after a run from Leighton Baines, Hazard dribbled past four defenders and fed the ball to Van Persie. The Dutch striker calmly finished, scoring his second goal of the match.

3-0!

What stood out was that Al Sadd didn't register a single shot in the entire first half.

Not even a speculative long-range effort.

In the second half, Manchester City continued to dominate, creating chance after chance.

In the 64th minute, Hazard delivered a through ball and Yaya Touré tapped it in from close range, making it 4-0.

In the 71st minute, Henderson played a through pass, Leighton Baines made a sudden run into the left side of the box, and slotted home a low shot to make it 5-0!

At that point, Manchester City eased off and began to conserve energy.

Al Sadd didn't register their first shot until the 76th minute.

This performance highlighted the significant gap between Asian and European professional football.

Even the AFC Champions League winners couldn't manage a single shot against Manchester City.

…

Three days later, in the Club World Cup final, Manchester City faced Santos.

From the start, Manchester City took the initiative.

This time, Gao Shen fielded a full-strength lineup, which was also in accordance with FIFA's regulations.

The players gave their all—after all, this was a world championship.

Gao Shen reminded his defenders to pay close attention to Neymar, but once the game started, it seemed unnecessary.

Manchester City's dominance was overwhelming.

In the first ten minutes, City focused on ball control, organization, and attacking. Santos was pinned back, forced to defend.

It wasn't until the 11th minute that Santos found a chance to launch a counterattack.

Ganso passed to Neymar.

The Brazilian star dribbled toward the top of the penalty area. Facing Javi Martínez, Neymar chose not to pass and attempted to beat him one-on-one. But Javi Martínez was ready—he stepped in, used his body to shield the ball, made the interception, and launched a swift Manchester City counterattack.

Coincidence?

Not at all. In the 15th minute, Santos launched another counter.

Ganso played a through ball, hoping Neymar could get behind City's center-back Jerome Boateng.

Clearly, Santos had done their homework. They knew Boateng was often seen as a weak link in City's defense.

But they overlooked a key point—weakness is relative.

Against top European teams, Boateng might be a vulnerability. But for Santos…

Neymar chased the ball, trying to outpace Boateng, only to realize that the tall and powerful defender wasn't slow at all. Boateng used his body well, shielded the ball, and with his long legs, intercepted it cleanly. He then turned, protected the ball, and passed it up to David Silva.

The Santos players were likely stunned.

Are all European center-backs this good?

This time, David Silva made no mistake. He sent the ball to Robben on the right.

Robben cut inside from the flank, shook off his marker, and smashed a left-footed volley past the keeper. 1-0 to Manchester City!

Just four minutes later, City launched another quick counterattack. Lichtsteiner passed to Robben, who dribbled into the box and took a shot.

The keeper managed to push the ball to the left, but Gareth Bale followed up with a left-footed finish to make it 2-0!

…

It was all but over!

Gao Shen clapped hard on the sidelines, applauding his players.

Carlo and the others did the same. Thunderous applause filled the stadium.

This was the power of the Champions League winners!

"Is he really worth 45 million euros?" Brian Kidd asked in confusion.

Neymar hadn't made any meaningful contribution. His dribbling and individual efforts had been ineffective, and he hadn't even taken a shot. Was he really worth that price tag?

More importantly, his mohawk haircut looked really stylish.

Gao Shen and Carlo exchanged glances and laughed.

You couldn't blame Brian Kidd for having doubts. Brazilian players rarely succeeded in the Premier League. For a long time, the league was even considered a graveyard for Brazilians—until Juninho and Gilberto Silva proved otherwise.

So the Premier League community didn't know much about Brazilian players.

"Don't think it's expensive. You won't be able to buy Neymar for 45 million euros anymore," Gao Shen said with a smile.

"Seriously? Based on what we've seen?" Brian Kidd remained skeptical.

Gao Shen couldn't exactly tell him Neymar was just out of form in a big game.

Actually, Gao Shen didn't think Neymar played badly. He just wasn't used to the tempo.

It wasn't just Neymar. Many Brazilian and Eredivisie players faced similar issues.

Why do players with good performances in big tournaments sell for high prices?

It's simple. Cup competitions, especially ones like the World Cup, European Championship, and Champions League, truly test a player's abilities.

Whether it's a donkey or a racehorse, you'll know once the match starts.

Neymar's poor performance tonight wasn't because of poor form. He simply couldn't adapt to Manchester City's tempo and defensive pressure.

Brazil's domestic league has a much more relaxed style, with less defensive intensity. Brazil promotes attacking football, and defensive players aren't particularly appreciated.

This creates a problem—players who thrive in a slow-paced, lax environment find it hard to adapt to European football, leading to a sharp drop in performance.

Coincidence?

Not at all!

Most fans are familiar with the top scorers in the Eredivisie. Aside from Luis Suárez, most have failed to make an impact in top European leagues.

Players like Kežman and Afonso Alves dominated the Eredivisie, but flopped once they moved to bigger leagues. Even Kuyt, who scored loads in the Netherlands, became more of a workhorse at Liverpool.

That's because the Eredivisie is slow-paced and loosely defended, giving attackers time and space.

In top leagues, especially the Premier League, there's no such luxury.

As Wenger once said: if you hesitate even for a second after receiving the ball, the defender will already be in your face.

That's why even a talent like Neymar struggled to keep possession against Manchester City.

Of course, with Neymar's ability, once he adapts, he'll certainly deliver.

But Manchester City had no intention of giving him time to adjust.

Before halftime, Lichtsteiner crossed from the right. Suárez controlled the ball, dribbled past center-back Bruno, and scored. 3-0!

In the second half, City continued their relentless attack on Santos.

In the 72nd minute, Gareth Bale dribbled past the goalkeeper and finished into an empty net. 4-0!

That was Manchester City's final goal of the match.

…

Neymar eventually had a few decent moments. After City pulled back slightly, he managed a shot and took a direct free kick—but neither effort resulted in a goal.

The Brazilian star looked visibly frustrated.

He had clearly hoped to prove himself against Manchester City.

Everyone knew that City had the money, the players, and the trophies—truly the model modern club.

But after a performance like this, Neymar was too embarrassed to even greet Gao Shen after the final whistle. He left quietly.

Gao Shen didn't care. He had no interest in picking up a "project."

Given his current status and reputation, he didn't need to worry about players' feelings.

On the contrary, Felipe Anderson, who had been on the bench the entire match, waved to Gao Shen from a distance, though he didn't dare approach.

Gao Shen walked over himself and exchanged a few words with him.

Their conversation was interrupted when former Manchester City player Elano came over to greet Gao Shen.

Elano had come on as a substitute in the 30th minute of the first half in an attempt to strengthen the attack, but he failed to make any real impact.

It was Gao Shen who had sold him back then, but now, Elano still seemed friendly with him and the club.

(To be continued.)

Chapter 818: The Most Outrageous Lottery

After winning the Club World Cup in Abu Dhabi, Manchester City received a hero's welcome as they returned to Manchester.

When captain Kompany appeared holding the Club World Cup trophy, the fans outside the Etihad Stadium went wild.

This was the first world championship in Manchester City's history.

But the real celebration would take place two days later, during the 17th round of the Premier League.

Due to their participation in the Club World Cup, Manchester City's Round 16 home match against Arsenal was postponed to January. So currently, they had one game less than the other teams in the league table.

Even so, it didn't affect City's position—they were still leading the league.

In their last match before Christmas, Manchester City hosted Stoke City and organized a special Club World Cup trophy ceremony. Captain Kompany led the players around the Etihad Stadium with the trophy, receiving thunderous applause and cheers from all the home fans.

Sky Sports broadcast the entire trophy parade live, congratulating Manchester City on their Club World Cup triumph.

In the match that followed, Manchester City beat Stoke City 3-0, with Van Persie scoring a brace and Robinho adding a goal. The game was smooth and under full control.

After Round 17 of the Premier League, the league entered a short Christmas break.

But starting from the 26th, Boxing Day, the most grueling Christmas schedule was about to begin.

On the afternoon of the 26th, the afternoon of the 31st, and the evening of January 3rd, Manchester City would play three Premier League matches in quick succession. Their opponents were West Bromwich Albion (away), Sunderland (away), and Liverpool (home)—a series of tough fixtures.

Although West Brom and Sunderland weren't particularly strong, both were away games.

Playing away during the festive period was always a mental and physical test, especially with a high-profile home clash against Liverpool looming.

After that came the FA Cup third round on January 7th.

And that was the most ridiculous part.

Manchester City had drawn Manchester United!

Yes, the Manchester derby would take place in the third round of the FA Cup. Could there be anything more absurd?

Gao Shen really hadn't expected Manchester City to be so unlucky.

Out of the 64 teams in the third round of the FA Cup, Manchester City had drawn Manchester United—and right in the middle of the brutal festive schedule.

If Gary Cook hadn't personally supervised the entire draw, Gao Shen would have suspected foul play behind the scenes.

Another interesting coincidence—Leeds United had drawn Arsenal again.

Everyone was familiar with this matchup. Last season, the White Roses faced Arsenal in the third round of the FA Cup. They drew 1-1 at the Emirates but were knocked out in the second leg at Elland Road.

Now, by some bizarre twist of fate, they had drawn them again.

The only difference was that this time, Leeds United would be playing at home.

Gao Shen was honestly speechless.

But looking at it from another angle, maybe it wasn't such a bad thing.

When Gao Shen had some free time, he invited Fernando Lucas, Rodolfo Borrell, and Sarri to his house for dinner. Except for Sarri's long face, Lucas and Borrell were in high spirits.

"You know what? Elland Road was packed for our League Cup match against Manchester United," Fernando Lucas said, explaining his good mood.

Gao Shen naturally knew what he meant. "You're talking about…"

"For the cup matches, we priced all tickets at £35. Including revenue from stadium sales—although part of it went to the away fans—we still made £1.5 million from that game."

Leeds United's home attendance had always been high, though it depended on the opponent.

For example, after beating Manchester United, they didn't earn much from the away game against Aldershot.

That was pretty frustrating.

Initially, Leeds United had approached Aldershot for a venue switch, since Elland Road had a larger capacity and higher attendance. Holding the match in Leeds would have benefited both clubs financially.

Of course, Leeds United would have earned more.

But Aldershot refused. The draw had them at home, and they were unwilling to change it.

Later, when Leeds faced Crystal Palace, the match only brought in around £1 million, and attendance wasn't as high as against Manchester United.

Fortunately, the next match against Cardiff was another hit. Home tickets sold out, and the away allocation was also gone. The club expected to make a good amount from that fixture as well.

The FA Cup is a prestigious tournament and tends to attract more attention than the League Cup.

A home match against Arsenal would surely pack Elland Road again and bring in at least another £1 million in match-day revenue.

Gao Shen smiled and shook his head.

Looking at Lucas, then at Sarri, he thought—this was the difference between an operator and a head coach.

For a club like Leeds United, £1.5 million was a huge amount of income. Since they weren't going to win the cup anyway, why not draw a big team and maximize revenue?

And this wasn't just Leeds United's mindset. Many lower-league clubs felt the same way.

But Sarri wasn't buying it.

Come on, who doesn't want to advance?

Facing a big club this early… do you really think you'll survive?

Each person was just standing from their own perspective, and it was understandable.

Although the season was only halfway through, the team's overall condition was quite good.

"We did a preliminary estimate. This season's revenue should exceed £50 million," said Su Qing.

"So high?" Gao Shen was genuinely surprised.

"This is mainly due to the surge in match-day income, which is projected to reach over £25 million, making up more than half of our total revenue."

At the start of the season, season ticket sales alone had surpassed £10 million—a figure unmatched among Championship teams.

That was all thanks to the season ticket refund policy Gao Shen introduced.

Later on, many teams tried to copy Leeds United's model, but none achieved the same results.

In the end, whether a strategy works or not depends on timing and execution.

The rest of the match-day revenue came from individual ticket sales, match-day catering, fan merchandise, and other stadium-related commercial income.

"In addition, our business operations this year have performed well, especially in attracting sponsors. But match-day revenue still accounts for too much. Next, we plan to ramp up commercial efforts—especially in jersey sponsorship. We're currently in talks with several large companies, and they're very interested."

Leeds United was riding a strong wave of momentum. Naturally, major brands like Adidas, Nike, Puma, Kappa, and Umbro had taken notice.

More importantly, thanks to Gao Shen's earlier brand positioning, Leeds United had developed a strong online presence.

At Elland Road, there was even a dedicated five-person team managing their internet business, including social media and video platforms. Additionally, the Chinese branch had two staff members handling similar responsibilities.

That meant, even as a Championship club, Leeds United had accumulated over 10 million followers on social media—more than many Premier League teams.

On video platforms, Leeds United's content was short, engaging, and funny, making it particularly popular with young fans.

The club was still in a growth phase, but the momentum was very strong.

That said, even if Leeds United were promoted to the Premier League, it would be unrealistic to expect a jersey sponsorship deal worth tens of millions right away.

The club positioned itself as a mid-table Premier League side, which would put the shirt sponsorship at about £5 to £6 million.

Even that was a high bar to clear.

Don't be fooled by the numbers you see at the top clubs. Juventus signed a deal with Nike for €13 million, and Manchester United's sponsorship exceeded £30 million—but those are elite clubs.

In truth, in most leagues, the top clubs dominate revenue.

The Premier League is relatively fairer, where even mid-table teams can benefit. But in La Liga, for example, all the other clubs combined still fall short of Real Madrid and Barcelona.

Given that, Leeds United would still find it difficult to land a £5 to £6 million kit deal.

Still, one thing must be said—reaching £50 million in revenue this season was a historic milestone for Leeds United. And that's after excluding all income from player transfers.

Otherwise, the number would be even higher.

Among Championship clubs, and excluding relegated sides like West Ham who received parachute payments, Leeds United topped the revenue list. It clearly showed that after nearly a year under Gao Shen, the club had undergone a complete transformation.

Everyone knows that professional football is all about money—you can't compete if you don't have any.

But running a football club and making it profitable is extremely difficult. Across all of European football, there are very few clubs that actually make money. Most are operating under immense pressure.

Although Leeds United's projected revenue of £50 million sounded high, their expenses were also significant.

Su Qing had her own reservations. This season, Leeds United's wage and bonus bill was expected to hit £40 million.

That might sound good.

With £50 million in revenue, and £40 million in salaries and bonuses, there should be £10 million left over, right?

Please. That figure also needs to cover stadium and training ground maintenance, along with daily administrative costs.

So how much is actually left?

Don't forget—the stadium and training ground were loaned to Leeds United by Gao Shen, and he hadn't even started charging rent yet.

If Gao Shen started collecting rent now, Leeds United would be lucky just to break even.

This was what Su Qing resented most about Gao Shen. She always said Virgo men were strange.

Why?

Because Leeds United's salary bill wasn't originally that high. But after Gao Shen took over, he hired a large number of professionals—such as in the methodology department, youth development, scouting, and big data.

As a result, Leeds United now had an unusually large staff base, and their non-playing staff salary bill had surpassed the total wages of the players.

Seriously, had anyone ever seen a club where the staff earned more than the players?

Leeds United was one.

This was a hidden issue and even bordered on violating UEFA's financial regulations.

(To be continued.)

Chapter 819: Capital Era

Despite mixed reviews from the outside world, all European club operators must admit that the UEFA Financial Fair Play Act, implemented by UEFA in 2010, has completely changed the landscape of European football.

Many people associate the act with balance of payments and late payment penalties, but it actually contains much more detailed regulations.

For instance, regarding balance of payments, UEFA clearly stipulated that starting from 2014, a club's wage expenditure must not exceed 70% of its total revenue.

This provision is especially important.

In August of this year, the Spanish Economist conducted a survey of the 20 La Liga clubs. The only club able to meet this wage-to-revenue ratio was Real Madrid.

At that time, a total of 200 players from La Liga and the Segunda División were owed wages amounting to 52 million euros. This sparked a players' strike that resulted in the postponement of La Liga's opening round.

Media outlets also published financial statistics from the 09/10 season, showing that the total revenue of the 20 La Liga clubs was 1.61 billion euros, while total expenditure reached 1.823 billion euros—a deficit of over 200 million.

It was La Liga's fourth consecutive season in the red.

Among them, only Real Madrid kept wages within 70% of income. Even Barcelona failed to meet this benchmark.

According to Deloitte data, Barcelona's revenue in the 09/10 season reached 415 million euros, becoming the second club in Europe after Real Madrid to surpass the 400 million threshold. However, their pre-tax wages and bonus expenses exceeded 300 million euros, accounting for 77% of revenue.

In other words, Barcelona had already breached UEFA's warning line.

The Economist noted that although two years have passed and Barcelona has worked hard to increase income and reduce expenses—especially under Rosell, who implemented cuts in administration, La Masia, and the first team—the club still posted losses. Renewals with core players like Messi, Iniesta, and Xavi only further increased the wage-to-revenue ratio.

This is a very tricky issue.

Keep the players, and wage pressure rises after contract renewals. Sell them, and the team's competitiveness drops. It's a tough balancing act.

In this regard, Real Madrid can be seen as a model club. Florentino has maintained tight control over the wage structure, always keeping the team within a reasonable range.

Gao Shen told Su Qing and Lucas that they must learn from Real Madrid's financial discipline.

Once the warning line is breached, it's time to sell.

Of course, Leeds United's situation is not that severe yet.

The ratio Su Qing mentioned as being too high is only that way because transfer income was excluded.

If transfer income is added, Leeds United's ratios actually look quite healthy.

However, in European football, player sales are rarely included when assessing a club's financial health, because everyone knows that this kind of income is one-off.

Back when Gao Shen was in the City of London, he heard plenty of amusing tales from bankers about how foreign club owners were duped. For instance, some clubs would sell players year after year to make their finances look good, while using loans or free transfers to fill out their squad and maintain competitiveness.

As a result, their performance seemed solid, they stayed in the league, and their finances looked pristine—like a golden goose—attracting droves of investors.

Just think about it: a club that makes money and plays well? It looks like a top-tier asset.

But once acquired—bam! The trap is sprung.

The loaned players return to their parent clubs, the veterans begin to decline. If you want to avoid relegation, you have to spend.

Over the years, countless investors have been tricked like this.

But anyone who truly understands football would never judge a club solely by its player transfers.

Even a club like Ajax can't guarantee it will successfully sell big-name players every year.

It's just not realistic.

Within the industry, there's another metric that insiders look at: the proportion of match-related income within the club's total income.

It's somewhat similar to the way Ronaldo and Messi earn money. For players at that level, salary income is only a small part—sometimes less than 30%. The bulk of their earnings comes from commercial sponsorships.

By the same logic, the larger and more powerful the club, the lower the proportion of match-day income in its total revenue. Among the three major pillars of revenue—match-day income, broadcasting rights, and commercial operations—match-day revenue should account for the smallest share, while the latter two carry more weight.

But in lower-tier leagues like the Championship, forget it. Match-day revenue dominates.

Still, in the era of capital-driven football, never underestimate the shrewd operators.

Because of the Premier League's parachute payment policy, there's been a rise in "yo-yo clubs."

These clubs exploit the massive income and cost gap between the Premier League and the Championship to turn a profit.

For instance, to earn promotion from the Championship to the Premier League, you need to spend roughly £30 to £40 million—assuming competent management.

That estimate includes player and coach salaries.

If managed properly, your wage bill often reflects your level and competitiveness.

But once you're in the Premier League, your annual cost balloons to over £100 million.

Many clubs, after being promoted, don't spend much. They hold on for a season, then get relegated. But thanks to the parachute payment scheme, they thrive in the Championship.

The net profit? Around £100 million.

If that club is relatively young, and the players have gained experience in the Premier League before being relegated, it's still a success story. If one of those young players gets picked up by a Premier League side, that's another £10 to £20 million in the bank.

Thanks to the parachute policy, these clubs can still outperform their Championship rivals after relegation. They have a much higher chance of bouncing back.

So, in a way, running a club can be profitable—it just depends on how you want to make money.

For Gao Shen and Leeds United, the worst-case scenario is turning into a yo-yo club, cashing in on short-term gains each year. Once they reach a certain valuation and find a buyer, they can cash out.

But that clearly isn't what Gao Shen is after.

If he were purely chasing profits, he wouldn't be operating the way he is now.

For example, he wouldn't be pouring so much money into transforming the club or recruiting elite staff—raising Leeds United's staff salary bill above that of the players.

The reason he's doing all this is simple. He's laying the foundation.

Since taking over Leeds United, Gao Shen has been building for the long term.

From training facilities to the big data center, the methodology department to the scouting network—it's all part of a long-term vision.

If it were about making money, he wouldn't need to do any of that. He could have used his connections to loan players from major clubs, gained promotion, then taken the club public or sold it for a high price in the City of London.

With his network, that wouldn't be difficult.

…

"By the way, how's our documentary project progressing?" Gao Shen asked with interest.

He had always placed great importance on the documentary.

When Leeds United first expressed interest in creating a documentary, Gao Shen and Lucas immediately reached out to contacts at Channel 4. Known for its experimental, reformist, and innovative programming, Channel 4 had recently turned its focus to the internet and mobile content.

Once Gao Shen and Lucas proposed the idea, Channel 4 jumped at the opportunity and partnered with Leeds United. Both sides invested equally in a documentary about Leeds United's push for the Premier League. They even brought in Louise Osmond, the International Emmy Award-winning documentary director.

This female director had a longstanding relationship with Channel 4 but was low-profile. Many didn't even know her name, but her storytelling ability was top-notch, especially in male-centered documentaries.

As a woman, she brought a unique perspective and subtlety in deconstructing men and the worlds they live in.

For example, her Emmy-winning The Call of Silence, based on the bestselling book, followed climber Joe Simpson's attempt to scale the north face of the Eiger, a mountain that had claimed more than sixty lives.

Gao Shen and Su Qing watched the documentary and were blown away. When they spoke with Osmond, she was also very intrigued by the project. After all, what's a more dramatic and masculine story than football?

The entire Leeds United team gave full support to the filming. Osmond's crew even entered the dressing room before and during the Leeds vs. Manchester United match—proof of the club's commitment.

The first episode of the documentary starts with the Leeds vs. Manchester United derby.

That game provided a natural storyline. It was dramatic and emotionally charged, especially given the state Leeds was in at the time.

During that period, Osmond and her team roamed the streets of Leeds, mingling with fans from all walks of life and capturing a wealth of engaging footage.

She said that she didn't just want to record matches—she wanted to show the culture of Leeds United, and why these fans still stood by a club that had gone bankrupt.

Ultimately, her goal was to illustrate the close bond between football and community in the UK.

That's the kind of ambition you'd expect from an International Emmy Award winner.

The documentary is already titled Elland Road.

"Since the Manchester United game, they've been filming non-stop. They want to capture the promotion journey, as well as Leeds United's history and football culture, from the perspectives of fans, players, and club executives. They've recorded a lot of material," Lucas said excitedly.

At first, it was just Gao Shen's idea, but once it took off—and especially after Osmond came on board—the entire project rose to a whole new level.

The investment stayed within the club's budget, and with Channel 4 involved, the quality and scope were miles above what anyone expected.

"I spoke to Channel 4. They've decided to air the first episode, Rose Derby, on Boxing Day, right after Christmas. It'll also be released on various online platforms, including in China."

Gao Shen nodded, full of anticipation.

(To be continued.)