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Football Clubs Accumulate Significant Tax Debts

by THEFUTURE.TEAM

July 9, 2024

A concerning financial trend has emerged within Cyprus’ top-tier football clubs, as 18 out of 21 first-division teams have amassed over €4.8 million in unpaid taxes. This situation arises from missed instalments and current liabilities under a tax repayment plan introduced by the government in April 2023. The clubs with the highest outstanding debts include APOEL, Apollon, AEL, and Pafos FC.

Government Efforts and Club Non-Compliance

Despite governmental measures to provide tax relief and establish manageable payment plans, many clubs have continued to struggle with compliance, not only failing to meet their repayment obligations but also accruing additional debts. This persistent issue highlights significant challenges in the financial management practices of these organisations.

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Impact on Financial Stability

The accumulation of tax debts by these clubs raises critical questions about their financial stability and the sustainability of their operations. The repeated failure to adhere to tax repayment schedules suggests deeper systemic issues within the financial structures of these clubs, necessitating a review and potential overhaul of their fiscal strategies.

Government Plans and Future Outlook

In response to the ongoing non-compliance, the government is considering stricter measures, including the potential increase of the betting tax, which could impact the revenue streams of these football clubs. The government remains committed to ensuring that these clubs fulfil their tax obligations, which is crucial for maintaining fiscal order and supporting the broader economic framework.

The continued financial difficulties faced by Cyprus’ football clubs underline the need for more robust financial oversight and management practices. As these clubs play a significant role in the cultural and social fabric of the country, ensuring their financial health is of paramount importance.

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Revaia Closes €250M Growth Fund To Fuel European And Israeli Startups

by THEFUTURE.TEAM

April 3, 2025

Revaia, Europe’s largest all-women-led venture capital firm, has successfully closed its second growth fund at €250 million, over a year after securing the first €150 million tranche. Founded in 2019 by Elina Berrebi and Alice Albizzati, the Paris-based VC firm focuses on scaling European and Israeli startups in their Series B stages and beyond.

The firm, which has already backed prominent companies like Algolia, now valued at $2.3 billion, and cloud call center Aircall, follows a sector-agnostic approach but gravitates toward B2B companies that prioritize sustainability. Revaia ensures its investments meet Environmental, Social, and Governance (ESG) criteria, from energy usage to workplace relations and governance practices.

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The new €250M fund, designed to back 12 companies, will allocate investments between €10 million and €30 million, with a third of the capital reserved for follow-on investments and M&A opportunities. Six investments have already been made, signaling the fund’s active deployment.

Overcoming A Tough Market

Despite a challenging fundraising environment, Revaia’s track record convinced investors to commit to the new fund. Albizzati points out that their portfolio companies have grown on average 4x since their initial investments. “Fundraising is in slow motion,” she admits, but she adds that platforms like Revaia, with proven performance, continue to stand out in a market dominated by a few big players.

The last year saw large global VC firms like Balderton and Index raising funds in the billions. Nevertheless, Revaia’s backing from key investors such as the French public bank Bpifrance, as well as new LPs like JP Morgan, the European Investment Fund (EIF), and BNP Paribas Cardif, illustrates strong institutional confidence. Revaia’s international LP base has also grown, now comprising 30% of the fund, with notable European and US backers.

Political Shifts And European Growth

Despite global challenges, Albizzati believes that recent political shifts, particularly the US’s ‘America First’ rhetoric under former President Donald Trump, have reinforced the need for more European capital. “Our thesis has always been that Europe needs more late-stage and growth funds to support companies, especially as they scale,” she says. “The current political context validates this need even more.”

With its growing presence and commitment to backing sustainable growth, Revaia is positioning itself as a key player in Europe’s venture capital landscape, navigating an increasingly polarized market with a clear focus on building local champions.