Parry also expressed concern at “a whole raft of competition law cases which are impacting on the way that we run the game”.
He continued: “Having been left more or less free to set their own rules for many years, now the competition law authorities… seem to be saying, ‘we don’t think that the people running football are doing a terribly good job of it’.
“To be looking over our shoulder all of the time with challenges from clubs if they don’t like rules… the game will grind to a halt unless we find a solution for that.”
In September, Leicester City won an appeal against a possible points deduction for an alleged breach of financial rules, when an independent panel found the Premier League did not have the jurisdiction to punish the club as it had been relegated to the Championship when their accounting period ended. The ruling indicated the wording in the Premier League’s regulations was not legally sound.
Last month two aspects of the Premier League’s associated party transaction rules – which regulate commercial deals involving clubs’ owners – were deemed unlawful by a tribunal after being challenged by Manchester City, which has since threatened further legal action.
“It’s certainly getting a lot more difficult,” said Parry.
“I have no problem with us having to be more professional and to be at the top of our game because that’s where we should be. But it’s the willingness of clubs at the drop of a hat to challenge the whole system.
“You have to question how long you can function effectively while that mentality exists, and we have to find a solution to that.
“The way in which we ensure consistency of financial regulation across the two leagues isn’t working. One thing a single independent regulator will bring is that consistency.”
The legislation will “explicitly require clubs to provide effective engagement” with fans on changes to ticket prices, and any proposals to relocate home grounds. It will no longer be required to consider government foreign and trade policy when approving club takeovers, and there will be “a clear commitment” to do more to improve equality, diversity and inclusion.
Nineteen amendments have been proposed by the Fair Game campaign group, including excluding the possibility that the owner of a club could be a state or state-controlled entity, and making the state of the game review assess player welfare, along with an examination of multi-club ownership.
Tupac Shakur was shot dead in 1996 at the age of 25
Before the east and west coast rap beef of the 1990s boiled over with the murders of Tupac Shakur and Notorious BIG, legendary producer Quincy Jones called a secret meeting at which he appealed for an end to the violence.
As hip-hop rose from the streets to the mainstream in the 90s, the rappers and hustlers that broke through had few role models who had trodden that path before them.
There was one man, though, who had been there, and done pretty much everything.
Quincy Jones had been in gangs and had been stabbed at the age of seven in 1930s Chicago, before becoming a major force in American music thanks to his work with legends like Ray Charles, Frank Sinatra and Michael Jackson.
He was at the heart of revolutions in jazz, swing, soul, funk, disco and pop – but one aspect of his career that got less attention when he died last week at the age of 91 was his place in hip-hop.
Madison McGaw/BFA.com/Shutterstock
Quincy Jones asked Fab 5 Freddy to be the moderator at his 1995 summit
Jones was revered in all corners of music, including rap. Unlike most in the old guard and the media, he immediately realised the scene’s artistic and cultural importance.
Hip-hop reminded him of the bebop jazz of his youth. “I feel a kinship there because we went through a lot of the same stuff,” he said.
“Quincy understood it and got it right away,” says pioneering artist, rapper and presenter Fab 5 Freddy.
Jones worked with leading rappers in the 80s, and in the 90s he recognised risks including a volatile rivalry that had begun to erupt between competing labels and stars.
So he brought artists, executives and elder black American statesmen together for a secret summit in 1995, hoping it would be a turning point.
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Notorious BIG was signed to P Diddy’s Bay Boy Records
The east coast was hip-hop’s spiritual home. In 1992, Sean Combs – then known as Puffy and later as P Diddy – launched his Bad Boy record label in New York with artists including Notorious BIG, aka Biggie Smalls.
Meanwhile, across America, Los Angeles was coming into its own as the capital of gangsta rap, led by menacing mogul Suge Knight’s Death Row Records, which had Dr Dre and Tupac.
In 1994, Tupac was shot and injured during a robbery in the lobby of a studio. He later implied that his former friend Biggie may have known about the attack in advance.Biggie then released the track Who Shot Ya?, which Tupac thought was about him.
The beef continued at the Source magazine awards on 3 August 1995, when Knight goaded Combs andBad Boy Records from the stage.
Jones, who had his own magazine, Vibe, held his summit three weeks later.
The brewing east-west beef wasn’t the only reason Jones called it – it was mainly intended to discuss the state of hip-hop and let the new generation hear life and business advice from a group of highly successful black executives.
But rap’s negative image and the burgeoning tensions were a big talking point.
“He knew this was a bubbling issue, and so his idea was to bring together a symposium,” says Fab 5 Freddy, who was hosting Yo! MTV Raps at the time and was the event’s moderator.
Jones told the summit: “The thing that really provoked me to say it’s time to pay attention now is Tupac.”
Tupac was missing, however – he was in jail for sexual assault at the time. Suge and Dre were there, as were Combs and Biggie.
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Snoop Dogg, Dr Dre and Quincy Jones appeared at the 2004 Vibe Awards
Jones had already experienced his own beef with Tupac – the rapper criticised the producer in a 1993 edition of Source for marrying white women.
“We finally hooked up, even though it was tension conditions in the beginning,” Jones said at the event.
“We finally talked to each other, and he said nobody had talked to him like that before.
“And I said, I can’t take it any more. Because we can no longer afford to be non-political, and I’m talking to the hip-hop nation now.”
Alamy
A 1994 issue of Jones’s Vibe magazine had the headline “Is Tupac crazy or just misunderstood?”
About 50 influential artists and executives were in the room, including Public Enemy’s Chuck D, members of A Tribe Called Quest, MC Lyte, Kris Kross, Jermaine Dupri and Boyz n the Hood film-maker John Singleton.
Jones wrote in his now-out-of-print 2001 autobiography: “I had been concerned about the potentially volatile diversity of a group who’d never been in the same room together.”
They were joined by veteran executives Clarence Avant and Ahmet Ertegun, plus Colin Powell, the former national security adviser and head of the US military who would go on to become the first African-American secretary of state.
Powell had presidential ambitions – that was why the summit was held in secret. Jones wanted to save Powell from being associated with the negative publicity that surrounded rap music.
He switched venues at the last minute to throw press off the scent, and confiscated the recordings.
“Rest assured that my discretion is based on a deep respect for you and a valued friendship,” Jones wrote to Powell in an unpublished letter held at Indianapolis University Library.
“I know that we are going to make a difference at this conference. Thanks for the way you handled the situation. Maybe we can turn the battleship an inch or two.”
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Quincy Jones and Colin Powell pictured in 2008
Jones later wrote in his book: “Some of the younger rappers didn’t even know who he was. When addressing some of the more confrontational comments from the floor, Powell maintained his South Bronx demeanour and authoritative cool throughout.”
Fab 5 Freddy remembers one exchange between Powell and Knight. “There was an encounter where he [Knight] had something to say, and Colin Powell responded.
“Here you have this guy who was a four-star general talking to Suge Knight, and he pretty much put Suge in his place.”
Jones finally released a clip of the event for a 2018 Netflix documentary about his life.
“We’ve got to seriously talk about what you are going to deal with,” he is seen telling the assembled attendees.
“They are not playing, there’s real bullets out there, believe me. Maybe literally and figuratively.
“It’s a very emotional thing,” he added, his voice cracking. “I want to see you guys live to at least my age.”
“Quincy did get emotional,” Fab 5 Freddy recalls, “because he sensed what could happen.
“And the worst, unfortunately, did happen.”
Jones had ended up reconciling with Tupac. After Tupac’s 1993 comments, Jones’s 17-year-old daughter Rashida – who would go on to star in US sitcom The Office – wrote an irate letter to Source attacking the rapper.
When Tupac bumped into one of Jones’s other daughters, Kidada, he apologised, thinking she was Rashida. But Tupac and Kidada hit it off and began a relationship.
“Though we got off to a rocky start, as I came to know and feel him I saw his enormous potential and sensitivity as an artist and as a human being,” Quincy Jones wrote.
There have also been claims that Tupac was planning to leave Death Row for Jones’s record label.
But in September 1996, a year after the summit, Tupac was shot and killed.
A former gang leader, Duane “Keffe D” Davis, was charged with his murder last year. He has pleaded not guilty.
Then in 1997, Notorious BIG was shot dead outside a party thrown by Jones’s record label and magazine. No-one has ever been charged.
Meanwhile, today Knight is in prison for a hit-and-run, while Combs is awaiting trial on charges of racketeering and sex trafficking, which he denies.
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Jones’s daughter Kidada was in a relationship with Tupac when he died
The violence in the 90s “wasn’t necssary” and was caused by “wannabes and gang-related troublemakers” on the edges of the music industry, according to Fab 5 Freddy.
“Also, the east/west coast beef was mainly ignited by jealousy. It was an ashtray fire fanned into a big deal by media outlets that led to Biggie and Tupac getting killed.”
Despite his stature, not even Jones could alter the forces of power and pride that were at work and prevent the bloodshed.
Freddy believes some lessons were learned at the summit, however, and that it deserves a place in hip-hop history.
“It was incredible and electric to be in that room.
“It was a thrilling moment. And then it became even more legendary because it was never released, so the only people that really knew about it were the people that were there.”
Chancellor Rachel Reeves always knew she was going to spend many days explaining her Budget.
The reaction of those paying the bills for this near-record increase in taxes was always going to be harsh. For the chancellor, her political pain for now is a price worth paying.
The Budget is about the long game on the economy. This is not speed chess, to reference Reeves’s favourite pastime.
And in looking to reboot Britain’s economic model, the chancellor’s most helpful asset is the fact she has a landslide majority to credibly pass all of these policies in to law.
This is one of the many differences from Liz Truss’ mini budget and is sometimes underrated. During that budget in 2022, the markets were not just testing the economic credibility of a PM and chancellor, but their political credibility too, to get a rather different set of economic policies through the Commons.
Look at France right now, which is trying to rein in its levels of government borrowing, but has a minority government made up of the third biggest party, trying to pass tough measures.
The markets don’t have as much confidence in a minority government as they would in a government like the UK, which has a big majority.
Credibility
Two critical assets for a new chancellor (that eluded Kwasi Kwarteng) are political credibility to pass Budgets, and financial credibility with markets.
On the crucial government bond markets, which are a verdict on budgets, but also impact the rate of mortgage and business loans, it is fair to say there is more than an arched eyebrow now.
While at the time of the Budget speech there was no response, the publication of the plans for the increase in the sale of government bonds has set off a marked rise in interest rates. This is because the government is borrowing more than the markets expected. The reaction now is notable, but remains orderly.
This is partly a market repricing of the increased need for loans to the UK government, and the expectation that the Bank of England, facing more post-Budget inflationary pressures, will no longer cut interest rates quite as quickly.
Rates might not fall below 4% next year, as previously expected. The next words from the Bank of England, when it releases its new inflation forecast next week, will be closely watched.
Mammoth changes
The response has been modest given the mammoth changes seen in Wednesday’s Budget, with £76bn a year in new spending, half funded by tax and half by borrowing.
The chancellor’s aides say the critical fact is that the borrowing is mostly for big long term UK investment in major capital projects.
The plans increase investment by £105bn versus previous Conservative plans for significant cuts, leaving investment at the highest sustained level in half a century.
This could be much better for long term economic growth, and not as inflationary. Clearly, it depends on what the money is spent on.
The sums are significant and suggestive of Joe Biden’s plans in the US which saw billions of government dollars invested into the economy.
The Energy Secretary Ed Miliband was in the US last week visiting the key officials in charge of disbursing the record subsidies and loans made available in the $400bn Inflation Reduction Act. One lesson from the US is that it takes time to build up the pipeline of good government investments.
While the US’s private sector took an immediate cue from the massive government announcements, it took one to two years to get the state machine ramped up.
The whole mammoth offer of Wednesday’s UK Budget could be seen as a bet on the new government having the skills and the judgement to kick start high productivity investment and so get the growth that was lacking in the forecasts.
Of course it is plausible that the Biden US strategy might not last the week, should Donald Trump return to the White House.
But unlike Joe Biden, the PM, his chancellor and energy secretary have at least four years to try to deliver.
Long term economics is why they will be taking the political punches right now.
Sinner, whose unassuming personality contrasts with his ferocious hitting, landed his first major title in Melbourne as he lost just once going into April. Shock news arrived in August that he had failed two doping tests but he was allowed to continue playing as an independent panel accepted there was “no fault or negligence” on his part. He went on to win the US Open and has been beaten only once in his past 23 matches.
Daniil Medvedev, 28, Russia
Seed: 4
Best ATP Finals performance: Winner (2020)
2024 titles: 0
2024 win-loss: 45-19
While far from his best season, Medvedev continues to challenge when it comes to the biggest prizes. Beaten in the Australian Open final, he also reached the Wimbledon semi-finals and US Open quarter-finals. His consistency, despite not winning a title this year, was enough to reach the Finals for a sixth straight season.
Taylor Fritz, 27, United States
Seed: 5
Best ATP Finals performance: Semi-finals (2022)
2024 titles: 2 (Delray Beach, Eastbourne)
2024 win-loss: 49-21
What has stood out about Fritz’s season is the high level he has produced across all surfaces. He has contested ATP finals on hard, grass and clay courts, including his first Grand Slam final at the US Open.
Alex de Minaur, 25, Australia
Seed: 7
Best ATP Finals performance: Debut
2024 titles: 2 (Acapulco, ‘s-Hertogenbosch)
2024 win-loss: 47-16
De Minaur’s dedication to his craft has reaped even greater rewards this year. Two tour titles, plus three consecutive Grand Slam quarter-final appearances at the French Open, Wimbledon and US Open, have led to a year-end top-10 finish for the first time.
Shares in the US electric vehicle (EV) maker jumped more than 9% in after-hours trading following the announcement.
The tie-up will see the firms sharing critical technology at a time of slowing global demand for electric cars and increased competition from Chinese rivals.
The joint venture provides loss-making Rivian with a crucial source of funding as it prepares for the launch next year of its R2 model – a sports utility vehicle (SUV) that is smaller and more affordable than its current offerings.
It also means VW will be able to use Rivian’s technology in its own range of vehicles.
The first VW models equipped with Rivian technology are expected to be available to customers as early as 2027.
“By combining their complementary expertise, the two companies plan to reduce development costs and scale new technologies more quickly,” the two companies said in a statement.
Under the plan, developers and software engineers from both firms will initially work side by side in California, while three other facilities in North America and Europe will be set up.
It comes as expectations have grown that VW, Europe’s biggest car maker, is planning to announce major cost-cutting measures.
The group, which also includes brands such as Audi, Lamborghini and Porsche, has been struggling with higher costs, weakening sales, competition from Chinese EV makers and a slower-than-expected move away from petrol and diesel vehicles.
Separately, Rivian has taken steps to cut costs amid softening demand for EVs.
The startup, which has yet to turn a profit, has been renegotiating contracts with suppliers and making its manufacturing processes more efficient.
As well as SUVs, Rivian also makes electric delivery vans, which it supplies mainly to online retail giant Amazon – its largest shareholder.
Amazon has ordered 100,000 of the vehicles, which are all due to be delivered by the end of the decade.