The A-Leagues’ major shareholder owns its stake in Australian professional soccer via a series of offshore tax havens, including an infamous PO box in the Cayman Islands.
The A-Leagues’ major shareholder owns its slice of Australian professional soccer via a series of offshore tax havens including an infamous PO box in the Cayman Islands.
The Cayman Islands ranks second on the Tax Justice Network’s list of the most secretive global tax havens, with no tax paid in the Caymans on capital gains or income, and no public transparency company shareholders.Its government strongly disputes this categorisation, and says its system of “tax neutrality” stops the double taxation of companies across different jurisdictions.
The Corporation Trust Center in Delaware, US is the registered address for more than 200,000 companies.This masthead is not suggesting that any of the parties to the A Leagues structure have broken any tax laws or acted improperly. Assistant Minister for Competition, Charities and Treasury, Dr Andrew Leigh, says it is important that multinational companies pay their fair share of tax.In 2021, there were 456 companies operating in Australia with an ultimate holding company in the Cayman Islands, according to an Australian Securities and Investments Commission database obtained by this masthead.
Professional Footballers Association co-chief executive Beau Busch said private equity provided both opportunities and risks. He said the A-Leagues need to be the “economic engine of the sport” with “little margin for error”. In the US about 7 per cent of its labour force is employed in private equity-owned firms. It is about half that rate in Australia.
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