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The Pyramid — Edition 5
Edition 5 — Dagenham & Redbridge's new ownership, plus a collapsed Championship takeover, Oxford United's wage-cap dispute, Walton & Hersham's council row, Simon Jordan's Crystal Palace, and this week's Burger Index.
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Edition 5 · 17 August 2026
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We were at the Chigwell Construction Stadium on Friday night, where the matchday food and drink left a lot to be desired. Off the pitch, though, Dagenham & Redbridge are considerably more interesting: a new ownership group that somehow brings together KSI, Andy Carroll and former QPR owner Tony Fernandes, with rather more positivity in the boardroom than we found on the concourse.
Elsewhere this week, a Championship takeover received regulatory approval and still collapsed; a wage-cap dispute has left one League One club unable to register new players; a council landlord and football club are at open war over matchday bar revenue; and we go back to the contemporaneous reporting to reconstruct how Crystal Palace entered administration under Simon Jordan in 2010.
We also dig into what's actually funding Leyton Orient's growth, before returning to the rather more immediate economics of matchday football with this week's Burger Index.
Here's the roundup.
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The Lead Story
Dagenham's new ownership: KSI is only part of the story
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Happy Fan Group, KSI, former QPR owner Tony Fernandes, Andy Carroll and returning captain Anwar Uddin — Dagenham & Redbridge's ownership overhaul is a genuinely stranger structure than the headlines suggest.
The finance story here isn't really about the YouTuber. We look at who now owns what, where the capital and commercial opportunity could come from, and what this unusually assembled group might be trying to build in east London.
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Read the full story →
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The Tax Trap Waiting for Surviving Spouses
When one spouse dies, the survivor keeps the income but loses half the deduction — and files single. The tax hit is large, and preventable. Roth Conversion Reset by Craig Wear, CFP®, shows IRA Millionaires how to solve it while rates are low. Free, delivered instantly.
The Pyramid — Edition 5 · Also in this edition
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Also in this edition
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Derby's takeover received regulatory approval. It still fell through.
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Turki Alalshikh's Lion Sport had received approval from both the EFL and the new Independent Football Regulator. The deal collapsed anyway, with Alalshikh citing the length of the process and the resulting lack of preparation time ahead of the new season.
We look at what the episode says about the difference between receiving regulatory approval and actually completing a football club acquisition — and what Derby's own accounts tell us about the club Clowes Developments is still funding.
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Read the full story →
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How League One's new cost-control rules locked Oxford United out of the transfer market
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Oxford United can't currently register new players. Not because the club says it can't afford them, but because it has not yet satisfied the EFL that its spending complies with the Salary Cost Management Protocol.
The PFA is now challenging the revised rules in the High Court, turning one club's transfer embargo into a much bigger argument about how football's cost controls are imposed.
We were at Brisbane Road to watch Oxford play while the restriction was in place.
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Read the full story →
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Walton & Hersham's promotion problem: who gets the matchday money?
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Three promotions took Walton & Hersham to the National League South. Now another problem has emerged: the club says it receives none of the bar takings generated at its own home matches.
Its dispute with Elmbridge Borough Council and leisure operator Places Leisure has spilled into public view, with open letters, competing accounts of negotiations and supporters preparing to boycott the bar.
For a club trying to finance life at a higher level, the argument goes to the heart of something we return to repeatedly at The Pyramid: who actually captures the money supporters spend on matchday?
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Read the full story →
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How Crystal Palace entered administration in 2010
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Simon Jordan has discussed Crystal Palace's 2010 administration extensively in the years since.
We went back to the contemporaneous reporting to reconstruct what happened: the debts facing the club, the position of secured creditor Agilo, the separate HMRC proceedings and the sequence of events that ultimately put Palace into administration.
Rather than reinterpret the story with hindsight, we've concentrated on what was being reported and documented at the time.
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Read the full story →
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Leyton Orient's commercial model: turning Brisbane Road into more than a matchday
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Record £9.43m revenue. A £4.6m loss. And £22.64m of owner debt converted into equity in a single transaction.
Leyton Orient are growing quickly, but those three numbers show why revenue growth and financial self-sufficiency aren't the same thing.
We go inside the numbers behind one of League One's most interesting commercial rebuilds, what has actually funded the club's progress and why the next stage of growth could require considerably more capital.
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Read the full story →
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Search podcasts by meaning, not just keywords.
Run a semantic search for a thesis or sector, like "GLP-1 exposure" or "commercial real estate," and read what experts have said about it, speaker-attributed and timestamped.
The Pyramid — Edition 5 — Burger Index #5
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🍔 Burger Index #5
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Leyton Orient
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Our first Burger Index entry from a competitive EFL fixture.
A 6oz beef burger for £6.95 at Brisbane Road. It looked the part, scored a respectable 7.2/10, and gave us another useful London comparison: Hurlimann at £6.20, exactly £1 cheaper than the same beer at Millwall.
But, as ever, the burger is only half the story.
Behind it sits a League One club that generated £9.43m of revenue and still lost £4.6m.
A few thousand extra burgers aren't going to close that gap.
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7.2 out of 10 →
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The platform is coming
Deeper club intelligence, alerts and saved views — built around the financial information that matters below the Premier League.
Register your interest and we'll tell you the moment it's ready.
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That's the roundup for this week.
If you've got a club whose numbers don't add up, a takeover clause worth unpacking, or a football-ground burger that needs investigating, hit reply and let me know.
Arthur Lewis
The Pyramid
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One Death, Higher Taxes
Here's the math most couples never see coming.
When one spouse passes, the survivor usually keeps most of the household income — but starts filing as a single taxpayer. Same IRA. Same required distributions. Roughly half the standard deduction, and tax brackets that compress to nearly twice the rate at the same income.
It's called the survivor's tax trap, and it's one of the most preventable problems in retirement — if you act while both spouses are alive and rates are still low.
Craig Wear, CFP®, has walked 3,000+ families with $1M+ in IRAs through exactly this planning. His new book, Roth Conversion Reset, lays out the year-by-year framework for converting at today's rates so the tax problem never lands on the person you love most.
The book is free. Full PDF, in your inbox in minutes.