The slashing Blades.
Author | Wells, David H. |
Position | Letters - Letter to the editor |
Prudence is a concept unknown to many top-flight football clubs. The parent company of Liverpool FC, for example, lost 42.6m [pounds sterling] in the year to August 2008, mainly as a result of paying 36m [pounds sterling] in interest on the 350m [pounds sterling] debt that was taken on to buy the club.
The football authorities should not allow clubs to borrow clearly excessive amounts--the penalty for entering administration is only a ten-point deduction. As wages and transfer fees spiral, I predict some spectacular bankruptcies among the top European clubs.
But even those with excellent financial management skills and little debt don't always thrive. Sheffield United made some innovative purchases, such as a luxury hotel at its home ground and clubs in China and Hungary, to expand its revenue streams. West Ham also agreed to pay it 20m [pounds sterling] to settle the Carlos Tevez...
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