Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySoccer World DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Portsmouth woes signal EPL trouble
New York Times, February 16th, 2010 12:28AM

MOST READ
TAGS:  england, soccer business

MOST COMMENTED

Rob Hughes writes that, "If England’s Premier League is the barometer of financial health at the top of the international sport, then soccer in 2010 is living a lie like some of the world banks up to 2009." Manchester United is saddled with debt, Chelsea is totally beholden to its Russian owner, Roman Abramovich, who says he seeks no return — other than trophies — for the $1 billion he has provided the club. But the real story of English soccer is Portsmouth.

Portsmouth has been around since 1898, but it was declared insolvent by a court registrar last week. It owes more than almost $19 million, to the British treasury, and many millions more to its players and to the clubs it purchased them from. The creditors, especially the government, threaten to close Portsmouth within a month. This would destroy two competitions because not only is Pompey a member of the 20-team Premier League, it also reached the quarterfinals of the FA Cup over the weekend.

Two years ago, Portsmouth won the FA Cup, but Pompey’s owner then, Alexandre Gaydamak, the son of the Russian Arcadi Gaydamak, overcommitted the club in pursuit of more success. His team manager, Harry Redknapp, persuaded Gaydamak to spend like there was never a tomorrow. Redknapp has found another team to manage, Tottenham Hotspur. Gaydamak tried to sell, to dubious buyers who have come and gone. The creditors, including Gaydamak, are in the courts for millions that Portsmouth cannot repay. The fear is that English soccer is a pack of cards waiting to tumble if one big club goes bust.

Read the original story...


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
Cal South TOPSoccer Program Turns 25    
"We're all soccer players, special needs or not," says Sandy Castillo, chair of the Cal South ...
How Neymar Played in Childhood     
Neyrmar: "I used to pick up the ball, set up the furniture and go around dribbling ...
Roma Partnering with U.S. Youth Clubs    
Italian Serie A club Roma, which has American ownership, aims to forge partnerships with seven U.S. ...
LVG: Falcao "Has to Prove Himself"    
Manchester United coach Louis van Gaal has responded to criticism over dropping Radamel Falcao by claiming ...
Report: Adidas to Assist Messi Move?    
According to Spanish sports daily AS, Lionel Messi's sponsor Adidas could be the key to the ...
Toure Admits Man City Future in Doubt     
Speaking ahead of the opening games of the African Nations' Cup in Equatorial Guinea this weekend, ...
Ronaldo Blasts 'Defensive' Atleti Tactics    
Cristiano Ronaldo blasted Atletico Madrid for its unattractive style after the Rojiblancos ousted Real Madrid from ...
Fabian Johnson's 'Spat' with 'Gladbach Coach Favre    
According to Bild, USA defender Fabian Johnson is in a "spat" with Borussia Monchengladbach coach Lucien ...
Serie A to Introduce Goal-Line Technology     
Serie A will introduce goal-line technology next season after the Italian soccer federation (FIGC) gave its ...
Ronaldo: Cristiano Junior Prefers Messi     
Real Madrid forward Cristiano Ronaldo, who on Monday was named the 2014 Ballon D'Or winner, revealed ...
>> Section 2 Around the Net Archives