Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America 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
Billions in the red: English Premier League clubs
The Guardian, February 24th, 2010 4:05AM

MOST READ

MOST COMMENTED

An official report by UEFA, European soccer's governing body, calculated that 18 English Premier League clubs carried a combined debt of $5.4 billion. The report analyzes the 2007-08 annual accounts, the latest available, of all 732 clubs licensed by UEFA. The EPL debt was about four times the figure for the next most indebted top division, Spain's La Liga.

Only 18 EPL clubs are included in the report because two of the most indebted, troubled Portsmouth and West Ham, were not granted UEFA licences that year due to their financial difficulties. The Premier League made much more money from television and other commercial income than its rivals, but despite that commercial advantage, the 18 English clubs were hugely more reliant on borrowed money from banks and club owners than the 714 other clubs combined. "English clubs contain on their balance sheets an estimated 56 percent of Europe-wide commercial debt," the report says.

Manchester United and Liverpool's debts now add up to more than $1.5 billion collectively. Those huge debts were loaded on to the clubs by their U.S. owners' "leveraged" takeovers, yet despite the furore and mass supporter protests particularly over United's $1.1 billion debts, neither the Premier League nor FA have voiced any concern.

"Just over half of [the Premier League's] commercial debt has been placed into the [relevant] clubs [or at a holding company level] recently as a result of leveraged buyouts," the report says, "so far acting principally as a burden rather than to support investment or spending."

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
Bookmakers Slash LVG Exit Odds    
British bookmakers reacted to Manchester United's humiliating 4-0 defeat against Milton Keynes Dons in the Capital ...
Atletico Appeals Simeone's Ban    
Atletico Madrid President Enrique Cerezo on Tuesday said the club would appeal coach Diego Simeone's eight-game ...
Eto'o Signs Two-Year Deal with Everton     
Samuel Eto'o on Tuesday completed a free transfer to Everton, signing a two-year deal with the ...
Warnock Appointed Coach of Crystal Palace     
Crystal Palace on Tuesday signed former coach Neil Warnock on a two-year contract. Warnock, who most ...
Barca Target Douglas to Sign Five-Year Deal     
Barcelona on Tuesday announced that Brazilian right back Douglas will join the club before the end ...
Deila: Celtic 'Not Good Enough' for UCL     
Celtic coach Ronny Deila said his team was "not good enough" to play in this season's ...
Di Maria: I was Forced Out by Real Madrid    
In an open letter to Real Madrid fans, Angel Di Maria reveals that he did not ...
Yeagley: 'They all want to beat Indiana'    
A Big Ten title extended Indiana's streak of consecutive NCAA Tournament appearances to 27, but it ...
Belmont Abbey freshman McGuire remembered on campus    
Belmont Abbey freshman Michael McGuire collapsed following a pre-season fitness test Aug. 16 and died five ...
Report: Benatia Joins Bayern Munich from Roma     
AS Roma on Tuesday sold central defender Mehdi Benatia to Bayern Munich on a five-year contract. ...
>> Section 2 Around the Net Archives