AP, Monday, April 20, 2009 2:45 PM
Heavily indebted Premier League clubs Manchester United, Chelsea and Liverpool were accused of "financial doping" in a British parliamentary report Monday.
The report, which came after a
year-long inquiry, claims that the worldwide economic meltdown should serve as a warning to clubs operating risky business models. Legislators urged English soccer authorities to curb "ludicrous
levels of borrowing" and the use of profits to service large debts.
"Corrective action needs to be taken now to address serious weaknesses in the governance of the game as well as
severe financial imbalances," said governing Labor Party legislator Alan Keen
, who chaired the inquiry. "Our report includes tough measures to improve the way the game is run and to combat
'financial doping' whereby short-term success can be bought at the expense of long-term financial stability."
Read the whole story at AP »