Writer: Barry Worthington
Date:Sunday October 12 2008
With the credit crunch biting hard on the backsides of the worlds financial institutions the Premier League is living in fantasy land if they think that they will remain untouched by a situation that is sending FTSE and other financial index`s on a downward trend that is only matched by that of Derby County.
Last week not only were banks facing bankruptcy but a whole country, Iceland, was seen heading for the county court to declare itself insolvent, so what chance and what debt do the 20 clubs that make up the Premier League have, lets take a look.
Arsenal are £268 million in the red but have more than enough assets to cover this, the development of Highbury is still going ahead and this with gate receipts from the Emirates should keep the wolves from the door.
Aston Villa have a debt of £67 million but again they have assets including Villa Park and a wealthy chairman who has been relatively unaffected by the current crisis.
Blackburn Rovers are £20 million in debt but the trust set up by former chairman Jack Walker means there is plenty of cash to call on if needed, the Rovers are financially secure.
Bolton Wanderers £43 million in debt and backed by a local man in Eddie Davies, no immediate worries
Chelsea are an astonishing £800 million indebted to benefactor Roman Abramovich, now whether he would call this debt in at any time is debatable but still a worry, contrary to reports Abramovichs fortune is relatively untouched by the current crisis
Abramovich has still got a few quid
Everton have been in financial trouble for years it seems though they currently are £66 million in the red an £11 million increase on last year, with plans for a new stadium likely to be put on hold for the time being chairman Bill Kenwright keeps the club stable
Fulham have the financial backing of Mohamed Al Fayed but still find themselves £161 million away from being solvent
Hull City are a club with a bright financial future, Chairman Paul Duffen has insured that they have no loans and being debt free gives the club stability to build upon
Liverpool find themselves £350 million in the red with a huge loan needing to be paid off, these are worrying times for the red half of Merseyside.
Manchester City became the richest club in the world overnight last month and they still are; no financial worries at Eastlands
Manchester United are arguably the biggest club in the world and despite having debts totaling more than £650 million would still be able to attract buyers and investors.
Middlesbrough owe their £80 million debt to owner Steve Gibson who is unlikely to call the money in, safe for the time being though a reported £40 million per year wage bill is causing a bit of uneasiness on Teeside
Newcastle United are £160 million in debt and owner Mike Ashley is desperately trying to sell the club, he has just lost £300 million in HBOS shares
Portsmouth were the subject of much speculation recently about the size of their debt which is currently at £60 million but they are expecting a £25 million loss this year, worrying times at Fratton Park
Stoke City are owing just £7 million, the price of a couple of transfers
Sunderland owned by an Irish consortium and at present are showing £35 million in the red.
Tottenham Hotspur showing just £17 million debt but owner Joe Lewis recently lost £300 million in the Bear Steams collapse, reportedly looking for a buyer
West Brom are just £2 million in the red, sound financially
West Ham United, whoops, owner Bjorgolfur Gudmundsson lost his fortune when troubles hit Iceland last week now the Hammers need a buyer and quick, reports suggest they have four weeks or could go into administration
Wigan Athletic are £20 million in debt but this has been reduced from £54 million last year so going in the right direction, benefactor and Chairman Dave Whelan has worked financial wonders at the club and it is rumoured that Korean giant Hyundai are due to announce a major sponsorship package for the Stadium and shirt sponsoring rights of the Latics
Dave Whelan keeping the Latics bankrolled
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Date:Sunday October 12 2008
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