Whelan Wants To Throw A Cap On The Debt
Wigan Athletic chairman Dave Whelan has spoken out on the financial plight of Portsmouth and suggested that the Premier League act to curb the borrowing and subsequent spending of the clubs in the worlds top league.
Portsmouth found themselves in the High Court last week facing a winding up order for unpaid taxes, they were granted a stay of execution but the clubs supporters must be wondering what is going to happen to their beloved Pompey with the threat of administration hanging by a frayed cord above the clubs head.
Whelan says he feels for the loyal band of supporters down on the South Coast and he reckons that the Premier League should act now to stop any future repeats of the turmoil endured by the 2008 FA Cup winners.
Speaking to the Times the Latics chairman says he has suggested that there should be a 25% limit of the clubs turn over on which they can borrow, a sort of borrowing cap as opposed to a salary cap which Whelan has previously put forward.
Its quite obvious that Portsmouth pushed the boat out to attract star players like Peter Crouch, Jermaine DeFoe etc but that gambled appears to have back-fired leaving them firmly in the mire and their current vessel doesn`t appear to have a paddle.
Whelan says: 'I sent a letter to the Premier League, saying, 'Can we have an agreement that we can only borrow 25% of our individual club's turnover?' There should be a limit on borrowings -- not as a set amount, but as a percentage of turnover. They have to do something about it.'
'What has gone on at Portsmouth is a crying shame for football and for their loyal band of supporters, it just comes down to desperation to stay in the Premier League.
'Some of the salaries I've read about -- whether the figures are accurate or not -- make you cringe.
'It's not easy for clubs, but the ones that take the risks sometimes come a cropper.'
Some sense spoken there by the Latics chairman but you can guarantee that clubs would find a way around any financial restrictions that were laid on them, clubs going bust has been happening since football became a professional sport and with the rewards of success in the game becoming more attractive both financially and personal then the long list of clubs finding themselves with cash flow problems looks set to continue.
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