In what can only be seen as an attempt to stop England’s recent debt problems in the world of football, Uefa and their governing bodies have decided to up the ante in their attempt to put a stranglehold on three Premier League’s most debt-ridden clubs. They’re proposing that every major club needs to get their finances in order, or face the stiff penalty of being banned from European competition!
Clubs such as Manchester United and Liverpool could be barred from future European competitions because of their heavy debt, a top Uefa official has warned
Uefa general secretary David Taylor said clubs face the ‘ultimate sanction’ if they failed to deal with serious debts.
‘There would be forms of communication, even warnings, even reprimands before one would ever get to a situation of exclusion but it’s absolutely possible,’ Taylor told the Leaders in Football Conference.
Taylor expressed concern that clubs are putting their futures in jeopardy by exposing themselves to debt that would require a ‘white knight’ to bail them out.
‘We are looking at strengthening the minimal financial criteria and other forms of self regulation that may impose greater standard on clubs that want to compete in European competitions and beyond that club football,’ Taylor said.
Although he did not mention specific clubs by name, Taylor’s warning is sure to send a shudder through England’s leading sides.
According to Deloitte figures for 2006-07, all 20 Premier League clubs are in debt.
But it’s the likes of Manchester United and Liverpool who are most heavily burdened – and the global credit crunch will only increase the strain following their takeovers. (Metro.co.uk)
Whilst Taylor doesn’t mention every club by name, I think it’s safe to assume that he’s talking specifically to the likes of Chelsea, Liverpool and Manchester United — three clubs that seem to have some of the biggest problems of all.