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Financial Storm in the Premier League

Written by Gaby Varji   
Monday, 18 January 2010 19:18

Financial Storm in the Premier LeagueA financial storm threatening the English Premier League, with both Manchester United and Liverpool will weigh their debts, so they desperately seek funds for its coffers and avoid the bankruptcy that is sighted in the financial future of Portsmouth and West Ham.

The fans of the Reds and the Red Devils have a fierce rivalry for years, but economic news of their clubs makes them have something in common, is that fans of both teams hate the American owners who run the British authorities .

"Thanks, but no Yanks" (Thanks but no Yankees), said on Saturday one banner in the Liverpool fans in the game that the men who directed against Rafael Benitez's side Stoke City.

"Love United, Hate Glazers" (Loving the United, hate the Glazers), munching fans of the Red Devils, Manchester, alluding to the family that rules the club.

The reproaches that make the hobby to the respective leaders of their clubs, the most successful of England, is to have taken control of equipment and directing the two entities on a path of debt that the current international economic crisis has become a situation very dangerous.

In five years, Manchester United, which was the world's most profitable club, has paid 320 million pounds ($ 350 million) in interest.

The proposed sale of the Carrington training center to occupy or rent then transfer and emission of 500 million pounds to refinance debt, estimated at 700 million, has generated anger in the fans, who organized a demonstration on 10 March, building on commitment of Champions against Milan.

In this context of delinquency, the 94 million that the club he joined for the transfer of its star, Portugal's Cristiano Ronaldo, the most expensive signing ever, only serve to avoid more debt to the club and did not result in recruitment to initial squad.

Meanwhile, Liverpool are resigned to the construction of a new stadium and its leaders want to convince new investors to enter the capital of the club in exchange for 100 million pounds.

However, the major economic problems that have masked the smaller clubs, for which a bankruptcy scenario, as that suffered by the Leeds in 2003 seems plausible.

Thus, Hull and Wigan are entities structurally deficient, while Portsmouth, who can barely pay their players, has trouble with the IRS and has been prohibited by ill health signings Finaciera.

West Ham are facing the bankruptcy of its owner Bjorgolfur Gudmundsson, a banker victim of the Icelandic financial meltdown.

After several warnings delivered by the "mountains of debt" of the clubs, the general manager of the English Football Association (FA), Richard Scudamore, launched a management control mechanism very restrictive.

However, one wonders if it's not too late for the implementation of these measures, because the Premier League successes bought on credit, but now sees, disoriented, the price of the account.

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