Reports, stats and articles for fans, journalists, students and others interested in the business side of football - soccer http://www.footballeconomy.com contact@footballeconomy.com (JSB) The Blue Square Premiership is confident about selling its television rights after the collapse of its five year GBP12m deal with Setanta, although whether it will raise as much money remains to be seen. Martin James of Sport 360, the Conference's official advertising agency, commented, 'We're not talking Top-Up TV or anything like that.' A free to air bidder is a possibility. Setanta's deal guaranteed all Blue Square Premier clubs a minimum of GBP70,000 a year from the league's central funding, with a further GBP8,000 for the home side and GBP3,000 for the away team featured in a broadcast match. Step 2 sides received GBP15,000 a year. The sum paid out to Premiership clubs represents anything between 15 and 25 per cent of most clubs' budgets. For example, Cambridge United made around GBP135,000 from Setanta last season. http://www.footballeconomy.com/archive/archive_2009_jun_33.htm http://www.footballeconomy.com/archive/archive_2009_jun_33.htm Folkestone Invicta, themselves a 'phoenix' club that arose from the ashes of the financially troubled Folkestone, could go into administration on Monday unless they find the GBP70,000 they calculate they need to start next season. The Ryman South club have an outstanding tax bill of nearly GBP100,000. The directors are continuing their fight to reduce the HM Revenue and Customs bill. They fear that the club's debt could rise to GBP300,000 by this time next year. Invicta are still reeling from the loss of their main sponsors over the close season. Recruitment agency HR GO and brewers Shepherd Neame have withdrawn their financial support as the credit crunch hits home. More http://www.footballeconomy.com/archive/archive_2009_jun_32.htm http://www.footballeconomy.com/archive/archive_2009_jun_32.htm BSkyB's status in the pay-television market has come under threat after Ofcom outlined plans to force it to offer premium channels, including live football, to operators on rival platfoms. The regulator also indicated that it would seek to toughen competition controls over auctions for rights to broadcast Premiership football. Ofcom proposes to force BSkyB to sell on the content of its premium channels to rival broadcasters at regulated prices to ensure competition. The plan could save Virgin Media, the only broadcaster that buys the content, up to 30 per cent. Since the wholesale market represents only 4 per cent of BSkyB's revenue, some analysts believed this would not have a dramatic effect on its business model. At the very worst, the proposals could shave GBP30m off earnings annually, according to Deutsche Bank. But some analysts believe that BSkyB could see higher revenues if Virgin Media sold more of BSkyB's premium programming. Under Ofcom's plans, the premium channels could become available on platforms such as Top-Up TV, BT Vision or other businesses. More http://www.footballeconomy.com/archive/archive_2009_jun_31.htm http://www.footballeconomy.com/archive/archive_2009_jun_31.htm It is perhaps symptomatic of the importance of finance in modern football that the Royal Bank of Scotland (RBS) has taken the unprecedented step of writing to Liverpool supporters to justify its continuing financial support of the club's American co-owners. The bank has been flooded with emails from Liverpool fans calling for the plug to be pulled on Tom Hicks and George Gillet's GBP350m debt. Discussions on refinancing the loan have been proceeding well and the sending of the e-mail is virtual confirmation the loan will be refinanced. The message from RBS says the bank has 'a long-term relationship with the club, and we look forward to this continuing for many years to come. In our view and that of the executive management of the club, it is financially healthy and able to service comfortably its debt obligations from cash flow generated by its playing and commercial activities. It is in our commercial interest to support the club so that it can continue to perform successfully on and off the pitch.'. More http://www.footballeconomy.com/archive/archive_2009_jun_30.htm http://www.footballeconomy.com/archive/archive_2009_jun_30.htm Saints administrator Mark Fry has issued a 'grave' warning that he might have to start winding up the club if he can't sell it by next Friday. Fry told the Southern Daily Echo, 'The end of next week is a key tipping point in this. It's the gravest its been in the period of administration. There was a very short timeframe from the point we got involved. We stretched that as far as we can possibly stretch it and a deal really needs to be completed.' http://www.footballeconomy.com/archive/archive_2009_jun_29.htm http://www.footballeconomy.com/archive/archive_2009_jun_29.htm Two groups are leading the bidding for Newcastle United and it is expected that a takeover will be completed by the end of the month. Up to four groups - one of which is fronted by former chairman Freddy Shepherd - have been involved in substantive negotiations but two are understood to have moved ahead of the others in terms of demonstrating their financial strength. A deal needs to be done soon as the players return for training in less a week. The delay in sorting out Alan Shearer's appointment has also caused great frustration among long suffering Newcastle fans. http://www.footballeconomy.com/archive/archive_2009_jun_28.htm http://www.footballeconomy.com/archive/archive_2009_jun_28.htm Expatriate players dominated the 2008-9 season in the Champions League, according to data from www.eurofootplayers.org. Expatriates made up 55.9 per cent of all players, 2.1 per cent more than last season. They also played just under 60 per cent of all minutes played. The club that used the most expatriate players was Arsenal with 82.8 per cent in the squad and 92.7 per cent on the pitch. As in last season, the North London club was also the club with the youngest players, 22.7 years on average. With 90 players, Brazil was the most strongly represented country. France, Spain and Italy, followed by Argentina, were next in the rankings. England was represented by only 30 players, positioning it 7th in the ranking, just ahead of Germany. http://www.footballeconomy.com/archive/archive_2009_jun_27.htm http://www.footballeconomy.com/archive/archive_2009_jun_27.htm ESPN is owned by Disney whose market value beats BSkyB's parent News Corp by USD42 billion to USD26 billion dollars. Yet analysts are saying that ESPN could be an easier opponent in the Premiership live television rights stakes than might appear to be the case at first glance. The game could even turn out to be a friendly. While BSkyB will be cautious of the threat posed by the Disney backed company, it could have been worse. Tony Syfret of Enders Analysis commented, 'I think Sky will be quite happy, because ESPN look like they are looking for a partnership with them, acting as wholesalers for Sky, rather than taking over as a dominant force. Because they don't have their own platform [satellite or cable] the only way they could be really dominant would be to do what Setanta tried and be a retailer of this programming, gaining their own subscriber base. That doesn't fit in with the culture of Disney and ESPN.' It was also a path that Setanta tried to follow without success. Having inherited the halving of games that caused Setanta so many problems, ESPN face disappointing their customers in their second full season. But one analyst commented, 'This surely indicates that ESPN are playing a long game, looking to be in UK football well beyond the end of the deal in 2013.' http://www.footballeconomy.com/archive/archive_2009_jun_26.htm http://www.footballeconomy.com/archive/archive_2009_jun_26.htm Merthyr Tydfil FC have been saved from extinction after the supporters' trust forced the club into administration. And the trust, Martyrs to the Cause, will now step up their efforts to take control at the club by making an offer to the administrators. The decision to call in the administrators is a major victory for the trust in their long and bitter battle with owner Wyn Holloway. Despite debts of around GBP600,000, Holloway had refused to enter administration, preferring to see the club liquidated. But the trust were able to go over his head as they had loaned the club GBP1,700 and were officially listed as a creditor. Merthyr were due to be wound up today by the Inland Revenue, but are now protected from creditors. http://www.footballeconomy.com/archive/archive_2009_jun_25.htm http://www.footballeconomy.com/archive/archive_2009_jun_25.htm ESPN, part of Walt Disney, has bought both the packages of live games forcibly relinquished by Setanta. It has acquired both the two packages for next season and the one package that runs for three years from 2010. ESPN intends to retail them through the Sky platform and hopefully also through Virgin Media and BT. It has not yet been announced how much they paid for the packages with various figures floating around but it is thought that they probably paid less than Setanta had for next season's two packages, for which it was generally agreed Setanta had paid over the odds in their desire to build their business. http://www.footballeconomy.com/archive/archive_2009_jun_24.htm http://www.footballeconomy.com/archive/archive_2009_jun_24.htm After talk last week of Kevin Keegan being brought in as manager, the Pinnacle consortium bid for Southampton is in trouble. Pinnacle's 21-day period of exclusivity ended on Friday with no deal being completed. The Matt Le Tissier-backed consortium refused to accept that they will be barred from appealing against Saints' ten point deduction should their takeover bid go through. Lawyers told the Pinnacle group that it was worth appealing against the deduction. As Pinnacle insisted that they wanted to appeal, the League did not issue them with a licence to play in the 2009/10 season. http://www.footballeconomy.com/archive/archive_2009_jun_23.htm http://www.footballeconomy.com/archive/archive_2009_jun_23.htm The Scottish Premiership, English non-league clubs and possibly the FA stand to lose the most from the prospective collapse of Setanta. The Scottish Premiership may be able to negotiate another deal. But Scottish Television had been hit by the downturn in advertising revenue like all ITV companies and would not be able to offer a fraction of the amount provided by the Setanta deal which has nearly five years to run. Setanta were prepared to pay over the odds for Scottish top flight football as part of their effort to build up the business. Now the rumour mill is suggesting that as many as three SPL clubs could be in danger of going into administration. More. http://www.footballeconomy.com/archive/archive_2009_jun_22.htm http://www.footballeconomy.com/archive/archive_2009_jun_22.htm Production company Endemol has been considering taking a share in troubled sports broadcaster Setanta. But earlier plans by Endemol, one of the world's largest television production companies, to be an equal partner in Setanta with Access Industries have been scaled down. Access, the investment vehicle of Russian-born US billionaire Len Blavatnik, said last Friday that it had offered Setanta's board GBP20m in return for a 51 per cent stake. That move seems to have played a part in Endemol's cooling attitude. It is understood that Endemol was interested in going in with Access as equal partners and taking the whole of Setanta over, but they are less interested in taking a minority stake in Setanta. An alternative might be to take on some of Setanta's sports production businesses. Endemol has a small sports production house, but is best known for reality formats such as Big Brother. More. http://www.footballeconomy.com/archive/archive_2009_jun_21.htm http://www.footballeconomy.com/archive/archive_2009_jun_21.htm Thaksin Shinawatra, the former owner of Manchester City, has denied that he has a financial interest in the proposed takeover of Portsmouth. The Premier League had indicated that it would veto the sale of the club to Dr Sulaiman al-Fahim if reports of involvement on the part of the former Thai prime minister were confirmed. After being convicted of corruption and sentenced to two years in jail, even the Premier League would not want to claim that he was a fit and proper person to be involved in a club. Peter Storrie, the Portsmouth executive chairman, had admitted that he was introduced to al-Fahim by Pairoj Piempongsant, an associate of Shinawatra, but denied any knowledge of Shinawatra's possible involvement. More. http://www.footballeconomy.com/archive/archive_2009_jun_19.htm http://www.footballeconomy.com/archive/archive_2009_jun_19.htm Real Madrid have said that they have a euro300m transfer budget his summer, but euro68m went on Kaka followed by euro92m on Ronaldo. It is understood that euro100m will come from cash in hand, euro100m from additional revenues hopefully generated by new players and euro100m from bank loans. The Spanish economy may be in dire straits, with banks not lending to anyone, but they have been prepared to give Real Madrid a four year euro300m facility. Real has been hit by the loss of sponsors and corporate hospitality during the recession, but it is still among the richest clubs, if not the richest, in the world in terms of cash flow and assets. With 50 per cent of the commercial rights, and the chance that signings like that of Ronaldo, will boost merchandising income, the club believes that the deal makes business sense. A club insider told the Financial Times, 'It is better to buy Ronaldo for euro92m than pay euro20m for a player of slightly less calibre and profile.' More. http://www.footballeconomy.com/archive/archive_2009_jun_20.htm http://www.footballeconomy.com/archive/archive_2009_jun_20.htm Blue Square South side Weymouth may be forced into liquidation after they had their overdraft cancelled by Barclays. Relegated from the Conference, the club need GBP50,000 over the close season if they are to survive. They are being pressed by former owner Malcolm Curtis for repayment of money he says he loaned the club. Pledges of financial support the club received when it was saved from the brink three months ago appear to have disappeared. The club has a legacy of debt and a schedule of payments that must be made. The Weymouth board, facing crippling debts of around GBP500,000 after years of mismanagement, are walking a tightrope with creditors who are far from happy about their four year plan to pay back what they are owed. The club cannot borrow any money because the collateral in the form of land has gone. http://www.footballeconomy.com/archive/archive_2009_jun_18.htm http://www.footballeconomy.com/archive/archive_2009_jun_18.htm En route to a football workshop in Amsterdam last Thursday, I was diverted into the Sky News studios at Isleworth to give my views on how Manchester United might spend the money they have obtained from the GBP80m deal to sell Ronaldo to Real Madrid. Whilst United has very large debts, it is able to service them from its still growing revenue stream. That stream depends on continued success on the pitch so a good proportion of the money will be spent on players, in particular on up-and-coming players with potential whose value can be developed. United have subsequently made it clear that some of the money would go towards interest payments which amount to GBP69m a year to service a GBP699m debt mountain. However, in part this a question of managing expectations. United don't want potential sellers of players to get the idea that they will be willing to meet ridiculous valuations. More. http://www.footballeconomy.com/archive/archive_2009_jun_17.htm http://www.footballeconomy.com/archive/archive_2009_jun_17.htm Access Industries, a company run by billionaire businessman Len Blavatnik, will pay GBP20m for a 51 per cent stake in Setanta to help it to avoid administration. Setanta run into financial trouble when it lost half its Premiership live games from 2010-11, leading to fears of a mass exodus of subscribers from the already loss-making company. The crisis revived memories of the collapse of ITV Digital in 2002, when the operator went under owing Football League clubs GBP180m with serious financial consequences for some of them. It had been thought that ESPN might use acquiring Setanta as a way of breaking into the live rights market, but it distanced itself from any deal last week. More. http://www.footballeconomy.com/archive/archive_2009_jun_16.htm http://www.footballeconomy.com/archive/archive_2009_jun_16.htm While most of the Spanish sports media concentrated on the double transfers of Kaka and Ronaldo to Real Madrid, another important football-related event occurred last week in the Spanish capital. After three years of court cases, confusion and chaos the broadcast rights to La Liga and the Copa del Rey (the Spanish FA Cup) were finally settled. From next season and lasting until season 2011/12, following an accord between Sogecable and Mediapro, all matches will be shown on Digital + except for the final of the Cup which is considered an event of national importance and will therefore be shown on terrestrial free-to-air. The agreement means Digital+ get the Sunday night match exclusively with the rest of the games shown on a non-exclusive basis - two games a week on pay TV and the rest most likely to be shown on a pay-per-view basis. More. http://www.footballeconomy.com/archive/archive_2009_jun_15.htm http://www.footballeconomy.com/archive/archive_2009_jun_15.htm Football was a banker's playground for much of the last decade. But have banks now reached a point where they will take their ball away and end the game? Banks have done well out of deals with Russian oligarchs, Middle Eastern royalty and American hedge funds. Banking consortia were put together to fund the takeovers of Manchester United and Liverpool, and the stadium financing for Arsenal. From the clubs' perspective, it was reasonable to believe that banks would continue to roll over their loans given the reputational damage they would incur for allowing such high-profile community assets to descend into financial crisis. That view may prevail since banks would be left selling clubs as distressed assets. But Premier League clubs' debts are running at GBP3.1bn. Any chance of another Liverpool-style debt-finance deal in the Premiership looks remote. More. http://www.footballeconomy.com/archive/archive_2009_jun_14.htm http://www.footballeconomy.com/archive/archive_2009_jun_14.htm League 2 Notts County are the target of a takeover bid from the Middle East. A consortium of Middle East investors is on the verge of pouring millions into the oldest club in the world, known as 'The Pies'. Apart from giving a new angle on the terrace chant 'Who ate all the pies?' the move by Munto Finance Ltd. illustrates that interest from the Middle East in UK footballing assets has not been dimmed by the economic downturn. Harry Philp, financial adviser at Hermes Sports Partners, commented 'There are a lot of wealthy individuals in the Middle East looking at this. They see a real estate play in some of these smaller clubs, pretty attractive grounds and city-centre locations.' http://www.footballeconomy.com/archive/archive_2009_jun_13.htm http://www.footballeconomy.com/archive/archive_2009_jun_13.htm West Ham changed owners yesterday in a deal orchestrated by Icelandic bank Straumur-Burdaras to head off the threat of foreclosure and a damaging points deduction. The club has been sold to CB (Claret and Blue) Holding, a consortium of four Icelandic banks led by Straumur. Former owner Bjorgolfur Gudmundsson, who bought the club for GBP85m in 2006, has stepped down as chairman. Straumur, which it itself insolvent, is a major creditor of Mr Gudmundsson, who saw his fortune wiped out in the Icelandic financial crisis. It will hold 70 per cent of CB Holding, with the balance held by Byr Savings Bank, MP Bank and state-owned Landsbanki. The move protects the club against the threat of any creditor of Mr Gudmundsson's Hausa investment vehicle seeking a forced liquidation of its assets, the most prominent of which is West Ham. Court papers issued in December by Hausa suggest that it was seeking the sell the club for up to GBP250m, although a price tag of GBP100m would be more realistic. The club's latest accounts for the year to May 2007 show that the club's bank borrowings were GBP36m on turnover of GBP49m. However, they noted that the club was in the process of agreeing extended facilities of GBP47m. More. http://www.footballeconomy.com/archive/archive_2009_jun_12.htm http://www.footballeconomy.com/archive/archive_2009_jun_12.htm Chaos reigns at Newcastle United after the club was put up for sale on its website. Bidders for the relegated club were invited to contact an E mail address. Predictably, the club received some derisory offers and abusive E-mails from Sunderland fans. Putative manager Alan Shearer had hoped that Barclays Bank would extend the club's overdraft, making GBP40m available as working capital to buy players and pay wages, but he has heard nothing. The club is set to lose 120 members of staff. Mike Ashley has offered the club for sale at GBP100m, but despite it being talked up as potentially a top seven Premiership club, it is thought that he will be lucky to get GBP80m. http://www.footballeconomy.com/archive/archive_2009_jun_11.htm http://www.footballeconomy.com/archive/archive_2009_jun_11.htm The Premiership and the National Basketball Association (NBA) in the US are exploring a marketing and commercial tie-up that would draw on the strengths of the world's two most popular sports leagues as they expand into new international markets. Representatives from the football and basketball associations have met in London to discuss how they might work together. They have also compared notes on their respective rights strategies - particularly in Asia, which is a huge and still largely untapped market for western sport. Although a Chinese consortium is reportedly seeking a stake in the Cleveland Cavaliers, the Premiership has a better hit rate when it comes to attracting international investors from Russia, the United States and the Middle East. http://www.footballeconomy.com/archive/archive_2009_jun_10.htm http://www.footballeconomy.com/archive/archive_2009_jun_10.htm Serie A was the fastest growing league in Europe in the 2007/8 season reveals the latest Deloitte Football Finance report. Total revenue increased by Euro357m (34 per cent) to Euro1.4 billion. The change of mix of clubs in Serie A for 2007/08, notably Juventus' return, contributed two-thirds of the increase. The other clubs increased revemues by c. Euro120m aided by new broadcasting contracts. La Liga recorded a 8 per cent (Euro112m) growth in revenue to Euro1.4 billion, placing it joint second with the Bundesliga which grew by 4 per cent (Euro59m). La Liga's growth was driven by Real Madrid and FC Barcelona, the world's highest and third highest club revenue earners in 2007/08. More http://www.footballeconomy.com/archive/archive_2009_jun_09.htm http://www.footballeconomy.com/archive/archive_2009_jun_09.htm Sports broadcaster Setanta is close to collapse. Research group Enders Analysis estimates that Setanta's annual losses in its UK business amount to about GBP100m. Accountancy firm Deloitte is on standby to put the company into administration. Setanta has 1.2 million customers, well short of the 1.9m it needs to break even. The broadcaster has until Monday to pay the Scottish Premier League GBP3m as part of its GBP31m a year deal. The Premiership is awaiting a GBP35m payment on June 15th. Disney company ESPN is understood to be interested in acquiring its rights, but would pay less for them. If Setanta did go into administration it would be a big blow to the Scottish Premier League which held an emergency meeting to discuss the situation last week. http://www.footballeconomy.com/archive/archive_2009_jun_08.htm http://www.footballeconomy.com/archive/archive_2009_jun_08.htm Total wages in the Premier League have exceeded GBP1bn for the first time as England's elite football clubs take advantage of extra television rights revenue in a scramble for talent. The Premiership wage bill rose 23 per cent to GBP1.2bn in the 2007-08 season according to Deloitte's annual review of football finance. Chelsea comfortably topped the wages league, with Roman Abramovich's club spending GBP172m on salaries, compared with GBP121m spent by Manchester United, GBP101m by Arsenal and GBP90m by Liverpool. The latest Deloitte review of football finance shows that gross transfer spending across the top 92 professional clubs grew to GBP779m in 2007/08, up 35 per cent from 2006/07/. Over 85 per cent (GBP664m) was spent by Premiership clubs. More. http://www.footballeconomy.com/archive/archive_2009_jun_07.htm http://www.footballeconomy.com/archive/archive_2009_jun_07.htm Liverpool's auditors have issued a warning about the club's ability to meet soaring interest payments. The club's latest accounts revealed that Liverpool paid GBP36.5m in interest on their debts in the financial year ending 31 July 2008. Auditors KPMG warned of a 'material uncertainty which may cast significant doubt upon the group's ability to continue as a going concern.' It is realised inside the club that not enough money is being generated to cover the interest payments of Kop Football (Holdings) Ltd., the club's holding company. This is in spite of the announcement of a record turnover of GBP159.1m and a pre-tax profit of GBP30.2m. Even so, the club's net debt - not including that of the holding company - almost doubled from GBP43.9m to GBP86m. Kop Football (Holdings) Ltd. made a pre-tax loss of GBP40.9m, with its net debt rising to GBP299.5m. It has not helped that the club's American owners made a poor call on the direction of interest rates, entering into fixed agreements between 4.3 per cent and 6 per cent as the Bank of England cut its rate to a record low of 0.5 per cent. More. http://www.footballeconomy.com/archive/archive_2009_jun_06.htm http://www.footballeconomy.com/archive/archive_2009_jun_06.htm The Championship has resumed its path of steady growth, according to Deloitte's Football Finance report. It has achieved annual revenue growth of almost 12 per cent, while Leagues 1 and 2 have grown at around 10 per cent. 'In almost any other industry this would be lauded as outstanding,' the report notes. Championship revenues increased by about 2 per cent to GBP336m in 2007/08. Total revenues of the Football League clubs exceeded GBP500m for the first time. Operating losses for Championship increased from GBP75m to a record GBP102m despite increased parachute payments to relegated clubs, and the first solidarity payment to the rest of the Football League. The new improved Football League broadcasting deal which starts in 2009/10 provides a much needed opportunity to address the losses in the Championship. Championship clubs' total wage costs increased by GBP32m (12 per cent) in 2007/08, the second consecutive year of double digit growth. More. http://www.footballeconomy.com/archive/archive_2009_jun_05.htm http://www.footballeconomy.com/archive/archive_2009_jun_05.htm Manchester United have once again demonstrated their financial pulling power by securing the biggest shirt deal in football history. They have secured a four year contract worth GBP80m with Aon Corporation, the American financial giant, which will replace AIG as the club's shirt sponsors from the start of the 2010-11 season. The deal comfortably eclipses the GBP68m four year agreement that Bayern Munich have with T-home, the telecommunications firm, and dwarfs United's existing GBP56.5m contract with AIG. It is believed that United received a strong bid from a betting company, which enabled them to drive a competitive race among three to four suitors, said to include Standard Chartered. Beyond the GBP20m a year rights fee, the deal provides for Aon to pay commissions to the club from the sale of insurance policies to its fan base plus match-related bonuses. http://www.footballeconomy.com/archive/archive_2009_jun_04.htm http://www.footballeconomy.com/archive/archive_2009_jun_04.htm The publication of the authoritative and comprehensive Deloitte report on football finance is always one of the highlights of the year for those of us interested in the business side of football. We will be providing further analysis from this year's report over the next few days. It shows that the new television rights deal sent the revenue of Premiership clubs soaring to GBP1.932m in 2007/8 and revenues are estimated to have reaching GBP2bn in 2008/9. In a sign of football's resilience to the economic downturn, Deloitte expects England's top clubs will continue to grow revenue in 2009/10, albeit at a slower pace. Dan Jones, a partner in Deloitte's Sport Business Group commented, 'The domestic and international popularity of the Premier League continues to generate remarkable growth. Between 1992 and 2008, revenues for the top 20 clubs grew at a compound rate of 16 per cent, compared with 5.4 per cent for the UK economy as a whole. Revenue increased by 26 per cent in 2007/8 and Premier League clubs generated GBP800m more revenue than their nearest rivals in the other "big 5" leagues'. More http://www.footballeconomy.com/archive/archive_2009_jun_03.htm http://www.footballeconomy.com/archive/archive_2009_jun_03.htm Sunderland has doubled its turnover in its first year in the top flight to over GBP63m. Losses fell from GBP13.6m in its last year in the Championship to GBP2.2m in its first Premiership season. TV revenue increased four-and-a-half times to GBP35.6m, sponsorship revenue doubled to GBP8.2m and gate receipts rose by 51 per cent to GBP13.6m. The accounts show that the shareholders, who at the time were the Irish-based consortium Drumabille, were owed GBP36.6m by their trading division the Sunderland Association Football Club Limited. It is estimated that new owner Ellis Short spent GBP15m buying the club, is likely to have spent further millions clearing off Drumaville's debts, plus money for transfers last summer bringing his total outlay to a reported GBP80m. http://www.footballeconomy.com/archive/archive_2009_jun_02.htm http://www.footballeconomy.com/archive/archive_2009_jun_02.htm Premiership footballers are hoping to avoid the new 50p income tax rate by asking clubs to pay their salaries as interest free loans. This would allow top players to pay as little as 2.5 per cent tax on some of their earnings. HM Revenue and Customes treat loans as a 'benefit in kind' and taxes only 5 per cent of the amount borrowed. If a future Conservative government cut the top rate of income tax back to 40 per cent, a club could write off the loan and it would be treated as income with the player ending up paying a rate of tax equivalent to 42.5 per cent instead of 50 per cent. Another scheme favoured by footballers including Wayne Rooney and Steven Gerrard has been to put money into film partnerships which allow wealthy investors to defer income tax and capital gains tax. http://www.footballeconomy.com/archive/archive_2009_jun_01.htm http://www.footballeconomy.com/archive/archive_2009_jun_01.htm Second force Premiership television provider Setanta is seeing its financial situation deteriorate and the ultimate outcome may be less money for the Premiership, although its slots could always be bought out by a third party. Shareholders in the company have failed to stump up enough cash to keep it going. It even asked BSkyB for a GBP50m advance payment on a deal that would have seen Sky wholesale Setanta to its own subscribers. The proposal of an interest free loan, which was rejected, would have bridged the gap left by private equity backers which have so far offered to inject GBP50m into the company. Setanta, which has 1.2m customers, could yet be forced into administration. http://www.footballeconomy.com/archive/archive_2009_may_29.htm http://www.footballeconomy.com/archive/archive_2009_may_29.htm The fate of non-league club Merthyr Tydfil is in the balance, but it looks as if the club will go into administration tomorrow. A Welsh-Egyptian millionaire has been told that he can have the club for a pound, but according to owner Wyn Holloway he has not made an offer. Annis Abraham is a Cardiff City shareholder and has pledged to bring league football to Merthyr. He thinks that the debts are nearer GBP600,000 than the GBP315,000 Mr Holloway states. Abraham claims that Cardiff City have already agreed to a link up which may see the club field Cardiff reserve players. He has said that the mooted move to Bridgend is off. http://www.footballeconomy.com/archive/archive_2009_may_28.htm http://www.footballeconomy.com/archive/archive_2009_may_28.htm Accrington Stanley have been issue with a winding up order by HM Revenue and Customs over unpaid debts, but remain hopeful they will survive. They face a High Court hearing on 10 June, but shareholder Ilyas Khan has pledged to stump up GBP250,000. He owns 15 per cent of the club, but has said that he does not want a seat on the board. However, he has expressed concerns about what other debts the club might have club given that things have to be serious before the Revenue takes action. Stanley resigned from the Football League owing around GBP60,000, returning 44 years later after reforming and climbing up the non-league pyramid to win promotion in 2006. Their main sponsor Fraser Eagle collapsed halfway through the season owing well over GBP100,000 to the club. http://www.footballeconomy.com/archive/archive_2009_may_27.htm http://www.footballeconomy.com/archive/archive_2009_may_27.htm Dr Sulaiman al-Fahim has struck a provisional deal to buy Portsmouth FC for an undisclosed sum from its Franco-Russian owner, Alexandre Gaydamak who acquired Pompey for GBP30m from Milan Mandaric, now owner of Leicester, in 2006. Mr Fahim also brokered the purchase of Manchester City for Abu Dhabi's royal family, but is no longer involved with the club, clearing the way for his involvement with Portsmouth. The sale price remains unknown. However, Deloitte have estimated that Premier League clubs have typically been sold at an enterprise value of 1.5 to two times annual revenue. On this multiple range, Portsmouth, with a turnover of GBP70.5m for the year to 2008, would be worth between GBP105.7m and GBP141m. But the credit crunch has depressed valuations of Premiership teams and Portsmouth's debts, of GBP57m last May, would also weigh on its equity value. http://www.footballeconomy.com/archive/archive_2009_may_26.htm http://www.footballeconomy.com/archive/archive_2009_may_26.htm Sunderland are the latest American-owned club in the Premiership after Irish-American businessman Ellis Short acquired the club. Short, who is the billionaire president of Lone Star Funds, now lives in this country. Short said, 'Sunderland is a very big club with a lot of fans, a big stadium, and a lot of revenue - and where you are in the position we are, where you are trying to improve things, it takes money.' Sunderland's battle against relegation this year was consistent with its reputation as a yo-yo club. However, Short has said that he does not want to ever go through a relegation battle again and is aiming at a top ten finish next season. He commented, 'It's a very well-run club, the scouting organisation, and the youth development programme are in place, so it's got all the pieces in place to be a long-term successful, powerful club.' http://www.footballeconomy.com/archive/archive_2009_may_25.htm http://www.footballeconomy.com/archive/archive_2009_may_25.htm The Matthew Le Tissier backed Pinnacle consortium have entered an exclusivity period with the aim of completing a buy out of Southampton within three weeks. The group have paid the GBP500,000 non-refundable deposit that will allow the staff and players at the club to be paid their wages for May. They now have the opportunity to complete full due diligence before deciding whether to proceed with their proposed offer for the club, which has been given the seal of approval by the major creditors. They have beaten three other groups to the exclusivity period - a duo of Irish businessmen, a consortium led by businessmen Stuart Green and Marc Jackson and another group believed to be from Zurich. http://www.footballeconomy.com/archive/archive_2009_may_24.htm http://www.footballeconomy.com/archive/archive_2009_may_24.htm In October 2008 I went to Turf Moor to watch Burnley play Hull and the chairman noted in the programme that 'One year in the Premiership would set Burnley up for 10 years.' He may have achieved his wish sooner than he could have dreamt of. After another visit to Burnley in March 2008, I wrote an article called 'The Burnley phenomenon'. Burnley will have the smallest population of any club represented in the Premiership and the area is far from prosperous. Yet the football club has punched well above its weight even before promotion to the Premiership. Now they face their biggest challenge. There is a fine line between not spending enough and being relegated and splurging all their new found wealth and ending up like a Leeds or Southampton. They probably need to spend about GBP20m to have a reasonable chance of staying up and in particular they need to increase the size of their squad so they have more strength in depth. If anyone can do it, Burnley can. http://www.footballeconomy.com/archive/archive_2009_may_23.htm http://www.footballeconomy.com/archive/archive_2009_may_23.htm Having failed again to secure promotion to the Premiership through the play offs, Sheffield United face their first season in the Championship without a GBP11.2m parachute payment. They will be receiving compensation from West Ham over the Tevez affair. The exact amount has never been publicly disclosed and has been variously stated at GBP15m or GBP20m. It is believed, however, that it is payable over six years so it will not make a big difference to cash flow. However, the club's chairman, Kevin McCabe, who owns 75 per of the club which is no longer listed on Aim, may still be singing on his way to the bank. The property developer, who lives in Brussels, sold his Scarborough property business to the Australian group Valad for GBP865m in 2007. http://www.footballeconomy.com/archive/archive_2009_may_22.htm http://www.footballeconomy.com/archive/archive_2009_may_22.htm Relegation from the Premiership is a big blow for Newcastle United's devoted fans. But it is also a big financial blow as well. The cost of demotion from the Premiership is usually estimated at GBP50m - GBP60m. Newcastle are calculated to have the fifth largest wage bill in the division and a fire sale of players is likely to follow. Magpies owner Mike Ashley put the club up for sale for GBP300m last September. He abandoned the sale in December saying he would have sold the club if it had attracted an offer of GBP250m. He bought Newcastle for GBP134m in 2007 and invested another GBP110m in the club. There has been speculation that a consortium led by US businessmen would be interested in pitching a more conservatively priced bid for the club if it had survived its relegation battle. http://www.footballeconomy.com/archive/archive_2009_may_21.htm http://www.footballeconomy.com/archive/archive_2009_may_21.htm As we have argued for some time non-league clubs are most likely to go bust in the recession. They are often dependent on smaller scale businesses as benefactors which are most likely to be hit by the credit crunch. Also many clubs have over spent in an attempt to compete. With the end of the season we are now seeing a flurry of clubs going into administration. Chester City went into administration after being relegated from the Football League. Northwich Victoria have entered administration for the second time in five years. The Vics have paid back GBP175,000 worth of debts that they inherited from the previous owner. With the taxman still owed around GBP400,000 and pushing for the club to be liquidated, the club had no choice but to go into administration. Vics also owe money to several former players and clubs in the north-west, but these will be paid out of the sale of a player. More http://www.footballeconomy.com/archive/archive_2009_may_20.htm http://www.footballeconomy.com/archive/archive_2009_may_20.htm The Football League wants the Premiership to increase its handouts to lower division clubs in proportion to wage rises at the top level. The League would like to receive a yearly income based on a percentage of Premiership clubs' total wages bill as part of the 'solidarity' payment that the top tier already contributes for youth and community development and as parachute payments to relegated clubs. Last season those were worth GBP31.8m. The idea forms part of the League's response to seven questions put to the football authorities by Andy Burnham, the Everton supporter who is Secretary of State for Culture, Media and Sport. Another concept floated by the Football League is that the League could bundle the sale of its television rights together with the Premier League when the next deals are due for renewal in about three years. In fact the Premiership offered the Football League such a deal 14 years ago, but it somewhat unwisely decided to go it alone. More http://www.footballeconomy.com/archive/archive_2009_may_19.htm http://www.footballeconomy.com/archive/archive_2009_may_19.htm Premiership clubs are braced for a wave of pay demands from star players in anticipation of the new 50p tax rate on higher earners. Figures from HSBC Private Bank and tax experts Saffery Champness suggest that, if most Premiership players are in the GBP50,000-GBP70,000 a week bracket, players at the top end of the range face a GBP330,000 increase in their tax bills to GBP1.7m from next year. Manchester United's Christiano Ronaldo is reputedly paid GBP125,000 a week. If that is the case, he would face a 19 per cent increase on his tax bill under the new rate, equivalent to an extra GBP670,000 a year. An insider at one top club said the implications were a higher wage bill or a reduction in the ability to attract top talent, or both. Arsenal manager Arsene Wenger warned last month that the new tax rate and sterling's decline would be 'a financial problem for all the English clubs. More http://www.footballeconomy.com/archive/archive_2009_may_18.htm http://www.footballeconomy.com/archive/archive_2009_may_18.htm It's an unlikely honour, but Wigan are champions of the Premiership in a 'points for pounds' league that measures the extent to which season ticket holders are given value for money. More http://www.footballeconomy.com/archive/archive_2009_may_17.htm http://www.footballeconomy.com/archive/archive_2009_may_17.htm Not so long ago it looked as if Darlington Football Club might fold. But now the club has taken the first steps to survival when the businessman who put the club into administration announced he had secured a funding lifeline. George Houghton said he planned to remain at the club for the forseeable future until 'a person can offer the club more than I'. More. http://www.footballeconomy.com/archive/archive_2009_may_16.htm http://www.footballeconomy.com/archive/archive_2009_may_16.htm Premiership clubs are facing a buyer's market for shirt sponsorships. 188Bet, an Asia-focused online gambling company unknown in the UK has pulled off a double sponsorship deal. It will be the shirt sponsor for Bolton Wanderers and Wigan Athletic for the next two seasons. It is believed that 188Bet is paying Bolton about GBP70,000 a year, while Wigan is getting about GBP60,000. Both clubs may get bonuses based on team performance. A year ago both clubs could have expected deals in the region of GBP1m a year. But there is a glut of clubs looking for shirt sponsorship renewals or new deals, while the pool of potential sponsors, who have traditionally come from the now stricken banking, financial services and automotive industries has dried up. More. http://www.footballeconomy.com/archive/archive_2009_may_15.htm http://www.footballeconomy.com/archive/archive_2009_may_15.htm The Premier League has made a number of responses to government criticisms of the way it runs its affairs. The proposed changes do not address the competitive balance or debt burden issues raised by culture secretary Andy Burnham, but he has welcomed the Premiership's response. It may be that he has other matters to concentrate on at the moment and cannot afford a confrontation with the Premier League. Richard Scudamore, the Premier League chief executive, said the debt question, particularly the highly leveraged status of elite clubs such as Manchester United and Chelsea was 'overblown' and that Mr Burnham was reacting to 'noise' around the football industry. 'The fundamental base point is the clubs not being jeopardised [in how they run their financial affairs],' he said. More. http://www.footballeconomy.com/archive/archive_2009_may_14.htm http://www.footballeconomy.com/archive/archive_2009_may_14.htm The money is there to buy football clubs, but valuations will have to be more realistic. That is the view of Keith Harris, the executive chairman of investment bank Seymour Pierce. In the case of Liverpool, this means that the owners will have to slash 20 per cent from the asking price if they want to sell the club. Last year they failed to achieve a sale with an asking price of GBP500m. Mr Harris said that the days of the leveraged deals that allowed Malcolm Glazer to buy champions Manchester United by piling his purchasing debt back on the club and the high-risk strategy of the Liverpool owners is probably over. Harris said, 'Banks are either incapable or unwilling to lend money on a leveraged basis. Instead we are now looking at institutions, corporations or individuals who have disposal cash. There is a cocktail of potential owners - a sheikh, an industrialist, a financier, every kind of buyer.' http://www.footballeconomy.com/archive/archive_2009_may_13.htm http://www.footballeconomy.com/archive/archive_2009_may_13.htm Darlington fans are putting in place contingency plans to create a Phoenix club in the non-league pyramid should the League 2 club fold in the next few weeks as looks increasingly likely. The Quakers' future has been described as 'dire' by the administrators who have been searching for a buyer. Former vice-chairman Raj Singh made a last rescue bid, but it was rejected by the administrators as unworkable. The club will be liquidated if a credible buyer does not come forward and the club's insolvency specialists have admitted they have no plans to secure a League place for next season. Last Tuesday's deadline to find new owners has passed and with debts reported to be in the region of GBP5m, the outlook is grim for the 125-year old club. Assistant manager Martin Gray and nine of the club's backroom staff have lost their jobs, leaving just five staff who are deferring part of their wages. The administrators must show there is an exit plan from administration, which happened in February, in order to justify to the Football League that the club can start the 2009-10 season. More. http://www.footballeconomy.com/archive/archive_2009_may_12.htm http://www.footballeconomy.com/archive/archive_2009_may_12.htm Merthyr Tydfil chairman Wyn Holloway says there is 'next to no chance' of the Welsh club surviving the summer. The BGB Premier club survived a winding up order after fans pledged to pay GBP7,000 owed to HM Revenue and Customs. However, the Martyrs have other debts totalling more than GBP315,000, including around GBP25,000 to league sponsors British Gas. The Martyrs ToThe Cause fans' group say they will only take over the club if Holloway keeps the six-figure debt in his name. But the Oxfordshire-based businessmen refused and admits Merthyr face a bleak future. 'I haven't been able to find anyone to come in - it doesn't look at all promising,' he said. http://www.footballeconomy.com/archive/archive_2009_may_11.htm http://www.footballeconomy.com/archive/archive_2009_may_11.htm Culture Secretary and Everton supporter Andy Burnham has stepped up his campaign to break the grip of the top four clubs on English football. He wants the Premiership's revenue to be shared out more evenly among its clubs. He wants smaller squads and compulsory quotas of English players in team line ups. His most contentious demand is for the big four to share some of their earnings from Europe's Champions League, ranging from GBP15m to GBP40m. The money plays a key role in helping them to entrench their dominant position. More at Political Economy of Football http://www.footballeconomy.com/archive/archive_2009_may_10.htm http://www.footballeconomy.com/archive/archive_2009_may_10.htm Russian billionaire steel magnate Alisher Usmanov is becoming increasingly frustrated at his treatment by the Arsenal board. Mr Usmanov and his associates feel that they are being treated like any other shareholder. Red and White Holdings. Mr Usmanov's vehicle for his Arsenal stake, has declined to comment on whether it had alerted the Takeover Panel to the shares purchase by American sports tycoon Stan Kroenke in March (see earlier story below). Mr Kroenke's position was strengthened by a strong statement issued by the Arsenal Supporters Trust whose members account for about 3 per cent of shares in the club. They criticised the referral to the Takeover Panel stating, 'The AST regrets that a shareholder has chosen to involve the Takeover Panel. Their complaint is about protecting shareholder value. We represent Arsenal supporters who own share as custodians of the club. Our primary interest as shareholders is what is good for Arsenal Football Club rather than trying to make money.' Attention is now focusing on the stance of Lady Nina Bracewell-Smith who holds a 15.9 per cent stake. http://www.footballeconomy.com/archive/archive_2009_may_09.htm http://www.footballeconomy.com/archive/archive_2009_may_09.htm After Stockport County went into administration last week Woodley are now owed a six-figure sum, believed to be GBP150,000, by their neighbours. This formed part of a sell-on clause when former striker Liam Dickinson moved to Derby County. Sports agreed to defer payments from the 20 per cent sell on clause after learning of Stockport's financial problems. But after administrators were called in, their chance of getting their money has diminished. Sports chairman Tony Whiteside said, 'We are a club with a turnover of GBP75,000 a year so to lose that kind of money is severely damaging. I'm not really sure how we're going to survive this.' http://www.footballeconomy.com/archive/archive_2009_may_08.htm http://www.footballeconomy.com/archive/archive_2009_may_08.htm Sports broadcaster Setanta is fighting for its life as a new management team holds urgent talks to raise cash and slash the amount it pays for sports rights. The company, which has 1.2m customers and broadcasts Premiership and England international football, faces an uncertain future unless it can raise up to GBP100m this month from shareholders including private equity firms Doughty Hanson and Balderton Capital. Accountants at Deloitte could be appointed as administrators if negotiations fail. The Irish company has to find funding for a payment of GBP35m to the Premiership due on May 15th. Some rights partners such as IPL cricket are said to be considering reducing the value of contracts, but they want evidence that Setanta has a future. Shareholders want to see that the company can cut costs so that it can remain a viable business before putting in more cash. Only the Football Association, which splits FA Cup games and England's home internationals, between Setanta and ITV. is understood to be digging in its heels. http://www.footballeconomy.com/archive/archive_2009_may_07.htm http://www.footballeconomy.com/archive/archive_2009_may_07.htm Football betting specialists Blue Square are 'convinced' some players from both Grays and Forest Green manufactured the result of the final Conference match of the season between the two teams. More than GBP 100,000 was staked on the fixture when Grays beat Rovers 2-1. The majority of the bets were laid at between 22-1 and 25-1 on Grays to be losing at the interval and win by the score at which the game finished. The betting, largely centred in the north-west and in Essex 24 hours before the game, alerted the bookies who suspended gambling on the match. A north-west connection to a betting scam is already been investigated by the FA who have been examining a League Two match between Bury and Accrington Stanley last year. Blue Square's Alan Alger said, 'Everything points to match fixing. This looks very, very bad and could be the worst case of its kind ever.' http://www.footballeconomy.com/archive/archive_2009_may_06.htm http://www.footballeconomy.com/archive/archive_2009_may_06.htm A takeover battle at Arsenal edged nearer after US sports entrepreneur Stan Kroenke became the club's biggest shareholder. He leapfrogged Russian billionaire Alisher Usmanov by paying a premium for the shares. Mr Kroenke splashed out up to GBP50m to lift his stake from 20.5 per cent to 28.3 per cent, just short of the 30 per cent threshold which would trigger a full takeover for the North London club. He paid between GBP 8,500 and GBP 10,000 for the shares, which are traded irregularly on London's Plus market. This would give Arsenal a market value of up to GBP 650m, although the shares closed at just GBP 6,750 at the end of the week. They were bought from football club (but not plc) director Richard Carr. The size of the stake owned by the rest of the Carr family, which included Carr's older brother Clive Carr, came as something of a surprise because Richard Carr was previously listed as owning only 4.75 per cent of the club. Carr was instrumental in financing the building of the North Bank at Highbury through a controversial bond issue. http://www.footballeconomy.com/archive/archive_2009_may_05.htm http://www.footballeconomy.com/archive/archive_2009_may_05.htm Fifa's desire to force the controversial 6+5 blow on English clubs, which has been seen as a major threat to the Premiership, has been dealt a heavy blow by the European Commission. It had hoped that the rule, under which six players in every starting line up would have to be qualified to play for the national team where the club is based, could be introduced under a 'specificity of sport' provision, giving it an exemption from EU legal rules. Last month Fifa delivered a 200-page report compiled by legal experts in support of its claims. Jan Figel, the European commissioner who covers sport, has ordered an analysis of the report ahead of talks with Fifa. But even before those talks Figel has effectively kicked out Fifa's ambitions. 'The Commission cannot agree to an illegal system,' he said. http://www.footballeconomy.com/archive/archive_2009_may_04.htm http://www.footballeconomy.com/archive/archive_2009_may_04.htm Italian football clubs look likely to adopt the English Premiership model after 19 of the 20 Serie A clubs voted to break away from the Lega Calcio. The underlying issue is television rights. Serie A clubs sell their rights individually, rather than collectively, which means that the biggest sides such as Juventus or AC Milan earn in excess of GBP 85m for their domestic rights, while smaller clubs, such as Chievo, only receive around GBP 4m. In exchange for this arrangement, Serie A clubs contribute a lump sum to their counterparts in Serie B. This amounted to GBP 90m - about 20 per cent of the television revenue until last year - and was negotiated down to GBP 60m for this season. Because each club's contribution was proportional to the size of their television deal, Serie A clubs went along with the status quo. It did not cost the smaller clubs very much and allowed the bigger clubs to continue enjoying big broadcasting deals. http://www.footballeconomy.com/archive/archive_2009_may_01.htm http://www.footballeconomy.com/archive/archive_2009_may_01.htm Their ten point penalty will not relegate them from League 1, but they could lose more points during the summer if they fail to comply with Football League insolvency policy. Stockport were losing about GBP 300,000 a year and were said to owe one creditor GBP300,000. Their problems were made worse by the fact that they do not own their ground. They were so cash strapped that the cost of policing their last home match was met by Sale Sharks who share the ground. A statement by Supporters Direct said, 'As has always been the case where fans have come to own a club, Stockport County Supporters Trust were the only people willing to take on the club after it had been saddled with millions of debt by previous owners, and had its major assets sold from under it by those previous owners. As a consequence the Trust has had to cope with not having any revenues from the use of the ground.' http://www.footballeconomy.com/archive/archive_2009_may_03.htm http://www.footballeconomy.com/archive/archive_2009_may_03.htm The All Party Football Group has called for a reform of the 'fit and proper persons' test for owning a football club. http://www.footballeconomy.com/archive/archive_2009_apr_21.htm http://www.footballeconomy.com/archive/archive_2009_apr_21.htm Southampton are to appeal against the ten points deduction imposed by the Football League. If they are relegated anyway, they would start their League 1 season with minus ten points. http://www.footballeconomy.com/archive/archive_2009_apr_20.htm http://www.footballeconomy.com/archive/archive_2009_apr_20.htm Following a year-long investigation into the state of English football, the All Party Parliamentary Group is expected to back Sepp Blatter's plan for a 'six plus five' rule. http://www.footballeconomy.com/archive/archive_2009_apr_19.htm http://www.footballeconomy.com/archive/archive_2009_apr_19.htm Updates on the latest goings on at Salisbury City, Ebbsfleet United and Team Bath football clubs. http://www.footballeconomy.com/archive/archive_2009_apr_18.htm http://www.footballeconomy.com/archive/archive_2009_apr_18.htm The ownership situation at West Ham bubbles on, but the bottom line is that the club is likely to have a secure future with Gianfranco Zola as manager. http://www.footballeconomy.com/archive/archive_2009_apr_17.htm http://www.footballeconomy.com/archive/archive_2009_apr_17.htm With Southampton continuing to face the prospect of relegation to League 1, mystery surrounds a business set up in the name of Southampton Football Company Ltd. which has a former player as its only director http://www.footballeconomy.com/archive/archive_2009_apr_16.htm http://www.footballeconomy.com/archive/archive_2009_apr_16.htm Fulham made losses of GBP 7.5m in the year to 30 June 2008, but this represented a halving of losses of Pounds15.2m in the previous year. http://www.footballeconomy.com/archive/archive_2009_apr_15.htm http://www.footballeconomy.com/archive/archive_2009_apr_15.htm Relegation-threatened Scottish first division club Clyde FC are in serious financial trouble and face eviction from the Broadwood Stadium in Cumbernauld new town on April 26th. http://www.footballeconomy.com/archive/archive_2009_apr_14.htm http://www.footballeconomy.com/archive/archive_2009_apr_14.htm Manchester United set a record for a British football club for full year sales in the year to June 2008. http://www.footballeconomy.com/archive/archive_2009_apr_13.htm http://www.footballeconomy.com/archive/archive_2009_apr_13.htm Is there anyone interested in buying a debt free, mid-table Conference club for one Pound? If you are, then get in touch with Salisbury City. http://www.footballeconomy.com/archive/archive_2009_apr_12.htm http://www.footballeconomy.com/archive/archive_2009_apr_12.htm The college sports team is a standard feature of American life and is particularly important in sports such as American football and basketball. http://www.footballeconomy.com/archive/archive_2009_apr_11.htm http://www.footballeconomy.com/archive/archive_2009_apr_11.htm