A study by a professor of finance and economics at the University of Barcelona, Professor Jose Maria Gay, takes a gloomy view (perhaps excessively so) of the future of Spanish football in the context of the global economic crisis. ‘Spanish football is bankrupt,’ he declared.
A study by a professor of finance and economics at the University of Barcelona, Professor Jose Maria Gay, takes a gloomy view (perhaps excessively so) of the future of Spanish football in the context of the global economic crisis. ‘Spanish football is bankrupt,’ he declared. ‘For many years it has spent more than it has earned and now everyone is in debt.’ Clubs such as Alavés and Real Sociedad have already been forced to call in administrators and Gay predicts that other clubs will follow their example in the near future. His study concluded that by the end of the 2006/7 season the 20 Primera Liga clubs had debts totalling €2,779m. Just under half of these debts now need to be repaid within 12 months and with expenses outstripping income, Gay sees trouble on the horizon. ‘Between now and September there will be eight or 12 clubs who will need to go into administration,’ he said. He highlighted Racing Santander, Recreativo Huelva and Valencia as the clubs with the biggest financial problems. There is certainly a ready audience at the moment for dire warnings about club finances, but whether these gloomy predictions will be fulfilled remains to be seen.