At least six Football League clubs have begun negotiating with a City-based investment fund in the hope of borrowing money for the close season. The majority are believed to be Coca-Cola Championship clubs. Hero Global Football Fund has been set up to invest in football without taking equity in clubs. Backed by Emirates Bank, Hero plans to raise up to £100m based on minimum subscriptions of £100,000. The money will be made available for buying players and will be secured across the squad rather than against individual players.
At least six Football League clubs have begun negotiating with a City-based investment fund in the hope of borrowing money for the close season. The majority are believed to be Coca-Cola Championship clubs. Hero Global Football Fund has been set up to invest in football without taking equity in clubs. Backed by Emirates Bank, Hero plans to raise up to £100m based on minimum subscriptions of £100,000. The money will be made available for buying players and will be secured across the squad rather than against individual players. The executive board is made up of football pundit Alan Hansen, retired referee David Elleray and David Davies, the former chief executive of the FA. The money is being made available at a time when banks are becoming unwilling to lend to football clubs and even when they do it is short-term and expensive. This may seem like a welcome line of credit for clubs, but it could be argued that too many Football League clubs have developed excessive and unrealistic ambitions, leading them to borrow money to sign players who then disappoint on the pitch.