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Articles and reports on financial issues within football – soccer – from The Political Economy of Football.
Craig Whyte, the chairman of Rangers, has issued a long statement denying that he has been ‘trying to make a fast buck’ out of the club. This follows further information about what happened to the Ticketus money raised as a loan against season ticket sales. It appears that this was used to pay off debts to Lloyds Bank, thus facilitating Whyte’s takeover. It could be argued that, in effect, fans were funding his takeover.
Supporter disquiet at Arsenal with Arsene Wenger is higher than it has ever been. This was reflected at a record attendance at a meeting last night of the Arsenal Supporters Trust (AST). The venue had to be changed because so many fans turned up.
It’s 20 years since the decision was taken to set up the Premier League. In this short essay I reflect on some of the changes it has brought about in football, for better or worse.
Former Manchester United player and club ambassador Gary Neville is involved in a dispute with the club about his plans to build a hotel and supporters’ club opposite Old Trafford.
Neville has been working with fans’ groups to create a ten storey hotel and leisure complex on Sir Matt Busby Way. Initially United supported the scheme but now they are urging Manchester City Council to reject the planning application made under the name of Old Trafford Supporters’ Club.
Motherwell Football Club has announced profits of £541,663 for 2010/11 compared to £18,000 the previous year. The club was in administration between 2002 and 2004 but unpleasant though this experience was it seems to have put them on a sounder footing.
As Portsmouth FC prepares to enter administration, it has been estimated that the club’s debts total around £50m. This is considerably less than the £119m owed when Portsmouth went into administration in 2010.
There is a secured debt from former owner Balram Chainrai of £17m. There is a debt to Convers Sports Initiatives of about £10m. There is also the Company Voluntary Arrangement of the old company which is estimated at £16m.
There are a number of prospective investors interested in Rangers and the administrators are hopeful of an early exit from administration. There certainly is no danger of the club going into liquidation. However, it may be necessary to make some redundancies among staff and players.
It’s not easy to make a profit at a League 2 club, but that is what Torquay United have done after two years of big losses. The Gulls made a loss of £711,414 in 2008-9 and £681,430 in 2009-10, but last season they managed to make a £116,582 profit.
Jon Mackenzie is a Scotsman who lives on the Isles of Scilly where he co-edits Scilly Now and Then. Here he gives his views on Rangers entering administration:
This is a very sad day for Rangers FC and the Scottish game – no matter which club you support, but what surprises me is how long it took to occur. Frankly I thought Hearts would have been the first big Scottish club to go this way and like many people, I was not surprised when Mr Romanov found the funds to pay the taxman this very day.
Rangers thought they would have a relatively leisurely 10 days to decide whether to appoint administrators. But the Court of Session in Edinburgh ruled today that they would have to appoint administrators by 3.30 p.m., giving them just 90 minutes, the length of a football match but with no time added on.