Bank of England Governor Mervyn King has said that we may be facing the worst recession for 70 years, potentially even worse than the Great Depression of the 1930s. Economics commentator David Smith has already tweeted that this explains why Mervyn King does not give interviews very often.
Bank of England Governor Mervyn King has said that we may be facing the worst recession for 70 years, potentially even worse than the Great Depression of the 1930s. Economics commentator David Smith has already tweeted that this explains why Mervyn King does not give interviews very often.
The Governor of the Bank may be put back in his box until he next pops out to unsettle the markets, but his remarks find an echo in comments by Football League supremo Greg Clarke who says that football faces the most challenging economic conditions for 70 years. He argues that clubs will have to adapt or go out of business.
It is true that some clubs have faced serious difficulties. Plymouth Argyle came perilously close to disappearing, but once again a saviour was found who had no previous interest in football. Of course, eventually one will run out of knights on white chargers, particularly if the economy does hit a real slump.
Football has always had its share of Cassandras and sooner or later they may well be proved right. However, sometimes one wonders if what lies behind this is a sepia tinged nostalgia for ramshackle stadiums, boneheaded local directors and players receiving the minimum wage and treated as chattels. The flow of money into football has made some things better.
Greg Clarke accepts that the butcher, the baker and the candlestick maker had their limitations and that foreign owners have made a positive contribution to the game, but thinks it is important that clubs do not lose their roots in their communities.
It has, however, been difficult to restrain player wages because the pressures for success are so great. The Football League’s answer is to adopt a version of the Financial Fair Play scheme and require clubs to break even over a three year period, probably starting next season. However, many clubs will find this a challenge and then the question will be how many of them is the Football League prepared to sanction?