Credit Crunch, What Credit Crunch?
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With the Abu Dhabi takeover, Manchester City Football Club is in safe financial hands, however what about several other Premier League clubs, possibly on the brink.
West Ham United
The Hammers are in dire straights after losing its shirt sponsor and then to top it all Icelandic owner Bjorgolfur Gudmundsson is almost down to his last million after the country's banking system went into meltdown.
If Gudmundsson doesn't find a buyer, and soon, could we see the first Premier League Club go out of business?
American owners Tom Hicks and George Gillett borrowed vast sums when they purchased the Reds. How long will it be before they are forced to sell?
The Glazier family are mortgaged to the hilt. Will the American banks decide to put pressure on the owners to re-pay the debt at a higher APR rate or will they leave well alone?
Over the past few months Russian owner Roman Abramovich lost billions on the stock exchange. How long will it be before he does a runner and leaves Stamford Bridge in the lurch?
The following link highlights the money worries European football is currently facing. I wonder how long it will take before we see the dark and distant days return when clubs began to fold like a pack of cards.
Aldershot, Maidstone and Bradford Park Avenue all went bust but have since risen from the ashes; however the likes of once prosperous sides the like of Luton Town, AFC Bournemouth and Rotherham have all been close to going to the wall. Luckily, for them they found investors just in the nick of time, albeit all three clubs suffered horrendous league point deductions for going into administration.
I wonder who will be next?
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