The Premiership: Is The Iceland Meltdown The Beginning Of The End?

October 9, 2008

So West Hams Icelandic owner is now skint, they owe £32 million to Sheffield Utd, have a squad the size of a Rekjavik suburb and a wage bill higher than the annual cod income of Iceland. Ok, I’ve used some artistic licence there but the point is valid. Is this just the tip of the iceberg? Who’s next? Will the credit crunch mark a Premiership avalanche into the abyss of debt, insolvency and closure?

We all pay for the Premiership, through tickets, replica shirts and Sky but what we pay isn’t enough, your favourite Premiership club is almost certainly insolvent. It’s out goings are bigger than it’s incomings. It is almost certainly propped up each month by your freindly, band wagon jumping billionaire. Man City and Chelsea are probably ok as long as thier benefactors don’t get bored or shot (behind you Roman). The rest? Can you really be sure theira fortunes aren’t tied up in one of the hundreds of banks across the world that are collapsing? Trust me West Hams current predicament won’t be the last and when it does go wrong as at Newcastle who will pick up the pieces? They are hardly breaking down Mike Ashleys door are they? Do you think he actually opened one of those spam e-mails “My brother is a king in Nigeria and we need to deposit £400 million pounds in your bank. Please send you bank details to Nigeria Bank acct no 12345567. It is safe and you can trust me. Adebola Mbwenga” I digress but again the point is valid.

The reality is that Premiership football is a money pit, virtually no clubs make money, Chelsea has cost Abramovich half a billion and continues to run at a loss. Mike Ashley has propped up Newcastle, paid of old debt and been abused to the point that he has to sell. There are so many clubs owned by overseas wealth that the playing field has been levelled to the point where financial investment no longer guarantees success. Jack Walker brought Blackburn the title when he was the ONLY one. Now if there are 15 clubs with huge backing one of them will finish 15th which is no reward in the bank balance or the ego.

I suggest you look beyond the back pages and start reading the financial columns and find out where your sugar daddy stashes his cash.  West Ham should have seen the writing on the wall, any link with Kerry Katona, however tenuous, should have been a warning. Mmmm frozen prawns.

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