UEFA puts the spotlight on English debt
Tuesday, August 4th, 2009The issue of Premier League spending is once again in the limelight following a denouncement of the debt culture in English football by UEFA general secretary David Taylor.
Taylor pinpointed the big spending of Manchester City as a source of concern, with the Premier League club forking out hundreds of millions of Euros for top players, effectively forcing other clubs to over-extend to compete in the transfer markets.
“There is certainly disquiet in the corridors of power here,” Taylor told a press conference. “There are stories concerning some English clubs that are of significant concern. There are a number of English clubs where the value of the club itself has fallen significantly and they are effectively on the market.”
Taylor claimed to be surprised by the fact that clubs like Manchester City were over-extending themselves financially in the midst of a recession.
“In this current economic environment, I would never say never to anything like that. Clearly we do not see that as imminent but the concern is that we have to establish a stronger financial basis on which clubs can compete.”