FIFA claim Portsmouth situation should be a warning to football!
Thu 25th Feb 2010 | FIFA
FIFA general secretary Jerome Valcke claims the Portsmouth financial crisis stands as a warning to the rest of football.
Portsmouth football club are expected to go into administration on Friday to avoid a winding up order on Monday - and the accompanying nine-point deduction will mean certain relegation.
Valcke said: "It is the richest league in the world so this is strange. If you talked about another league I would say fair enough, but the richest league in the world - what's the reason?
"It's because the club was badly managed, they ran it to have a chance of winning titles by buying too expensive players and just getting more in debt every day."
Andrew Andronikou of accountants Hacker Young has been engaged as Pompey's administrator by the crisis-hit club and is likely to officially take on the role if, as expected, no buyer emerges.
The Portsmouth situation has also been cited by UEFA as a reason for the game to back their proposals clubs should only be able to spend what they earn.
According to a new UEFA report, Premier League clubs' debts are more than the rest of Europe put together - but the English top flight also accounts for almost half of clubs' assets across the continent.
The figures show the total debt of the Premier League clubs as being £3.4billion ($A5.8billion), 56% of the total across Europe. Premier League clubs' assets are £3.8billion ($A6.5billion), accounting for a 48% share of the assets among all European clubs.
What is worrying for English clubs however is the total value of the debt is so close to the value of the assets.
In Spain, which has the next highest debt of £858million ($A1.4billion), the assets are worth £2.5billion ($A4.3billion), three times the value of the debts.
In Italy, the debt is £442million ($A762.9million) and the assets worth £1.3billion ($A2.2billion).
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