The recent 9% drop in the stock market and the world markets meltdown has prompted banks to look again at how much borrowing they have allowed. Rumours are they are going to start calling in some loans.
Manu £633m - £62m per year in interest. Tickets up 13% Waiting list for tickets previously 14,000+ now ZERO. 3 hedge funds to be repaid £138m by 2009. One financial expert ' I give the Galziers two years to find a buyer or default' (on payments)
Liverpool £300m (plus borrowing a further £200m to build new stadium)
Arsenal £300m
Newcastle £80m
Total for the premier league 2007 --- £2billion.
Phillip Long - of PFK accountants:
'The fact that 62 percent of Premier League clubs have increased their overdrafts will be ringing alarm bells at the banks. ' The excessive spending that has brought Leeds to it knees is in danger of being repeated with more clubs facing administration and ultimate insolvency'
Sell those goldfish NOW!
