The severe economic crisis gripping the UK at the moment could have severe financial implications for the Premier League. Luckily for Leeds United they don't have any debts and hopefully the club seems to be running on a sound footing.
Howver, the same cannot be said for some clubs in the Premier League. Latest reports show that clubs owe over £3 billion ! . West Ham United could be in for their own economic crisis. The club are owned by an Icelandic banker who has recently been sacked as his bank has become insolvent. At best it will mean that West Ham won't have much cash to spend on players to support their new manager Zola. At worst it could mean the club not being able to service its debts. The situation has not been helped by XL going bust who were the shirt sponsors for West Ham.
Other clubs that could possibly have problems are Manchester United. Owned by the American Glazier family they apparantly have to repay millions of dollars in loans by 2010. With the current credit crisis that may well be difficult. If they can't repay the debts the club may well be owned by a US Hedge fund who may not be around themselves by then according to the BBC news website.
Interesting but worrying times to say the least !
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