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SPORTS> Soccer
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English Premier League chief says game 'sustainable'
(Agencies)
Updated: 2008-10-10 14:45 LONDON - English Premier League chief executive Richard Scudamore said on Thursday the structure of the game is sustainable despite the global financial crisis.
"People need to be realistic. We are entering interesting financial times. But football is very sustainable. Club names are very sustainable, they don't disappear. Revenues are very sustainable," he told Sky Sports News. "We are not complacent, I am not saying we won't at some time feel the wind of the consumer crunch, but generally we are not in such a bad condition." FA Chairman David Triesman said on Tuesday English soccer had amassed debts of about three billion pounds ($5.19 billion) and a top club could fold in the current financial climate. But Scudamore has moved to calm fears that a leading club could go bankrupt and put the debt situation into perspective. "Debt is neither good or bad, it is inevitable," he said. "It depends on the value of the asset the debt is against, and some of our clubs are hugely valuable assets, certainly the biggest clubs. "It is also a product of whether you can service the debt. And that is a debate that goes on. "I'm not saying we don't have concerns, but it is also dangerous to be alarmist in the current financial conditions. "We have always worried. Football has always spent a little bit more than it has earned." However, Scudamore ruled out a salary cap in the Premier League although he said it had been debated for some time. "We have discussed it on and off for 10 years but we don't believe that, with the range of clubs we have, you can come up with a meaningful salary cap," he added. "There are only two ways of doing it. A percentage of turnover -- where the likes of Arsenal, Manchester United and Chelsea would have a huge potential wage bill. "Or to put a fixed amount in, what would you fix it at?" |
