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Financial Crisis Rearing Its Ugly Head?

By | 21st January 2009

manchester-united-aigWith AIG’s latest announcement, the footballing world finally got a glimpse of the current world economic crisis. Up until this point there have been few reminders about the reality of our non-footballing lives, but David Gill and the rest of the Manchester United executives have been handed the tough task of finding a company that will part with millions of pounds each year.

Other clubs around the league and around the world will be facing the harsh realities of our current climate within the coming months. Forget about the outrageous sums of money being tossed around by Manchester City, and you’ll quickly realize that the poor are still poor, and the rich are getting poorer.

Even owners with vast amounts of wealth are finding times difficult. Roman Abramovich, once the world’s richest man in the world under 40 years of age, has even seen his bank account take a massive plunge. Rumors are circulating that the Russian tycoon is even considering selling Chelsea, a team who he has invested hundreds of millions of pounds in. His personal struggles and Chelsea’s own struggles are well documented, with Equifax even assigning a credit score of a 10 out of 100 to the Stamford Bridge outfit (see the article here).

As football fans, we should all be hoping that clubs can find other ways to monetize themselves in this current situation. Clearly, shirt sponsorships are dwindling, and it may mean that us fans will be forced to pay even more exorbitant transfer fees. Personally, I think a return of English football’s terrace days needs to return, and clubs should go back to grassroots.

Have your say on this and more in the forum, and don’t miss the Premiership Talk Shop’s huge winter sale! Listen to Taylor and I discuss this matter and more on this Sunday’s LIVE Podcast at 1:30pm EST, 6:30pm GMT.



Reader Comments

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  2. [...] Help with understanding the issues and options around the complicated world of personal finance. wrote an interesting post today onHere’s a quick excerpt With AIG’s latest announcement, the footballing world finally got a glimpse of the current world economic crisis. Up until this point there have been few reminders about the reality of our non-footballing lives, but David Gill and the rest of the Manchester United executives have been handed the tough task of finding a company that will part with millions of pounds each year. Other clubs around the league and around the world will be facing the harsh realities of our current climate within th [...]