Date:Wednesday October 7 2009
Football League Chairman Lord Mawhinney has given a stark assessment of the current economic climate for clubs bankrolled by rich owners.
In his address at the Leaders in Football conference in London, earlier today Mawhinney believed that there was an unhealthy reliance on rich owners, providing unsustainable debt.
'As a former Government Minister, I have had exposure to hundreds of businesses. Very few of them were debt free because debt is an integral part of running and growing a business. Debt is not the problem in football, unsustainable debt is," he said.
'Lots of clubs are chasing a dream paid for by their owner's wealth. They are defying economic gravity simply because their owners are rich. There is nothing wrong with that. Rich men have always been involved in football. But increasingly, being a rich man in football is not enough. Today what is required is to be very rich.
'The pressing question is whether such a system can ever be sustainable. Can a huge dependence on the personal or corporate wealth of individuals outside the game and on television revenue ever be sustainably sound in the long term? In my view these models need reworking sooner rather than later.'
On the day where FourFourTwo's football rich list was released announcing profits for many of the games glitterati, Mawhinney believed that some form of restraint was required to stem unsustainable debt.
"Some new element of cost control does seem to be needed - though it should be neither suffocating nor a straightjacket," continued the Football League Chairman.
"Perhaps a first step might be for us to adopt further financial reporting requirements similar to those in the Premier League. We shall see."
To read the full statement on the Football League website: Click Here >>>
Have your say on The Forum
Follow us on Twitter
Become a fan on Facebook - Become a fan of Vital QPR
Date:Wednesday October 7 2009
One to Watch - Daniel Tözsér (Sunday April 20 2014)
Nugent Outfoxes Rangers (Saturday April 19 2014)
Stats: Leicester City v Queens Park Rangers (Saturday April 19 2014)
One to Watch - Riyad Mahrez (Friday April 18 2014)
Leicester City v QPR - Match Preview (Friday April 18 2014)
Five Star Rangers Fell Trees (Sunday April 13 2014)
Stats: Queens Park Rangers v Nottingham Forest (Saturday April 12 2014)
One to Watch - Jamie Paterson (Friday April 11 2014)
QPR v Nottm Forest - Match Preview (Friday April 11 2014)
Stats: Blackburn Rovers v Queens Park Rangers (Wednesday April 9 2014)
|1. Leicester City||43||28||9||6||36||93|
|3. Derby County||43||23||9||11||29||78|
|Preview: Owls v Charlton
» Sheff Wed : 20/04/2014 23:58:00
|One to Watch - Daniel Tözsér
» Q.P.R. : 20/04/2014 20:32:00
|LUFC Leeds Loan Watch - April 13th - 19th
» Leeds Utd : 20/04/2014 19:55:00
|Vela Stays With Magpies As Foxes Dismiss Davies
» Bolton : 20/04/2014 19:18:00
|LUFC Team News: Defender a doubt for McDermott
» Leeds Utd : 20/04/2014 19:12:00
|Brighton v Blackpool (Preview)
» Brighton : 20/04/2014 18:05:00
|DRFC Millwall v Doncaster Team News
» Doncaster : 20/04/2014 18:00:00