Source: FOOTYMAD
English Clubs 'In A Mess' - Says UEFA Report!
With news that Newcastle United are losing around £500,000 a week ... it is no shock that a report by Uefa estimated that the 18 Premier League clubs in 2007-8 owed more money than all of the clubs in the rest of Europe's top divisions put together. The combined debts of these clubs stood at just under €4bn euros (£3.5bn), around four times the figure for the next most indebted top division, Spain’s La Liga. English football is heading for its biggest ever upheaval. A senior Newcastle source said: “Newcastle United couldn’t survive at the moment without Mike’s money, it’s as simple as that. "If Mike and the banks weren’t willing to cover the cost of relegation Newcastle may well be in a Portsmouth situation. "It is costing Mike £500,000-a-week this season to keep Newcastle running without making further cutbacks, yet some people are saying the club should be able to wipe its own mouth, that it should be able to run by itself with the income coming in. “You can not lose £50m in revenue and expect not to have to take a hit, particularly when you have the overheads Newcastle have. “The wage bill was reduced, but it’s still way too big for the Championship.”
