Whelan expects tighter financial regulation

16 February 2010 08:27
Following the crisis at Portsmouth and the ever increasing wages amongst players, Latics chairman Dave Whelan has called for a cap to be placed on lending. Whelan feels so strongly about the matter, he has written to Richard Scudamore at the Premier league The Latics chairman and owner of DW Sports Fitness told the Times: ''I sent a letter to the Premier League, saying, 'Can we have an agreement that we can only borrow 25 per cent of our individual club's turnover?' "'There should be a limit on borrowings - not as a set amount, but as a percentage of turnover. 'They have to do something about it.' 'What has gone on at Portsmouth is a crying shame for football and for their loyal band of supporters. 'It just comes down to desperation to stay in the Premier League. ''Some of the salaries I've read about - whether the figures are accurate or not - make you cringe. 'It's not easy for clubs, but the ones that take the risks sometimes come a cropper.'' Portsmouth in particular have been given a stay of execution by the high court, but the threat of administration remains very real. Similarly, the debt leveraged buy-outs of clubs such as Liverpool and Manchester United should be outlawed. For an owner to simply come in and buy a club with cash raised from that very same club's future earnings puts at risk the club being bought. Such situations are not allowed in Germany where the football books are much more balanced. These calls from Dave Whelan may appear radical to those on the terraces and are unlikely to go through as some many of the big clubs have debt stock piles, but these measures are needed to stop football from imploading under the weight of it's debt and interest. CLICK HERE FOR THE MESSAGEBOARD