1st June, 2012
English Premier League clubs are in debt up to an estimated £2.4billion, despite raking in colossal combined revenues, according to a report published on Daily Mail.
Chelsea’s owner, Roman Abramovich, Newcastle United chief, Mike Ashley and Fulham’s Mohamed Al Fayed are the chief culprits, as they have combined to propel £1.3billion into their clubs in ‘soft loans’, which means they get no interest back.
The 21st Annual Review of Football Finance from the Sports Business Group at management firm, Deloitte, put together these amazing figures.
These new revelations have fuelled concerns about the clubs dependence on their billionaire owners, and the financial render down that could be set off if they walked away or tried to sell up.
Ashley has forked out £277million on buying Newcastle and lending them cash, and has now set the Geordies on a path of self-sufficiency that will not require any more cash injections from his Sport Direct fortune.
AL Fayed’s investment in Fulham stands at £200million, with no money coming back in interest from their loans, The Daily Mirror reports.
However, the financial income of all the Premier League clubs still remain the best.