17 Mar 2009Scottish chairmen fret over finances

Football Finance News | Football Referees, Players, Managers and Media

The majority of chairmen at Scottish clubs are concerned about the impact of the credit crunch and expect the situation to deteriorate further in the coming months, the BBC reports.

According to a survey of all 42 professional clubs, 69 per cent suggested that keeping up loan repayments and ensuring that sponsors stay on board were their two biggest off-field challenges.

The results also revealed that 81 per cent of chairmen admitted that their club's income has been badly affected by the economic downturn, with further problems and casualties expected.

One chairman was quoted by the news provider as saying: "There's no doubt we've been hit - my fear is that this is just the beginning though."

"Bank managers are under pressure too, so it's understandable, but yes they are looking for more money from us," added Dundee United chairman Stephen Thompson.

However, PricewaterhouseCoopers football finance expert David Glenn sounded a note of optimism, suggesting that Scottish clubs are well-placed to deal with the situation.

"Scottish football caught a cold four or five years ago and realised that debt levels were just far too high," he was quoted by the BBC as saying.
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"Since then most clubs have taken drastic steps to cut costs - if they hadn't, many would be facing financial meltdown."

Celtic came in 17th place in the latest Deloitte and Touche list of the richest clubs in Europe.

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