2 Jun 2010Insolvent football clubs 'could go under'

Football Clubs News | Football Finance News

An expert has warned as many as eight English Premier League and Championship football clubs could face total meltdown unless they take urgent action to shore up their finances.

Former Leeds United chairman and Bournemouth administrator Gerald Krasner welcomed the news that Crystal Palace have been saved from extinction, but claimed they are unlikely to be the last side to find themselves in such difficulty.

He said their dramatic rescue should act as a "wake-up call" to debt-stricken rivals, adding: "It is imperative these clubs take steps as soon as possible to address these issues, otherwise Crystal Palace won't be the last club we see teetering on the brink of liquidation."

Mr Krasner, now a partner at insolvency firm Begbies Traynor, suggested impoverished sides could find their financial situation becoming even bleaker during the fallow summer months.

Last week, the Guardian reported that Manchester United experienced a loss of £66.5 million during the first nine months of the recent fiscal year.

Written by Paul Roberts

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