Europe’s top clubs feel the financial pain

Europe’s top clubs owe $6 billion as they fall deeper and deeper in debt. The future promises more pain. The Premiersip carries the lion share of this debt with $4.3 billion.
Portsmouth is close to administration having failed to reach an agreement with the British tax authorities over $11.76 million owed. West Ham’s new owners David Gold and David Sullivan face debts of more than $160 million.
Even deep pocketed Man City has lost $150 million since its takeover by Abu Dhabi oil billionaire Sheikh Mansour bin Zayed Al Nahyan who has invested the staggering sum of $630 million.
It is not just Premiership clubs who face financial hardship. Bayern Munich, respected in the football world as a tightly run ship is planning player wage cuts.and are looking to selling Franck Ribery.

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