Fulham Broadway 17,312 Posted October 9, 2008 Share Posted October 9, 2008 Chelsea chairman Bruce Buck admits not even the Premier League leaders are immune from the credit crunch. Uefa have revealed European football's governing body is looking at addressing the number of clubs who are succeeding on borrowed money as the current economic crisis threatens the game. There is even talk clubs could be excluded from European competitions if they fail to manage their debts. The funds owner Roman Abramovich has loaned Chelsea have allowed the London club to grow into European giants, and chairman Buck is confident the debt to the owner will be available for years to come. But he also admits the Blues will start to feel the pinch in the coming months. "No one is immune to the credit crisis, even football," he told Sky Sports News. "I don't think any club is feeling it (the credit crunch) immediately but I think we all will feel it in the relatively near term. "I think when season ticket renewals go out in May and when people start thinking about Christmas presents, I think we're going to have a more difficult time in our megastore and with corporate hospitality and our season ticket sales. "The credit crunch is a very big issue that we are all going to have to deal with, certainly in the middle term, even with a benefactor like Roman Abramovich. "If we think revenues are going to go down a bit we will have to look at our expense side and see if there are areas we can save a little bit and that is something we are doing at the moment. " Uncertainty But Buck also believes the club can continue to rely on Abramovich during the current economic uncertainty. He said: "We're very comfortable with the debt we have from Roman Abramovich in terms of its viability, its importance and its long-term availability." Uefa are expected to focus on clubs who are struggling under the weight of debts which require servicing, and they are to undertake a radical review of their own club licensing system. Uefa general secretary David Taylor said: "This is an attempt to find greater financial stability, especially at a time when banks are failing. "Governments might bail out banks but they are not going to bail out a football club." He explained: "We will not flinch if we have to exclude clubs from Europe's elite competition." Former Scottish FA chief executive Taylor said: "We cannot let things stay as they are. There would be forms of communication, even warnings, even reprimands before one would ever get to a situation of exclusion but it's absolutely possible. "It won't happen overnight or even next season but it is the ultimate sanction." Skyspurts If hes worried about corporate sales, season ticket renewals, and megastore paraphenalia -simple lower/freeze the admission prices... Quote Link to comment Share on other sites More sharing options...
.Cee 50 Posted October 9, 2008 Share Posted October 9, 2008 Skyspurts Quote Link to comment Share on other sites More sharing options...
EskWeston 696 Posted October 9, 2008 Share Posted October 9, 2008 Well i am sure it will affect football sooner or later. But i think it is funny the way, when talking about football club debts that we are lumped in the same bracket as Man you, Liverpool ect... their owners took out BANK loans to finance their purchases, they own money to banks, which is why they are in such a dangerous position. While any "loan" we have (if that is what you can call it) is purely with Roman. Quote Link to comment Share on other sites More sharing options...
Fulham Broadway 17,312 Posted October 9, 2008 Author Share Posted October 9, 2008 Exactly, Abramovich owes the money to himself. Why doesnt he just write it off ? Quote Link to comment Share on other sites More sharing options...
EskWeston 696 Posted October 9, 2008 Share Posted October 9, 2008 Exactly, Abramovich owes the money to himself. Why doesnt he just write it off ? I think it was for tax purposes. I don't think you will get too many people feeling sorry for football clubs, if people can't afford shirts or season tickets! Quote Link to comment Share on other sites More sharing options...
Aesthetic Relic 301 Posted October 9, 2008 Share Posted October 9, 2008 Is this UEFA "idea" more directed at English clubs? Platini has already shown his dislike for the English game and commented on it numerous times. It seems to me that this is just another opportunity to turn the screw. The EPL is turning (if not already has) into the most successful league in world football. English clubs are beginning to dominate their prize tournamnet, all the best players are beginning to take notice and want to try their luck. Quote Link to comment Share on other sites More sharing options...
Fulham Broadway 17,312 Posted October 9, 2008 Author Share Posted October 9, 2008 Was that meant for the Platini thread T blue ? I think it was for tax purposes. I don't think you will get too many people feeling sorry for football clubs, if people can't afford shirts or season tickets! So if I renew a season ticket, go to Marco Whites restaurant every game, splash the cash in the megastore, and get pissed in the Shed bar...all on the Barclaycard, will the government bail me out ? It seems ok for Executive Bankers to spunk our cash away on bonuses and champagne, and the government bails them out no problem....with our money. Quote Link to comment Share on other sites More sharing options...
EskWeston 696 Posted October 9, 2008 Share Posted October 9, 2008 UEFA Don't like the foreign ownership of clubs. I don't know for sure but i don't think there are many clubs outside of England with foreign ownership. To be honest UEFA are not really sure what they like and don't like, they pretty much make it up as they go along. Quote Link to comment Share on other sites More sharing options...
Aesthetic Relic 301 Posted October 9, 2008 Share Posted October 9, 2008 Was that meant for the Platini thread T blue ? Theres a Platini thread? It just seems that anything new that FIFA are coming out with directly affects EPL clubs more than any other. Quote Link to comment Share on other sites More sharing options...
Fulham Broadway 17,312 Posted October 9, 2008 Author Share Posted October 9, 2008 Theres a Platini thread? It just seems that anything new that FIFA are coming out with directly affects EPL clubs more than any other. ..along with the media loving headlines about CFC in debt. Brucie Buck put it thus; "Our debt is not external, we don't owe it to a bank or an insurance company, we owe it to the owner of the club who is a committed investor in the club," "And the fact that it is characterised as debt or equity is irrelevant. I think it's even softer than soft debt. Its equivalent to equity for all practical purposes. "Our objective – as it has been for several years and will continue to be – is to break, or as close to, break-even as we possibly can in order that we don't have to look to Mr Abramovich to fund us continually. "Was Platini misinformed? As best I can remember the quotes and the context, then I would say yes, he probably didn't understand the actual financial condition of Chelsea." So its a bit like putting your own money into a different account. Kind of. But to all intents and purposes as far as the press and Pratini are concerned...its debt. Quote Link to comment Share on other sites More sharing options...
warnie_666 1,081 Posted October 9, 2008 Share Posted October 9, 2008 (edited) But what will happen the day when Roman decides to quit? does the new owner pay him? or does the club pay him? I am talking about the debt Edited October 9, 2008 by warnie_666 Quote Link to comment Share on other sites More sharing options...
Drogba11CFC 108 Posted October 9, 2008 Share Posted October 9, 2008 Abramovich will want the new owner to invest in the club. Meanwhile, we'd better win the CL this year to silence Monsieur L'Anglophobe. Quote Link to comment Share on other sites More sharing options...
warnie_666 1,081 Posted October 10, 2008 Share Posted October 10, 2008 http://www.bloomberg.com/apps/news?pid=206...&refer=home Roman loses 20 billion dollars Quote Link to comment Share on other sites More sharing options...
Bandicoot 3 Posted October 10, 2008 Share Posted October 10, 2008 (edited) hip. To be honest UEFA are not really sure what they like and don't like, Actually that is not true, UEFA have a hidden agenda (along with FIFA) against anything that involves the English. Platini and Blatter are all for tearing apart the English dominace of European Football on a club front, and it becomes more evident, that they will stop at nothing to achieve their aim, every time one of them opens thier mouths. Both of them should be treated with the contempt that they fully deserve. Edited October 10, 2008 by Bandicoot Quote Link to comment Share on other sites More sharing options...
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