Written by And so the final curtain looks to be brought down on Portsmouth FC due to the massive debt they have built up. Of course, they’ll get a stay of execution in some form, as you cannot contemplate a big football club going under (did Wimbledon count?).
Fifa look to be considering allowing Portsmouth to sell players now despite the transfer window closing on 1st February, because “their debts have got considerably larger”. Bollocks. The problem is with the massive debt they need to pay to customs and that hasn’t just materialised out of thin air.
I am torn as I have a soft spot for Portsmouth, but at the same time, if clubs are going to be bailed out no matter how bad their financial nounce is, then why should any club be sensible about their spending? An example needs to be made of a club to show that money is not a never ending resource, and a degree of business understanding is needed to successfully run a football club.
Reading supporters have been moaning that John Madejski, chairman of Reading FC, has not been splashing the cash, but he is very aware of the fact that he has limited funds and we are currently in a recession. A chairman cannot expect a return on money he invests in a football club, so he is being frugal. At the same time, we are giving a lot of academy players an extended run out, a lot of whom showed real potential when playing in selected matches last season.
To let a club operate outside of the laws of football is unfair to those that make the effort to run a well organised and financed club, and makes a mockery of the laws it is supposed to abide by.