It seems that it is not just our economy that is financially insecure. Since 2005 our country and many other major players across the world have been suffering a credit crunch. We have heard stories of our biggest banks on the verge of going bust annd homeowners across the country struggling to make their mortgage repayments. Across the Atlantic in the United states the Wall Street bailout ordeal has be ongoing for a number of weeks. But many would be surprised to hear that massive financial insecurity and virtually unpayable loans have been floating around our favourite sport for decades.

It is true to say that the majority of the teams in the English Football League are in debt. Most clubs will have multiple financial loans to keep them afloat and will increase the amount borrowed year upon year. In recent times football has become more of a business than a sport and the directors of football clubs will be wanting to see a healthy profit as-well as good results. It is estimated that football is roughly £3 billion in debt and unfortunately this figure is growing. Director of football are not worried by this as it is no a new issue. Money can play a vital part in the success of a football team in today’s game. A prime example of this can be seen in Chelsea. When Roman Abramovich stepped in with his multi billion pound empire and wrote of Chelsea’s debt, employed a new team and invested in a whole hots of new players what followed was back to back Premier League titles. But money in football can have a negative effect. Look at Gretna in the SPL. They climbed 2 leagues in as many seasons to reach the Scottish Premier League but in the top flight they could not afford to pay the accompanying fees and landed them selves so far in debt that it eventually killed them.

This issue has recently come to light however. Lord Triesman the chairman of the Football Association has spoken out about the debt associated with football and warns that today’s economy could have disastrous consequences for football clubs. Lord Triesman’s primary concern is that the £3 billion of debt may not be sustainable and believes that action should be taken to reduce this figure. Triesman blames this financial strife on the ever-changing game and says that it is caused by the bigger clubs in the game providing fans with what they want (super stadiums and unaffordable superstars). Triesman Believes than Manchester United, Arsenal, Chelsea and Liverpool were at some point responsible for a 3rd of that £3 billion figure.

A contrasting opinion came from the Premier League CEO Richard Scudamore who believes that the debt is sustainable and should not be of any concern. He insists that as long as the debt is proportional to the earnings of the individual clubs then it should not be anything to worry about.

The affects of the credit crunch on English football are not yet known but money ruling the game is becoming more and more apparent every season. Premier League sides are becoming the rich man’s plaything and this brings a certain degree of success against the teams plagued by debt. But we are yet to see what happens to a side when it’s multi billionaire owner pulls out and leaves the club to face the music or what effects the £3 billion debt situation will have as the economy declines.