Southampton Football Club is likely to fold before the end of the season unless a buyer for the club can be found, and they are just the tip of the iceberg.
At 11:00am today, Saints supporters heard the news they were all expecting and that was the company which owns the south-coast club, Southampton Leisure Holdings plc, have gone into administration with its chairman, Rupert Lowe, resigning.
I am sure there are passionate businessmen who are Saints supporters, and as we speak, many will be rallying around in an attempt to raise enough funds to keep the club afloat, but as the saying goers, all good things must come to an end.
Banks are not lending money and unless one has a couple of million stashed away to pay some of the alleged £30million club debts, how on earth will they survive.
A possibility, but who would want to plough millions into a club destined for League One football next year. Let’s face the facts, Southampton FC are on the verge of oblivion.
On a personal note and as a football fan, I wish them all the best.
How about Newcastle United. Should Alan Shearer fail in his attempt to save the Geordies from relegation then the club would more than likely have to release the whole of the first team squad just to survive. Why, well the answer is simple. Not a single player has a clause in his contract for a reduction in their salaries should the worse scenario occur – relegation. The Premier League pays a couple of years parachute payments and then that’s it.
I am not trying to spread doom and gloom but just in case you didn’t know, the world is in its worst financial state since 1929. The banks have little or no money to lend and when they do, they only lend to solvent companies. Many think the worst is yet to come, I just hope there are wrong and we have seen the worst.
Other clubs in financial strife.
The list is endless, with the majority of Championship and lower league clubs having to scrimp and save just to make ends meat.
I don’t think it takes a genius to work out that unless something is done to stimulate footballs lower league economy the Premier League might be the only professional set-up left within the UK.
The next couple of months are going to be interesting to say the least!