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EFL financial alarms increasingly shrill

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English Football league chairman, Rick Parry, spoke to the BBC yesterday and continued his tirade against unsustainable finances among EFL clubs.

“Why can we not have community owned, sustainable clubs? That goes for all the structural issues that I have been telling anybody who will listen, and most people who won’t listen, for the past x number of months, from the select committee onwards.

“The Championship is a financial nonsense. We’ve got clubs spending 107% of their income on wages, we’ve got the major distortion of parachute payments, we’ve got £400m of owner-funding required – £16m per Championship club. There are owners gambling on getting into the Premier League, it’s unsustainable.

“We need to make our clubs sustainable – we shouldn’t be relying on random foreign owners.”

These concerns surfaced after Wigan’s Hong Kong-based owners put the club into administration last week, a move that took place without delayed payments to HMRC and other creditors that usually proceeds administration.

Parry is at the forefront of this issue. His concern peaked because Wigan’s owners were able to flush the club into administration without concern for personal consequences.  Even the inevitable hit to their shareholder value did not seem to register.  Where Wigan’s owners went, others could feel permitted to follow.

£16m is a lot of money for each of their Championship’s 24 clubs to find and that’s only dealing with existing liabilities, not those clubs are contracted to for years to come.  The Championship’s only options are to find investors with appetite to splurge lots of spare cash on them, convince the Premiership to unilaterally do likewise, or see the travails of Wigan play out across the division.

If Parry’s increasingly shrill alarms are anything to do by, the English football bubble may finally be close to bursting.  Sleeping so close to an elephant has been a drag on Celtic in particular and Scottish football in general.  We have waited on what Brian Quinn referred to as the ‘pack ice’ to break up for decades.  The time may finally have come.

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  1. SCANIEL on 9TH JULY 2020 11:40 AM

     

    PHILBHOY on 9TH JULY 2020 8:00 AM

     

     

    First single was “I’ve got you babe”, by Sonny and Cher

     

     

    2/6 I think it cost.

     

     

    ****^^

     

     

    Don’t think so. My first was You Really Got Me, by The Kinks – 6/8d, or 3 for £1

     

     

    So I also bought Have I The Right by The Honeycombs ( with a honey drummer and vocalist) and my sister bought some dross for the third single.

     

     

    RonB – the jukebox singles were great unless the original had a solid centre instead of a pop out centre. Tended to play squiggly if you made a mess of getting rid of the solid centre.

     

    ****

     

    Darn it- thought I’d got the last post on the last thread for the second time in a row, then Father Charlie comes along and takes my infamy away.

     

    P.S.

     

    You Really Got Me was ‘64 and I Got You Babe was ‘65.

  2. Pingback: EFL financial alarms increasingly shrill Paul67 - Celtic FC News Aggregation

  3. I blame the media for paying vast sums for an overhyped EPL and for us punters in subscribing.

     

    Riches never cascade down they just make the gap wider.

  4. Jobo,

     

     

    The lead singer from Sweet,was a long lost brother of Mark Mc Manus,of Taggart fame.Seperated somehow when they were kids,and re-united much,much later in life.

  5. I suspect any form of financial collapse in the English football leagues will lead to the Premiership becoming even more of an elitist, closed shop – possibly invite only.

     

     

    The Celtic Star reporting 50K renewals which while good news leaves those like myself on the waiting list with a slim chance of success.

  6. Reading today about Alberth Elis,Honduran player,friend of Izzy,now playing for Houston Dynamo.We tried for him last year without success,now with a year left on his contract,up for a move to Europe.

     

    Had a wee look at him on You Tube.His goals video,very good,but just after it,they have short highlights of him playing against,LA Galaxy,Ibrahimovic,and all.Tore them to shreds.Worth looking at.Known as the Little Panther,he looks dynamite.Seemingly very open to coming our way.

  7. Gene ,

     

    A Celtic site reporting the figures today.Say its 100% genuine.Still not finished all applications to renew.

  8. Great article Paul. The Championship is really a basketcase full of clubs who believe they are just 12 months away from the big time.

     

     

    This has an adverse effect on Celtic as they are usually offering higher wages than we do (even though we can’t afford them).

     

     

    This is especially important when we try to buy from our Scottish rivals. The truth is, fans of any other SPFL club hate the idea of Celtic signing their players. The idea of seeing a former hero of theirs come back and beat them twice a season.

     

     

    John McGinn, Ryan Fraser and now David Turnbull.

     

     

    Hopefully, they calm down and stop driving up wages.

  9. Think you are 100% correct Paul.It is not sustainable to pay what they pay,without the EPL riches.Covid has just been the final straw for many.House of cards.

  10. Bhoyjoebelfast on

    Programme on BBC ALBA this evening at nine o’ clock.

     

    The story of Alice McElwee,mother of Tom McElwee,who died on hunger strike. Almost 40 years ago.

  11. Very interesting lead.

     

     

    The question is, where does the EFL go from here? Agree that the businesses there are run like no other. Losses are expected, debt racked up. Non UK owners may have little concern for eventual admin / liquidation.

     

     

    Does the league have the appetite, or ability, to self police? It’s a tough one for governments to get involved in.

     

     

    It may be left to market forces to effect change. But how?

     

     

    Developing story.

  12. SCANIEL Thanks’ for that, with there being max 54k and i’m 9,947 think it will be a couple of years yet before i get mine !!!

  13. Hi Bhoys

     

     

    Brian Connolly, the blond lead singer with the Seventies glam-rockers Sweet, saw both sides of the coin. … Born in Hamilton, near Glasgow, in 1949, Connolly was probably the half- brother of the actor Mark McManus (who played the Scottish television detective Taggart).11 Feb 1997

     

     

    ————————————————————————————–

     

     

    Ist single was bought with a gift record token. I knew nothing of music so my big sister picked The Love Affair – Everlasting Love 1968. I was 8. Never owned a record player until I was 16. I got it from a catalogue it was a phillips music centre with an output of 28 watts per channel ( front row of a heavy metal gig volume ). So I bought my first L.P. Thin Lizzy – Jailbreak. Still one of my favourite albums.

     

     

    KEEP THE FAITH

  14. prestonpans bhoys on

    If we are getting close to 52,000, at least , for renewals then we must also be close to the yearly number which are not renewed due to age, ill health even death.

     

     

    Would be remarkable achievement.

  15. Hrvatski Jim on

    Repost from late in the last blog

     

     

    TravellerBhoy – sorry to hear this sad news.

     

     

    Friesdorfer – The Carnival is Over sung by Judith Durham is a favourite of mine. You possibly know this but this song is actually an old Russian Volga boat folk song Stenka Razin which is about a peasant uprising in 1670/71.

     

     

    https://en.wikipedia.org/wiki/The_Carnival_Is_Over

     

     

    The intro bars must be amongst the most recognizable of any song.

  16. Don’t remember my first record but would have been played on a Dansette.

     

    I certainly remember Jumping Jack flash by the stones but wouldn’t be the first one.

  17. I thought the normal max for Season Tickets was 52,000, It looks like an overwhelming number renewed, which is an incredible testimony of how dedicated our Support is.

     

    Obviously no figures have been officially released from the Club yet.

  18. Turkeybhoy, Jobo, I saw the drummer from The Sweet in a covers band in Arrochar a few years ago. Beat that!

  19. !!Bada Bing!! on

    Pubs to open indoors next Wednesday, Social Distancing will be reduced to 1 metre

  20. Tim Malone Will Tell on

    Football is screwed.

     

     

    The one apparent saving grace is that there is no franchise system – so the wannabees can dream the dream, spend money they don’t have and be subject to all sorts of corrupt owners in trying to reach the promised land.

     

     

    However, given that there are no salary caps, no restrictions on the player loan system, no sustainable financial fair play, no ownership rules etc. then the dream is really a financial nightmare for most.

     

     

    What we need are effective governing bodies – but what we actually have are governing bodies who are in thrall to a handful of rich clubs. Maybe we have reached the point where there should be an elite franchise system – and everyone else could then find their own sustainable level in the game.

  21. This on number of season tickets renewed – from Celtic Star …

     

    We can confirm this morning that by 5pm on Tuesday just short of 50,000 supporters had renewed their season ticket and that the ticket office is now busy opening up the remaining tickets to those supporters on the Waiting List, where demand is much greater than supply.

     

    With 17,000 supporters on the waiting list for tickets any season tickets that were not renewed will be quickly snapped up …

     

    IIRC from an previous AGM Financial Report, the ST limit is 52,500 ?

  22. How can EPL championship clubs stay clear of FFP rules? Do they only apply if you want to play in UEFA tournaments?

     

     

    Season Tickets

     

     

    I noticed JD are running a comp to win 2 STs. If we had a waiting list and if everyone renewed, where are these seats?

  23. !!Bada Bing!! on

    Coneybhoy- a lot of sponsors and partner companies get STs as part of agreements.

  24. CONEYBHOY on 9TH JULY 2020 1:26 PM

     

    I noticed JD are running a comp to win 2 STs. If we had a waiting list and if everyone renewed, where are these seats?

     

    Our Sponsors and Partners will have an allocation of STs at their disposal. The same for European games where STs are unavailable to accommodate UEFA sponsors.

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