I say ‘non-business’ because most football clubs are not viable businesses.
The debt racked up by the likes of Real Madrid, Chelsea and Manchester United is the stuff of legend.
In some cases it can be more than double the annual turnover. Treble, even.
If they were real companies or countries their bonds would be rated as junk.
This article from the Guardian shows the extent of the football spending craziness.
But also shows why Arsenal’s manager, Arsene Wenger, is a beacon of hope for responsible management in top flight football.
Here’s a great quote from the piece:
“”Professional football is about winning and balancing the budget. That’s the basic rule, one I fought for. All the rest is half-cheating. For every club it has to be the same. I always pleaded for financial fair play. The clubs belong to the fans. That’s all I feel my responsibility is, to keep the club in good financial condition.””
In an unusual industry, Wenger is as ethical leader as you can get. He actually refuses to spend the £30 odd million in his transfer budget rather than compromise his ethics. Now that’s leadership.
And yes, I am an Arsenal fan. But tell me I’m wrong…:)