Newspaper article The Evening Standard (London, England)

Forget Footsie - What about the Footie?

Newspaper article The Evening Standard (London, England)

Forget Footsie - What about the Footie?

Article excerpt

WHILE bank shares plummet, the fortunes of some football clubs also give cause for alarm. This from a Spurs fan in the City: "The world of football was rocked to its very foundations last night when the controversial proposed bailout of Tottenham Hotspur FC was unanimously rejected by the Premier League. The Spurs crisis began in 2006 when the Board inexplicably began to invest substantial sums in so-called subprime footballers, each of whom is now effectively worthless.

"'No one bothered to check if these players had any ability to pay back the enormous sums that had been invested in them,' said one anguished fan, 'the club just assumed their value would keep on rising.' "With pressure growing from nervous creditors, Spurs were obliged to sell their remaining valuable players like Berbatov and Keane, leaving behind only 'toxic assets' like Bentley and Pavlyuchenko. We spent ?29 million on that pair...seems crazy now doesn't it? It is impossible to tell what they're worth now, because demand for such expensive mediocrity has completely dried up. …

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