Credit Crunch Hits The Premier League
Arsenal have been fortunate in that we built the Emirates when there were plenty of builders and there was plenty of money. Add to that the flats at Highbury were sold before the credit crunch and Arsenal have escaped the vageries of the economy.
The same cannot be said of Liverpool who are struggling to finance their £350M debt, a debt that was created by the new owners buying the club. Furthermore, Liverpool cannot afford to dig as foundation trench for their new stadium. Things will not get better for poor little Liverpool.
Today following the collapse of Lehman Bank, AIG the sponsors of Manchester United, are in trouble. This could lead to the cancelation of their £56M, 4 year sponsorhip contract. This is money needed by the United owners to finance their £800M loan.
My heart bleeds for our poor north-west rivals.