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| Version 2 | Version 3 |
|---|---|
| Gold warns of administration risk | Gold warns of administration risk |
| (about 2 hours later) | |
| West Ham co-owner David Gold has said he is "concerned" that heavy debt levels will push more Premier League clubs into administration. | West Ham co-owner David Gold has said he is "concerned" that heavy debt levels will push more Premier League clubs into administration. |
| Mr Gold was speaking in Manchester during a BBC debate on the finances of football clubs. | Mr Gold was speaking in Manchester during a BBC debate on the finances of football clubs. |
| His comments follow Portsmouth becoming the first Premiership club to go into administration last week. | His comments follow Portsmouth becoming the first Premiership club to go into administration last week. |
| Mr Gold added that he considered clubs borrowing money beyond their means was "a form of cheating". | Mr Gold added that he considered clubs borrowing money beyond their means was "a form of cheating". |
| "The Premier League's a great league, but we're seeing a chink in the armour," said Mr Gold, who with his fellow ex-Birmingham City co-owner David Sullivan bought a 50% stake in West Ham earlier this year, valuing the club at £105m. | "The Premier League's a great league, but we're seeing a chink in the armour," said Mr Gold, who with his fellow ex-Birmingham City co-owner David Sullivan bought a 50% stake in West Ham earlier this year, valuing the club at £105m. |
| "It's possible that more will go. Portsmouth have gone, imagine if next year one or two more go. I'm concerned. I fear for the league if we do not act." | "It's possible that more will go. Portsmouth have gone, imagine if next year one or two more go. I'm concerned. I fear for the league if we do not act." |
| 'Tragedy' | 'Tragedy' |
| The Premier League accounts for 56% of the total debt of European football. Liverpool owe £237m and Manchester United £716m. | |
| And while these clubs are still seen as very strong financially, Mr Gold warned that a top-flight team may eventually go bankrupt and be forced out of business completely. | And while these clubs are still seen as very strong financially, Mr Gold warned that a top-flight team may eventually go bankrupt and be forced out of business completely. |
| "Going into administration I could almost live with but what I fear is that a club could eventually go bust. That's a great possibility and that would be a tragedy... for the fans," he said. | "Going into administration I could almost live with but what I fear is that a club could eventually go bust. That's a great possibility and that would be a tragedy... for the fans," he said. |
| "If one club is borrowing money beyond its means it's a form of cheating and that's why debt has to be addressed. | "If one club is borrowing money beyond its means it's a form of cheating and that's why debt has to be addressed. |
| "Premier League clubs, in the main, say we run our clubs and don't interfere. But what about the fans? You can't take that attitude then find a club like Portsmouth going into administration. | "Premier League clubs, in the main, say we run our clubs and don't interfere. But what about the fans? You can't take that attitude then find a club like Portsmouth going into administration. |
| Dan Johnson, chief spokesman for the Premier League told the debate - held at the Soccerex event - that "the important thing is preventing things from going wrong". | Dan Johnson, chief spokesman for the Premier League told the debate - held at the Soccerex event - that "the important thing is preventing things from going wrong". |
| He said the league was "ownership neutral" in terms of who it allowed to control clubs. | He said the league was "ownership neutral" in terms of who it allowed to control clubs. |
| Portsmouth entered voluntary administration with debts of about £60m. The club will be docked nine points as a result and face almost certain relegation to the Championship. | Portsmouth entered voluntary administration with debts of about £60m. The club will be docked nine points as a result and face almost certain relegation to the Championship. |
| Pompey, who have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive. | Pompey, who have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive. |
| BBC chief economic correspondent Hugh Pym suggested that it was too easy for clubs to go into administration. | BBC chief economic correspondent Hugh Pym suggested that it was too easy for clubs to go into administration. |