October 14, 2008

kegawatan ekonomi

You know the global economic crisis was bound to hit football clubs at some stage. Eventually.

A Manchester City supporter? Or is it Charlton Athletic now?

Apparently, Bolton Wanderers FC owe lots of money to Singer & Friedlander, the UK arm of Kaupthing Bank from Iceland. Kaupthing Bank was taken over by the Iceland government about two weeks ago. Singer & Friedlander is now in administration - that means bankrupt in plain language. Which means Bolton may have to pay up their debts when the administrator sends his letter of demand to the football club.

Here's something else: Arsenal and Liverpool together owe Royal Bank of Scotland £ 500 million. Royal Bank of Scotland is about to be taken over by the UK government as announced on Monday. Will Arsenal and Liverpool have to pay up their debts on demand too?

Who knows?

n.b. Photo stolen from Telegraph UK

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