Subsidising The Ultra-Rich

Bernie Ecclestone is said to be worth £2.243bn, according to the 2008 Sunday Times Rich List. Lakshmi Mittal has done even better for himself than Bernie. Mittal is, according to this year’s Forbes Rich List, the fourth richest man in the world. He is worth an estimated £20bn. Flavio Briatore doesn’t quite exist in this rarified atmosphere, but he is still worth £70m. These are the people that own Queens Park Rangers Football Club. Since taking over at Loftus Road, they have spent quite a bit of money, wiping the club’s estimated debt of £13m and working hard to try and bring outside investment into the club. Some of their supporters, meanwhile, didn’t exactly endear themselves to neutrals last season when, at their FA Cup match against Chelsea, they held up banners like the one to the left, claiming to to now be a wealthier club than Chelsea. It used to be about the football, you know. One doesn’t, however, have to be a fan of QPR to have a degree of sympathy with them over the latest storm brewing around the club. They have, in a strangely passive-aggressive way, been somewhat put upon over the last few months. They had to grin and bear the new owners changing the club’s badge to something which looks as if it might have been designed for one of the stock teams...

Read More