2010: A Football Financial Review

You could frame it. If you wanted a short, pithy representation of all that has been wrong with football finance in 2010, you could do no better than quote a Plymouth Argyle fan known as “Sensible Surfer” on the BBC Football website over the Christmas period. “Ridsdale set to take control… good news,” he/she said, a phrase which would sit nicely as an explanation of irony…except that it didn’t appear to BE irony. And it served as fair comment on Argyle’s current state that, relatively, Peter Ridsdale – the failed former Leeds and Cardiff chairman and serial over-borrower – IS good news for the cash and panic-stricken South Westerners, with the heaviest possible emphasis on the word ‘relatively.’ If professional football entered 2010 in a state of moral and financial bankruptcy, it is leaving it in much the same manner. Certain football problems have been “solved.” Some more have emerged. While others, hello Portsmouth, look set to run forever. The “greater fool” theory still underpins much of the game’s financial strategies. The theory is about as scientific as it sounds – buying something in the belief that you will be able to sell it again for a higher price (to a “greater fool”), regardless of what has happened in the meantime (increased debts, usually), or even whether the original price was rooted in reality. Finding a “greater fool” is...

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