Member

The debt in the Premier League currently stands at £2 billion, and I am told the debt in the EFL stands at around £400 million. This is a risky business; as the West Ham United anthem states, “Fortune’s always hiding”—I am pleased it was not hiding on Monday night in Newcastle. It is a risk trying to get promoted; it is a risk trying not to get relegated; it is a risk trying to get into the Champions League, and it is a risk trying to get into Europe and stay there. All football owners know these risks, and each one has a different way of managing, calculating, and understanding them. Some take on debt; some put in equity; some sell assets—their footballers—if the risk does not pay off, but they go again.