United have posted a 12% drop in revenue and Arsenal have posted a loss of £17m despite sustained CL qualification and of course not having a stadium to pay for.
The financial situation of most clubs around the world appears to be absolutely dire.
It does bring me back to a point I made elsewhere at some length. I wonder how profitable football actually is anymore?
By that, I mean specifically the price of sustained success. When you look at the amount clubs like City have sunk in order to achieve what they've achieved, then Chelsea who have achieved but significantly less, then United who have achieved f all, the margin of risk is huge compared to the potential net gain you're gambling on.
It's an unspoken effect of blood money clubs doping every single market.
Is it worth it anymore?
[LONG-ish]
So, let us start from first principles ...
Q1. Is/was professional football EVER profitable ??
When were the times when all clubs in all leagues
collectively operated as "business of own account" ,
or if in debt not enough to cause waves thru their
creditors ??
If the answer to Q1 is never profitable but
significant debt, then it begs the following .:
Q2. Who are the major creditors ??
Q3. If the debt is significant, why have they never called it in ??
The answer to Q2 historically has been domestic banks.
But nowadays you have other entity types.
For example, PE firms (ex the funders of the Glazers) .
The answer to Q3 is that football clubs historically
acted as a focal point of community (tribal support and
pride) .
The other reason is the potential commercial **** storm
the creditor could face (we know as fact that Barclays did
not call the debts in on Spurs in 1991 for this very reason) .
But nowadays ??
Effectively owned by the likes of PE firms, who have no
community loyalty and often think little of "asset stripping"
their properties to get their money ??
Rather you than me.