Word: banking
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...even the biggest clubs cannot escape financial pressures completely. KPMG, auditors for the parent company of Premier League runners-up Liverpool, warned in accounts published last week that the firm's need to refinance some $575 million in bank loans - debt stemming from the club's 2007 takeover by American investors - amounted to "a material uncertainty which may cast significant doubt on the group's and parent company's ability to continue as a going concern." A deal to roll over the debt is likely; as a storied and well-supported club, Liverpool generates healthy revenues and profits. But difficulty...
...Crosstown rivals United, meanwhile, flush with the proceeds of Ronaldo's sale, are unlikely to squirrel the cash in the bank. The result? "It may well be the total level of expenditure this summer will break records," says Simon Chadwick, a professor of sport business strategy and marketing at Coventry Business School, but he adds that spending could be "heavily, heavily skewed toward a small number of clubs...
...Just ask English club West Ham United. Asset-management company CB Holding took over the East London club earlier this week, after its Icelandic owner and chairman Bjorgolfur Gudmundsson lost his trousers in the credit crunch. Iceland's Straumur Bank, CB Holding's major shareholder, is itself in the midst of restructuring after being bailed out by the Icelandic government in March. In Spain, once mighty Valencia is effectively controlled these days by local lender Bancaja, its major creditor, after hapless management and a soured stadium-development plan left the club about $725 million in debt. (See pictures...
...build higher because of it. He also knows that tearing down revenue-generating buildings to put up new ones - even if they're three times as large - is a gamble, particularly in the current economic climate. "You very well could be handing that property over to a bank," he says...
...This was not the first time Bongo had been exposed. In 1999, an investigation by the U.S. Senate into Citibank estimated that the Gabonese President held $130 million in the bank's personal accounts, money the Senate report said was "sourced in the public finances of Gabon." Earlier last decade, a French inquiry into the state-owned oil firm Elf-Aquitaine named Bongo as the beneficiary of millions of dollars in slush funds. (See pictures of the global financial crisis...