Word: englishly
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...Things to All Men Blair says the Met has learned the lessons of Stockwell. But a former counterterrorism investigator from France suggests it has not addressed its structural problems. "The Metropolitan Police has always struck me as iconic of English society," the French investigator says. "It merges absolute professionalism, discipline and hard, careful work with a kind of organization that creates disorganization. Services aren't sufficiently interconnected...
...cautionary tale for today's Premiership highflyers is the fate of Leeds United, once among them. The northern English powerhouse overstretched its credit lines in order to sign players that would keep it in contention for English and European honors, and then disaster struck as a run of disastrous form saw the club miss out on Champion's League qualification. The resulting loss of projected revenues forced an emergency sell-off of star players, but that failed to avert a financial collapse, and the once mighty Leeds United now languishes in England's third-tier league. Just as wealth...
Whatever their motives, the growing legion of foreign owners of English clubs has pumped hundreds of millions of dollars into the transfer markets as teams compete to gain an edge. It's a cutthroat game, precisely because revenues are closely related to a team's performance: only the top four teams of the 20 in the English Premier League qualify for the European Champion's League, and United, Chelsea, Arsenal and Liverpool have in recent years established a lock on those four slots. But they have to win consistently to get there, and failure to do so can be financially...
Soccer's inflationary economics is simply good business in the current market - the real estate experience reminds us that bubble-economy behavior is perfectly rational until the bubble bursts. But there are certainly risks. The current combined debt load of the English Premiership clubs is about $12 billion ($3 billion owed by Chelsea and Manchester United alone). Figures for the 2006-2007 season put the league's annual wage bill at about $3 billion and its total revenues a little over $3.8 billion, with only eight of the Premiership's 20 clubs reporting an operating profit. Revenues have increased, thanks...
Still, despite the risks, there's scarcely a bear in sight in the bullish market of English and European football. Which is why, when the Premier League kicks off three weeks from now, returning fans - who routinely cheer on their favorite players in song - will find themselves forced to retire some of last season's tunes and hastily pen some new ones. And nobody ought to be singing louder than the teams' accountants...