Word: premiership
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...hubris in allowing its banks to expand imprudently. There are also mounting concerns about how Iceland's economic meltdown will affect British Main Streets. Icelandic investment companies also own significant shares in famous retailers such as Debenhams, Hamleys and Oasis, and an Icelandic entrepreneur even owns the East London premiership football club West Ham United...
...appetite. In an interview with TIME earlier this year, he spent far more time expounding on his favorite fried-rice recipe than detailing just how he would tackle rising prices of the grain. But on September 9, Samak's food fetish looked like it would cost him his premiership when the nation's constitutional court found him guilty of conflict of interest for having hosted several episodes of a commercial T.V. cooking show earlier this year. According to the Thai constitution, the P.M. may not accept compensation from a private company while in office. The Thai company, Face Media, that...
...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...
...share of the television rights: in the English Premiership, this guarantees even the bottom clubs $50 million a year, and a lot more for those in its top tier. The clubs that finish highest in all of Europe's domestic leagues also get to play midweek games in the European Champion's League, qualification for which is worth a further $20 million at least...
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...