Premier League football is on the brink of a financial meltdown, a top expert has warned.
Jim Wood-Smith, head of research at wealth managers Williams de Broe, said only television revenue and a handful of very rich men were holding the system together.
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| Football Debts: unsustainable in the long term |
But, speaking at an investment breakfast held at Hotel du Vin in Birmingham, he claimed anyone could now watch their favourite team for nothing.
“Every Premier League game is there on the internet for free if you search hard enough,” he maintained.
And, given it was primarily TV revenues which were propping up the game, allowing clubs to pay big wages to big players, “the boom is bound to go bust sooner rather than later”.
He went on: “While there are still a few people like at Chelseaand Manchester City prepared to put in enormous amounts of money, this can support football for a while. But there are an awful lot of clubs which are not owned by people with a bottomless pit of money.
“The rich clubs however raise the wage structure across the whole industry. It means some have wage bills in excess of their annual revenue, and that is unsustainable.
“My impression is that the number of clubs prepared to spend large amounts of money on players is diminishing season by season.”
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