Duffen fears money meltdown
By Tiger Tim
October 1 2008
Hull chairman Paul Duffen has warned Premier League clubs could be hit by the dreaded credit crunch. Figures released at the end of the 2006/07 season, the latest available, show top flight sides owe a combined total of £2.469billion in debt.
Manchester United are the club furthest into the red (£605m), with Arsenal next up on £268m.
With Portsmouth having admitted on Sunday that they would seriously consider any viable bid for the club, it would appear that the bubble may be about to burst in English football.
Hull are a rare exception to the rule, in that they operate debt-free, but Duffen has expressed his concern for some of the Tigers' rivals.
"We have had to be careful," he said.
"We're not as rich as Croesus as some of our competitors are, but in some ways we're maybe one of the wealthiest clubs as we don't have any debt.
"A lot of the clubs have themselves highly geared and in these uncertain banking times I think there could be a few casualties in the Premier League later in the season sadly."