BusinessPeople In BusinessExtra Time for Footy Clubs

Extra Time for Footy Clubs

During TS’ customary half-three teabreak, we came across a story of one footballing giant under the pecuniary cosh.

Rome-based club Lazio has escaped the ignominy of bankruptcy with minutes to spare, thanks to a deal with the Italian tax authorities. Owing a ‘mere’ €140m (£96.4m), Italy’s Tax Agency has struck a deal with the club to pay the debt back over the next 23 years.

This hasn’t been without its controversy, however. According to Reuters, government coalition party Northern League has claimed Lazio has received preferential treatment.

‘The thieving Romans have not hesitated to save Lazio, which in a serious country would have gone straight into bankruptcy,’ said Northern League ‘lawmaker’ Mario Borghezio.

Imagine TS’ surprise to read a story, minutes later, echoing the same sentiments, but based a lot closer to home!

Cardiff City’s relegation rivals have reacted angrily to a loan from the Professional Footballers’ association that helped the club meet its wage bill. Rivals claimed that the loan would help the club avoid relegation, giving them an unfair advantage.

But PFA deputy chief exec Mark McGuire told The Guardian that many clubs were given PFA loans to cover ‘cashflow’ problems.

When in Rome, as they say…

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