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Published on Jan 14, 2009
The credit crunch doesn't seem to be much of a concern to the multi-million pound earning football players of the premier leagues in the UK. When you're getting £20 million a year, the cost of a loaf of bread isn't something that keeps you up at night. But much of those millions come from sponsorship deals and advertising, and much of those advertisers HAVE been hit by the credit crunch.
Manchester United with AIG. Newcastle United with Northern Rock. Bradford and Bingley with Bradford City. Capital One dropped Sheffield United but continue to sponsor Nottingham Forest. West Ham United lost XL Airways went they went bankrupt in September with the airline and sponsorship deal under scrutiny as Icelandic investors Landsbanki are the main financier of the £143 million buyout from Avion Group and guarantors of the loan to XL. The recent financial meltdown in Iceland forced Landsbanki into nationalisation, leaving Gudmundsson (chairman of both West Ham and Landsbanki) losing his net worth of $1.1 billion.
This could also mean more UK clubs in cash-rich foreign hands such as the Japanese. The Abu Dhabi royal family, the Qatar royal family and the Qatar Investment Authority already own Manchester City football club. With a collective 32% stake in Barclays Bank - official Premier League sponsors - theoretically, they could buy the entire Premier League outright. More at: www.noclaimsdiscount.co.uk/news/