UEFA are hotting up their attack on clubs that have insane levels of debt. UEFA were deeply affected by the story that swept around the world that the two finalists in this year’s competition had debts of over £1.5 billion. The situation was made worse with the revelation that Manchester U are unable to pay the interest on their debts and so are letting the debts rise. Chelsea meanwhile have revealed that should their owner call in their debt, they would have to pay him back everything within 18 months – a clearly impossible task.
Today UEFA moved for the first time on such financial issues, as Bulgarian champions CSKA Sofia were excluded from the Champions League 08/09 after failing to meet financial criteria.
CSKA won the Bulgarian league title this season and took a place in the Champions League’s third qualifying round but because they owe money to the National Social Security Institute, National Revenue Agency and creditors they have been removed.
UEFA are waiting for the EPL to take a similar hard line if any of the EPL’s mega-debt institutes (Manchester U, Chelsea, Liverpool) get into the same situation.
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