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Search: 'administration'

Stories

Trading standards: Argentina

Laws in Argentina have been changed to protect badly run clubs. Martin Gambarotta examines the peso, the dollar and the 'inflation effect'. 

The president of Argentina, Néstor Kirchner, has a dif­ficult job. The country owes bondholders from Tok­yo to Milan $90 billion (£50bn). That’s a debt no football club can equal. Argentina defaulted on that debt in 2001. Back then the entire debt of the 20 first division football clubs amounted to $291m. The coun­try was about to go up in flames and beloved football clubs were on the verge of burning with it. Boca Juniors, arguably the biggest club, had debts of 40 million pesos. But by 2002 people were asking: “Forty million what?”

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Financial times: Leeds Utd

Though the extent of Leeds’ problems fluctuates from minute to minute, Duncan Young has tried to get a grip on it all

The conspicuous problem for Leeds is that not only do they not have the money to pay back their debts, they do not even have enough to maintain the obligations that must be met now. As recently revealed by chief executive Trevor Birch, a £60 milli0n loan is already secured against the stadium, a £3.5m debt is secured against the training ground and most of the key players are leased from a company in Jersey. Foot­ball finance expert Professor Tom Cannon of Checksure, an organisation that provides credit ratings on companies, describes this not unreasonably as “test­ing securitisation to its limits”. Even the status of the three valuable players that Leeds might actually own is in doubt, though selling even one would be tantamount to run­­ning up a white flag in the eyes of Leeds fans.

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Mourning breaks

Tributes have been pouring in after the very public death of Miklós Fehér, but Phil Town believes Benfica's mourning smacked more than a little of hypocrisy.

Miklós Fehér’s untimely death at the age of just 24 set into motion a wave of popular feeling not seen in Portugal since fado diva Amália Rodrigues passed on in 1999. The fact that it all happened live on television, and that it involved someone playing for Benfica, by far the best sup­­­ported club in the country, went a long way to stoking up the hysteria.

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January 2004

Friday 2 Martin O’Neill denies being approached by Liverpool – “I’m going to try and remain calm and say that story is totally and utterly untrue” – while Lazio coach Roberto Mancini is the latest to be linked with the Spurs job. The transfer window opens with a creak: Leicester sign Nikos Dabizas from Newcastle and turn down a Blackburn bid for Muzzy Izzet; Wolves sign Romania striker Ioan Ganea on a short-term deal; Eyal Berkovic may take a wage cut to leave Man City for Portsmouth.

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Dundee, Darlington, Cambridge Utd

Dundee and Darlington have gone into administration after making enemies with their own ambition. Times are still tough for Cambridge United but the supporters trust is now the largest shareholder, as Tom Davies writes

Any football supporters who still need reminding of the perils of roguish, “flamboyant” investors making big promises need only study recent developments at Dundee and Darlington.

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