Financial health of football is improving

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Premier League finances improved in the 2003/04 season after clubs addressed their problems following a period of instability, according to a report published by accountancy PricewaterhouseCoopers. “After 15 years of massive losses, crippling debt and three clubs falling into administration, the main financial indicators are turning in the right direction,” said David Glen, partner of PricewaterhouseCoopers, author of the 16th Annual Review of Scottish Football.

“The SPL is addressing its financial difficulties of the past with the wages bill now down, losses down and debt being addressed in a prudent manner. But it is still operating at a loss which is a concern,'” he said. “The message is clear, if clubs don't have the money, don't spend it. But this is proving difficult to achieve when the ambitions of the club and supporter expectations demand quality players at a premium price.”

Champions Rangers, with GBP 57m of revenues, and league leaders Celtic, with revenues of GBP 69m, continued to be the dominant forces in Scottish football. Losses overall in Scotland's top flight decreased by GBP 28m to GBP 25m in the 2003/04 season and net debt was down 41% to an estimated GBP 130m. Motherwell, Dundee and Livingston have come out of administration, the report said, with Motherwell and Dundee writing off GBP 11m of debts between them.