Half of Premier League clubs are technically insolvent

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The annual audit report of accountancy firm PriceWaterhouse Coopers for the Scottish Premier League warned that more than half of the league clubs are living beyond their means. The clubs balance sheets show that their liabilities exceed their assets and total losses for the year are to be around £ 190m. Out of the 12 Premier League clubs only Celtic and Partick Thistle are living within their means. Although the Premier League earns about £ 150m a year, £ 110m are generated only by Celtic and Rangers, while the rest of the 10 clubs survive on a £ 4m average each, try to compete the giants and spend wages which they can not afford. According to analyst David Glen, the only solution for financial improvement would be if Celtic and Rangers will leave the Scottish league and will join the English Premier League.