As David Beckham returns, anger at Manchester United US owner

In the latest reminder of the financial malaise threatening "the beautiful game" in the country of its origin, three lower league clubs were also in court Wednesday over unpaid tax revenues. Cardiff, Southend United and Chester face the prospect of liquidation.

“I think the situation is probably worse now than at any time I have known,” said Gerard Krasner, a former Chairman of Leeds United, who oversaw an emergency administration to ensure the survival of debt-stricken Bournemouth AFC in 2008.

“The ones with the massive income are in the Premiership, lower down the income is not so great. They have a very small percentage of television revenue. Some of them have tried to buy success and failed and I think over the next few years we are going see some disappear.”

The ripple affects of such outcomes cannot be underestimated, adds Dr. Hayes.

A fan of Southampton FC, he points to 2009 research showing that domestic abuse cases increased in the city as the club experienced a downturn on the pitch and struggled with crippling debts.

A way of life

“There is absolutely no doubt that people invest their lives in football clubs,” he says. “There is a fan base which is absolutely wedded to their clubs as a manifestation of their community, especially at a time when people are leading more individual and isolated lives. The impact of losing that link is difficult to quantify but will be absolutely profound.”

Even aside from smaller clubs, the delicate balancing of books in England’s elite Premier League has also concerned UEFA, European soccer’s governing body.
It published a report last month showing that 18 of the English’ Premier League’s 20 clubs owe a total of £3.4billion, more than the combined debt of the rest of Europe’s top divisions.

As a solution, UEFA advocates greater ownership of clubs by supporters – a model that happens to be part of a new vision for Manchester United being put forward by a consortium of British financiers attempting to stage a £1.25 billion takeover of the club.

Dubbed "The Red Knights," their ranks include high profile Manchester United fans such as Jim O’Neill, the consortium’s mastermind and the chief economist of the British arm of investment bank Goldman Sachs.

The takeover would be funded by a partnership of ultra wealthy fans as well as ordinary fans, an outcome attractive to many English rank and file supporters tired of watching as famous clubs from Manchester United to Chelsea turning into playthings or cash cows of foreign tycoons.

At the time of Glazer's takeover, Manchester United was publicly traded, allowing fans to own a piece of the action. Glazer took the club private in his takeover, so the only way he will lose control of the club is if he decides to sell -- or is forced to by mounting debt, something unlikely to be a problem for the deep-pocketed businessman any time soon.

While fan ownership of top clubs isn't uncommon in mainland European countries – Barcelona is the most high profile example – the model is rare in Britain.
Such clubs do exist however, and include FC United of Manchester, a lower league club team formed in 2005 by supporters following the Glazer takeover, which led to hundreds of supporters defecting. Still, FC United averages just over 2,000 fans per home game. FC United's estranged bigger brother averages 75,000.

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