Top English clubs can face European Champions League ban for unpaid debt

June 27th, 2008 - 3:57 pm ICT by ANI  

London, June 27 (ANI): Top English clubs like Manchester United, Chelsea, Liverpool and Arsenal could be banned from the European Champions League unless they clear off their massive debts.

UEFA president Michel Platini wants all sides in debt to be prevented from entering Europes top competition.

Platini is fed up that big clubs who are already millions in debt continue to splash out huge transfer fees signing new players, the Daily Styar reported.

The two-time World Player of the Year claimed that UEFA will come down hard on clubs that owed hefty sums — a move that could have seen winners United and runners-up Chelsea banned from last seasons Champions League.

He said: UEFA is going to fight to regulate access to its competitions for clubs who are in debt. I am not just talking about United and Chelsea, who got to last season’s Champions League final with a big debt, I am speaking in general.

We are also going to control the money received from TV rights and publicity through competing in European competitions, he added.

UEFA is going to fight to regulate access to its competitions for clubs who are in debt. Platini was answering questions about Real Madrid’s big money interest in Cristiano Ronaldo.

United has debts of 650million pounds, plus 42million pounds in interest payments every year as part of the Glazer takeover deal.

Liverpool’s buy-out by Americans George Gillett and Tom Hicks resulted in a 350million pounds refinancing package.

Roman Abramovich’s big spending at Chelsea has been in the shape of loans to the club totalling 600million pounds.

And Arsenal is reported to have big loans after spending 360million pounds on their new Emirates Stadium. (ANI)

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