Premiership meltdown awaits as Portsmouth face Inland Revenue XI

Portsmouth and West Ham. Two clubs that regularly sign up players on Celtic's radar.

It's hardly old news to bleat about the money available in the Premiership and how player X,Y or Z has turned down the chance of a move to Celtic to join Portsmouth, West Ham or some other anonymous Premiership side competing to avoid relegation.

This morning Portsmouth are in the High Court tackling the Tax Man to stay in business after a season that has become a financial pantomime.

Four five or is it six owners so far this term has saw wages go unpaid three times and a transfer embargo placed on the club.

Seven million pounds is owed to the Revenue, less than a quarter of the money that they can expect to receive from Sky Television from a season of failure- should they remain in business till the end of the season.

David Conn of The Guardian goes into great detail about the financial chaos that is English football highlighting Portsmouth and Cardiff who met in the FA Cup Final less than two years ago.

Two clubs that have been pouring money out even quicker than they have been bringing it in, which brings me to West Ham.

Local geezers David Gold and David Sullivan bought their 'boyhood heroes' last month amidst a great fanfare as the 'ammers returned to local ownership.

Gold and Sullivan were falling over themselves to give media interviews as they broadcast their grand plans for the future of their club littered with mentions of the Champions League and playing at the soon to be completed Olympic Stadium.

Three weeks into the job the scale of the club's financial mismanagement is still being unravelled with the new owners screaming for mercy.

Twenty-five per-cent wage cuts are proposed if West Ham SURVIVE in the Premiership... the prospect of relegation and the loss of Sky's golden ticket has obvious implications as Leeds United, Charlton and Southampton will confirm from their places in League One.

On radio earlier this week Gold explained how Kieron Dyer was offered, and signed, obviously, a five year contract worth around £65,000 a week AFTER failing a medical.

Dyer has been injury prone throughout his career, the deal that he got from West Ham would have impressed Bobo Balde.

The price of the Premiership is beginning to emerge and could see Celtic begin to compete against clubs that attract crowds in the 20,000 to 30,000 bracket.

Wigan, Burnley and Blackburn would love to have crowds that size but at Burnley at least they are attempting to live within their means- and are heading straight back to The Championship.

Premiership clubs have been handing straight back to players and agents the television money that they are paid from Sky... when relegation comes calling the contracts remain and meltdown awaits.

Seeing a football club going out of business is rarely pleasant but if it sends a wave of reality through the game down south then Celtic can benefit.

We're forever told how well the club is being run, hopefully soon we can capitalise on that and start making strides forward again to competing for quality players and making an impression on the Champions League.

Guardian article

The bursting bubble of the Premiership- winding up notice served on Portsmouth

by Joe McHugh Reports are breaking that a winding up order has been issued on Portsmouth due to unpaid tax debts.

Sky Sports are carrying the story with a statement expected shortly from the club who play Arsenal tonight.

Breaking news

The 2008 FA Cup winners have been dicing with trouble for some time and are currently banned from transfer activity due to continued financial problems.

Over £50m of players have been sold by the club this year but despite that incoming cash players wages have twice been paid late this season.

The possible demise of any club is unfortunate but equally unfortunate for Celtic supporters has been the constant frustration of seeing clubs like Portsmouth, Bolton, Hull City and others inflate the transfer market as they blow their Premiership Golden Ticket.

Earlier today Chelsea seemed to be pleased to announce losses of 'only' £44.4m on a turnover of £206.4m.

Losses are continuing to be reduced with the previous years figure being £65.7m.

Without being a captain of industry it's hard to pass comment but any business that spends £250m in a year on a turnover of £206.4m requires a serious and committed sugar-daddy which Chelsea have with Roman Abramovich.

The Chelsea financial model sees a popular one in the Premiership with Manchester United and Liverpool having a combined debt close to £900m under the guidance of their American owners.

Despite the record money flooding into the Premiership the clubs have never been in more debt with relegation an almost certain one-way ticket to administration with clubs like Leeds United and Southampton suffering points losses as they plunge down the divisions.

Joining the Premiership- or more accurately getting their hands on television millions- is the unmistakable goal of the Celtic board.

While that would be very welcome on the football field the financial problems that Portsmouth are experiencing seems almost to be part of the Premiership package.

A new footballing environment would be a fantastic boost for the new year but digging a financial hole as players, agents and dubious owners cash in is as welcome as a freezing night out in Kilmarnock.

I've no doubt that there are other potential Portsmouth's out there, hopefully Celtic can be beneficiaries somewhere along the line if common sense returns to the footballing markets.