The headlines out of England this morning report that FA Premier League club Portsmouth is on the brink of going belly-up. This comes after the worst six-game start in the history of the league, having scored only three goals while giving up 12.Apparently the team needs £6 million in cash in the very near future or will cease to operate in the top division. What a sad turn of events for the club that won the 2008 FA Cup.
The crisis stems from the ownership takeover by Sulaiman al-Fahim (pictured above) and the mounting club debts. Most, if not all, of Pompey's best players have been sold in recent months.
In the current economic climate, I am surprised that stories such as this one are not more common. However, the game is above all a business. And just like any company, the mismanagement of funds is a critical mistake that in this case may cost Portsmouth dearly.
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