Peston's Liverpool analogy falls flat

Robert Peston might like the analogy he has drawn between Liverpool FC and the UK economy, but unlike struggling households, corporations or indeed the British government, the club has not incurred its debt by spending money which it did not have. If there is an apposite parallel to be drawn it might be between the Anfield Reds and Ulster Bank, which has remained profitable throughout the financial crisis, but was still forced to constrain its outgoings and shed staff due to a profligate and indebted owner.

Liverpool supporters will not be celebrating Gillett and Hicks successfully refinancing their ownership of the club. It is the Americans’ liability which fans’ ticket money is being used to service. And its is the bloody-minded greed of the two men which has prevented them accepting healthy returns on their original investments offered by prospective new owners.

Peston quips,

“It may have been foolish to borrow too much, but the lesson has been learned (presumably) and the fight goes on.”


He should apply that wisdom to the American owners rather than the football club in general.

Comments

Dinamo said…
When Liverpool fans stop being violent then they generally indulge in self-pity laced with so-called typical scouse humour such as chekov's article.

They really should be grateful to these kind american gentle men who have been successful in armaments and other industries.

They will turn Liverpool into a profitable soccer franchise though this will leave Everton as the natural home of all real liverpudlians.

In the right hands
27 June 2009 at 20:29
Anonymous said…
Dear Friends!
From may 2009, (insted the old – “nikotev.wordpress.com”)I have a new blog for modern and contemporary world history - “Nikolaykotev's Blog” with URL: http://nikolaykotev.wordpress.com/ . If you want, you can see it on this adress!
Best wishes
Nikolay Kotev
NEWS: approximately 1600 pictures and photos from the Second World War
3 July 2009 at 10:03
Post a Comment

Popular posts from this blog

Football fever in Russia

Russia Blog is getting excited about Euro 2008. Indeed it is drawing parallels between Guus Hiddink and Peter the Great in terms of successful Russo-Dutch exchanges of expertise. Meanwhile, in Moscow, fans have been taking to the streets in order to celebrate the national team’s achievements.
Read more

Shia Revival

The Iranian author, Vali Nasr, has written an interesting book called The Shia Revival: How conflicts within Islam will shape the future .  Its argument is exceptionally pertinent at a time when European governments are edging toward arming Sunni extremists in Syria. Nasr portrays Shiism as the more liberal, palatable strand of Islam and a religion for underdogs.  He makes his point persuasively, although putting a progressive gloss on the regime in Iran and Hezbollah does undermine his thesis. A lot of the material is focussed on Iraq, where there is a Shia majority, which was suppressed during the presidency of Saddam Hussein.  The leading cleric, Ayatollah Sistani, is depicted as a moderating influence, who opposed retaliation as Sunni extremism threatened to cause sectarian civil war. The book’s opening chapter provides an erudite and fascinating history of factions within Islam.  The split dates back to the origins of the faith and a dispute over the prophet Mohammed’
Read more

Walker loada rubbish

Former BBC employee Brian Walker has overrun Slugger O’Toole lately with countless poorly structured, poorly written posts. It is possible quickly to recognize and avoid these by subjecting each Slugger piece to a cursory inspection and identifying those which feature characteristic lack of paragraphing and a tenuous grasp on the technicalities of linking source articles. Although I generally evade Walker’s posts by this method, occasionally (and unfortunately) I have persevered and found that their content is as unrewarding as the style in which they are written. Today, for instance, I inflicted upon myself Brian’s thoughts on a mooted Fianna Fail / SDLP merger . In actual fact, he is right to welcome news that the Southern Irish party has dropped this proposal from its agenda; however, the logic by which he arrives at this conclusion is parochial nonsense. To summarise, Walker believes that pursuing realignment with larger parties, whether they are from the rest of the UK or fro
Read more