Mark Field - Football facing a banking-style crisis - ‘Game is ruled by economics of the madhouse’ says MP

Published: 23 July 2010
by JAMIE WELHAM

THE football industry is in danger of repeating the same mistakes that led to the banking crisis because it is founded on an “economics of the madhouse”, MP Mark Field has warned, saying that professional clubs will die unless a salary cap is brought in.

Mr Field, who is a vice-chairman of the All Party Football Group, has called for a radical shake-up of football’s governing bodies to halt the period of decline he predicts will accelerate without tougher controls by the government.

The future of the England national team would be bleak, he added, unless money is diverted from ever-growing wage bills to investment in grass-roots coaching.

The MP for Cities of London and Westminster – a die-hard Bury supporter – made the impassioned plea in an article on his website this week. 

Mr Field has been on a tour of Football League clubs and will report back his findings to the group to help build a “roadmap” away from the problems in the game that have been blamed for England’s disastrous performance in the World Cup in South Africa.

Included in the specific reforms Mr Field wants to see introduced are plans to restrict clubs being lumbered with debts, club directors’ loans restricted so they are forced to accept equity in the club and a wage cap.

He wrote: “Football clearly didn’t come home this summer. One positive outcome to come from the England national team’s dismal performance on the pitch should be a renewed focus on the health and governance of our national game.

“The Premier League is a fantastic global export, giving towns like Wigan, Bolton, and soon even Blackpool, worldwide fame. But the football industry is at risk of making the same mistakes our banks did. 

“In the words of one senior official I have spoken to the Premier and Football League are ‘pissing it [revenue] up the wall on players’ wages instead of investing in the future of the game.’”

Mr Field added: “If we can find the right way forward on cost controls and debt, it would allow our clubs to focus on facilities and youth development and invest in the future of the game. Only then can we seriously talk about our national team bringing home the World Cup for a game we invented.”