RESTRUCTURING MAY FORCE UMBRO TO SURRENDER SOCCER KIT DEAL

          Umbro "is in danger of losing its new" $83.5M kit
     contract with the English soccer team, and has been given
     two weeks by the Football Association (FA) "to provide
     certain financial guarantees or the FA will abandon the
     deal," according to Patrick Harverson of the FINANCIAL
     TIMES.  Umbro is "in the middle of a financial restructuring
     and has been unable to provide the guarantees of its long-
     term financial stability demanded by the FA."  FA Commercial
     Dir Philip Carling said "there is a possibility the terms
     and conditions we require may be too onerous for Umbro to
     meet."  But Umbro UK Marketing Dir Peter Draper: "We are
     confident of satisfying the [FA] that we can deliver a
     programme that meets the financial criteria."  Harverson
     reports that if Umbro is unable to meet the financial
     guarantees, Nike, adidas and Puma, who bid before, "will be
     invited to re-tender" offers (FINANCIAL TIMES, 4/9).