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English Soccer Club Burnley Strikes Gold With EPL Promotion
Published May 27, 2009
|Burnley Will Earn A Minimum Of $47.9M
In TV Revenue In EPL Next Season
TOONED OUT: Newcastle Owner Mike Ashley yesterday "issued a personal apology for the 'catastrophe'" of the club's relegation from the EPL. Ashley: "Seeing Newcastle United relegated from the Premier League has been a catastrophe for us all. I fully accept that mistakes were made during this and previous seasons and I am very sorry for that" (LONDON TIMES, 5/27). In London, Paul Kelso reported Newcastle's relegation decreased the club's estimated value to about $143.8M. Ashley, who bought the club in '07 for about $214.1M, last year was seeking around $351.5M in a sale of the team, but sources indicated that Ashley now "would have to settle for no more" than $143.8M, "assuming a buyer could be found for a club about to taste the realities of life on short rations" (London TELEGRAPH, 5/26).
MORE STABILITY UNDER GLAZERS: ManU CEO David Gill said since the Glazer family acquired the team in '05, there is "stability, and long-term decisions can be taken." Gill said of the club's current debt of approximately US$797M and whether the current economic climate would affect future borrowing, "That borrowing was put in place on a long-term basis back in August 2006 and the club can service that debt easily. … There's no real pressure there. We've shown good growth in the commercial area since the takeover" (BBC.co.uk, 5/26).