Sources: Chivas USA Suspending Operations Twins To Replace Manager, Retain GM Red Sox To Raise Ticket Prices For Big Games Marlins Likely To Increase Payroll In '15 Vinik Plans On Continuing Spending Near Cap Are Patriots Content With Just Making Playoffs? DC United's Future Success Tied To Stadium ManU Considers Friendlies During EPL Season Moore Praised For Work With Royals Steward Hiring Moves Minorities Forward
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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).