Alex Miller looks back at a traumatic year in the world of football and wonders what British clubs will learn from the financial dramas.
It could just be that 2012 goes down as the year that British football clubs decided to act decisively to ensure their finances are put in order once and for all, following another year marred by unpaid debt and liquidation in the game.
Or, if bad habits go unreformed, will Uefa and HMRC step in to make things even more painful for clubs in 2013?
As the year draws to a close, the English Premier League’s member clubs are seemingly inching towards an agreement over the introduction of new cost control regulations.
Register with AccountingWEB and log in for free to find out more about:
- Uefa’s Financial Fair Play (FFP) system
- Portsmouth narrowly escaping liquidation before the 2012-13 season started
- The Harry Redknapp case
- The High Court’s decision not to overturn the football creditor rule in May
- Rangers FC plunging into liquidation
- How Rangers won a split tribunal verdict on its use of employee benefit trusts (EBT)
- Heart of Midlothian Football managed to escape a winding-up order after it settled an unpaid HMRC tax bill of £450,000.
The hope must be that clubs on both sides of the border have sufficiently learned their lessons so that the focus in 2013 can return to the action on the pitch rather than off it.
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.