English Premier League club's debt reaches 2.4 billion pounds

Published May 31st, 2012 - 12:25 GMT

English Premier League clubs are in debt up to an estimated 2.4 billion pounds, despite raking in colossal combined revenues, according to a report.

Chelsea owner Roman Abramovich, Newcastle United chief Mike Ashley and Fulham's Mohamed Al Fayed are the chief culprits, as they have combined to propel 1.3 billion pounds into their clubs in 'soft loans', which means they get no interest back.

The 21st Annual Review of Football Finance from the Sports Business Group at management firm Deloitte put together these amazing figures.

These new revelations have fuelled concerns about the clubs dependence on their billionaire owners, and the financial render down that could be set off if they walked away or tried to sell up.

Ashley has forked out 277 million pounds on buying Newcastle and loaning them cash, and has now set the Geordies on a path of self-sufficiency that will not require any more cash injections from his Sport Direct fortune.

AL Fayed's investment in Fulham stands at 200 million pounds, with no money coming back in interest from their loans, The Daily Mirror reports.

However, the financial income of all the Premier League clubs still remain the best as they recorded a combined revenue of 2.271 billion pounds.

The top 92 clubs in English football saw combined revenues increase by nine percent to 2.9 billion pounds. (ANI)

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