Virgin Money - Football fans in the red
One in five supporters is in debt because of football, says Virgin Money researchCost of being a fan rising – Virgin Money’s Football Fans’ Inflation Index running at 15%
Football fans are having to borrow to pay for their love of the game as the cost of being a dedicated supporter continues to soar, new research from Virgin Money shows.
Results from Virgin Money’s authoritative Football Fans’ Inflation Index show that one in every five (20%) fans is having to borrow money as a direct result of supporting their team. The average amount owed by those with football debts is £682 each, though 20 per cent owe between £1,000 and £2,500.
Season ticket holders are most in the red – 27 per cent are borrowing with over 22 per cent of those owing over £1,000. A balance of £1,500 on a credit card charging 16.9 per cent standard APR would incur annual interest of £253.50. However Virgin Money offers 16 months interest free balance transfers on its credit card and is encouraging fans who are paying interest on their cards to ease the pain and switch.
Virgin Money’s Football Fans’ Inflation Index, which has tracked the cost of being a fan since January 2006, shows costs for fans have risen 15.1 per cent year-on-year and by 29.6 per cent compared to when the index launched in October 2006.
Grant Bather, spokesman for Virgin Money, said: “Football fans can ill afford rising costs to follow their team, which explains why so many have borrowed to make ends meet. For many fans, supporting their club is non-negotiable so even in a recession they will find the money to ensure they are in the stands next season, even if that means being in debt.
“If fans are going to pay the money to follow their team, they may as well ensure they aren’t paying interest on the money they’ve borrowed by transferring their balances onto a zero per cent credit card.”
The Virgin Money research shows that success also breeds debt, with fans of the Big Four teams needing to borrow the most. Arsenal fans are most in debt, with each fan in the red owing an average of £1,284. Spurs fans are the only supporters outside of the Big Four to have average borrowings over £1,000.
Premier league Club
Average football related borrowings of fans
% of fans with football related borrowings
Arsenal
£1,284
22%
Man Utd
£1,231
26%
Liverpool
£1,155
21%
Tottenham
£1,140
25%
Chelsea
£1,031
16%
West Ham
£981
27%
Stoke
£906
24%
Everton
£904
26%
Blackburn
£824
17%
Sunderland
£810
25%
Aston Villa
£778
27%
Fulham
£750
25%
Bolton
£722
18%
Portsmouth
£691
17%
Birmingham
£630
25%
Wolves
£598
23%
Hull
£594
16%
Man City
£529
26%
Burnley
£513
19%
Wigan
£500
22%
West Ham and Aston Villa have the most fans with debts relating to football with 27 per cent of their supporters admitting to being in the red to follow their side. Everton, Manchester United and Manchester City fans are close behind with 26 per cent each.
Malcolm Clarke, Chairman of the Football Supporters Federation, commented: “Season tickets are a big outlay, particularly as they come at the same time as fans often have to pay for their holidays, and the deferred payments schemes of some clubs have sometimes carried high interest charges. We would like to see clubs looking to see if they can do more to help fans.
“It’s not surprising that fans of clubs playing in Europe have some of the biggest debts – following your team abroad can be an expensive business. That was one of the many reasons why we opposed the game 39 proposals.
“An example of very bad practice which doesn’t help fans balance their books is Man Utd’s insistence that season ticket holders are required to buy tickets for all the European and FA games, which they introduced last season. That’s a practice which we don’t want to see copied by other clubs.”
Research for the index recently revealed that 30 per cent of regular match goers have resolved to go to fewer live games in the ‘09/’10 season because of the cost – up from 26 per cent in pre-season last year.
Virgin Money’s Football Fans’ Price Index shows that in the past two and a half years the cost of attending games has risen by 29.60 per cent. The index is aimed at helping supporters keep track of the rises and falls in the costs of supporting their team. The company identified the match day essentials fans buy and keeps tabs on increases and decreases.
At the launch of the index in January 2006, the match day basket of goods** cost £77.95. However the most recent analysis puts the cost at £101.02 – a rise of £23.07. Virgin Money’s Football Fans’ Price Index runs every three months and the firm’s research team examines the cost of items such as a gallon of petrol, match tickets, food, alcohol, train tickets and replica shirts.
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Notes to Editors
* Football Fans’ Census interviewed a representative sample of 4,032 football fans between 8 and 20 July 2009.
** The basket of goods includes a gallon of petrol, a pint of lager, a bacon roll, a train fare, a match ticket, a replica shirt, pay-per-view cost and a match programme.
For further information:
Grant Bather, Public Relations Manager, Virgin Money
Tel: 0207 111 10212
Kevan Reilly/Billy Partridge Citigate Dewe Rogerson
Tel. 0207 638 9571
Football Supporters' Federation
Malcolm Clarke 07939 594 379
Steven Powell 07881 950613
About Virgin Money
Virgin Money is Virgin’s financial services arm and was established in 1995.
Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.
Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271
About The Football Fans’ Census:
The Football Fans Census is Europe’s leading football research expert. With over 100,000 members The FFC provides a communication channel between the supporter and the football industry.
About the Football Supporters' Federation:
The FSF represents over 142,000 members supporting clubs and national teams at all levels throughout England & Wales.
www.fsf.org.ukuk.virginmoney.com/virgin/news-centre/press-releases/2009/Football-fans-in-the-red.jsp
