Post by QPR Report on Jul 14, 2009 7:01:39 GMT
Financial crisis hammers lower league clubs in Italy
Reuters, Monday July 13 2009
By Mark Meadows
MILAN, July 13 (Reuters) - At least four third-tier Italian clubs will not take part in this season's championship because of financial difficulties, soccer federation president Giancarlo Abete said on Monday.
Treviso and Venezia, who have both played in Serie A in the last decade, and relegated Serie B clubs Pisa and Avellino failed to give sufficient economic guarantees to authorities.
"They will not enter next season. In these important places for our football, it is now crucial to find businessmen who can breathe new life into the clubs and keep finances balanced," Abete told Italian radio.
Other professional clubs in Italy's third division, now known as Lega Pro rather than Serie C, are at risk of dropping out, officials have said.
Authorities hope any clubs forced to drop out will be able to carry on playing in amateur leagues, but dozens of players who want to stay professional are now seeking work.
Several Italian clubs encountered financial problems in the last few years even before the global economic crisis.
Top flight sides Fiorentina and Napoli went bankrupt and were reformed in the lower leagues before rising back up the ladder.
Officials have been trying to make Italian clubs more financially secure for years but the head of bourse regulator Consob said it had been a mistake for some of them to list on the stock exchange.
Listed AS Roma have suffered from a cash shortage and attempts to strike a deal with prospective buyers have continually failed.
The share price has fluctuated widely and prosecutors have subsequently opened probes into possible market manipulation.
"I believe that listing soccer clubs has been and remains an error," Lamberto Cardia told reporters.
"The enthusiastic declaration of a fan or a match that goes well or goes badly is enough to make the shares jump up or down."
Juventus are also listed on Milan's bourse. (Editing by Kevin Fylan; To query or comment on this story email sportsfeedback@thomsonreuters.com)
www.guardian.co.uk/football/feedarticle/8605192
Reuters, Monday July 13 2009
By Mark Meadows
MILAN, July 13 (Reuters) - At least four third-tier Italian clubs will not take part in this season's championship because of financial difficulties, soccer federation president Giancarlo Abete said on Monday.
Treviso and Venezia, who have both played in Serie A in the last decade, and relegated Serie B clubs Pisa and Avellino failed to give sufficient economic guarantees to authorities.
"They will not enter next season. In these important places for our football, it is now crucial to find businessmen who can breathe new life into the clubs and keep finances balanced," Abete told Italian radio.
Other professional clubs in Italy's third division, now known as Lega Pro rather than Serie C, are at risk of dropping out, officials have said.
Authorities hope any clubs forced to drop out will be able to carry on playing in amateur leagues, but dozens of players who want to stay professional are now seeking work.
Several Italian clubs encountered financial problems in the last few years even before the global economic crisis.
Top flight sides Fiorentina and Napoli went bankrupt and were reformed in the lower leagues before rising back up the ladder.
Officials have been trying to make Italian clubs more financially secure for years but the head of bourse regulator Consob said it had been a mistake for some of them to list on the stock exchange.
Listed AS Roma have suffered from a cash shortage and attempts to strike a deal with prospective buyers have continually failed.
The share price has fluctuated widely and prosecutors have subsequently opened probes into possible market manipulation.
"I believe that listing soccer clubs has been and remains an error," Lamberto Cardia told reporters.
"The enthusiastic declaration of a fan or a match that goes well or goes badly is enough to make the shares jump up or down."
Juventus are also listed on Milan's bourse. (Editing by Kevin Fylan; To query or comment on this story email sportsfeedback@thomsonreuters.com)
www.guardian.co.uk/football/feedarticle/8605192
