Football's recent financial woes continue with the news that Tottenham Hotspur, one of England's largest and most successful clubs last night entered administration. Success on the pitch this season has been overshadowed by the news that the club owes debts of around £15 billion.
It has emerged that Spurs have been paying an average of £400,000 per week to its playing staff and even the catering staff take home an average of £200,000 a year.
Manager Harry Rednapp commented "I'm buggered if I know what went wrong. We hired this guy called Tony and he recommended we pay everyone as much as we could, he promised it would work a treat. Next minute we're skint and I'm out on my arse. At least our Jamie's doin OK though, he's in Barbados I think"
Premier League officials have commented that Spurs situation shows the difficulty clubs face in managing their money as well as their football. "It's hard being an accountant and a midfield playmaker, commented Glen Hoddle. I can barely use my bloody Switch card"