This is from espnstar.com
Italy's football clubs threatened by EU probe plan.
Rome, (AFP)- Some of Italy's most famous football clubs could go bankrupt if the EU commission rules that a government decree allowing them to spread their debts over 10 years contravenes European law. The issue is believed to be high on the agenda when the Commission meets in Brusslels on November 11th.
EU Competition Commisioner Mario Monti has been considering an investigation into the 'Salva Calcio' (Save Football) amendment which was passed by Italy's lower house of parliament back in February as a lifeline for debt-ridden clubs in the top two divisions.
Several of these are listed on the Milan stock exchange, including European champions AC Milan, Inter Milan, Lazio and Roma, and have used the amendment to write off huge losses related to the fall in players' values on the transfer market.
Inter has written off player value to the tune of 319 million euros, AC Milan for 242 million euros, Roma for 234 million and Lazio for 213 million. Italian champions Juventus are the ONLY CLUB
not to have exploited the decree.
Monti is concerned the amendment is a form of aid from the Italian government that gives the country's clubs an unfair advantage over their european rivals. Under European law, all other companies and businesses are given a standard three-year period over which to spread their debts.
If the 'Salva Calcio' decree is deemed illegal by the Comission, which has the power to influence the national laws of its 15 members, many of Italy's clubs could in theory go out of business.
On Monday, the Italian Football Federation (FIGC) held talks with its members to discuss ways of putting its house in order before any action is taken by the EU Commission.
Soaring transfer fees, spiralling player's wages and the deployment of more police at Italy's often violent stadiums have all added to the pressure on clubs such as Inter, where star striker Christian Vieri is paid a whopping 5.2 million euros a year.
Last season Serie A, Italy's first division, suffered operating losses of 948 million Euros, with players' wages eating up 85 per cent of revenue.
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Well, need I say more??
Serie A could be in very big trouble.
Thoughts, anyone??
Italy's football clubs threatened by EU probe plan.
Rome, (AFP)- Some of Italy's most famous football clubs could go bankrupt if the EU commission rules that a government decree allowing them to spread their debts over 10 years contravenes European law. The issue is believed to be high on the agenda when the Commission meets in Brusslels on November 11th.
EU Competition Commisioner Mario Monti has been considering an investigation into the 'Salva Calcio' (Save Football) amendment which was passed by Italy's lower house of parliament back in February as a lifeline for debt-ridden clubs in the top two divisions.
Several of these are listed on the Milan stock exchange, including European champions AC Milan, Inter Milan, Lazio and Roma, and have used the amendment to write off huge losses related to the fall in players' values on the transfer market.
Inter has written off player value to the tune of 319 million euros, AC Milan for 242 million euros, Roma for 234 million and Lazio for 213 million. Italian champions Juventus are the ONLY CLUB
not to have exploited the decree.Monti is concerned the amendment is a form of aid from the Italian government that gives the country's clubs an unfair advantage over their european rivals. Under European law, all other companies and businesses are given a standard three-year period over which to spread their debts.
If the 'Salva Calcio' decree is deemed illegal by the Comission, which has the power to influence the national laws of its 15 members, many of Italy's clubs could in theory go out of business.
On Monday, the Italian Football Federation (FIGC) held talks with its members to discuss ways of putting its house in order before any action is taken by the EU Commission.
Soaring transfer fees, spiralling player's wages and the deployment of more police at Italy's often violent stadiums have all added to the pressure on clubs such as Inter, where star striker Christian Vieri is paid a whopping 5.2 million euros a year.
Last season Serie A, Italy's first division, suffered operating losses of 948 million Euros, with players' wages eating up 85 per cent of revenue.
------------------------------------------------------------------------------------------------
Well, need I say more??
Serie A could be in very big trouble.
Thoughts, anyone??
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