Is Eric right? Will football’s financial ‘well’ one day run dry?
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Eventually the well will dry up.” That was the intriguing comment from Pompey director Eric Eisner in the sports pages of The News just two days ago.
He was referencing the “insane” Championship the Blues will be playing in next season, and the obscene – let’s be honest, they are – sums of money second tier clubs are splashing in a bid to milk the Premier League cash cow.
In a bid to chase the dream, the 24 Championship clubs reported combined operating losses of £361m in the 2021/22 season – an average loss of £15m per club. That season saw an average second tier wagebill of £30m, compared to the £6.8m among Pompey and their then League One rivals. Wages, across all 24 clubs, were 106 per cent of income. Insane is putting it mildly.
Talking about his desire to ensure Pompey are run “sustainably”, Eisner said:
“At some point, the money in football will dry up. You can’t have a system where everybody in the second-highest division is losing money, every single year. Eventually the well will dry up.”
When, or if, that happens is a moot point.
When the Premier League began in 1992, Sky paid £304 million to cover the first five seasons. At the time, it was mega money. Now it seems quaint.
Fast forward to the present day, and the top flight’s £4.8 billion three-season contract concludes at the end of next season. In its place is a staggering £6.7 billion contract to run until the end of 2028-29 – the total sum paid by Sky and TNT for live broadcasts, and from the BBC for UK highlights.
And it’s not just the Premier League who are set to rake in millions from the broadcasters (while at the same time deciding they don’t want to play FA Cup replays, but that’s a rant for another day).
As mentioned in these pages recently, Pompey will benefit from the Football League’s new five-year Sky deal worth £935m which kicks in next season.
So no, the mythical well isn’t going to be issued with a hosepipe ban any time soon.
The mythical well isn’t going to be issued with a hosepipe ban any time soon
We’ve just had one of the most exciting Premier League title races in years, and there’s been more top flight goals this season than ever before. Fans worldwide love the ‘product’.
At some point the well WILL run dry. But that point appears a very long way-off...