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Big spending harmful for clubs: UEFA

UEFA, European football's governing body, fears several Premier League clubs are in danger of financial meltdown if they continue to spend vast sums on signing star players.

sports Updated: Aug 04, 2009 22:54 IST

UEFA, European football's governing body, fears several Premier League clubs are in danger of financial meltdown if they continue to spend vast sums on signing star players.

With the global economic crisis showing no signs of easing, UEFA general secretary David Taylor is concerned that English teams could pay the price if they over-extend themselves in a bid to remain competitive. Portsmouth chief executive Peter Storrie has already warned that his club could have to sell more stars to survive as a result of a stalled takeover bid, while Newcastle owner Mike Ashley is unable to find a buyer after his team crashed out of the Premier League last season.