Portsmouth. It’s their big day today. The hearing is at 11.30. Apparently talks broke down last night, and Pompey made a cash offer to HMRC this morning. However HMRC have refused that, they want most of the 7 million that’s owed.

The club face liquidation, where they will cease to exist today or more likely administration to give them longer to find a buyer. The problem with that of course is they will get a 9 point deduction which will relegate them making finding a buyer more difficult as Newcastle found.

This is the tip of the iceberg. Other clubs are also in difficulty, including Cardiff and Southend. Other clubs have also been talked about in the press.

It must be a horrible time for the fans of these clubs, I can remember when the Blues nearly went under and not knowing if we would continue. But the thing is, football is it’s own worse enemy.

The cash that has been pumped into the sport has caused clubs to plan and buy around possible income, speculate to accumulate approach. Portsmouth bought big the season they stayed up and we went down, clearly on wages that they couldn’t maintain.

Something has to be done or football will implode. The wages are too high for a start. Players at the top level earn the sort of money that would run hospitals and schools and possibly small countries!

I heard on the radio this morning that Manchester United’s debts are huge, the Glaziers have ensured that the debts are secured against the club rather than themselves. The advantage that United have that virtually all clubs don’t have is their brand.

Chelsea and more recently Manchester City have been heavily invested in by rich overseas people, I’d hate to imagine what the wages are at those two clubs. If either of the owners of those clubs walked away, they would probably go under because they wouldn’t find other rich people to take over.

I really hope our new owners don’t over stretch themselves to buy success, the one thing our previous board did seem to get right – was they knew how to balance the books.

Sorry that this is a ramble, it is really a collection of thoughts around a problem that I believe will only get worse unless someone makes a huge decision such as capping wages.

What are your thoughts on it?