RPT-ANALYSIS-Easy money at an end as crisis bites in Europe

By Antonella Ciancio

MILAN, Oct 21 (Reuters) - The heady days of easy credit and sky-high wages are ending in Europe with the global financial crisis driving sports clubs and authorities to change course.

"The full extent of the credit crisis is difficult to predict at present, but I am sure football, and other sports, will be affected greatly," Paul Blakey, senior lecturer in sports management at Northumbria University, told Reuters.

"It may mean that alternative business practises are needed to ensure the game continues to exist in its current format."

Already saddled with debts, many European soccer clubs will now find it increasingly difficult to have access to credit.

"There are companies which have not been very careful in borrowing money and for those there could be signs of trouble. Easy credit has come to an end," said Luca Rigotti of the Fuqua School of Business at Duke University, North Carolina.

English soccer alone is about 3 billion pounds ($5.2 billion) in debt and UEFA, European soccer's governing body, is considering banning clubs with excessive debt from taking part in its competitions.

"Figures were recently mentioned that no clubs will be allowed to have more than 30 or 40 percent of their turnover in debt. That would cause them huge problems," said Chris Gratton, sports economics professor at Sheffield Hallam University.

Dave Whelan, owner of English Premier League side Wigan Athletic, is among those to suggest a salary cap to avoid top clubs going into receivership.