video transcript

We hear a lot about it too big to fail but too beautiful to -- The -- so code is by far the world's most popular sports the beautiful game according to perhaps the greatest player ever Brazil's paley. But popularity and unparalleled passion it invokes may not be enough two of them -- that he owed Lehman Brothers moment. People's finances. -- in about a week. What it's I am I had nineteen more at ease it's a steamy crease every use. A role for -- would be to not what happened we still banks. Three years ago. When that did before -- one thing we go to the match you know you shoot across the whole across deported. Next to British clubs last week went into administration. Moving closer to bankruptcy. Scotland's Rangers are one of the biggest and most successful clubs in -- And this is the second time in only studios England's Portsmouth have been an administration. Yet as recently as 2008. They won an antique cup. It would be nice exhaust not just for the fans but it would be a massive problem for the -- -- of his many football clubs. And I'm not sure how much how many millions united -- -- -- club generates every able I'm sure it's united significant losses city a little club in Europe is immune. Not even Spanish giants like Real Madrid or Barcelona. Do yeah -- slack about sort of -- and -- read nothing he's excluded. At the moment and a world for affordable. According to hand that supports the financial statistics and European football a shocking. The return on assays and England Spain and Italy -- all negative. And the profitability gaps of these clubs but even larger. As normal business -- these leagues would be bankrupt in two years. Huge -- bloated payrolls suspect business models and extremely shaky financial foundations. If we were talking about industry a banks these guys behind me at the Bank of England without an open hot -- to the treasury desperately trying to about imminent meltdown. For mobile is different and has been so far. But to some clubs are finding none they may not be able to defy the laws of economics for much longer. I'm Judy we gave up from Reuters in London.