http://www.guardian.co.uk/business/2009/apr/05/football-finance
This has been the story at Southampton, where the parent holding company last week called in administrators as a securitisation deal - that is, a loan secured against future ticket sales - appeared to be turning sour. The move comes less than six weeks after League Two's Darlington called in insolvency experts for the second time in six months. Both have spent substantial sums on new stadiums in recent years.
Lawrence Schechter, a director at boutique finance house Schechter & Co, says: "Southampton used to be run very well, by former investment bankers who managed the club like a business. But the fans got upset that they weren't spending ridiculous amounts of money on star players.
"Now the fans should point the finger at themselves and say: is this what you wanted? They forced the guys out in 2005, those who were doing a good job, but the fans wanted Southampton to be like Chelsea or Man United. The fans bit the hand that fed them."