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  funnily enough football clubs have always been run in debt well before the premier league and sky entered the fray.
  i remember reading when i was a kid that only 7 out of 92 clubs operated in the black.
  
  it was the same 7 every year.
  ob
  one of them was west ham, that still refused to have advertising in their programme or anywhere on the ground.
  
  
  i think that most of us knew that the present bubble would burst one day.
  
  all the financial analysts have always banged on that the wage bill at football clubs was totally out of proportion
  to the average percentage of staffing costs in the rest of business.
  
  i noted also that dave whelan and steve gibson(genuine fans) are bankrolling their clubs, mainly as an emotional thing than a cold headed business proposition.
  
  good to see Hull in there with no debt, until they got promoted in May, hull was the largest city in europe without a football club in the top flight.

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