Scottish football (but no mention of the Faroes...)

The Scotsman today carries an interesting article on the finances of the "national game." Of twelve Premier League clubs, only St Mirren managed to make a profit in the 2000/01 season. Wages are clearly out of control:

We believe a sustainable wage/turnover ratio would be between 60 and 70 per cent,” recommends Glen in the latest PwC review of Scottish football, a glossary of mismanagement which is entitled: “The search for a viable playing field.

I think that 60 to 70% seems far too high. When I worked in advertising our parent company had a strict rule: total staff costs must never exceed 55% of revenue. That way, profits would be assured. If the SPL clubs adopted the 55% rule, Kilmarnock, Motherwell and St Johnstone would have joined St Mirren in profitability. Nevertheless, the other eight clubs would still be loss-making with Celtic and Rangers being £8 million and £10 million in the red respectively. I assume that high stadium costs are the reason for this. The supply of benevolent millionaire owners is limited. Wage cuts for players seem inevitable.