As featured on NewsNow: Football news

FIFA astounded at Portsmouth financial meltdown

FIFA general secretary Jerome Valcke claims the Portsmouth financial crisis stands as a warning to the rest of football. Valcke said: "It is the richest league in the world so this is strange. If you talked about another league I would say fair enough, but the richest league in the world - what's the reason?

"It's because the club was badly managed, they ran it to have a chance of winning titles by buying too expensive players and just getting more in debt every day."

The Portsmouth situation has also been cited by UEFA as a reason for the game to back their proposals clubs should only be able to spend what they earn.

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