PSV bailed out by Eindhoven councillors
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Eindhoven city council has agreed to bail out once a team who competed with the elite teams in Europe, PSV Eindhoven, by buying the land under their stadium and training complex for €48 million.
The contract has a 40-year duration and PSV will pay the council €2.4 million a year in ground rent.
The plan, described as risky by critics, was supported by 29 of the city's 43 councillors.
Backed by the Philips conglomerate, PSV used to generate a substantial amount of income, once big enough to bring Romário and Ronaldo to Europe.
Unfortunately, they missed out on Champions League places since 2008 and two subsequent seasons in the Europa League have seen the club suffer.
Ibrahim Afellay was sold to Barcelona for €3 million and the club made decent money off the sale of Balázs Dzsudzsák, but those sales weren't nearly enough to solve the club's financial problems.
Last month, the football association KNVB said just five of the country's 36 professional clubs are financially healthy.
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| Photo: Reuters |
The plan, described as risky by critics, was supported by 29 of the city's 43 councillors.
Backed by the Philips conglomerate, PSV used to generate a substantial amount of income, once big enough to bring Romário and Ronaldo to Europe.
Unfortunately, they missed out on Champions League places since 2008 and two subsequent seasons in the Europa League have seen the club suffer.
Ibrahim Afellay was sold to Barcelona for €3 million and the club made decent money off the sale of Balázs Dzsudzsák, but those sales weren't nearly enough to solve the club's financial problems.
Last month, the football association KNVB said just five of the country's 36 professional clubs are financially healthy.
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