The Financial Crisis and English Football: The Dog that Will Not Bark

This paper considers the financial crisis of 2008 and its likely impact on English foot- ball, notably the English Premier League. It mostly examines the history of financial instability and sporting stability, in the sense of club survival, that is characteristic of English football and possibly much of football in the rest of the world. The paper sug- gests that while shareholders often lose money, clubs seldom disappear. It also sug- gests that while clubs are not immune to economic cycles, the impact is likely to be limited. The reasons for the financial instability of particular clubs and stability and success of the English leagues are discussed.