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Cash Blow For Clubs
By: Graham Howes
Date: 23/04/2001
A total of 94 clubs are being required to help rescue the game's leading pension fund from a deficit of about £13 million, in the Football League Pension and Life Assurance Scheme with Liverpool being given the largest bill and must pay off just over £3million over the next six years.
Investment losses and wage rises have meant that a rescue package is needed and the trustees have worked out a formula of how much each club owes, in accordance with how many of their employees have been in the final salary scheme and for how long.
Letters detailing the various amounts will be sent this week and 94 teams are affected, including several non-League clubs.
Oldham have to pay more than Leeds and Chelsea with Oxford and Wimbledon facing bills of more than £150,000. Manchester United, Arsenal and West Ham, whose manager Harry Redknapp is understood to be one whose pension needs to be protected.
There have been no reports as to how much Grimsby Town have to pay but clubs have been given 6 years to make up the losses on an instalment plan. There are very few clubs who are not affected.
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