By DB Peters Oct 10, 2008, 16:38 GMT
Munich - Bayern Munich and Real Madrid officials are confident their clubs will hold firm against the global economic crisis.
Bayern's Uli Hoeness and Jose Angel Sanchez of Real Madrid were quoted in newspapers on Friday as football clubs throughout the world are worried about the global financial crisis.
Bayern General Manager Uli Hoeness was quoted in Friday's edition of the Bild newspaper as saying that German football is well-off, even though income may drop.
'I believe that German football has less to worry about than other countries,' said Hoeness.
'The big question, however, is if we are moving into a recession where the advertising spend drops and companies are less inclined to pay money for sponsorship.'
The German 1974 World Cup winner said that he was concerned for clubs in some other countries.
'Here and there clubs could go under, but not the big ones.'
'Chelsea, for instance, has its debts with Abramovich, but they are not in danger because the club belongs to him. There is no bank involved that can close the club, as long as Abramovich does not demand his money back.'
'One needs to see if the ice on which everything was built will last,' he said.
Hoeness said that it was not certain that foreign investors in English football would continue investing such huge sums after losing a lot of money on the stock exchange.
'It would be good for competition if clubs in future actually had to earn the money they spent,' said Hoeness.
He said that he was not concerned about his own club Bayern Munich, as they were financially 'in a very strong position.'
The crisis has also led to Borussia Dortmund shares plummeting on the Frankfurt stock exchange, at one stage on Friday being traded as low as 91.3 cents.
Although they managed to pick up slightly in the course of the day to 94 cents, they were still valued at only a fraction of the 11 euros (14.82 dollars) they were sold for when the club first listed eight years ago.
In Madrid meanwhile, general director Sanchez said that the global economic and financial crisis will not affect the club.
'Real Madrid are in a very good economic and financial situation,' general director Jose Angel Sanchez told Real Madrid Television on Friday.
'We are on top of the world club income list, and our income is constantly increasing,' he added.
'Therefore, I can say that Real Madrid are in a very solid financial position. We are very well protected from the crisis, in the medium term.'
Real Madrid's main sponsor, the online betting company bwin, is not directly affected by the global economic crisis.
Your Talkback on this Story