More money than sense?

It's time to talk about football again, folks. Don't say you weren't warned!

Of course, I've managed to find a business connection to allow me to indulge my passion for "the beautiful game". And that connection can be summed up in one word: debt.

The biggest debt story in English football at the moment – both in terms of its news value and the sum of money owed – is unquestionably that of Manchester United.

England's most successful club – they have won the Premier League for the past three seasons – has debts of more than £700 million . This is partly the result of a highly-leveraged takeover –that is, one financed by lot of borrowed money – by the American Glazier family in 2005.

My own club, West Ham United, from east London, can't compete with Manchester United – neither on the pitch nor in the debt stakes But this week we were taken over by new owners, who revealed that the club has debts of "more than £100 million".

David Sullivan, West Ham's new co-owner along with David Gold, said the club is in "an incredibly bad situation". He added that: "we wouldn't be buying this club at all if we weren't West Ham fans. It makes no commercial sense". Critics would say this shows that Sullivan and Gold have more money than sense.

Most West Ham fans, however, will be glad that the club has been bought by two Englishmen from east London who understand its history and traditions.

Women fans may also be interested to know that David Gold turned the Ann Summers chain of sex shops into a multimillion-pound brand. The chain is now run by his daughter Jacqueline. Maybe we can expect some sexier football outfits, such as the West Ham basque worn by singer Katy Perry last year at the MTV awards.

Sullivan and Gold have bought 50 per cent of West Ham with a four-year option on the remaining half. I particularly liked David Sullivan's offer that "anyone who wants to put in £10m or £15m can buy 10 or 15 per cent of the club and come along and join us".

Just a second, David, let me check my back pocket.