Soccer clubs to pay penalty for lenders' mistakes

The heady days of easy credit and sky-high wages are ending in Europe with the global financial crisis driving sports clubs and authorities to change course.

"The full extent of the credit crisis is difficult to predict at present, but I am sure football, and other sports, will be affected greatly," Paul Blakey, senior lecturer in sports management at Northumbria University, told Reuters.

"It may mean that alternative business practices are needed to ensure the game continues to exist in its current format."