Professional Football (Regulation)

I wonder whether the hon. Gentleman will allow me to make a bit of progress, but I will come on to those issues because they are central to what we are discussing. We are now dealing with a failed business model. It is one that has seen many of our clubs—from the large to the smaller—soaked in debts to such a level that they are put at risk. Let me refer to Liverpool football club, which was taken over some years ago by its present owners. The owners made quite extravagant promises about building a new stadium, but they have in fact spent the past three years trying to repay the interest payments on the debt that was accrued.