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Warning signs of insolvency

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Soccer economics guru Stefan Szymaski has been undertaking work on insolvency in football clubs.  In particular, he has been taking a look at the French leagues where a stringent regulatory system has been praised by the international football authorities.   However, it does not seem to make much difference in the incidence of insolvency compared with the English leagues.

What does seem to be a warning sign is if attendances fall away over a few years below what might be expected from league position.