Rescue plan saves Helsingborg

Loyalty contracts
The champions of Sweden in 1999, Helsingborg had recently announced they were nearly €5m in debt and had asked players to sign loyalty contracts to prevent them leaving on free transfers, despite owing each squad member between €10,000 and €14,000 in unpaid bonuses.

Plan approved
The licensing committee approved the package after three days of deliberations. Helsingborg have received a €1.5m pay-out from the local government while three financial institutions also offered a cash injection, with the money to be paid back when the club was solvent. The committee had to approve the plan, as their rules stipulate that a club cannot be loaned money in order to clear debts, which is necessary to obtain an élite playing licence. 

Key question
In confirming that the plan had been approved, committee chairman Kenneth Tallinger said: "The key question was whether the loan from the local authority and the three banks should be seen as a loan or a cash contribution. And we see it as a contribution, comparing this with any other sponsorship deal."

Others wary
A number of Swedish clubs are reported to be sceptical about Helsingborg'’s plan, which states that the club will be free of debt by 2008. The opposing argument is that they believe it is extremely difficult for any Swedish club to earn nearly €6m over a five-year period. Tallinger refused to be drawn on the issue, adding: "We've made an assessment based on the plan, and we've decided not to speculate in what or what might not happen in the future."

Going well
After five games of the new Allsvenskan season, Helsingborg have eight points and sit fourth in the table. They are five points off the league leaders Hammarby, with their next fixture coming on Sunday when they travel to IFK Göteborg.