Faroese feel financial freeze

After years of rising salaries, Faroese clubs are beginning to tighten their belts as the effects of the economic slowdown begin to be felt.

Tórshavn troubles
One of the wealthiest and most successful Faroese clubs in recent years, B36 Tórshavn, has been hit hard, with the club's Formuladeildin status even called into question after coming close to going bankrupt. Chairman Kristian á Neystabø, however, is convinced B36 will be pushing for the title once again when the new season kicks off in March. "I'm confident B36 will be ready to play in the top flight in 2009," he said.

KÍ problems
KÍ Klaksvík, meanwhile, have announced that they have come to a mutual agreement with striker Rógvi Jacobsen to release him from the contract two years early, as the club can no longer afford to pay his wages. KÍ only signed the Faroe Islands record scorer from Norwegian first division side IL Hødd midway through the season and his future is now uncertain. "I intend to get that settled in January," Jacobsen said prior to Christmas as he steps up his search for a new club. The Faroe Islands Football Association also revealed recently that it had been monitoring the finances of two Formuladeildin clubs during the 2008 season, though they did not reveal which ones.

Squeeze
Though clubs might be feeling the squeeze, it is thought they could emerge stronger from the current problems in the long run. Wages have increased so much that for the first time in some instances top Faroese players are better off staying in their home country than moving abroad. On the face of it this might look like a positive situation, but it is felt their development is hampered by not experiencing other European leagues. With less money in the Faroese game, the top players will once again start moving away.

Optimism
Similarly, clubs are importing fewer players and the number of foreigners in the league is expected to be substantially down on last season. Former Faroe Islands coach Jógvan Martin Olsen is not alone in suggesting there are too many foreign players in the Formuladeildin, forcing some of the country's young talent out and thus slowing their development. With less money to spend on high-profile Faroese players or foreigners, clubs would be forced to develop their own, which might ultimately be to the benefit of Faroese football as a whole.