The article below encapsulates how debt can arise anywhere in society - even in such a noted setting as the Premier League where the high turnover of teams is widely reported.
For small businesses working regularly with these organisations who pay invoices late it can have a significant impact on cashflow to receive late payment on work done.
It can be challenging to make contact with such big organisations and this is where communication barriers normally break down in such large establishments. Finding the appropriate person who controls the accounts is step one.
When a debtor is regularly paying invoices late it takes a good internal shift to move the goalposts.
Premier League clubs owe £1.3million in unpaid invoices Data released today in Creditsafe’s Prompt Payment Premier League, has revealed English Premier League Clubs have overdue invoices totalling £1.3million and 20% are late by 20 days or more beyond the agreed payment terms. Manchester United who place 19th in the Prompt Payment Premier League have 63 outstanding invoices totalling £857,183, making up 66% of the total value of outstanding invoices owed by all Premier League clubs. Despite having a combined annual turnover of more than £987million, Arsenal, Manchester City and Manchester United all pay their suppliers on average, 8 days slower than the Premier League average of 13 days beyond terms (DBT). Sunderland AFC, who finished b...