Is the Premiership doomed?

We have all been affected by the events of last year when the World's Banking system very nearly collapsed. In this country we still do not know how the coming year is going to map out. This will only come to light once a new government is installed and they spell out how much it is going to cost each and everyone of us. Yet clubs in the English Premiership seem oblivious to the financial troubles outside the world they inhabit, this despite several of them dicing with administration. Even the mighty Manchester United has admitted to be in debt to the tune of £700m+. Liverpool and Everton too are experiencing financial difficulties and yet there seems to be an attitude similar to the banks last year before they crashed that they spend ridiculous amounts of money for players they can ill afford. Take Manchester City, to compete with the major players in the league they have spent obscene amounts of money on new players. They have also sacked a manager who will have to be compensated. But the new Arab owners seem to be hell bent on spending even more money. What has recently happened in Dubai should ring warning bells to them in that the Arab world is not immune to recession. Many Premiership clubs now have foreign owners, some have fallen by the wayside and some are waiting to come in. I honestly think that unless the Premiership takes hold of its finances, this year could prove to be disasterous for them. The sooner they stop paying ridiculous transfer fees, excessive wages and agent's fees the better, otherwise I think the Premiership is doomed.