Shock therapy Financial woes threaten to sink clubs all over Europe http://sportsillustrated.cnn.com/2003/writers/gabriele_marcotti/11/28/marcotti.insider/index.html
As the author notes this story has been running around for several years, but its seems to me that in the vast majority of cases either the local government or a wealthy investor jumps in a saves the team before it implodes. Either way MLS' ownership situation creates an incredible risk for the league that really can't be compared to other sports situations.
agree A example thanks to the government portuguese clubs coming back from the ash's, on top of it they help build and rebuild 15 stadiums would never happen in the US
Lots of people have lost out financially, but the number of professional football teams in Europe has hardly changed. The number of English teams that have gone out of business in the current troubled period remains zero, and is more likely than not to stay there, despite the predictions of 30 bankruptcies when the ITV Digital deal fell through. Americans may not realise that in England "administration" is not the end. It is a little like Chapter 11. All the clubs that have gone into administration in recent years have continued to play their matches, and either come out of administration with new owners, or are still expecting to do so in the future. The only high profile casualty in the whole of Europe has been Fiorentina. But a new team was started to play in the same stadium, and it has now changed its name to Fiorentina.