Eindhoven council bails out local football club PSV

Eindhoven city council is bailing out financially-troubled football club PSV by buying the land under the club’s stadium and training complex for €48m, the Telegraaf reports.

The contract has a 40 year duration and PSV will pay the council €2.4m a year in ground rent, the paper says, quoting local Socialist Party politicians.
PSV made a loss of €17.5m last season and failed to qualify for the Champions League this year. The club ended third in the premier division and will play in the Europa League.
The paper says a press conference has been scheduled later in the day.
Last month, the football association KNVB said just five of the country’s 36 professional clubs are financially healthy.

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