Liverpool walks on
The good news for Liverpool FC supporters is that the club is not about to go bust.
I understand that Royal Bank of Scotland has told its two billionaire owners, George Gillett and Tom Hicks, that their £350m debt - which falls due for repayment on 24 July and is owed to Royal Bank and Wachovia of the US - will be refinanced.
A new lending agreement will be put on place.
The less good news is that Liverpool is a microcosm of the British economy: the club borrowed too much; and it now has to tighten its belt, pay down debt and endeavour to live within its means.
There's no reason for Liverpool supporters to feel hard done by or victimised. With household debt, corporate debt and public-sector debt at record levels in the UK (equivalent in aggregate to 400% or so of GDP), they're living a footballing version of what the next five years will be like in UK plc.
And although there may be less money available to the manager to spend on what his supporters want (am I talking here about Benitez or G Brown?), many would say that's better than the alternative of living with the constant fear of foreclosure by creditors.
Royal Bank and Wachovia will insist on significant payments from Hicks and Gillett in the subsequent six months.
The banks have sway over Hicks and Gillett, because the US duo have pledged a good chunk of their US assets as security against the Liverpool debt - and plainly they would rather not have these US assets seized by the banks.
But there's a proud history, lots of backbone and a talented squad (am I talking here about Liverpool FC or the UK?). It may have been foolish to borrow too much, but the lesson has been learned (presumably) and the fight goes on.