Professional footballers usually manage to get the better of their masters when it comes to financial matters. But a recent survey by leading credit reference agency ICC Credit has found that while the average pay of players remained constant last season, football club directors awarded themselves a 12 per cent pay increase.

This comes at a time when the game is cash-strapped, with several clubs, such as Leeds, going into administration, and others in dire difficulty. ICC Credit also discovered that a third of all league clubs had County Court Judgements filed against them, indicating ‘they are dealing with financial difficulties’, according to ICC Credit’s Matthew Debbage.

One club readjusting its finances following relegation from the Premiership last season is AIM-quoted Southampton. Chairman Rupert Lowe has managed to declare a dividend for the past four years, despite hefty interest charges from debts of £22 million taken out to fund the club’s new stadium.

With reduced income in a lower league, Southampton looks unlikely to maintain this 3p dividend, which gives the shares, standing at 29p, an amazing 10.3 per cent yield. The club, in which Lowe has a six per cent stake, is valued at just £8.1 million.

In January, he lambasted rivals for their ‘financial imprudence’ and ignoring ‘the normal laws of economic logic.’ Let’s hope these quotes don’t come back home to roost.