Much ado was made about the string of soccer securitizations backed by popular teams with a global presence. But the reality is that outside the big names, securitization has proved too costly for many teams in the European soccer leagues.

As the credit turmoil unfolded last August, Manchester United was forced to abandon its GBP660 million ($1.29 billion) refinancing deal. According to reports, the U.K. soccer club had been in talks with a number of banks about a new financing package. But the soaring cost of capital market debt placed the club's plans on hold. And it is likely that, with the current credit environment, other teams considering the securitization market might have to look for financing alternatives that make more economic sense.

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