Why did Leeds, Portsmouth and Bury run out of money?

They ran out of money because they spent or borrowed more than they earned, and the income they were counting on did not arrive. Leeds borrowed against European income that never came, Portsmouth stopped being able to pay some wages, and Bury's finances broke down so badly that the club was expelled from the Football League.

Take Leeds first. Without the public knowing, chairman Peter Ridsdale had taken out large loans against the prospect of the share of TV rights and sponsorship revenue from Champions League qualification and progress. Leeds then narrowly failed to qualify two seasons in a row and did not receive enough income to repay the loans. The first sign of trouble was the sale of Rio Ferdinand to Manchester United. In May 2007 Leeds entered administration and took a league-imposed 10-point deduction that officially relegated them to the third tier, where they had never played before.

Portsmouth's finances dried up in 2009–10. On 1 October 2009 the club admitted that some players and staff had not been paid. After a winding-up petition from HMRC was dropped, Portsmouth were left with a nine-point penalty for entering administration, and in February 2012 they went into administration a second time, with an automatic 10-point deduction. Then fans stepped in: after the Pompey Supporters Trust bought the club in 2013 it began to recover, and in September 2014 it declared itself debt-free.

Bury's story ended differently in 2019. Staff and players did not receive their March salaries on time, and the EFL, seeking proof of financial viability that was not provided, withdrew the club's membership on 27 August. Bury became the first club expelled from the Football League since Maidstone United in 1992. In November 2020 the club went into administration with debts of over £12.5 million. In 2022 a fans' group, Est.1885, bought the ground, trading name and history.