When finances at the Ho Chi Minh City Football Club turned sour, the chairman looked to none other than himself.

Vietnamese football star Trong Hoang

“I had to sell two sedans and put two old cars at the pawnshop to get money to feed the club,” Nguyen Chi Kien told Tuoi Tre.

Like bosses at the country’s 27 other top clubs, Kien found himself owing salaries and bonuses to his players.

For a while, it seemed the economic downturn would never touch Vietnam’s entrepreneurs cum football club owners, who spent more than VND1 trillion (USD48 million) a year.

But now, players are complaining that their contracts are ending early and payments are coming late.

IOUs

In June, Khatoco, the football club in Khanh Hoa, terminated contracts with three players, for different reasons, though six rounds remain in the season.

“I heard that the club will only pay us VND10 million, which is only half of our current wages, in the last two months,” one of the sacked footballers said, asking not to be named.

It has become commonplace for players who do remain to receive lower or delayed payment.

“This isn’t abnormal because the clubs all share hard economic times,” one V-League club boss said on condition of anonymity.

That’s the problem for football stars Tai Em, Quang Hai, and Duoc Em.

Last year, the three transferred to Navibank Saigon, which earmarked more than VND50 billion for the deals. But the men now say they’re still waiting for payment, including the bonuses for winning their six last matches.

Club owner Nguyen Vinh Tho admitted it was because of the recession.

“We currently have to seriously practice thrift,” Tho said.

Belt-tightening

As many as three football bosses have tried to pull out mid-season, according to Nguyen Duc Kien, deputy chairman of Vietnam Professional Football.

He said, though, he persuaded the men to continue investing.

But to lower expenses, some are taking fewer players to away matches to save on airfare and accommodations.

Even Saigon Xuan Thanh, a club known for extravagance, said it will bring just 19 players and three coaches on each trip.The club is indebted to players and is facing another headache: finding money to extend contracts with three star players, including Huynh Kesley.

Player devaluation

Nguyen Hong Thanh, chairman of Song Lam Nghe An Football Club, said that when the 2012 season ends, the transfer market should cool down.

“The unhealthy competition between clubs that boosts players’ prices to far higher than the real rates may no longer exist,” he said.

Players have learned to accept their real values amid these hard times, according to Pham Van Le, managing director of Vissai Ninh Binh Football Club.

He said many players are negotiating contract renewals early so they can guarantee a spot next season, even for less pay.

For instance, Hanoi T&T just inked deals to pay much lower salaries to six players, whose contracts would have expired next month.

This may pave the way for a revolution in football spending, says Saigon Xuan Thanh managing director Tran Tien Dai, who believes other countries pay footballers more realistic salaries.

"We should follow what international football clubs have been doing,” he said. “Otherwise, it is impossible to withstand this crisis.”