Mid Sussex RoyalClyde1998 Also strong rumours on the Exeter forum they'll've run out of short money in November. Most of their board has resigned (albeit no public statements yet).
Seems to heavily relate to a tax issue where you have to pay the entirety of a transfer fee at the time the deal is done, even if you've not received the payment yet (as most transfer fees are in instalments). Worse is it wasn't even a transfer Exeter were directly involved in: as a result of Jay Stansfield being signed by Birmingham for £15m+, Exeter are receiving a sell on fee. It's the tax on that sell on fee receipts that's causing their issues.
Apparently their plan to get a loan didn't get approval.
I guess its seen as a "debtor" in a standard balance sheet so taxable now.
In other news, Jack Wilshire is the new Luton manager....tough first gig.
I think it's because football clubs have to account for transfer income when the deal is announced, but can amortise outgoing transfer fees. Exeter wouldn't have the accumulated losses of most clubs to effectively avoid paying the tax on transfer income.