Generic clubs in financial crisis Thread

[Silver Fox]

Has anyone mentioned that an Ashcroft and Simspon board would be solid, solid as a rock?

[Royal Rother]

I think they'd be in dire straits.

[Dirk Gently]

Oy! Feck off back to AE with the puns and get them off my serious football finance thread!

[Super_horns]

It sounds like Watford are in deep shit no matter what. This sort of conflict is likely to drag on for years. I can't see ether party backing down.

That is the worry...now Russo wants to make an offer in person to Lord Ashcroft.

Its clear they don't want to work with each other and have the club for themselves.

[Royal Rother]

Oy! Feck off back to AE with the puns and get them off my serious football finance thread!

Why worry?

[Super_horns]

Looks like Mr Ashcroft and Jimmy Russo have finally agreed an offer to pay off the loan thus us avoiding administration which is great news.

At least our league position will now be determined by how the team and Malky perfom on the pitch rather than because of some petty bitter dispute.

Ofcourse we may well still lose certain players in the January window but at least that will be down to us (maybe we'll cash in on Loach and DeMerit who leaves for free in the summer)

[Bucks Dave]

So now Watford are back with the team that got them into this mess in the first place, posted an injunction against their local paper who were getting close to what was really going on,lied to their fans (we are ringfencing money to improve the stadium),and have got a decaying Vicarage Road on prime land at a knockdown price. I next expect to see the Russos offloading their shares to give the old regime a completely free hand.

This is not over yet despite rejoicing amongst the fans.

[Super_horns]

At least Mark Ashton is out of the way though..

[Dirk Gently]

Some good news for Xmas!

http://www.yorkpress.co.uk/news/4820272.Former_York_City_owner_John_Batchelor_gets_directorship_ban/

John Batchelor, self-confessed asset-stripper and the man who wanted to buy Mansfield and rename it Harchester Utd, as well as making £120k out of York City by extremely dubious means and failing to buy Southampton recently, has been banned from acting as a company director for the next seven years.

Officials at the Government’s Insolvency Service said John Batchelor had allowed two of his companies to enter transactions to the benefit of connected companies and himself and to the detriment of their creditors.

[Royal Rother]

http://www.oneboro.co.uk/forum/showthread.php?tid=653

Many of us probably suspected the writing was on the wall once M'Boro signed Lita but it looks like they are in total shite street.

A couple of things have come to light regarding Boro's finances:

1) The club hasnt submitted its accounts on time (Sept), will be fined, has a zero credit rating and is rated by Equifax as "Insolvent".....(they have been insolvent for many years)

2) (And this is more worrying) Barclays Bank registered a mortgage deed against Boro in Nov this year with what looks like a fixed and floating charge over all the assets of Boro. The charge is in respect of the re-financing of £77m of debt, this is a significant charge document, it was registered in conjunction with a change to the memorandum and articles of the Club stopping the shares of the club being transferred. Boro look to be wholly reliant on Gibson being able to secure the finances against his other business (Bulkhaul).

More details

Barclays Bank registered a mortgage against Boro on 5th November 2009 - By the looks of it it's in respect of 2 facilities owed by Boro £62m and £15m which have been re-financed as 1 facility of £77m. The document is a debenture over all the assets of Boro, plus any TV, Prem and Championship income. It also stops the club buying or selling any assets without the express permission of the security holder (Barclays)

The phrase "utterly fooked" come to mind.

[ZacNaloen]

Makes me wonder if our Bank was Barclays if they are calling in their football club related debts.

[Dirk Gently]

Makes me wonder if our Bank was Barclays if they are calling in their football club related debts.

I think it's HSBC - but any bank with any sense should be calling in football related debts - or at least those that they have a chance of recovering, at least.

[Jerry St Clair]

Chelsea are now "debt free" having been giving an interest free loan of circa £300m by Abramovic. I guess it's too simplistic to believe that they paid him back - it seems the debt has been converted to equity. What exactly does this mean?

[(.)Boobies(.)]

News breaking that HM Revenue and Customs have petitioned a winding up order of Portsmouth Football Club.

[Super_horns]

Pompey - winding up order?

The Taxman has asked for his money and they are in big trouble.

BBC sport headline:

"Portsmouth FC issued with winding up petition"

Better news for West Ham who have a take-over lined up

[Geekins]

Pompey - Bankrupt... would make my year for 2010!

[AF2]

PAY UP POMPEY

POMPEY PAY UP

[(.)Boobies(.)]

Portsmouth have until February, so there is time to get their house in order. Board meeting being held as we speak, and Portsmouth even believe this winding up petition could be illegal. Tax specialists and lawyers already all over they accounts.

[Kitsondinho]

PAY UP POMPEY

POMPEY PAY UP

[TFF]