Generic clubs in financial crisis Thread

[Who Moved The Goalposts?]

This makes interesting reading: http://www.portsmouth.co.uk/sport/pompe ... _1_3517254

Just look at the comments from the supporters. The vast majority of them are seeing admin and the early parachute payment as a way of wriggling out. Hardly a mention of the existing CVA, or what happens to those on that creditor list.

It gets more interesting in that later on, some are saying that the early payments weren't to avoid admin, they were to pay for it!!!

How much more piss-taking do we have to put up with?

[ZacNaloen]

My twitter feed suggests a 10 point deduction is on the cards for Rangers

[cmonurz]

And LOL @ Rangers, the 'big club' that has gone into administration trying to pay SPL wages to Championship players.

[Super_horns]

And LOL @ Rangers, the 'big club' that has gone into administration trying to pay SPL wages to Championship players.

Got away with building up a tax bill of over 49 million...makes you wonder why they were allowed to.

[andrew1957]

This makes interesting reading: http://www.portsmouth.co.uk/sport/pompe ... _1_3517254

Just look at the comments from the supporters. The vast majority of them are seeing admin and the early parachute payment as a way of wriggling out. Hardly a mention of the existing CVA, or what happens to those on that creditor list.

It gets more interesting in that later on, some are saying that the early payments weren't to avoid admin, they were to pay for it!!!

How much more piss-taking do we have to put up with?

Agreed - if they just get a 10 point deduction but keep all their players - they will almost certainly survive in the Championship this season and then the whole saga will start again next season.

Clearly they are insolvent and so an "administration" should be refused - or at the very least they should have a massive point deduction ensuring relegation.

10 points is simply unfair on every club that runs properly and on the likes of Luton. Luton were treated very harshly – even though a completely new regime was by then running the club properly – which is yet to happen at Pompey and will not happen in the foreseeable future, until the past two sets of owners are paid off or the club is liquidated.

[TFF]

Rangers tax bill could exceed £75M

https://twitter.com/skysportsnews/statu ... 9156822016

An actual WTF? here

[FiNeRaIn]

Fully deserved administration. Rangers needs to concede the league, offload everyone on big wages and play the kids for a few years. Its gotten boring watching random championship standard players play for a club of that stature as it is, would make it more interesting.

[soggy biscuit]

10 point deduction for Rangers is worthless anyway. Where the f*** is the punishment in that?

[PieEater]

And LOL @ Rangers, the 'big club' that has gone into administration trying to pay SPL wages to Championship players.

Got away with building up a tax bill of over 49 million...makes you wonder why they were allowed to.

Not exactly HMRC were sucessfull with their court case against them

The case relates to the use of employment benefit trusts (EBTs) to pay players and other staff.

It is thought that HMRC believe the club misused the scheme and avoided paying significant sums in tax.

[Jackson Corner]

Why do the HMRC wait till the club has got to 50 million without paying before acting? Surely once a club is at say a million behind with payments alarm bells should start ringing?

[PieEater]

As I understand it they weren't behind, HMRC took them to court over their abuse of payments made to players for image rights, won the case, then calculated how much they were due.

[wingnut]

For a time, part of my income was paid through an EBT. New legislation was tabled in November/December 2010 outlawing what was called "disguised renumeration" through interest-free loans from EBTs from then on (even though it didn't actually become law until July last year).
It'll be interesting (if only from a purely personal point of view) to see how the tribunal rules regarding Rangers' payments.

[soggy biscuit]

Could be a blessing in disguise for Scottish football. No one likes to see a club in such a mess but if he outcome is a more balanced league then the chasing pack have more reason to chase etc

[Nick Shorey my Lord!]

Back on the 10th:

Disgusting how portsmouth aren't long gone, just about every law possible has been broken by everyone to keep them alive.

So Rangers suggest administration so that can dodge a nice big tax bill

[exileinleeds]

Back on the 10th:

Disgusting how portsmouth aren't long gone, just about every law possible has been broken by everyone to keep them alive.

So Rangers suggest administration so that can dodge a nice big tax bill

Err, HMRC have applied to have Rangers put into administration so they can protect creditors funds.

NSML utterly wrong. How unusual.

[Platypuss]

Err, HMRC have applied to have Rangers put into administration so they can protect creditors funds.

Please explain.

[bobbybottler]

Err, HMRC have applied to have Rangers put into administration so they can protect creditors funds.

Please explain.

There's a succinct explanation on the bbc's site: http://www.bbc.co.uk/news/uk-scotland-g ... t-17026172

To paraphrase it, there's an obvious risk of Whyte selecting options which best suit him, rather than Rangers FC, and which would result in the certain liquidation of the club, without any recompense whatsover to HMRC.

What HMRC are looking to do is take control of the situation, so that they maximise their chances of getting something / anything, and if there's a death blow to deliver, they want to do it after they've taken what they can.

You know that you've been on HNA too long when your reaction to reading that Whyte's estimate of the debts reaching maybe as much as £75m is a physical expression of

[Nick Shorey my Lord!]

Back on the 10th:

Disgusting how portsmouth aren't long gone, just about every law possible has been broken by everyone to keep them alive.

So Rangers suggest administration so that can dodge a nice big tax bill

Err, HMRC have applied to have Rangers put into administration so they can protect creditors funds.

NSML utterly wrong. How unusual.

Oh Louise. So are you telling me that the fact they haven't paid the bill, in other words, dodged the bill is good practice? Regardless of who instigated what, the root cause is the same; ill practice at club board level which in some eyes smells like law breaking.

[Royal Rother]

Having spent (presumably) fortunes on due diligence a year ago when he bought the club, Whyte must have known about the situation with HMRC. Even if the liability had not not been established at that point he would obviously been aware of the issue.

It would therefore seem entirely possible, if not extremely likely that it was always his intention to allow the club to go into administration.

[Platypuss]

Err, HMRC have applied to have Rangers put into administration so they can protect creditors funds.

Please explain.

There's a succinct explanation on the bbc's site: http://www.bbc.co.uk/news/uk-scotland-g ... t-17026172

I am aware that Rangers and HMRC are both attempting to win the right to appoint administrators. So why is NSML wrong?