Generic clubs in financial crisis Thread

[Royal Lady]

There is something called the Football Creditors rule- the players will be paid, as per their contracts. The FL will withhold payments due to the club if necessary to fulfill those obligations. I suspect there is also an underwriting that if they went completely tits up and no money could be raised, the league/pfa would make up the shortfall.

the administrators confirmed recently that the players hadn't been paid since december and wont now for the rest of this season.

You're missing the point of them being secured creditors. I suspect even if Pompey were liquidated they'd be first in the queue for the trough. And EIL does say that she suspects the league / pfa will pick up anything Pompey can't manage. Which seems fairly likely to me.

So why go for less money now (though actually see it straight away) when they'll probably get paid eventually anyway.

I wouldn't take that risk, personally. They still have mortgages and bills to pay etc.

[Ian Royal]

I've only said probably because I don't know the agreement and rules in place. They'll know whether they're guaranteed to get paid or not.

Otherwise they could just walk out having not been paid three months in a row. Wouldn't even need to organise a transfer... you can still be signed at any time if you're a free agent can't you?

[facaldaqui]

SSN reporting Rangers need to save £1m a month; BBC reporting that up to 10 or 11 players could be made redundant, with those left taking 50-75% wage deferrals until the end of the season. The situation at Rangers appears much, much worse than many might have first assumed.

So why aren't Portsmouth players being made redundant?

agreed. starting with £38k a week tal ben-haim. kitson is also on £20k a week. its ridiculous.

they should just take relegation on the chin, bin the players they need to (if indeed they are allowed to make player redundancies?); promote a couple of youngsters to get by, and then hope they can agree one final cva and then count themselves lucky they're a league one club next season.

instead they seem to be trying to hang on to whatever they can in the hope of staying up, which isn't all that important in the grand scheme of things.

There's a certain logic to it, though. If you've no intention of paying the players (deferral, my arse), it costs sod all to keep the high-paid ones on and try to stay up. However, staying up's the least of their problems; staying afloat, on the other hand, requires actual money.

[Friday's Legacy]

rangers players have failed to agree a wage cut with the administrators.

[Mr Angry]

First 2 Rangers players made redundant; Wylde & Celik have left the club today.

Fair shout to Wylde; the 20 yr old offered volutary redundancy to help out other staff in the club who have families, even though he has no new club to go to...

http://www.bbc.co.uk/sport/0/football/17221172

[Fluff]

Port Vale go into admin according to SSN.

[wolsey]

Rangers director Dave King fears liquidation is 'inevitable'

Rangers director Dave King fears the club will not exit administration and that liquidation is "inevitable".
In a statement, King said the club's owner Craig Whyte has "abused the loyalty of fans" by mortgaging future sales of tickets to Ticketus.
King also claims that Sir David Murray had no knowledge that proof of funds supplied by Whyte to purchase the club was secured by season ticket sales.

http://www.bbc.co.uk/sport/0/football/17283440

[cmonurz]

Would be quite incredible if the first major club to actually fold through all these clubs going into administration was to be Rangers. If Portsmouth can find potential buyers by the dozen every time they look close to going bust, why can’t Rangers?

Maybe the bubble is slowly bursting?

[Uke]

Would be quite incredible if the first major club to actually fold through all these clubs going into administration was to be Rangers. If Portsmouth can find potential buyers by the dozen every time they look close to going bust, why can’t Rangers?

Maybe the bubble is slowly bursting?

I think slowly is not the right word here

The bubble is bursting and there will be an explosion of clubs on the market - most of which will not be viable as businesses.

#waitingforapremclubtogo

[wolsey]

Would be quite incredible if the first major club to actually fold through all these clubs going into administration was to be Rangers. If Portsmouth can find potential buyers by the dozen every time they look close to going bust, why can’t Rangers?

Maybe the bubble is slowly bursting?

I think slowly is not the right word here

The bubble is bursting and there will be an explosion of clubs on the market - most of which will not be viable as businesses.

#waitingforapremclubtogo

#butthepremierdontallowthat-theypayoutenoughtoenabletheclubtolimptorelegationandthenletthefootballleaguehavetheirproblems

(just as the Football League used to do the Conference)

[Tredder]

How stupid can a club be, they allowed the financial takeover of a club without actually noticing that the monies were coming from forthcoming season tickets.

[soggy biscuit]

major club

Rangers

Does not compute

[Wax Jacket]

Would be quite incredible if the first major club to actually fold through all these clubs going into administration was to be Rangers. If Portsmouth can find potential buyers by the dozen every time they look close to going bust, why can’t Rangers?

Maybe the bubble is slowly bursting?

Rangers are in Scotland is probably the major sticking point

[Royal Rother]

How stupid can a club be, they allowed the financial takeover of a club without actually noticing that the monies were coming from forthcoming season tickets.

That is so incredible as to be, well, incredible.

It doesn't sound legal either but wotduiknow?

[Royal Rother]

Would be quite incredible if the first major club to actually fold through all these clubs going into administration was to be Rangers. If Portsmouth can find potential buyers by the dozen every time they look close to going bust, why can’t Rangers?

Maybe the bubble is slowly bursting?

I think slowly is not the right word here

2+ years ago on this thread...

House of cards. Many can't see it happening but some day soon most of it's gonna blow down.

We will be one of the minority left pretty much intact.

Viva la revolution!

[Uke]

You really can't make up this level of self denial

PFC still want to get strikers in on loan...

http://www.bbc.co.uk/sport/0/football/17284836

Portsmouth boss Michael Appleton says he is hopeful of signing two loan strikers before the weekend.

Pompey travel to Brighton on Saturday and Appleton, who has been forced to let key players leave due to financial problems, needs to add to his squad.

"There are two strikers we are looking at," Appleton told BBC Radio Solent.

"If we can't get it done this week, I am convinced we will get it done after the Brighton game but we will work hard to try and get it done before then."

As they've loaned a player out they think they can get a cheaper one in rather than paying their debts

[Mr Angry]

Rangers won't be playing in Europe next season; that will help secure a new buyer then.....

http://www.bbc.co.uk/sport/0/football/17287929

[exileinleeds]

Can we take bets on who gets liquidated first?

If Rangers go pop at the same time as Pompey, how about they get replaced by Celtic, and then the Scottish PL can be competitve and others get a chance to win...Might help Scottish football overall.

[TFF]

how about they get replaced by Celtic

no fanks

[Friday's Legacy]

i expect rangers are just spinning us all a line in order to rush through semi interested buyers.

but what is interesting is that with the current company set to be liquidated and a new one created, sources are telling sky that that could mean the club is removed from the professional leagues in scotland as they would lose their golden share. which brings me back to a point raised earlier in this sorry affair; could rangers then apply to the english leagues and start from say where afc wimbledon did and be prepared to work their way up and earn the right to play here?