Generic clubs in financial crisis Thread

[facaldaqui]

Presumably they also aren't paying anything for these loans?

They shouldn't be allowed any loans. If they are short of squad players, let them bring in their own youths. If they haven't got any, let them use local amateurs. Each football club sits on a vast reservoir of players it can draw upon. The quality would plummet, but that's as it should be when you're bankrupt. If I was bankrupt I wouldn't be eating Tesco's finest organic potatoes any more, I'd be growing my own and paying sod all.

[Mr Angry]

And their fans are STILL moaning about players being released!!! Its bizarre, but they clearly have zero understanding of the reality of their situation, and obviously still see themselves as a Premier League team merely "loanded" to the Championship.

[exileinleeds]

Apparently, Pompey fans have to buy tickets from us...seems we do not extend credit on away ticket sales.

[Terminal Boardom]

Players agree deferred wages - and write off January pay

http://www.portsmouth.co.uk/sport/pompe ... _1_3555067

and the loans have started http://www.wba.co.uk/page/News/0,,10366~2621077,00.html

Why won't they just die quietly?

At least that means that there will be no more money owed to HMRC on PAYE.

[Franchise FC]

If you assume that the ticket price is an average of, say, £25 (face value adults is £30, but juniors and concessions are £15 and £22)
That there are, say, 5000 season ticket holders
And that the 6 games are a sell-out

That's £325,000 per game and a total of just under £2m.
According to their latest accounts their average wage bill for a week is c£750k
6 weeks worth of that is £3m - even if there are no breaks in the number of weeks home games

Assuming they are consistent and don't pay the VAT ( ), that provides not nearly enough to even pay their way on a day to day basis.

In fact, to break even they need 30,000 paying customers every week and their capacity is .............18,000.

Someone please prove me wrong otherwise this is just madness.

You're ignoring TV revenue and parachute payments, but yeah, madness.

Actually, I'm really not - they've had their parachute payments early and when are they on live ?

[Friday's Legacy]

they haven't had them all early. may's payment was brought forward earlier this month to help them - to quote someone a few pages back.

[Ian Royal]

they haven't had them all early. may's payment was brought forward earlier this month to help them - to quote someone a few pages back.

Think it was March... but given the Parachute payments were already allocated towards the previous debt iirc it's a pretty moot point.

[TFF]

A transfer embargo that the manager didn't know about. Brilliant.

http://www.portsmouth.co.uk/sport/pompe ... _1_3556067

This story just keeps on giving.

[Magnus]

Maybe. That certain is true, but all the evidence suggests that there are loads
Of other reasons why people who love to have secret bank accounts in
Non-English jurisdictions like to take over English football clubs.
English authorities want to see full ownership details published,
Yet clubs are still administered from shadow companies in Dubai, Geneva, the Caymans, etc.

Lots of clubs have seen this happen or very nearly happen, and it seems to be getting more frequent.
And it's worrying that so few people seem to appreciate the reasons why this might be.
Unless the authorities wise up and look at more than the current owners & Directors test calls for,
Naughty owners who are secretive about their real motives will have an easy in to clubs.
Definitely can see this happening more and more, and close to home too, so
I do worry that it's hardly ever mentioned why unknown, secretive people come from
Nowhere and profess such great loyalty for football clubs that they've show no
Great knowledge of at any time previously.

You missed out the E and R

Not sure what made me think of it but I'm still @ this.

[Royal Lady]

If they're not paying their players, why are the players bothering to turn up. Cynics might suggest that Kitson got himself sent off the other day so he wouldn't have to play, if he's not getting paid....

he probably did and can you blame him?

If it was me, Id be off like a shot. Wouldn't be risking injury and a career for that lot. Who knows if Pompey have paid the players insurance premiums? I doubt it.

No I don't blame him at all - sorry that was my point. I think he probably did too.

[Jerry St Clair]

Port Vale are close to Administration, according to their local rag.

http://www.thisisstaffordshire.co.uk/st ... story.html

They're just behind Oxford in the last play off place, so a 10 point penalty will finish their season, and give Oxford a nice cushion in 7th.

[exileinleeds]

Port Vale are close to Administration, according to their local rag.

http://www.thisisstaffordshire.co.uk/st ... story.html

They're just behind Oxford in the last play off place, so a 10 point penalty will finish their season, and give Oxford a nice cushion in 7th.

Now issued with a WUP
http://www.bbc.co.uk/sport/0/football/17213691

Their problems are exacerbated by not having the required number of directors needed to make decisions. They are begging the council (as a creditor) to apply to put them into administration.


I've heard a suggestion being touted that the FL/PL should make it a requirement for clubs to send monthly confirmations of payments of VAT PAYE & NIC. Every business has this information every month- so failing to send proof of payment is an automatic 5pt deduction.
It might make clubs address cash flow issues more quickly, and stop us the taxpayers being constantly used as unpaid bankers for corrupt/inept/deluded club owners.

[Dare to Dr£am]

Port Vale are close to Administration, according to their local rag.

http://www.thisisstaffordshire.co.uk/st ... story.html

They're just behind Oxford in the last play off place, so a 10 point penalty will finish their season, and give Oxford a nice cushion in 7th.

Now issued with a WUP
http://www.bbc.co.uk/sport/0/football/17213691

Their problems are exacerbated by not having the required number of directors needed to make decisions. They are begging the council (as a creditor) to apply to put them into administration.


I've heard a suggestion being touted that the FL/PL should make it a requirement for clubs to send monthly confirmations of payments of VAT PAYE & NIC. Every business has this information every month- so failing to send proof of payment is an automatic 5pt deduction.
It might make clubs address cash flow issues more quickly, and stop us the taxpayers being constantly used as unpaid bankers for corrupt/inept/deluded club owners.

Sounds reasonable.

Shame about Port Vale. I quite like them as a club. Where would -10 points place them?

[Wimb]

Pretty safe from relegation worries but would sink their play-off chances.

[exileinleeds]

Pretty safe from relegation worries but would sink their play-off chances.

It is sounding pretty desperate. They need someone to put them into administration- and pay for it. The directors cannot - they do not have enough to legally have a board resolution, the council is a debtor- but can they justify the costs when they are making cuts? Not easy to tell council tax payers they are throwing money at a football club- knowing they will only get pennies back at best, whilst sacking workers/ reducing care to the elderly and disabled.

[Dare to Dr£am]

Pretty safe from relegation worries but would sink their play-off chances.

It is sounding pretty desperate. They need someone to put them into administration- and pay for it. The directors cannot - they do not have enough to legally have a board resolution, the council is a debtor- but can they justify the costs when they are making cuts? Not easy to tell council tax payers they are throwing money at a football club- knowing they will only get pennies back at best, whilst sacking workers/ reducing care to the elderly and disabled.

Do Stoke City come under the same council? I'm sure many of their fans do anyway, and they wont be too happy with forking out to help their local rivals.

[Rev Algenon Stickleback H]

Shame about Port Vale. I quite like them as a club. Where would -10 points place them?

I've always found them the dreariest club in the league. Vale Park is a charmless pit too, which suits them down to the ground. It was a horrible place before they did it up, and it looked as equally horrible and old when they'd finished.

Other than the sheer delight of putting their gobby fans in their place when we won 4-0 up there in 93/94, I can't see anything about them that's praiseworthy.

[soggy biscuit]

They need someone to put them into administration- and pay for it

Robbie Williams or is he still too busy gurning?

[Deadlock]

<Port Vale>
Their problems are exacerbated by not having the required number of directors needed to make decisions.

What is the minimum? Reading have got by with just SJM and Ian Wood-Smith for the best part of twenty years.

[Silver Fox]

I wondered that myself but didn't want to question a top businesswoman