Generic clubs in financial crisis Thread

[Svlad Cjelli]

Nope - an astute businessman; he sees an opportunity to buy a struggling business with a well known brand name and a loyal customer base on the cheap. He spends an amount of money to make the brand far more attractive, then sells it on at a personal profit to some mug with cash to spend and an ego to feed.

If I was a Sheff Weds fan, I wouldn't have too high expectations about the future stability of my club cos it will be sold again in 3 or 4 Years; if I was a Sheff Utd creditor, I would be writing off my debt (it will be re-paid once they reach the Premiership apparantly) and if I was a customer of the Co-op Bank, I would be spitting blood and demanding that every £2 out of £3 of my overdraft were written off as well.

sort of a david cameron chappie?

Keep cheap political jibes off the football finance thread!

[Tony Le Mesmer]

PoROFLtsmouth take Inter to court over transfer fee for Muntari.

http://news.bbc.co.uk/sport1/hi/footbal ... 251218.stm

Meanwhile...

http://news.bbc.co.uk/sport1/hi/footbal ... 472428.stm

So, they are bleating over money owed to them for a player when they haven't finished paying for him themselves yet?

[Barry the bird boggler]

The Portsmouth situation is just one big joke with an extra large two fingered salute to the rest of the professional game. Sadly they are just the next installment in a long running saga....

[Terminal Boardom]

The Portsmouth situation is just one big joke with an extra large two fingered salute to the rest of the professional game. Sadly they are just the next installment in a long running saga....

And we say that FIFA are corrupt

[Svlad Cjelli]

The Portsmouth situation is just one big joke with an extra large two fingered salute to the rest of the professional game. Sadly they are just the next installment in a long running saga....

And we say that FIFA are corrupt

That's the kicker, isn't it. There's corruption at every level of the game, such that the few decent and honest clubs, players and managers are left at a massive disadvantage.

As you know, I've had the dubious "privilege" to get a glimpse inside football to see how it works. And it's like lifting the corner of a piece of carpet and seeing the whole underside crawling with maggots from top to bottom.

[Svlad Cjelli]

One of the first signs that things are changing - at the lower levels of the game, anyway.

Press Release - 10 December 2010

Kidderminster Harriers Football Club Limited can confirm that it has today (Friday, 10 December 2010) attended a personal hearing at the Football Conference Headquarters to answer charges regarding misconduct under Rule 18, in accordance with Clause 3.3 of Appendix D.

The charges relate to discrepancies regarding a Financial Reporting Initiative during the period between August 2009 and May 2010.

Until the outcome of the enquiry into the misconduct held by the Football Conference is known, Kidderminster Harriers will be making no further comment on the issue.

http://mobile.harriers.co.uk/runtime/kidderminster/article?articleId=2241233

[From Despair To Where?]

Tbf fair to Mandaric he took over Pompey in an utter mess and sold them to a wealthy businessman who invested a lot of money in the club. Ok we know where it went, but that was down to Gaydamak pulling the money. Though maybe Mandaric should have sold to someone less dodgy.

Takes over Leicester in an utter mess, turns them round and sells them to wealthy new owners.

He's now saved Sheff Wed.

I get what people are saying bout him, but it's not fair to compare him to Risdale.

But to also be fair to Mandaric, he was the one signing the likes of Robert Prosinecki and Teddy Sherringham whilst they were still in the Championship playing in front of 13,000 people. I'd say he started what Gaydamak finished. I've always go the impression that he's a Sam Hamman MkII, someone with an unerring ability to spot a mug with lots of money just before things start to go tits up

[Svlad Cjelli]

Conference press release

THE FOLLOWING TWO PRESS STATEMENTS ARE RELEASED TODAY 13TH DECEMBER 2010, FOLLOWING A MEETING OF THE BOARD OF DIRECTORS IN LONDON, IN RESPECT OF MATTERS CONCERNING THREE PREMIER DIVISION CLUBS.
1. The Board of the Football Conference confirm that both Kidderminster Harriers FC and Histon FC have been charged with misconduct under Rule 18. These charges relate to allegations of submitting misleading financial information.
Each club will within the next two weeks formally appear before an independent commission who will adjudicate on the evidence to be heard.

2. Mansfield Town FC has been instructed by the Board of the Football Conference, that while they are sympathetic to recent events, nevertheless the integrity of the competition must remain paramount in the interest of all member clubs.
As a consequence of information received from the club and its solicitor, the club is required no later than 5pm on Monday 20 December to notify the Conference, of where it will meet the obligation under rule, to fulfil its scheduled Boxing Day home fixture and all home fixtures thereafter.
The rules of the competition are quite clear. If the ground upon which they were admitted to membership is no longer available to stage their home fixtures, then Mansfield Town can only fulfil future fixtures at a ground on which they intend to play such fixtures, which is certified as having an “A” grade qualification. Failure to meet this requirement will not only impinge on issues which relate to competition rules on membership criteria, but other associated matters including, though not limited to, promotion regulations to the Football League.

The second part relates to Mansfield being locked out of their own ground by pantomime villain Van Hooghaslam, desribed by a well-known blog as the Scumbag Millionaire landlord of Mansfield.

[Uke]

Histon can't pay their players

[Svlad Cjelli]

Plymouth really are in deep financial shite - and just to make thingsg worse they've appointed Peter Ridsdale as a "Football Consultant"!

http://www.pafc.co.uk/page/NewsDetail/0,,10364~2254170,00.html

[Arch]

Perhaps they've taken note of where Leeds, Cardiff and Barnsley are in the league.

[Mr Angry]

Perhaps they've taken note of where Leeds, Cardiff and Barnsley are in the league.

LOL - ask any Leeds fan what they think of Risdale!!

All of those clubs releative success has come AFTER that particular horseman of the Apocalypse moved on btw............

[Arch]

Perhaps they've taken note of where Leeds, Cardiff and Barnsley are in the league.

LOL - ask any Leeds fan what they think of Risdale!!

All of those clubs releative success has come AFTER that particular horseman of the Apocalypse moved on btw............

I'm well aware of that

[RG30]

Charlton taken over today CAFCH, owned and controlled by Tony Jimanez (international property developer & ex Newcastle executive under Ashley reign) and Michael Slater (lawyer and businessman). Peter Varney returns as chief executive. Should help to get the club on more sound financial footing, Parky's job should be secure although don't rule out next managerial appointment being Dennis Wise who has history with Jimanez.

[TheMaraudingDog]

Looking increasingly like Qatar will be buying the Glazers in the not too distant future. While I'm pleased the gimps and their debt has gone I won't be putting a tea towel on my head and doing a camel dance around OT, like our neighbours did. Can only hope for an open dialogue between club and fans and a return to how away tickets were allocated, one can only hope.

Big LOLz @ City though if this does go through, no longer will they be able to brag about being the worlds richest club, they'll be able to go back to bragging about nothing.

[Wax Jacket]

Qatar

Can only hope for an open dialogue between club and fans

fat chance

[Kitson12]

Looking increasingly like Qatar will be buying the Glazers in the not too distant future. While I'm pleased the gimps and their debt has gone I won't be putting a tea towel on my head and doing a camel dance around OT, like our neighbours did. Can only hope for an open dialogue between club and fans and a return to how away tickets were allocated, one can only hope.

Big LOLz @ City though if this does go through, no longer will they be able to brag about being the worlds richest club, they'll be able to go back to bragging about nothing.

Boring.

[Mr Angry]

Looking increasingly like Qatar will be buying the Glazers in the not too distant future. While I'm pleased the gimps and their debt has gone I won't be putting a tea towel on my head and doing a camel dance around OT, like our neighbours did. Can only hope for an open dialogue between club and fans and a return to how away tickets were allocated, one can only hope.

Big LOLz @ City though if this does go through, no longer will they be able to brag about being the worlds richest club, they'll be able to go back to bragging about nothing.

Interesting that a Man Utd fan is willing to accept that their club is in a financial crisis.

Mind you, if the Qataris do buy Man Utd, what price the derby matches between United & City being played in the Middle East in the not too distant future??

[TheMaraudingDog]

Interesting that a Man Utd fan is willing to accept that their club is in a financial crisis.

I don't know any that aren't. But then I only speak to those that go/used to go to games

[TFF]

Birmingham, completely screwed if relegated. Though tbf that's probably true of anyone relegated from the prem this season, with the possible exception of Blackpool.

Birmingham City face financial meltdown if they are relegated. The club’s latest accounts, available this week from Companies House, paint a stark picture of economic strife — even if City do retain their Premier League status.

The club’s debt is believed to be more than £30million and rising. The accounts carry a ‘going concern’ health warning, flagging up material uncertainties about the business’s future.

This came as a surprise to the Premier League, who will pay extra attention to the situation, fearful of a Portsmouthesque meltdown.

Arguably, the most worrying section arrives on page 13, where it is noted that the club’s directors have prepared profit and cash flow forecasts until 30 October, 2011.

Forecast ‘A’ envisages the club meeting a performance target of similar but unspecified achievement to last season, when Birmingham finished ninth. If they hit that target in 2010-11, the accounts show they will still need ‘around £7.5m’ in top-up funds from their parent company ‘in order for the company to continue to operate with its agreed bank facilities’, or in other words, remain solvent.

Plan B sees Birmingham failing to meet the target, but remaining in the Premier League after finishing 17th or above. A ‘sensitised forecast’ based on that finish says the club will need further funds from the parent company of £3m, on top of the £7.5m. As for what happens if Birmingham go down: there is no Plan C.

The document says: ‘The directors are confident that the football club will retain its Premier League status and both forecasts have been prepared on that basis.’

The Premier League sought and gained assurances last summer from Birmingham’s chairman, Carson Yeung, that they have the funds to complete the season.

The next ‘staging point’ in this drama comes in March when the League will ask for further financial planning information and decide on remedial action or not.

Trading in shares in the club’s parent company, Birmingham International Holdings, have been suspended on the Hong Kong Stock Exchange for reasons unconfirmed. A new share issue, for fresh cash, is one possibility.

http://www.dailymail.co.uk/sport/footba ... z1AX0UQNgX