Generic clubs in financial crisis Thread

[Mr Angry]

Allegedly the previous parachute payments went direct to Gaydamak. The two remaining have not or rather cannot be allocated or ring fenced for any specific debt by the PL/FL, at least according to PST. So in my mind that means Gaydamak or Chainrai well get them.

Even more reason for the FL authorities NOT to allow either of these 2, cough....legitimate businessmen (copyright The Simpsons) take over the club.

[Stranded]

Or that as no club has ever moved from the FL to the PL whilst being taken over, we have no precident of how long this should take.

[PieEater]

The PST are still planning to make a bid for Pompey but their bid will be conditional on getting the high earners off the wage bill. I'm not sure how they'll manage that. Ben Haim £2.5m a year; Lawrence and Kitson £1m a year; Norris 800k a year, that's over £5m a year on 4 players.

They have a week to get their bid in. It's also not clear whether Birch will take the pledges as proof of funds.

I really can't see it happening now that Chainrai has bid, Birch has to see that as a better deal for the creditors even if it's not good for the club.

[Deadlock]

Meanwhile, north of the border the stench in Scottish football just gets worse...

Newcos have been allowed within UK football for many years. ... I am not entirely sure why a distinction is made between the two routes out of administration.

You achieve a sporting advantage over other clubs by going into administration, therefore you should receive a sporting penalty for going into administration in the first place. That seems to me to be entirely logical.

So, no penalty to Rangers for reforming, then. Nothing surprises me about this any more. I'm just glad that the Premier League at least has better PR so the corruption isn't as obvious.

[Mr Angry]

The other thing with Chainrai - how the hell will he get through the Football League re-vamped fit & proper tests??

There is speculation that it will be done and dusted in 6 weeks! How does that work? Even undiscovered tribes in Papua New Guinea can see he is as dodgy as oxf*rd as all Pompey's owners seem to be, and yet there never seems to be any doubt as to whether they can buy the club.....

And yet we have a proposed new owner that takes 4 months (and counting) before its ratified.

..which goes a long way to suggest something about our "new owner", either they have no money or are proper dodgy.[/quote]

No, it really doesn't.

On the other hand, it DOES go a long way to suggest that some clubs get preferential treatment.

[watfordroyal]

Meanwhile, north of the border the stench in Scottish football just gets worse...

Newcos have been allowed within UK football for many years. ... I am not entirely sure why a distinction is made between the two routes out of administration.

You achieve a sporting advantage over other clubs by going into administration, therefore you should receive a sporting penalty for going into administration in the first place. That seems to me to be entirely logical.

So, no penalty to Rangers for reforming, then. Nothing surprises me about this any more. I'm just glad that the Premier League at least has better PR so the corruption isn't as obvious.

So it seems that Doncaster is caving in over this, I so hope the clubs vote for penalties or resign from the SPL,
let the OF f*ck off & play each other 38 times a season!

[Friday's Legacy]

Re: Bolton

Bolton's owner Edwin Davies has loaned in £99m at a rate of 5% interest.

Also, before Bolton we're relegated, they had asked for more loans..

[weybridgewanderer]

So it seems that Doncaster is caving in over this, I so hope the clubs vote for penalties or resign from the SPL,
let the OF f*ck off & play each other 38 times a season!

If we are liquidated, rather than accepting penalties for several years to stay in an SPL that Celtic will walk away with I would rather we start again in Div 3.

You can see how you would all get on without is

That seems fair, we are punished.

Would that keep you happy too?

[Mr Angry]

The whole Rangers debacle just keeps on giving.....

http://www.bbc.co.uk/news/uk-scotland-g ... t-18179264

Duff & Phelps have launched a legal action claiming Mr Whyte and his lawyers, Collyer Bristow, engaged in a conspiracy to defraud the club of £25m.

Its case is based on the claim that at a crucial meeting just days before the deal was signed on 24 April, it failed to declare that the money being used to complete the purchase of Rangers was coming from Ticketus, not Mr Whyte.

But the BBC has obtained the minutes from that meeting which clearly show that Duff & Phelps partner, Mr Grier, was present at that meeting.

Mr Isaacs added: "So this suggests that David Grier was in attendance at the very meeting in relation to which his partners are now taking legal action.

"Which if true, is one of the starkest conflicts of interest I've ever seen."

[Friday's Legacy]

Darlington relegated a further four divisions and will play in the Northern League next season. (5 leagues from Football League I think)

http://www.thenorthernecho.co.uk/sport/ ... rn_League/

[Franchise FC]

Darlington relegated a further four divisions and will play in the Northern League next season. (5 leagues from Football League I think)

http://www.thenorthernecho.co.uk/sport/ ... rn_League/

Does that mean that, if Pompey fail to get their CVA agreed, they go down 4 divisions as well ?

[Tony Le Mesmer]

Darlington relegated a further four divisions and will play in the Northern League next season. (5 leagues from Football League I think)

http://www.thenorthernecho.co.uk/sport/ ... rn_League/

Does that mean that, if Pompey fail to get their CVA agreed, they go down 4 divisions as well ?

No they will get promoted back to the championship. Because its not the fans fault.

[Who Moved The Goalposts?]

Darlington relegated a further four divisions and will play in the Northern League next season. (5 leagues from Football League I think)

http://www.thenorthernecho.co.uk/sport/ ... rn_League/

Does that mean that, if Pompey fail to get their CVA agreed, they go down 4 divisions as well ?

Fingers crossed.

But they'll wriggle out somehow as they always do.

[PieEater]

There is no way their CVA won't get agreed as Chainrai and Gaydamak have the required majority and Chainrai has made a offer. They will get most of their money from the parachute payments, everyone else will get bugger all. The offer is rumoured to be 2p, i.e 2% of what they're owed.

The other bidder was scared off when Chainrai demanded his payment in full, and the trust is still yet to bid.

[Mr Angry]

There is no way their CVA won't get agreed as Chainrai and Gaydamak have the required majority and Chainrai has made a offer. They will get most of their money from the parachute payments, everyone else will get bugger all. The offer is rumoured to be 2p, i.e 2% of what they're owed.

The other bidder was scared off when Chainrai demanded his payment in full, and the trust is still yet to bid.

I'm pretty certain that both the Football League and Trevor Birch have said that Chainrai will NOT get the parachute payments.

[PieEater]

I'm pretty certain that the Football League have bugger all say about the (PL) parachute payments.

Birch's concern is to get the best deal for the creditors for the CVA, since the only show in town is Chainrai he has the choice of 2p for creditors or liquidation. He also has no say on what happens to the parachute payments, they will be factored in Chainrai's offer.

[PieEater]

Sadly it's not that simple, although they are insolvent.

With £16m in parachute payments coming it's worth Chainrai funding a nominal CVA (to write off practically all the debt), keep them ticking over for 2 years to get his cash back and then liquidate them.

His problem is getting the wage bill down as far as he can and getting rid of Ben Haim, Kitson, Norris and Lawrence to maximise his return.

[PieEater]

You mean two administrations? Apparently yes and without any penalty, even though I wish they'd FOAD.

[PieEater]

It was more like the original was 20p, which it turned out they couldn't afford and keep paying their inflated wage bill, then another administration and 10pt deduction and a 2p CVA offered. None of the original creditors got paid, even though Chainrai said he's personally pay all those owed under 2k (and St John's Ambulance). Meanwhile £32m parachute money has come and gone.

[Mr Angry]

More on the Soap Opera that is Scottish Football, starring Rangers....

Judge Lord Glennie rules that a transfer embargo imposed on Rangers by the Scottish Football Association was unlawful, following a hearing at the Court of Session in Edinburgh.

It is just a total and complete fiasco up there! What price Pompey joining the Scottish League in 2013/14?