Generic clubs in financial crisis Thread

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Royal Monk
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Re: Generic clubs in financial crisis Thread

by Royal Monk » 05 Oct 2012 08:13

Wrong thread mongdivs :roll:

edit : beaten to it :|

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Re: Generic clubs in financial crisis Thread

by weybridgewanderer » 05 Oct 2012 08:18

whoosh

some of the posters on here who have posted about rangers situation should get it

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Uke
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Re: Generic clubs in financial crisis Thread

by Uke » 05 Oct 2012 08:46

Ah! If only you'd made that irony a little clearer? :lol:

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Re: Generic clubs in financial crisis Thread

by watfordroyal » 05 Oct 2012 15:40

weybridgewanderer http://www.dailymail.co.uk/news/article-2213120/MPs-shock-BBC-tax-deals-Commons-watchdog-says-25-000-contracts-raise-suspicion-complicity-tax-avoidance.html

I think we need to hold off talking about stripping the BBC of BAFTA's, Sony Radio Awards and reviewing their position at the top of the viewing / listening charts.

Maybe its just me but these awards were all won fair and squarely on the screen or thru the speakers of a radio.

It is simply unbelievable we should be talking about punishments when we have not yet had time to handpick a firm of lawyers who have spent the vast bulk of their careers working for Rupert Murdoch and put together a formal independent investigative body comprising former ITV executive board members preferrably those previously sacked by the BBC as they would have detailed knowledge of exactly how the system works.

One area that does need investigation is the important question of dual contracts that could run back decades what with the BBC handing out lucrative TV and Radio deals to the likes of Terry Wogan. Even Wogan's No. 2 chart placing with the "Floral Dance" cannot be safe and one would hope that The Guinness Book of Hit Singles cannot stay silent on this.




Does anyone know of a BBC Tax Case blog?



Despite their misdemeanours, the BBC are valued and respected by the vast majority of fans of the other channels, and their stars are celebrated throughout the land for the entertainment they provide (and very likely to be quickly forgiven for any financial irregularities.)
Should the corp find themselves in a position of having to close down following mismanagement over a decade or so, any newcorp would be eagerly welcomed back into the big league as their output is a major source for many of the other players. Indeed, seen as a national treasure, they would receive support and investment from the national government and approval from the general public. :wink:

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Re: Generic clubs in financial crisis Thread

by Mr Angry » 08 Oct 2012 11:57

Looks like our friends down the M4 are going back to their old ways again......

http://www.bbc.co.uk/sport/0/football/19857015

:D


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Re: Generic clubs in financial crisis Thread

by Deadlock » 08 Oct 2012 13:48

Doesn't look like it's entirely their fault this time, though maybe they should have put contingencies in place for the tribunal to decide the way it did. Can't see that a transfer embargo has a huge effect at the moment, I suppose all it does is prevent them signing any loan players.

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Re: Generic clubs in financial crisis Thread

by Royal Monk » 08 Oct 2012 15:00

Portsmouth again ...

This is a long article but if you can be bothered to read it ( and clever enough to follow it ) then it is an amazing insight into how corrupt things were/are at Portsmuff

http://www.fansnetwork.co.uk/football/portsmouth/fb_news.php?storyid=18346

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Re: Generic clubs in financial crisis Thread

by watfordroyal » 08 Oct 2012 16:19

Royal Monk Portsmouth again ...

This is a long article but if you can be bothered to read it ( and clever enough to follow it ) then it is an amazing insight into how corrupt things were/are at Portsmuff

http://www.fansnetwork.co.uk/football/portsmouth/fb_news.php?storyid=18346


After reading all that, I'm starting to feel a bit of sympathy for the pompey fans, they are being used as a money laundering scheme.
But rather than paying more money into shady pockets, they would have been better saying f*ck em all, ditch the lot of them by boycotting and start their own new club down the pyramid.

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Re: Generic clubs in financial crisis Thread

by Ian Royal » 08 Oct 2012 18:03

watfordroyal
Royal Monk Portsmouth again ...

This is a long article but if you can be bothered to read it ( and clever enough to follow it ) then it is an amazing insight into how corrupt things were/are at Portsmuff

http://www.fansnetwork.co.uk/football/portsmouth/fb_news.php?storyid=18346


After reading all that, I'm starting to feel a bit of sympathy for the pompey fans, they are being used as a money laundering scheme.
But rather than paying more money into shady pockets, they would have been better saying f*ck em all, ditch the lot of them by boycotting and start their own new club down the pyramid.

I'm starting to think that the staff at Pompey aren't necessarily too dodgy. It was pretty clear Pompey were dirty as mud in some way though and Pompey fans didn't seem to give a rats arse. So given I don't like them anyway, I don't really feel sympathy.


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Alexander Litvinenko
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Re: Generic clubs in financial crisis Thread

by Alexander Litvinenko » 09 Oct 2012 14:16

The last rites of Kettering Town

The Lights Go Out At Nene Park

The twitching corpse of the club remains with us, of course. Kettering Town travel to Leamington this evening in the Southern League Premier Division, with the club having apparently given assurances that they can raise a team for this fixture. We will find out this evening whether these assurances are worth as much as the paper that they are written on this evening, although it seems unlikely that there will be too many betting websites offering prices on the match after Saturdays debacle against Bashley. It is, however, something of an overstatement to consider the fulfillment of this fixture as being some sort of “victory” for the club. To turn up for a match with eleven players and complete ninety minutes of football is the absolute bare minimum that any club should be able to manage in order to justify its existence.

As frequently happens in situations such as these, however, Kettering Town Football Club is now involved in a fire-fighting exercise, and should the blaze that might have been caused by not turning up at Leamington tonight will quickly fade from memory as another uphill battle rears it head on the horizon almost immediately. On Saturday afternoon, Kettering Town are at home against Bideford Town in a Southern League match, and the small question of how that match might go ahead after, in another act rich in the symbolism of tending to the dead or dying, the electricity at Nene Park was cut off yesterday morning after non-payment of the bill, an act which casts a shadow over whether this match can go ahead, even if manager Alan Doyle can raise a team to take to the pitch in the first place.


http://www.twohundredpercent.net/?p=20711

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Re: Generic clubs in financial crisis Thread

by Barry the bird boggler » 09 Oct 2012 14:47

Latest on Truro's position.... from the This Is Cornwall website.

Truro City captain Jake Ash has urged potential saviours of the Cornish football club not to be scared away from Treyew Road by reports of the Blue Square Bet South outfit's grave financial predicament.

Former Truro City manager Steve Massey, a Cornwall-based businessman, caused a stir this week when he pulled out of a plan to play a part in rescuing the club, which is in administration and is in danger of losing its place in the second tier of English non-League football.

Massey announced that he had been unable to bring in backers with the right sort of financial muscle, and he told BBC Cornwall: "As a business proposition, you'd walk away from it. It just doesn't make sense. The players are on very good Conference money on a Western League income."

Massey added: "Over the past seven seasons, it has been a train crash waiting to happen." Truro's former chairman Kevin Heaney, whose backing allowed City to make a rapid rise up the non-League football pyramid, was declared bankrupt in August.

Truro are without a game today, and Ash and his team-mates are waiting to find out what happens next week. City have been set a deadline of next Thursday by the Football Conference to come up with an appropriate amount of finance, or agree a sale. If they fail to do so, they face expulsion from Blue Square Bet South.

In a statement issued on behalf of City's players and staff, Ash insisted the club's financial crisis was not beyond salvation. He wrote: "We all feel the details of what it [a takeover] might cost someone is worth knowing – it is far less severe than we have all heard. It would appear that the outstanding creditors' bill is around the £190,000 mark.

"We have been told by the administrator that they have spoken to the owners of the land [JoJo Investco Limited], and they are happy to provide a ten-year lease for the club to remain playing at Treyew Road. Thus, if someone was to come in and take the club over, they would merely need to make the club sustainable – and that is possible."

Ash added: "As players and staff, we are obviously viewed as a creditor. Needless to say, should the right bidder be in place, we would be more than happy to negotiate a deferral or payment plan to suit a purchaser. We, after all, want the club to be saved.

"There has been much conjecture regarding wages. I can assure all fans, the money we are paid is miles away from Conference wages and that our wage bill at the moment would have us very comfortably in the bottom six of this league."

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Re: Generic clubs in financial crisis Thread

by Tony Le Mesmer » 09 Oct 2012 15:42

If they go bust and results are expunged, that will be Miadenehad's 8-0 win over Truro erased. :|

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Re: Generic clubs in financial crisis Thread

by Royal Monk » 10 Oct 2012 21:05



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Re: Generic clubs in financial crisis Thread

by Barry the bird boggler » 12 Oct 2012 11:53

And Truro look like they've gone. Makes me sick though that Portsmouth get to carry on and on and on and on yet in non league circles there's (rightly) no messing about.

From the This is Cornwall website......

Last-ditch attempts to save Truro City Football Club (TCFC) have failed according to the legal team handling the administration of the club.

Truro City had until 6pm this evening to come up with a £50,000 bond to enable them to stay in the Football Conference.

The 123-year-old club that won the FA Vase now faces liquidation.

But James Moore, the solicitor advising Walsh Taylor, the club's administrators, said the Football Conference had refused a rescue package.

Administrators were brought in to save the club after former chairman Kevin Heaney was declared bankrupt.

Mr Moore said the administrators had proposed a bond of £10,000 from Cornwall Council that would see the club through the weekend with a potential buyer guaranteeing payment of the players' wages.

But the package was turned down according to Mr Moore, meaning TCFC would be thrown out of the Football Conference and no game would take place on Saturday.

Mr Moore said: "There has not been any bond posted. We proposed a bond of £10,000 to get us through the weekend that would be guaranteed by Cornwall Council but the Football Conference would not acccept it.

"It looks like Saturday is going to be cancelled and the club is going into liquidation unless something changes rapidly."

The Football Conference office was closed.

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Re: Generic clubs in financial crisis Thread

by GreaterTorontoRoyal » 12 Oct 2012 15:45

Barry the bird boggler And Truro look like they've gone. Makes me sick though that Portsmouth get to carry on and on and on and on yet in non league circles there's (rightly) no messing about.

From the This is Cornwall website......

Last-ditch attempts to save Truro City Football Club (TCFC) have failed according to the legal team handling the administration of the club.

Truro City had until 6pm this evening to come up with a £50,000 bond to enable them to stay in the Football Conference.


Surely, me, you and two other shady people could fake proof of £50,000 and be the new Al-Fahims?
The FL could learn a lesson from the Conference on how to kick teams out.

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Re: Generic clubs in financial crisis Thread

by Rev Algenon Stickleback H » 12 Oct 2012 16:10

I think the conference's actions also show quite clearly that threatening clubs on the verge of folding is useless as a deterrent.

Action needs to be taken before clubs get into a mess, not when it's too late to do anything about it.

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Re: Generic clubs in financial crisis Thread

by Barry the bird boggler » 13 Oct 2012 08:32

Looks like a the Conference have decided to give Truro 1 more week to get the 50k together....

Truro City given extra week to find Conference cash
By Brent Pilnick

BBC South West Sport Truro City have been given more time to pay a £50,000 bond to ensure their membership of the Football Conference.

The club faced expulsion from the league after failing to pay the bond by the original deadline of 17:00 BST on Thursday 11 October.

But they will now have until 17:00 BST on Thursday 18 October to pay the money which covers the costs of teams travelling to Truro if the club folds.

The Blue Square Bet South club went into administration in August.

"It's great news that we've got an extension until Thursday," James Moore, lawyer for administrators Walsh Taylor, told BBC South West Sport.

“We don't know where we stand and it's another week where we're not paid”

"Without that there was a possibility that the club could have been expelled today."

Saturday's scheduled game against Dover Athletic, which was called off earlier this week, has not been re-instated.

In a statement, the Football Conference said the information received from the administrator was "encouraging".

The statement continued: "This opportunity did not come to light until Wednesday evening, so it was not possible for the administrator to complete a purchase before close of business on Thursday.

"At an emergency Board meeting held on Friday afternoon the Directors expressed their hope for this latest development and granted the club, through the administrator, seven further days, until 5.00pm on Thursday 18 October, to meet its requirements and complete a sale.

"If the club fails to meet this deadline, the Board will be obliged to consider the club's further participation in the Competition."

But even if Truro City is saved, manager Lee Hodges says he may find it hard to persuade his players to stay for another week with no pay.

They are currently owed three month's money, with Hodges saying he and his squad want at least half of one month's wages in order to play next week.

"We don't know where we stand and it's another week where we're not paid," he told BBC South West Sport.

"We've all got mouths to feed and a load of [players] have got interest from other clubs.

"There's only so long I can keep hold of them. They asked me to keep them for this week and I've managed to do that and I'm sure they're going to ask me to keep them for another week."

The club is looking for a new ownership after the previous owner, Kevin Heaney, was declared bankrupt and left the club in August.

Truro had risen from playing local league football to two divisions off the Football league after five promotions in six years following funding from Heaney.

But the club were served with a winding-up petition by HM Revenue and Customs in September last year over an unpaid tax bill and faced a debt claim of £700,000.

But Moore says a the Football Conference bond will depend upon getting security of tenure over the club's Treyew Road ground from current owners JoJo Investco Limited.

"It's quite a complex transaction because of the land issue," said Moore.

"If something can be resolved regarding the land then the bond can be put in place.

"We have managed to do a lot to over the last 24 hours to show them (the Football Conference) that we can trade the club, so I am grateful that we have been given an extension.

"We would have liked longer because of the nature of the transaction these things don't get dealt with in a short space of time.

"But in short, if the bond's put in, it'll most likely be that a sale will go through.

"We're all out to try and get something agreed over the land."

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Re: Generic clubs in financial crisis Thread

by Alexander Litvinenko » 17 Oct 2012 10:13

MANSFIELD TOWN WINDING UP PETITION CASE IS ADJOURNED FOR TRIAL
From The Chad

Mansfield Town have today won breathing space from moves to have it wound up at London's High Court. Registrar Jones adjourned the winding-up petition issued by Minotaur Assets Finance Ltd, a Matlock-based company, after lawyers for the club told him that the debt is "disputed." The judge adjourned the case to allow each side to produce evidence and a pre-trial hearing has been scheduled for seven weeks time. Had the club been compulsorily wound-up today, this would have effectively handed its affairs to an Official Receiver. His job would then have been to do his best to ensure that debts were paid off by selling any assets available and then bringing business to a close.

The club were served with a winding-up petition relating to a loan made to the club by former joint owner Andy Perry. Andy Perry - together with Steve Middleton and Andy Saunders - bought the football club from Keith Haslam in 2008 with each of the three directors injecting money into the club. It has been revealed that legal efforts are being made to recover that loan, GBP85,000, plus interest. None of the other former directors have asked for repayment of their loans.

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Re: Generic clubs in financial crisis Thread

by Mr Angry » 18 Oct 2012 21:25

As mentioned a few weeks ago, it has been confirmed that PKF have announced that their preffered bidder for Pompey is the Supporters Trust; Chainrai is NOT a happy bunny!

:D

This could still all turn nasty as Chainrai holds the keys Fratton Park..........

http://www.bbc.co.uk/sport/0/football/19983822

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Re: Generic clubs in financial crisis Thread

by PieEater » 19 Oct 2012 09:30

They would have to take him to court to get a fair market value for the ground, I'm not sure PST have the cash for a legal battle.

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