Generic clubs in financial crisis Thread

[Alexander Litvinenko]

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.

They have a host of lawyers prepared to do it pro-bono. Once people realise an asset is "theirs", all sorts of people with all sorts of skills come forward.

[Tony Le Mesmer]

What exactly constitutes "Fair Market Value" ? The value of the site to sell on the open market would be considerably less than the value for use as a going concern for football. £2.5m? Im sure the Fratton End cost more than that to build alone.

[Barry the bird boggler]

What exactly constitutes "Fair Market Value" ? The value of the site to sell on the open market would be considerably less than the value for use as a going concern for football. £2.5m? Im sure the Fratton End cost more than that to build alone.

Depends if there are caveats attached to the ground. If there's something in situ that says the site can only be used for sport then the value of the site is going to be a lot less than a site with no such caveat.

[Barry the bird boggler]

Latest on Truro from This Is Cornwall...

Beleaguered Cornish non-League football team Truro City seem poised to stay afloat until the end of the season, after their administrators agreed a short-term rescue package with the Football Conference yesterday.

Troubled Truro have been in administration since August, when their former chairman Kevin Heaney was declared bankrupt.

​They had been given until 5pm yesterday [Thursday] by the Conference to come up with the sum of £50,000 to cover the expenses incurred by teams who have come to Cornwall this season, in the event of the club being closed down and their results expunged.

The Conference was threatening to expel Truro from Blue Square Bet South, its second tier, if the funds were not forthcoming, but yesterday afternoon City were given an extended deadline until noon today, after a deal was set up to keep the club going.

West Yorkshire-based firm Walsh Taylor are Truro's administrators, and last night their lawyer James Moore told BBC Radio Cornwall: "The paperwork has been agreed, it's just a matter of lodging the £50,000."

Conference general manager Dennis Strudwick was also in optimistic mood. He told BBC South West: "I think everything is going over the line. I hope that everything we need to complete it will be done by noon [today]."

Strudwick confirmed that Truro-based businessman Tony Murtagh is playing a part in the rescue package.

The West Briton newspaper revealed yesterday that a company called Truro City Football Club 2012 was registered with Companies House on Wednesday. The firm was previously called West Country Investments Ltd.

Murtagh, who is listed as a director of Truro City Football Club 2012, is the founder of The Money Group financial services company. Truro City Football Club 2012 has given its address as Falcon House, Charles Street, Truro – the same address as The Money Group.

Moore has declined to reveal the identity of Truro's potential saviour. He explained: "The bidder would prefer to concentrate on the deal, rather than having lots of attention surrounding them, so that they can focus on getting this deal done."

The solicitor also claimed that today's anticipated financial solution would be a big step towards bringing the club out of administration. He added: "If the bond is lodged, then we're moving towards streamlining the process and looking towards a sale and a process to come out of administration."

Discussions over the lease to play at the club's Treyew Road stadium and talks with the club's creditors are ongoing.

"There are terms [regarding the lease] that have been agreed in principle, there are some details around the edges, but the core part of that has been reached," Moore said.

"The majority of creditors have been dealt with, although there are some still outstanding creditors that need to be dealt with," he added.

Strudwick said: "There are still issues to do with the lease on the ground and purchasing the club, and they've got a lot to do, as have we, but we're satisfied that the bond will be in place by noon."

Truro's former Plymouth Argyle striker Stewart Yetton took to Twitter last night to give his support to the proposed deal. He declared that he was "100% behind the bid of Tony Murtagh".

Truro captain Jake Ash told BBC Radio Cornwall: "We're just hopeful that the preferred bidder is someone who is positive and wants to take the club forward in the right way."

Assuming there are no last-minute hitches today, Truro player-manager Lee Hodges plus Ash, Yetton and the rest of their team-mates can look forward to their return to Blue Square Bet South action at Eastleigh tomorrow. City have not played a first-team match since October 2.

[Wax Jacket]

I know this isn't very 'cool' but I hope the Pompey fans do it. although obviously if they then sell to the next fake sheikh who comes along with a briefcase full of bricks then I'll LOL like a good un.

[wolsey]

I know this isn't very 'cool' but I hope the Pompey fans do it. although obviously if they then sell to the next fake sheikh who comes along with a briefcase full of bricks then I'll LOL like a good un.

Think I agree with that.

[wolsey]

I know this isn't very 'cool' but I hope the Pompey fans do it. although obviously if they then sell to the next fake sheikh who comes along with a briefcase full of bricks then I'll LOL like a good un.

Think I agree with that.

[Tony Le Mesmer]

What exactly constitutes "Fair Market Value" ? The value of the site to sell on the open market would be considerably less than the value for use as a going concern for football. £2.5m? Im sure the Fratton End cost more than that to build alone.

Depends if there are caveats attached to the ground. If there's something in situ that says the site can only be used for sport then the value of the site is going to be a lot less than a site with no such caveat.

Does the ground have a caveat saying it has to be used for sport? If it does, I would guess coming to a fair value is not a straightforward task at all and even those qualified to value it would have vastly differing views.

I dealt with the purchase of Valley Parade 8 or 9 years back in my last job, when the now chairmans pension fund bought the ground for about £5m. Despite having recently spent £13M on stadium upgrades. All very murky.

[exileinleeds]

http://www.bbc.co.uk/news/uk-england-bi ... m-20158903

Birmingham City's auditors have resigned- unbelieving that all information has been passed to them...still not published the 2012 accounts...

[Franchise FC]

http://www.bbc.co.uk/news/uk-england-birmingham-20158903

Birmingham City's auditors have resigned- unbelieving that all information has been passed to them...still not published the 2012 accounts...

I'm sure it's a typo but it's still 2012 - not publishing them wouldn't yet be a problem

[exileinleeds]

Indeed 2010- not since latest dodgy owner took over

[Rev Algenon Stickleback H]

http://www.bbc.co.uk/news/uk-england-birmingham-20158903

Birmingham City's auditors have resigned- unbelieving that all information has been passed to them...still not published the 2012 accounts...

I'm sure it's a typo but it's still 2012 - not publishing them wouldn't yet be a problem

End of tax year 2012, perhaps?

[Barry the bird boggler]

Indeed 2010- not since latest dodgy owner took over

Another club one wonders why on earth are allowed to keep trading.

[weybridgewanderer]

Nothing on here yet about the problems at tynecastle??

Former Hearts star John Robertson is urging fans to invest in the financially-stricken Tynecastle club.
Hearts hope to raise £1.79m with a share offer that will give supporters a 10% stake and Robertson has been enlisted to support the campaign.
"This is a call to arms," Robertson told BBC Scotland. "It's as simple and straightforward as that.
"We need all the Hearts fans to help, if they can. The club is in serious, serious trouble."
The Edinburgh club are currently disputing a demand from HMRC for £1.75m relating to a number of loan players that were at Hearts from 2005.
But director Sergej Fedotovas has insisted that none of the money raised by the share issue will be diverted.

a Tax Bill of £1.75M, a share issue of £1.79M, and they honestly expect the fans to believe there is no connection and the share issue will be to raise funds for players?

[weybridgewanderer]

Things get more desperate at hearts, statements that they could finished by November 17th. They have issued the following letter to fans :

07.11.2012
Today the Board of Heart of Midlothian plc is writing to you with the express wish that every supporter provides emergency backing for the club.

This is not so much a request as a necessity.


To use the words yesterday of John Robertson, one of the greatest players in this club's history, this is a "Call to Arms".

There is no greater need than now for supporters to invest in the club in whichever way you can, without delay. How can you do this?

1. Invest in the Share Issue! Take time to look at the Share Offer brochure and give some thought to what you might be able to afford to commit to the Offer. There are risks, we know, and these are laid out clearly so be very sure this is right for you before committing but please at least consider it.

2. Buy a ticket for you and a friend for the St Mirren game next weekend (Saturday 17th November KO 3pm)! We currently have 4,700 available seats for this game and we must fill the stadium for every game from now on to have any chance of avoiding future financial consequences.

3. Buy a ticket for you and a friend for the Celtic game on 28th November. It's always a cracking atmosphere under the floodlights at Tynecastle and we will welcome the champions for what we expect to be a cracking game. Let's fill the stadium and help the club continue to operate.

4. Buy a ticket for you and a friend for the Aberdeen game on 8th December. Aberdeen has already requested additional capacity as they vie for top spot in the Clydesdale Bank Premier League and this could squeeze availability for home fans. However, we want to look after our own fans and if demand from you is there, then we will make the Roseburn Stand available once again to Hearts fans.

Without the support of fans there is, as we issue this note, a real risk that Heart of Midlothian Football Club could possibly play its last game next Saturday, 17 November against St Mirren.

This isn't a bluff, this isn't scaremongering, this is reality.

Discussions on whose name is above the door, talk about how the money has been spent and debate on whether the investment in silverware has been appropriate is all natural but quite simply worthless at this moment in time.

The only valid debate now is how can you help the club. Is the club worth less than £110?

This club has been supported for the last seven years by generous funding from the majority shareholding business Ukio Banko Investicine Grupe (UBIG) and we continue to seek the support of UBIG at this stage. However, no business is immune to the financial realities of the current global economy and for this reason the club's reliance on its supporters is greater than at any point in the last seven years.

Our partners, our opponents, media, football bodies, many others - all are watching and judging how we will respond to the challenge. If we cannot demonstrate that we are united and we represent a force then there will be no due respect to the club from anyone around.

Without your help now, we could be entering the final days of the club's existence. There are limited options for the Board of Directors to take to avoid the catastrophic consequences that a funding shortfall would mean for the club.

In a footballing sense alone Hearts will suffer an immediate 17-point penalty. This would just be the start of a painful process that will affect every one of us and could lead to far more damaging actions that threaten the very existence of the club.

The power is still in the hands of every Hearts supporter and for that reason we want to be as honest and transparent with you in the hope that you, too, believe that this club is worth saving.

Now please make every effort you can to take any or all of the four steps outlined above and help this great sporting institution survive.

[watfordroyal]

Things get more desperate at hearts, statements that they could finished by November 17th. They have issued the following letter to fans :

07.11.2012
Today the Board of Heart of Midlothian plc is writing to you with the express wish that every supporter provides emergency backing for the club.

This is not so much a request as a necessity.


To use the words yesterday of John Robertson, one of the greatest players in this club's history, this is a "Call to Arms".

There is no greater need than now for supporters to invest in the club in whichever way you can, without delay. How can you do this?

1. Invest in the Share Issue! Take time to look at the Share Offer brochure and give some thought to what you might be able to afford to commit to the Offer. There are risks, we know, and these are laid out clearly so be very sure this is right for you before committing but please at least consider it.

2. Buy a ticket for you and a friend for the St Mirren game next weekend (Saturday 17th November KO 3pm)! We currently have 4,700 available seats for this game and we must fill the stadium for every game from now on to have any chance of avoiding future financial consequences.

3. Buy a ticket for you and a friend for the Celtic game on 28th November. It's always a cracking atmosphere under the floodlights at Tynecastle and we will welcome the champions for what we expect to be a cracking game. Let's fill the stadium and help the club continue to operate.

4. Buy a ticket for you and a friend for the Aberdeen game on 8th December. Aberdeen has already requested additional capacity as they vie for top spot in the Clydesdale Bank Premier League and this could squeeze availability for home fans. However, we want to look after our own fans and if demand from you is there, then we will make the Roseburn Stand available once again to Hearts fans.

Without the support of fans there is, as we issue this note, a real risk that Heart of Midlothian Football Club could possibly play its last game next Saturday, 17 November against St Mirren.

This isn't a bluff, this isn't scaremongering, this is reality.

Discussions on whose name is above the door, talk about how the money has been spent and debate on whether the investment in silverware has been appropriate is all natural but quite simply worthless at this moment in time.

The only valid debate now is how can you help the club. Is the club worth less than £110?

This club has been supported for the last seven years by generous funding from the majority shareholding business Ukio Banko Investicine Grupe (UBIG) and we continue to seek the support of UBIG at this stage. However, no business is immune to the financial realities of the current global economy and for this reason the club's reliance on its supporters is greater than at any point in the last seven years.

Our partners, our opponents, media, football bodies, many others - all are watching and judging how we will respond to the challenge. If we cannot demonstrate that we are united and we represent a force then there will be no due respect to the club from anyone around.

Without your help now, we could be entering the final days of the club's existence. There are limited options for the Board of Directors to take to avoid the catastrophic consequences that a funding shortfall would mean for the club.

In a footballing sense alone Hearts will suffer an immediate 17-point penalty. This would just be the start of a painful process that will affect every one of us and could lead to far more damaging actions that threaten the very existence of the club.

The power is still in the hands of every Hearts supporter and for that reason we want to be as honest and transparent with you in the hope that you, too, believe that this club is worth saving.

Now please make every effort you can to take any or all of the four steps outlined above and help this great sporting institution survive.

Got a soft spot for the Jamtarts, despite many a ruck on the Gorgy road. Now need the Reds to fill 'castle & help their coffers.
There's never a big hun team around when you need them!

[soggy biscuit]

Bolton's debt increases to £136.5M

[Barry the bird boggler]

Bolton's debt increases to £136.5M

[soggy biscuit]

Bolton's debt increases to £136.5M

Most of it is a loan to one bloke and they re financed it recently to make it more long term. Still, debt is debt and theirs is getting bigger and bigger

[Super_horns]

hm..worrying news.

http://www.watfordobserver.co.uk/sport/ ... isconduct/

Points deducted?