Generic clubs in financial crisis Thread

[Stranded]

Looks like the EFL will throw the book at Wednesday and make them start next season on -15. Also sounds like they have serious problems; lack of reliable water supply and sanitation, stadium falling down....this will be a decade turnaround job at least.

The 15 point penalty reflects really badly on football governance in this country. Chelsea avoided a points deduction on the basis that they were under a different owner when they knowingly broke the rules, but Wednesday are being kicked when they're down after being left on their knees by Chansiri.

I know the EFL and PL are different bodies, but it makes it look like the difference between getting away with it and having the book thrown at you is whether you can afford good lawyers. Which is probably true.

Whilst I agree with the general point, the rule was brought in so that clubs cannot just be bought on the cheap and wipe out all their debts paying a couple of pence in the pound. It leaves perspective new owners with a simple choice, put enough in up front to cover a 25p in the pound settlement to creditors or pay less and accept a penalty.

It is a rule that was voted on and overwhelmingly accepted by the members of the EFL, so Wednesday are being punished by the very rule they agreed to because the perspective new owner isn't prepared to pay in what is needed to meet the creditor rules.

To me this aspect is pretty fair - it is the PL that probably needs to be harder on certain financial rule breaking.

I personally think debts to outgoing owners shouldn't be included in the rule. This is all of Chansiri's making and he deserves to get nothing out of the sale.

Agree the rule is there with good reason for external creditors.

I do agree there but I would imagine it would be a very tricky legal situation to exclude one external creditor just because he used to own the club. His simple argument would be, if I hadn't pumped my own money into the club they would have ceased to trade many years ago.