Generic clubs in financial crisis Thread

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The Enfield Royal71
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Re: Generic clubs in financial crisis Thread

by The Enfield Royal71 » 28 Aug 2019 09:01

Hendo
Platypuss
Hendo
Why?


It's in the presentation he gave to the FA. But they didn't listen....


Ah, of course!


No I didn't give one about that. I do not know about finances of teams so I wouldn't have been able to help.

I barely know my Contra account to my Intercompany account! No way I could have helped.

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Re: Generic clubs in financial crisis Thread

by Old Man Andrews » 28 Aug 2019 09:03

The Enfield Royal71
Hendo
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It's in the presentation he gave to the FA. But they didn't listen....


Ah, of course!


No I didn't give one about that. I do not know about finances of teams so I wouldn't have been able to help.

I barely know my Contra account to my Intercompany account! No way I could have helped.

You should have done more. You have blood on your hands.

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Re: Generic clubs in financial crisis Thread

by Winston Biscuit » 28 Aug 2019 09:07

I may read up on the The owners and directors test as I have no idea what they check for and how in depth they go.

I read a headline that 43 of the 51 companies Steve Dale have been associated with have been liquidated. doesn't sound great (though I have little knowledge of business tbh so using that headline this could paint a misleading picture

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Re: Generic clubs in financial crisis Thread

by Sanguine » 28 Aug 2019 09:08

Other EFL rules, much vaunted, to encourage clubs to spend within their means on players’ wages are deeply flawed because owners are allowed to pour in extra money to pay them, as long as they invest it as shares rather than loans. That is apparently what Stewart Day did, signing players Bury could not afford by lending money from his property companies and converting those millions into shares. But when his companies fell into multimillion-pound insolvencies, he had no more money for Bury and the club’s wage bill was immediately ruinous.

Is there any chance at all that the Reading owners have done this?

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Re: Generic clubs in financial crisis Thread

by Sanguine » 28 Aug 2019 09:13

The Enfield Royal71 RIP Bury

This is a dark day for English football.

Sky sports and the Premier league and EFL should be held accountable. This is a grave indication of what is to come.


Bury achieved promotion from League Two with players that they couldn't afford to pay. It's very sad for Bury fans, but this one falls firmly at the feet of the owner, and of the EFL for their rules that are clearly not fit for purpose.


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Re: Generic clubs in financial crisis Thread

by Sutekh » 28 Aug 2019 09:14

genome As if Sky Sports News had a fcuking timer on the screen counting down until Bolton and Bury went out of business :lol:


That was an unbelievably disgusting thing to do.

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Re: Generic clubs in financial crisis Thread

by The Enfield Royal71 » 28 Aug 2019 09:16

Hendo
The Enfield Royal71
Hendo
Why?


Sky sports do not distribute tv money and rights fairly at all. They could easily raise profile and funds and help out smaller teams.

Premier league has financially ruined football


You do realise Sky are a business too and aren't a charity?

They aren't accountable for the Bury or Bolton situation, it is poor ownership/poor due diligence on EFL side.


I know

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Re: Generic clubs in financial crisis Thread

by Hendo » 28 Aug 2019 09:17

The Enfield Royal71
Hendo
The Enfield Royal71
Sky sports do not distribute tv money and rights fairly at all. They could easily raise profile and funds and help out smaller teams.

Premier league has financially ruined football


You do realise Sky are a business too and aren't a charity?

They aren't accountable for the Bury or Bolton situation, it is poor ownership/poor due diligence on EFL side.


I know


Then why did you say it? :|

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Re: Generic clubs in financial crisis Thread

by The Enfield Royal71 » 28 Aug 2019 09:17

Old Man Andrews
The Enfield Royal71
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Ah, of course!


No I didn't give one about that. I do not know about finances of teams so I wouldn't have been able to help.

I barely know my Contra account to my Intercompany account! No way I could have helped.

You should have done more. You have blood on your hands.



Thats not fair!!!!!

I donated 20 to them to help to try and save them. It wasn't enough.


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Re: Generic clubs in financial crisis Thread

by genome » 28 Aug 2019 09:27

Sanguine
The Enfield Royal71 RIP Bury

This is a dark day for English football.

Sky sports and the Premier league and EFL should be held accountable. This is a grave indication of what is to come.


Bury achieved promotion from League Two with players that they couldn't afford to pay. It's very sad for Bury fans, but this one falls firmly at the feet of the owner, and of the EFL for their rules that are clearly not fit for purpose.


Steve Dale has apparently liquidated 43 out of his 51 businesses. How the fcuk did that pass the EFL's test?

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Re: Generic clubs in financial crisis Thread

by Stranded » 28 Aug 2019 09:30

genome
Sanguine
The Enfield Royal71 RIP Bury

This is a dark day for English football.

Sky sports and the Premier league and EFL should be held accountable. This is a grave indication of what is to come.


Bury achieved promotion from League Two with players that they couldn't afford to pay. It's very sad for Bury fans, but this one falls firmly at the feet of the owner, and of the EFL for their rules that are clearly not fit for purpose.


Steve Dale has apparently liquidated 43 out of his 51 businesses. How the fcuk did that pass the EFL's test?


IIRC I don't think he did - and that was part of the problem. He essentially bought Bury "in secret" and by the time the EFL were informed he was legally the owner and they couldn't do much about it. Could be wrong but pretty sure I read/heard that somewhere.

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Re: Generic clubs in financial crisis Thread

by Green » 28 Aug 2019 09:37

Can I just clarify - is Steve Dale definitely the bad guy here?

Only I heard the club was in dire straights before he took over.

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Re: Generic clubs in financial crisis Thread

by Old Man Andrews » 28 Aug 2019 09:40

Green Can I just clarify - is Steve Dale definitely the bad guy here?

Only I heard the club was in dire straights before he took over.

His handling of it since he took over makes him the bad guy. It would appear from the outside he has some sort of vested interest in Bury folding. It will all come out in the wash.


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Re: Generic clubs in financial crisis Thread

by The Enfield Royal71 » 28 Aug 2019 09:43

Hes a liar. Listen to his talksport interviews. He is an idiot.

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Re: Generic clubs in financial crisis Thread

by Stranded » 28 Aug 2019 10:21

FA confirm that Bury will not be allowed in the FA Cup this season as a result of their expulsion. Will probably mean that 1 club will get a bye in Round 1 unless the FA decide to offer a lucky loser spot to a loser of the last qualifying round.

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Re: Generic clubs in financial crisis Thread

by 6ft Kerplunk » 28 Aug 2019 10:38

genome How the fcuk did that pass the EFL's test?


He paid the £1 in cash and didn't take a loan from the bank to do it.

The fact that the Football League made Shaun Harvey its Chief Executive tells you everything you need to know about how much its cares about the financial state of clubs.

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Re: Generic clubs in financial crisis Thread

by genome » 28 Aug 2019 10:51

Green Can I just clarify - is Steve Dale definitely the bad guy here?

Only I heard the club was in dire straights before he took over.


He's just one of the characters. As stated 43 of his 51 companies have been liquidated... that's what he does, buys ailing companies, tries to turn a profit, and liquidates them. Not a particularly nice thing to do to a football club with a very dedicated local fan base and strong sense of community.

But the majority of the blame lies on the people who enabled him to do it.

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Re: Generic clubs in financial crisis Thread

by Royal Rother » 28 Aug 2019 12:24


The Enfield Royal71
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Re: Generic clubs in financial crisis Thread

by The Enfield Royal71 » 28 Aug 2019 18:21

Bolton saved

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Re: Generic clubs in financial crisis Thread

by Green » 29 Aug 2019 09:49

Just shooting off the hip here but something I've been mulling over.

Obviously it's devastating if your club goes under - but all this talk of "this shouldn't be allowed to happen to clubs with over 100 years of history" rather exacerbates the problem. It's the "banks are too big to fail" situation - they are targets for pilfering, money laundering, asset stripping and probably a whole lot else besides. At the heart of this is the exploitation of fans, some of whom pay money week in week out regardless of what's happening on or off the pitch.

Again, easier to say when it's not your club, but I do think this needs rebalancing. Let the clubs go bust. Let communities build from scratch again with a better ownership model. It's been done plenty of times before - and ask many AFC Wimbledon, Bournemouth, Salford united etc etc fans and they'll probably tell you that with the benefit of hindsight it was a good thing for the club.

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