Generic clubs in financial crisis Thread

[Svlad Cjelli]

Why the fcuk would you accept 0.77p in the pound?

Because the alternative is 0.00p in the pound.

[roadrunner]

Why the fcuk would you accept 0.77p in the pound?

Because the alternative is 0.00p in the pound.

What happens to the hundreds of thousands of pounds they not get for Mackie being promoted with QPR? They surely can't be allowed to keep all of it?

[Svlad Cjelli]

Why the fcuk would you accept 0.77p in the pound?

Because the alternative is 0.00p in the pound.

What happens to the hundreds of thousands of pounds they not get for Mackie being promoted with QPR? They surely can't be allowed to keep all of it?

It goes onto the balance sheet as "income" and is taken into account in the caluculations and offers.

[T.R.O.L.I.]

Why the fcuk would you accept 0.77p in the pound?

Because the alternative is 0.00p in the pound.

Of course, however I'm surprised a lot of creditors haven't told the administrators to sod off.

This agreemeent meand that for every £10,000 of debt owed, the creditors get back £77 - personally, I'd be teling the administrators to fcuk off.

[Royal Rother]

Yes but presumably (as Dirk suggests above) that distribution will now be increased significantly as a result of the Mackie income.

I assume the inclusion of that dosh into the administration pot would have been one of the conditions of the offer made to the creditors but, (due to QPR's position being uncertain last week), it could not have been taken into account in the actual published offer of 0.77%.

Only guessing like...

[Ian Royal]

If I was a creditor owed £250,000k with the prospect of getting back £1925, or in fact anything under £15k, I'd take the fricking hit of getting nothing and see the bastards who did it to mewiped out of existence through liquidation.

Especially if I was a national company who might get stiffed in the same way by other clubs.

[Barry the bird boggler]

^^^ This

It amazes me just how the football authorities were able to get away with this disgusting rule that all football debts must be 100% cleared

Who approved that should be taken out and shot.

[Svlad Cjelli]

^^^ This

It amazes me just how the football authorities were able to get away with this disgusting rule that all football debts must be 100% cleared

Who approved that should be taken out and shot.

It's always been there, and without it the Football League would never have started. With professionalism came money, and before a club would play an away match they needed to be assured that they'd get their share of the gate receipts. Without this rule it we'd have no league.

The whole of football still runs on credit and this rule is essential for it in some ways - would you want your team to play a cup game at Plymouth or Portsmouth when they had no guarantee of getting their share of the gate money? Because without this rule any gate money would go into the administrator's pot rather and the visiting club would become just another creditor - so why would they go and play there?

Without it the whole transfer system would collapse as well, since that's done on trust and good faith, and 95% of transfers are done on instalments - this rule is essential for that too, since no-one would ever sell a player without either 100% cash up front or some other kind of guarantee.

I agree the rule is outdated and needs to be changed (especially when it comes to player contracts) but it's not as easy as just scrapping it straight away in one go - and it's certainly not a new rule!

[The Prisoner]

Posted last March about the demise of Chester City and subsequent rising from the ashes of a fan owned club (imaginatively named Chester FC).

They got promotion at the first time of asking from the Evo Stik League 1 into the Northern Prem as champions, but not before losing 2-1 on the last day of the season and nearly seeing their 8 goal advantage blown away as the 2nd placed team, Skelmersdale, won 7-2 to finish equal on points!

They managed 2,500 to 3,000 for every home game which is commendable for a team that was playing three leagues beneath Conference level. Even odder at away games where the gate was typically 1,000....90% plus of which were Chester fans!

[Terminal Boardom]

Well, Windsor & Eton have been imaginatively renamed Windsor FC and that by a vote organised by the WEFC supporters club.

[Red]

I hope it works for them - but could alien8 their support North of the thames.

[Terminal Boardom]

I hope it works for them - but could alien8 their support North of the thames.

You mean our near neighbours in North Windsor?

[Svlad Cjelli]

Record income but record losses for Premier League

http://www.guardian.co.uk/football/2011/may/19/premier-league-finances-black-hole

Club-by-club summary here : http://www.scribd.com/fullscreen/55741334

[TFF]

Incredible debt at Man U and Chelsea. Between them 52.7% of all the league's debt.

LOLevel playing field.

Fair play to Wolves and Blackpool though - fingers crossed we're in the same position a year hence.

[Who Moved The Goalposts?]

Incredible debt at Man U and Chelsea. Between them 52.7% of all the league's debt.

LOLevel playing field.

Fair play to Wolves and Blackpool though - fingers crossed we're in the same position a year hence.

I know what you mean, but a bit me keeps asking why the hell do we want to be part of this madness. And that is certainly the word for it.

[Svlad Cjelli]

Incredible debt at Man U and Chelsea. Between them 52.7% of all the league's debt.

LOLevel playing field.

Fair play to Wolves and Blackpool though - fingers crossed we're in the same position a year hence.

I know what you mean, but a bit me keeps asking why the hell do we want to be part of this madness. And that is certainly the word for it.

Yep - and how we can possibly expect to compete with clubs so cavalier with money.

[PieEater]

We wouldn't be there to compete, just to bag some cash for the next visit.

[Jerry St Clair]

Rushden and Diamonds expelled from the Conference, meaning Southport are reprieved from relegation.

I don't know all the details but on the facts of it but, having been given Nene Park by Max Griggs, how did the Supporter's Trust get them into this position?

[Uke]

Rushden and Diamonds expelled from the Conference, meaning Southport are reprieved from relegation.

I don't know all the details but on the facts of it but, having been given Nene Park by Max Griggs, how did the Supporter's Trust get them into this position?

By being fans first and businessmen second?

Long live SJM

[Svlad Cjelli]

Rushden and Diamonds expelled from the Conference, meaning Southport are reprieved from relegation.

I don't know all the details but on the facts of it but, having been given Nene Park by Max Griggs, how did the Supporter's Trust get them into this position?

Partly covered in this e-mail that I'm pasting :

Max Griggs of course was the founder and big wheel of Doc Martens footwear and had made a mint when those boots took off. We understood (NOT sure if it is really true) that they always had a high attendance because if you worked at the Doc Martens factory nearby you were a member of the works social club and got a free season ticket for the football club.

Apparently Griggs had tried to become a director at nearby Northampton Town, but they rejected him, so he went to previously small local rivals in non-league Rushden Town and Irthlingborough Diamonds, sayings that if they agreed to merge, he would buy them out and put loads of dosh in to get them into the League. It was always said to me that Northampton always hated R&D FC, because their fans felt the latter were Johnnie come lately brash new comers that had taken some of their rightful fans away.

Things went well and they got into the League doing quite well until Griggs retired. Those that took over Doc Martens were not so keen on supporting the club, especially when, like a lot of other similar companies, they moved their footwear production from Irthlingborough to the Far east, where wages are (or were) of course cheaper, and the local factory closed. Without their godfather the club, situated in a largely rural area, was bound to struggle.

So they grew above their means, and without external funding they were allways destined to fail - every football club has its natural "level" and they needed money to compete about their own.