Scottish Mag 3 Posted March 29, 2009 Share Posted March 29, 2009 I see one of the Sunday rags is running with stories of us going in to administration if we go down. Was told exactly this last weekend but told to keep it hush hush. Thought it was bollocks at the time, who knows now Link to comment Share on other sites More sharing options...
Douggy B 0 Posted March 29, 2009 Share Posted March 29, 2009 Read a story last week that there are maybe 10 prem clubs dicing with administration. West Ham and Pompey are obvious candidates. Making a profit off a football club is hard enough in the good times Link to comment Share on other sites More sharing options...
JawD 99 Posted March 29, 2009 Share Posted March 29, 2009 Im still not sure. What creditors exactly would we struggle to pay? Link to comment Share on other sites More sharing options...
Sima 0 Posted March 29, 2009 Share Posted March 29, 2009 I heard a rumour we're heading for liquidation this week. Link to comment Share on other sites More sharing options...
Jimbo 172 Posted March 29, 2009 Share Posted March 29, 2009 Why ?? we are debt free, Mike said....... Link to comment Share on other sites More sharing options...
peasepud 59 Posted March 29, 2009 Share Posted March 29, 2009 it just gets worse Link to comment Share on other sites More sharing options...
Tooj 17 Posted March 29, 2009 Share Posted March 29, 2009 I don't understand how is going into administration would benefit Ashley at all. I'm no financial guru, but it just wouldn't make any sense at all. Link to comment Share on other sites More sharing options...
2bias 3 Posted March 29, 2009 Share Posted March 29, 2009 Talking about it on the sunday supplement now. Also saying if we go down that the players will all be on the same money (no relegation clauses) Link to comment Share on other sites More sharing options...
peasepud 59 Posted March 29, 2009 Share Posted March 29, 2009 I don't understand how is going into administration would benefit Ashley at all. I'm no financial guru, but it just wouldn't make any sense at all. Im guessing (and its merely my uneducated mind working so its probably bollocks) that because hes paid off the debts the club had by replacing them with a loan of his own then he will be the sole or at least main creditor. This would give him anything raised from Administration therefore its free reign to sell everything thats there plus those players who are on stupid money cannot possibly want to stay if they have the threat of not getting paid. Everyone out and all funds raised to good old Mikey boy not the club. I foresee a future where the half a dozen glossy shiny club merchandising stores are replaced by the tin hut out the back of the West stand, where the training ground has gone and the first team is running round Leazes Park on a Friday afternoon. Shearers has become a Weatherspoons and we are ground sharing SJP with the Falcons. In short I think hes decided that hes got more chance of recouping more cash this way than actually running a football club. Maybe one of our financial experts (Matt?) could reassure us that my thoughts are bollocks.....please Link to comment Share on other sites More sharing options...
Jimbo 172 Posted March 29, 2009 Share Posted March 29, 2009 Surely going into voluntary administration following relegation would result in a 10 point penalty next season ? Link to comment Share on other sites More sharing options...
Fop 1 Posted March 29, 2009 Share Posted March 29, 2009 I don't understand how is going into administration would benefit Ashley at all. I'm no financial guru, but it just wouldn't make any sense at all. Only if "he" was too, I guess. Link to comment Share on other sites More sharing options...
2bias 3 Posted March 29, 2009 Share Posted March 29, 2009 Surely going into voluntary administration following relegation would result in a 10 point penalty next season ? The wife just reminded me of that point! Link to comment Share on other sites More sharing options...
peasepud 59 Posted March 29, 2009 Share Posted March 29, 2009 Surely going into voluntary administration following relegation would result in a 10 point penalty next season ? Thats my understanding too. Now imagine starting next season with no notable players and -10, its freefall time. Ironic really that those who have backed Ashley throughout (and especially since the accounts were announced) used this actual scenario as the reason why he was good for the club. Link to comment Share on other sites More sharing options...
Kitman 2204 Posted March 29, 2009 Share Posted March 29, 2009 I think it's scaremongering. Link to comment Share on other sites More sharing options...
Jimbo 172 Posted March 29, 2009 Share Posted March 29, 2009 I hope it is ! Link to comment Share on other sites More sharing options...
peasepud 59 Posted March 29, 2009 Share Posted March 29, 2009 I hope it is ! Me too, its nothing more than rumour and hearsay at the moment, something that appears to come from credible sources but could be a case of an overheard conversation and 2+2=5. Its one of those things that you can guarantee will be denied by the club (understandably too) and we wont know if its true until it happens. At least we are aware it is a possiblity and can plan for the worst case scenario. What is important is that it doesnt distract us as fans from giving our 100% support to those on the pitch at all times for the next 8 games. Fuck me I know its hard even without this kind of threat but its totally important that nothing is allowed to distract from the task at hand. If we then manage to stay up and this does happen then at least (as far as Im aware) we wont have that -10 deduction next season. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 29, 2009 Share Posted March 29, 2009 I don't understand how is going into administration would benefit Ashley at all. I'm no financial guru, but it just wouldn't make any sense at all. Ask John Batchelor.... http://www.chad.co.uk/stags/I-have-assetst...mits.3922445.jp Link to comment Share on other sites More sharing options...
Park Life 71 Posted March 29, 2009 Share Posted March 29, 2009 Seriously guys get a fucking grip! Link to comment Share on other sites More sharing options...
ewerk 30162 Posted March 29, 2009 Share Posted March 29, 2009 I don't understand how is going into administration would benefit Ashley at all. I'm no financial guru, but it just wouldn't make any sense at all. Im guessing (and its merely my uneducated mind working so its probably bollocks) that because hes paid off the debts the club had by replacing them with a loan of his own then he will be the sole or at least main creditor. This would give him anything raised from Administration therefore its free reign to sell everything thats there plus those players who are on stupid money cannot possibly want to stay if they have the threat of not getting paid. Everyone out and all funds raised to good old Mikey boy not the club. I foresee a future where the half a dozen glossy shiny club merchandising stores are replaced by the tin hut out the back of the West stand, where the training ground has gone and the first team is running round Leazes Park on a Friday afternoon. Shearers has become a Weatherspoons and we are ground sharing SJP with the Falcons. In short I think hes decided that hes got more chance of recouping more cash this way than actually running a football club. Maybe one of our financial experts (Matt?) could reassure us that my thoughts are bollocks.....please Given that he is by far our main creditor then it would make no sense at all to take us into administration, there is nothing to stop him asset stripping now. But seeing as how the only way E&Y would sign off on our accounts as a going concern was if Ashley guaranteed to continue funding the club there is a very real chance that we would go into administration if he took that backing away and it wasn't funded by other means. Link to comment Share on other sites More sharing options...
PaddockLad 16991 Posted March 29, 2009 Share Posted March 29, 2009 I cant see us going into admnistration as being in major debt isnt really the club's main problem....losing 30 million in the last financial year and the wage bill of a top 4 club are the main problems though....maybe Ashley thinks administration and certain relelgation is a good way of cutting costs and trimming the wage bill...fat cunt Link to comment Share on other sites More sharing options...
Matt 0 Posted March 29, 2009 Share Posted March 29, 2009 Personally I think this is total nonsense based on the last set of accounts unless something has changed on our creditor position. If Ashley now considers his NUFC adventure as a write off and just wants to get back as much as he possibly can then administration would be a bizarre choice. It takes the power of the directors away and gives a legal obligation on the administrators to get as much back for creditors- not for Ashley, although ashley represents virtually all of the club's debt. Forced sales of players would ensure that we got virtually nothing for them. Man City would offer to pay £2m for the amounts outstanding on Given's transfer and administrators would accept it. The club would have no power over the sale of assets. If Ashley wanted to think about how best to get his money back he could approach the same advisory firms but simply pay them for advisory- not to act as administrators. They could make the same suggestions, but there would be none of the legal obligations around the appointment of an administrator. If Ashley has perceived the likely resale value of the club now to be below the value of the debt owed by NUFC to St James Holdings Ltd, he may see asset sales as they best way to pay that back- after all if the business' equity is deemed worthless then damaging it further won't make it worth less than zero. But again, all of that can be done without resorting to administration. An administration would only occur if Ashley has already refinanced his personal loan into a secured position with a lender- so could this have happened? If he were to refinance a lot of what he had put in by securing a loan on the ground, training facilities and so on he could have got a good chunk of the cash back- could this explain the mortgage filed at companies house with Barclays that peasepud posted when the results were published? That would be a totally different position. Ashley has to a large extent been satisfied as a creditor and would leave the new lenders to worry about getting their cash back, leaving the club to be cut adrift, sold to whoever can plug the debt hole and buy the equity for a quid. Ashley is left counting his losses. NUFC are left in shit creek. Would be very interesting to know exactly what that mortgage obligation is all about. Link to comment Share on other sites More sharing options...
dbsweeney 0 Posted March 29, 2009 Share Posted March 29, 2009 I just read about this at NUFC.com. God, I hope this isn't real. I think I feel sick. Link to comment Share on other sites More sharing options...
Matt 0 Posted March 29, 2009 Share Posted March 29, 2009 http://www.toontastic.net/board/index.php?...2675&st=140 Link to comment Share on other sites More sharing options...
snakehips 0 Posted March 29, 2009 Share Posted March 29, 2009 There would be a bright side: Ameobi would be sold. Admittedly, for only a fraction of his true worth e.g. £7.50 (yes, that's seven pounds fifty pence). And you know what? I'm at such a stage that I couldn't really give a shite if the whole lot went belly up. The club would re-surface as Newcastle United 2010 Ltd, or somesuch, and I would still go and see them. At least it would be an end to Lardash, Llabia, Wise and this whole period of abject disgrace in the history of the club. Link to comment Share on other sites More sharing options...
ewerk 30162 Posted March 29, 2009 Share Posted March 29, 2009 Would be very interesting to know exactly what that mortgage obligation is all about. Wasn't it an unsecured loan rather than a mortgage? Link to comment Share on other sites More sharing options...
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