Park Life 71 Posted June 15, 2009 Share Posted June 15, 2009 Thoughts? Link to comment Share on other sites More sharing options...
Tooj 17 Posted June 15, 2009 Share Posted June 15, 2009 I'll agree with whatever Matt says. Link to comment Share on other sites More sharing options...
The Fish 11068 Posted June 15, 2009 Share Posted June 15, 2009 Nope, this season shouldn't be written off until the last feasible minute. We've still time to get owners and players in before the start of the season. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted June 15, 2009 Share Posted June 15, 2009 What is it? 9 points? Wait until we're 12 clear. Link to comment Share on other sites More sharing options...
ewerk 31586 Posted June 15, 2009 Share Posted June 15, 2009 The benefit of administration would be what exactly? Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 Nope, this season shouldn't be written off until the last feasible minute. We've still time to get owners and players in before the start of the season. Fair points and this is MA's strategy, but while this goes on the debt is mounting. We still owe on Luque, Colo, Martins, Xisco, 5.5 on Guti etc....Notwithstanding their wages and loyalty agreements, image rights and whatnot. There is still some thought (Pud) that MA is hiding debt/running costs somehere within all this as well. I'm not expert but about 2m CCC money and 15m parachute won't begin to cover anything. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 The benefit of administration would be what exactly? Avoiding Bankruptcy as a going concern. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 What is it? 9 points? Wait until we're 12 clear. If we act in a proper manner it will be 9pts and the bonus of sidestepping a mountain of debt if I understand the process (I'm no expert). It would also mean a new owner could get the club for a song and have money to invest in the first team rather than baggage of unsustainable debt. Link to comment Share on other sites More sharing options...
The Fish 11068 Posted June 15, 2009 Share Posted June 15, 2009 Nope, this season shouldn't be written off until the last feasible minute. We've still time to get owners and players in before the start of the season. Fair points and this is MA's strategy, but while this goes on the debt is mounting. We still owe on Luque, Colo, Martins, Xisco, 5.5 on Guti etc....Notwithstanding their wages and loyalty agreements, image rights and whatnot. There is still some thought (Pud) that MA is hiding debt/running costs somehere within all this as well. I'm not expert but about 2m CCC money and 15m parachute won't begin to cover anything. Well if the prospective buyers are put off by their due dilligence we'll come closer to uncovering what (if anything) MA is hiding. If it's a spiders web of lies and hidden debt then yes, we should accept administration in an effort to resuce our club. But if he's close to telling the truth, Administration will hang around our necks like a millstone for years to come. How quickly do clubs recover from Administration? I can't think of a success story off the top of my head, can you? Link to comment Share on other sites More sharing options...
ewerk 31586 Posted June 15, 2009 Share Posted June 15, 2009 The benefit of administration would be what exactly? Avoiding Bankruptcy as a going concern. If we were in administration then we wouldn't be a going concern. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 The benefit of administration would be what exactly? Avoiding Bankruptcy as a going concern. If we were in administration then we wouldn't be a going concern. Administration as a process is to allow a company to survive as near its original business model as possible. I'm no expert btw. Link to comment Share on other sites More sharing options...
ewerk 31586 Posted June 15, 2009 Share Posted June 15, 2009 The benefit of administration would be what exactly? Avoiding Bankruptcy as a going concern. If we were in administration then we wouldn't be a going concern. Administration as a process is to allow a company to survive as near its original business model as possible. I'm no expert btw. I understand that but with a takeover likely to happen it would be pretty pointless surely? It's not a 'Get out of jail free' card for our debts. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 The benefit of administration would be what exactly? Avoiding Bankruptcy as a going concern. If we were in administration then we wouldn't be a going concern. Administration as a process is to allow a company to survive as near its original business model as possible. I'm no expert btw. I understand that but with a takeover likely to happen it would be pretty pointless surely? It's not a 'Get out of jail free' card for our debts. My feeling is that the debt and ongoing running cost is preventing a speedy takeover. Of course if a rich magnate comes in now, it is all we wish for...But I don't see any signs of it. Leeds: The Football League's chief spokesman, John Nagle, said last night that the League does not approve of clubs going into administration. "People don't get paid their debts, and that's not good. But the law allows it." He added: "Given the recent reduction in the numbers of clubs resorting to insolvency proceedings, it is disappointing Leeds United have had to seek the protection of an administration order." Link to comment Share on other sites More sharing options...
The Fish 11068 Posted June 15, 2009 Share Posted June 15, 2009 Serioualy Parky, who has bounced back from administration with the urgency and vitality that we need to? Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 Serioualy Parky, who has bounced back from administration with the urgency and vitality that we need to? Clearly it's a worse case scenario but liquidation is the end. Link to comment Share on other sites More sharing options...
Ketsbaia 0 Posted June 15, 2009 Share Posted June 15, 2009 Makes no sense considering Ashley is our main creditor. Link to comment Share on other sites More sharing options...
ewerk 31586 Posted June 15, 2009 Share Posted June 15, 2009 Our debts aren't so massive though that we need administration, it would be madness. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 Makes no sense considering Ashley is our main creditor. He no longer is. He won't put anymore money in, that is why he apparently is writing off his loan to the club 100m?? But set this aside, running costs atm are 20m every 3 months. Where is this coming from without a buyer? Link to comment Share on other sites More sharing options...
Phil 6 Posted June 15, 2009 Share Posted June 15, 2009 What a stupid question. 1) The debt is not out of control, so a judge wouldn't sanction it. 2) All creditors would know this was a ploy not to pay so wouldn't agree to any lowered terms. 3) Ashley would have to give up payment control to a 3rd party, which is madness. 4) If players aren't paid, they can walk for free. And you can bet Duff et al would wait it out. +how are running cost 20m a month. A complete myth. player wages are at most 40m per annum. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 (edited) What a stupid question. 1) The debt is not out of control, so a judge wouldn't sanction it. 2) All creditors would know this was a ploy not to pay so wouldn't agree to any lowered terms. 3) Ashley would have to give up payment control to a 3rd party, which is madness. 4) If players aren't paid, they can walk for free. And you can bet Duff et al would wait it out. +how are running cost 20m a month. A complete myth. player wages are at most 40m per annum. 20m every 3 months (roughly). Ok, Let's take the case of just one player Colo. We still owe £5m transfer fee. We're paying him between 60k and 80k a week depending on which report you believe. When we sell him we'll have to pay a loyalty bonus which seems to be 10% of yearly wages. Even if we get a decent price we won't make any money on him. That's just one case. Edited June 15, 2009 by Park Life Link to comment Share on other sites More sharing options...
ewerk 31586 Posted June 15, 2009 Share Posted June 15, 2009 We still owe £5m transfer fee.We're paying him between 60k and 80k a week depending on which report you believe. When we sell him we'll have to pay a loyalty bonus which seems to be 10% of yearly wages. Even if we get a decent price we won't make any money on him. That's just one case. So if we go into administration what happens? Do you reckon Deportivo are going to let us off without paying them? Or are you suggesting we should go into liquidation? Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 We still owe £5m transfer fee.We're paying him between 60k and 80k a week depending on which report you believe. When we sell him we'll have to pay a loyalty bonus which seems to be 10% of yearly wages. Even if we get a decent price we won't make any money on him. That's just one case. So if we go into administration what happens? Do you reckon Deportivo are going to let us off without paying them? Or are you suggesting we should go into liquidation? I don't know the exact ins and outs but Leeds got protection from creditors reg monies owed I imagine Depor will have to take a reduced amount. On the other hand sitting on our hands like MA is and no word about Shearer isn't helping us as the ongoing costs build up and MA has stated a couple of times he isn't putting any money in. Calling in administration last week of July will I imagine be much worse than doing it now. Link to comment Share on other sites More sharing options...
ewerk 31586 Posted June 15, 2009 Share Posted June 15, 2009 We still owe £5m transfer fee.We're paying him between 60k and 80k a week depending on which report you believe. When we sell him we'll have to pay a loyalty bonus which seems to be 10% of yearly wages. Even if we get a decent price we won't make any money on him. That's just one case. So if we go into administration what happens? Do you reckon Deportivo are going to let us off without paying them? Or are you suggesting we should go into liquidation? I don't know the exact ins and outs but Leeds got protection from creditors reg monies owed I imagine Depor will have to take a reduced amount. On the other hand sitting on our hands like MA is and no word about Shearer isn't helping us as the ongoing costs build up and MA has stated a couple of times he isn't putting any money in. Calling in administration last week of July will I imagine be much worse than doing it now. Leeds entered into a CVA because creditors knew it was the best they could get, that's not the case with us. Link to comment Share on other sites More sharing options...
Tom 14021 Posted June 15, 2009 Share Posted June 15, 2009 It seems completely unnecessary to be honest. Link to comment Share on other sites More sharing options...
Park Life 71 Posted June 15, 2009 Author Share Posted June 15, 2009 It seems completely unnecessary to be honest. So, where's the money coming from? Link to comment Share on other sites More sharing options...
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