Matthew Le God Posted 25 June, 2009 Share Posted 25 June, 2009 http://www.dailyecho.co.uk/sport/saints/news/4458429.Saints_staff_not_paid/ Needs to be sorted today really so we can get going. Link to comment Share on other sites More sharing options...
Wildgoose Posted 25 June, 2009 Share Posted 25 June, 2009 Sorry....you just beat me to it! Link to comment Share on other sites More sharing options...
Ponty Posted 25 June, 2009 Share Posted 25 June, 2009 Pinnacle will sort this. I like the way they're not sucking the FL over the issues they have. Link to comment Share on other sites More sharing options...
Beer Engine Posted 25 June, 2009 Share Posted 25 June, 2009 Pinnacle must have foreseen at the outset of negotiations how the FL's insolvency poicy might play out. As usual it's ordinary people whose lives are messed up by incompetence. Link to comment Share on other sites More sharing options...
Ed Rooney Posted 25 June, 2009 Share Posted 25 June, 2009 Echo full of ****e Link to comment Share on other sites More sharing options...
Wade Garrett Posted 25 June, 2009 Share Posted 25 June, 2009 http://www.dailyecho.co.uk/sport/saints/news/4458429.Saints_staff_not_paid/ Needs to be sorted today really so we can get going. I agree. Pinnacle may be genuine but to be honest, there has to be a proper deadline in place now, or they should leave the table. Link to comment Share on other sites More sharing options...
Scummer Posted 25 June, 2009 Share Posted 25 June, 2009 I agree. Pinnacle may be genuine but to be honest, there has to be a proper deadline in place now, or they should leave the table. Why are people so keen for them to walk away? If they walk, SFC folds. We may not like the amount of time it's taking, but we have nothing to gain from them walking. Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 anybody got ideas what his contingency plan would be? Fry will obviously sell players. Forget not he will take a large wedge for selling them and of course we will get a fraction of their value Link to comment Share on other sites More sharing options...
krissyboy31 Posted 25 June, 2009 Share Posted 25 June, 2009 I agree. Pinnacle may be genuine but to be honest, there has to be a proper deadline in place now, or they should leave the table. Trouble is any reputable bid would require the same assurances from the FL, as Pinnacle are seeking. Then again, there is always Jackson!!! Link to comment Share on other sites More sharing options...
trousers Posted 25 June, 2009 Share Posted 25 June, 2009 So, like last month, doesn't this put the Football Club subsidiary on the brink of Administration too? (it is afterall the Football Club company's name on the payslips, not SLH.) Perhaps this is part of the sub-plot I've been alluding to about getting SFC Ltd into admin so we can come up with the CVA(s) that the FL need sight of? Not paying wages is probably the easiest/quickest route to going into admin? All in my opinion of course. Link to comment Share on other sites More sharing options...
Nexstar Posted 25 June, 2009 Share Posted 25 June, 2009 With a bit of luck the FL will get their "advice" sorted today, get back to Tony and a deal can be agreed, allowing the staff to be paid. Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 (edited) Why are people so keen for them to walk away? If they walk, SFC folds. We may not like the amount of time it's taking, but we have nothing to gain from them walking. I suggest there isnt much time before they walk . If they dont stump up and the squad is decimated by firesales the asset they are buying is devalued and so they wont want to buy.It is a vicious circle. Edited 25 June, 2009 by OldNick Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 25 June, 2009 Share Posted 25 June, 2009 I think that the "money man" will pull the plug on Pinnacle now. I also feel that the others will not step up in time and that this is the end for Saints. Link to comment Share on other sites More sharing options...
WealdSaint Posted 25 June, 2009 Share Posted 25 June, 2009 THis is like a horrid big game of poker. I hate it Link to comment Share on other sites More sharing options...
trousers Posted 25 June, 2009 Share Posted 25 June, 2009 I think that the "money man" will pull the plug on Pinnacle now. I also feel that the others will not step up in time Why would Fry be talking to other bidders this week if there wasn't any time to engage them? Link to comment Share on other sites More sharing options...
Scummer Posted 25 June, 2009 Share Posted 25 June, 2009 I suggest there isnt much time before they walk i would suggest. If they dont stump up and the squad is decimated by firesales the asset they are buying is devalued and so they wont want to buy.It is a vicious circle. I think we're past the stage of firesales to be honest. Player sales take time, other clubs know that they could hold out for a couple of days and get the players for free. If SFC can't pay wages, they are insolvent, and the club will be liquidated. From what I've heard, SFC can't operate in administration. Link to comment Share on other sites More sharing options...
trousers Posted 25 June, 2009 Share Posted 25 June, 2009 From what I've heard, SFC can't operate in administration. Any idea why not? Cheers Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 If SFC can't pay wages, they are insolvent, and the club will be liquidated. From what I've heard, SFC can't operate in administration.that is my impression, but by Fry saying he would sell players made it seeem that liquidation could be held back for a small amount of time Link to comment Share on other sites More sharing options...
SaintNeil90 Posted 25 June, 2009 Share Posted 25 June, 2009 Any chances of the Football League picking up on this and more points deductions? Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 Any chances of the Football League picking up on this and more points deductions? It gets worse te more you think of it. today im going to try and be positive and believe that TL pulls a rabbit out of his hat Link to comment Share on other sites More sharing options...
Scummer Posted 25 June, 2009 Share Posted 25 June, 2009 Any idea why not? Cheers It was discussed lots a few weeks ago. You're on here 24 hours a day, you must have read the threads. Link to comment Share on other sites More sharing options...
Scummer Posted 25 June, 2009 Share Posted 25 June, 2009 Any chances of the Football League picking up on this and more points deductions? Wages weren't paid on time last month either, and nothing came of that. Link to comment Share on other sites More sharing options...
JustMike Posted 25 June, 2009 Share Posted 25 June, 2009 tick tock pinnacle Link to comment Share on other sites More sharing options...
saint_stevo Posted 25 June, 2009 Share Posted 25 June, 2009 It's when the staff cant make repayments on there outstanding loans/mortgages etc that you realise this isnt just about football Link to comment Share on other sites More sharing options...
St.Patrik Posted 25 June, 2009 Share Posted 25 June, 2009 Is this goodbye Southampton FC then ? Never belived this could happen to be honest : ( Link to comment Share on other sites More sharing options...
broncoboy Posted 25 June, 2009 Share Posted 25 June, 2009 I think that the "money man" will pull the plug on Pinnacle now. I also feel that the others will not step up in time and that this is the end for Saints. Try not to be a hysterical big girl Link to comment Share on other sites More sharing options...
saintbletch Posted 25 June, 2009 Share Posted 25 June, 2009 Just got an email from a mate who asked a pertinent question. (Paraphrasing) Following Tony Lynam's statement that Pinnacle will definitely be buying the club, why didn't he put the money in to pay the wages? Link to comment Share on other sites More sharing options...
SNOWY Posted 25 June, 2009 Share Posted 25 June, 2009 So what does our failure to pay our staff mean in a business/legal sense? Will Fry have to declare the company insolvent or will the club be paced into administration in its own right (or both) How much time does the club have? Link to comment Share on other sites More sharing options...
Eyes k8 Posted 25 June, 2009 Share Posted 25 June, 2009 It's in the FL's interest to let matters drift a few days. If SFC can't pay the wages it shows that the club is insolvent. Pinacle are stuck on this one. If they put up £500,000 at a small risk the FL will say there you are proof that the club itself is insolvent. If they don't the FL will say there you are proof that the club itself is insolvent. The FL will be in no hurry and Lineham recognises this talking about they may not get back to him today. The stupidity of the pretence is now actually delaying the takeover. You will still get the same points deductions but you face a delayed takeover because the delay strengthens the leagues case. Link to comment Share on other sites More sharing options...
saint_stevo Posted 25 June, 2009 Share Posted 25 June, 2009 Lets face it, the CLUB is in admin Link to comment Share on other sites More sharing options...
The Rover Posted 25 June, 2009 Share Posted 25 June, 2009 Pinnacle will sort this. I like the way they're not sucking the FL over the issues they have. What a poetic turn of phrase you have Ponty. Presumably this really does put the club in jeopardy unless Fry has another exclusive lined up with £500K. Last month he was fairly sure that the wages could be paid albeit late (Dyer's transfer fee etc). If there is nothing lined up this month surely he will have to fold the club. Link to comment Share on other sites More sharing options...
Dan Johnson Posted 25 June, 2009 Share Posted 25 June, 2009 It's in the FL's interest to let matters drift a few days. If SFC can't pay the wages it shows that the club is insolvent. Pinacle are stuck on this one. If they put up £500,000 at a small risk the FL will say there you are proof that the club itself is insolvent. If they don't the FL will say there you are proof that the club itself is insolvent. The FL will be in no hurry and Lineham recognises this talking about they may not get back to him today. The stupidity of the pretence is now actually delaying the takeover. You will still get the same points deductions but you face a delayed takeover because the delay strengthens the leagues case. Spot on Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 What a poetic turn of phrase you have Ponty. Presumably this really does put the club in jeopardy unless Fry has another exclusive lined up with £500K. Last month he was fairly sure that the wages could be paid albeit late (Dyer's transfer fee etc). If there is nothing lined up this month surely he will have to fold the club. but Im sure you will find it is not 500k but nearer £1m. Wages HMRC and player bonuses Link to comment Share on other sites More sharing options...
del boy Posted 25 June, 2009 Share Posted 25 June, 2009 Hardly deserves the "Breaking News" splash....maybe they could design an "Expected News, but we'll try to make it more sensational" splash? Link to comment Share on other sites More sharing options...
Ashby Saint Posted 25 June, 2009 Share Posted 25 June, 2009 I agree. Pinnacle may be genuine but to be honest, there has to be a proper deadline in place now, or they should leave the table. +1 Well said. Link to comment Share on other sites More sharing options...
Millbrook Saint Posted 25 June, 2009 Share Posted 25 June, 2009 It's in the FL's interest to let matters drift a few days. If SFC can't pay the wages it shows that the club is insolvent. Pinacle are stuck on this one. If they put up £500,000 at a small risk the FL will say there you are proof that the club itself is insolvent. If they don't the FL will say there you are proof that the club itself is insolvent. The FL will be in no hurry and Lineham recognises this talking about they may not get back to him today. The stupidity of the pretence is now actually delaying the takeover. You will still get the same points deductions but you face a delayed takeover because the delay strengthens the leagues case. Surely though if this were to happen Pinnacle could turn round and say the football club was never in administration, nor would it have been if you had let us do the deal. We will now sue you for forcing the club into administration Link to comment Share on other sites More sharing options...
FMPR Posted 25 June, 2009 Share Posted 25 June, 2009 http://www.dailyecho.co.uk/sport/saints/news/4458429.Saints_staff_not_paid/ Needs to be sorted today really so we can get going. Explain how your not in Admin as a Football Club then? Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 25 June, 2009 Share Posted 25 June, 2009 Hardly deserves the "Breaking News" splash....maybe they could design an "Expected News, but we'll try to make it more sensational" splash? I share this sentiment, this was expected and based on what Lynam said when departing Staplewood, the reason for his visit etc..., a statement on here that he had spoken to as many office staff as available at St Marys in essence, I assume, to outline their position with the FA and buy more time with all employees. Not suggesting it is right that staff(not players) may have been asked to wait a few days but don't believe this to be as groundbreaking as the Echo are making out or as some are interpreting it. Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 Explain how your not in Admin as a Football Club then? Go away quickly you are not wanted here Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 I share this sentiment, this was expected and based on what Lynam said when departing Staplewood, the reason for his visit etc..., a statement on here that he had spoken to as many office staff as available at St Marys in essence, I assume, to outline their position with the FA and buy more time with all employees. Not suggesting it is right that staff(not players) may have been asked to wait a few days but don't believe this to be as groundbreaking as the Echo are making out or as some are interpreting it. I got the impression that is not what was said to staff, and they are pretty worried today Link to comment Share on other sites More sharing options...
SaintPaddy Posted 25 June, 2009 Share Posted 25 June, 2009 but Im sure you will find it is not 500k but nearer £1m. Wages HMRC and player bonuses What Player Bonuses? Link to comment Share on other sites More sharing options...
Matthew Le God Posted 25 June, 2009 Author Share Posted 25 June, 2009 Explain how your not in Admin as a Football Club then? Name the administrator of Southampton FC and show me a legal document that says so? Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 What Player Bonuses?every year players get signing on bonuses, all part of their contracts. It would be best if clubs made it transparent what players get and we as fans would be pretty appalled. Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 25 June, 2009 Share Posted 25 June, 2009 I got the impression that is not what was said to staff, and they are pretty worried today That is a concern, sincerely hope Lynam or Fry is able to sort this quickly Link to comment Share on other sites More sharing options...
Ken Tone Posted 25 June, 2009 Share Posted 25 June, 2009 http://www.dailyecho.co.uk/sport/saints/news/4458429.Saints_staff_not_paid/ Needs to be sorted today really so we can get going. Hardly a surprise is it? The FL won't even have got back to Pinnacle yet to say they won't agree to Pinnacle's modifcations to the contract. This is getting us nowhere. What possible contingency plan can Lynam have, other than to sign regardless? K. Link to comment Share on other sites More sharing options...
alpine_saint Posted 25 June, 2009 Share Posted 25 June, 2009 I wonder if Rupert Lowe will sleep soundly tonight ? Link to comment Share on other sites More sharing options...
OldNick Posted 25 June, 2009 Share Posted 25 June, 2009 I wonder if Rupert Lowe will sleep soundly tonight ? Alps please do not bring that up as he is not the one who overspent. It is not the time for this. Link to comment Share on other sites More sharing options...
alpine_saint Posted 25 June, 2009 Share Posted 25 June, 2009 Alps please do not bring that up as he is not the one who overspent. It is not the time for this. No, he just set up the bullsh*t strucutral relationship between SLH and SFC that has caused this mess. I will blame who I want, when I want. Link to comment Share on other sites More sharing options...
Greenridge Posted 25 June, 2009 Share Posted 25 June, 2009 that is my impression, but by Fry saying he would sell players made it seeem that liquidation could be held back for a small amount of time What's the legal position of players contracts if the Club defaults on salary payments? Can the contracts become void in this instance? In which case could they walk away to a new club without SFC receiving an payment? This really would be trouble leaving no assets for Fry to sell to pay off the creditors. Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 25 June, 2009 Share Posted 25 June, 2009 I wonder if Rupert Lowe will sleep soundly tonight ? Your thoughts should be with the staff and how they sleep over the coming days. Link to comment Share on other sites More sharing options...
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