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It hasn't been said we fold on Friday?


NickG
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Put this on takeover gossip thread but it keeps coming up on most threads.-

 

Not sure if I missed it but I am not clear where it has been said that we will be wound up if not bought by Friday?

 

This seems to be a common belief on here but I haven't seen it.

 

My understanding is Fry said, last week

 

"If towards the end of next week we are in a situation where no bids for the Football Club are forthcoming, I will meet with the Directors of the Football Club to discuss options."

 

Which isn't the same as winding the club up.

 

Have I missed it somewhere else?

 

I personally do not think it is very likely, nor that it has been said, that we will fold -particularly with about £2.5m from DMG and Surman.

 

Happy to be corrected, but think there is a misunderstanding on here that Fry has said we are folding this week unless bought - he hasn't.

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Put this on takeover gossip thread but it keeps coming up on most threads.-

 

Not sure if I missed it but I am not clear where it has been said that we will be wound up if not bought by Friday?

 

This seems to be a common belief on here but I haven't seen it.

 

My understanding is Fry said, last week

 

"If towards the end of next week we are in a situation where no bids for the Football Club are forthcoming, I will meet with the Directors of the Football Club to discuss options."

 

Which isn't the same as winding the club up.

 

Have I missed it somewhere else?

 

I personally do not think it is very likely, nor that it has been said, that we will fold -particularly with about £2.5m from DMG and Surman.

 

Happy to be corrected, but think there is a misunderstanding on here that Fry has said we are folding this week unless bought - he hasn't.

 

That's how I see it too - still, I feel it won't come to that.

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have been watching sky sports news, south today, listening to solent etc

 

only place I heard it was on here.

 

I think it has been reported, in journalists comment rather than Fry that it is a real possibility - which I am not denying - just think some on here think its fact, which I don't think is the case.

 

With the money now in as well I would personally think its very unlikely.

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have been watching sky sports news, south today, listening to solent etc

 

only place I heard it was on here.

 

I think it has been reported, in journalists comment rather than Fry that it is a real possibility - which I am not denying - just think some on here think its fact, which I don't think is the case.

 

With the money now in as well I would personally think its very unlikely.

 

I think the point of selling off all the assetts was reported if there was no involvement from the Swiss and the Pinnacle bid were to fail.

 

As there is Swiss involvement the saga will continue

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have been watching sky sports news, south today, listening to solent etc

 

only place I heard it was on here.

 

I think it has been reported, in journalists comment rather than Fry that it is a real possibility - which I am not denying - just think some on here think its fact, which I don't think is the case.

 

With the money now in as well I would personally think its very unlikely.

Have you factored in Frys charges that have to be paid, the player bonusses and HMRC his commissions out of player sales and if the payments are up front? Yes we have cashed in some assets and so may have given us more breathing space. Add to that if there is interest then he could rightly not wind us up.I think also we have to put up a bond to insure that we can fulfill our fixtures with the league.
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No-one has actually said we'll be wound up, it's just the most likely result of the meeting Fry would be having with the Directors in the even of there not being any bids by Friday.

 

As the Echo is now reporting (somewhere) that an overseas bid may be completed next week, that would pre-empt the need for the "no bids" meeting on Friday.

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Have you factored in Frys charges that have to be paid, the player bonusses and HMRC his commissions out of player sales and if the payments are up front? Yes we have cashed in some assets and so may have given us more breathing space. Add to that if there is interest then he could rightly not wind us up.I think also we have to put up a bond to insure that we can fulfill our fixtures with the league.

 

 

 

 

of course I haven't done the maths - I know the figures no more than you do.

 

I think we will be ok.

 

Fry has not threatened winding up tomorrow and I would be willing to wager we won't.

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of course I haven't done the maths - I know the figures no more than you do.

 

I think we will be ok.

 

Fry has not threatened winding up tomorrow and I would be willing to wager we won't.

I think the9 has got it right.

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I'm not sure why/if this is the case. Plenty of other clubs are/have been in administration and still happily sell season tickets.

They will have done so through an Escrow account, rather than via the main business.

 

I'm absolutely stunned that SFC hasn't done this already, they could potentially have sold 10k season tickets at £300 each and they'd have £3m ready and waiting for the new owners to use, and it would have made the club more desirable if prospective buyers saw that there was already a captive support base.

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of course I haven't done the maths - I know the figures no more than you do.

 

I think we will be ok.

 

Fry has not threatened winding up tomorrow and I would be willing to wager we won't.

 

Assuming that one of the potential buyers is close then that, coupled with the sales of DMG and Surman would almost mean there would be no winding up of the club in the very near future. If Fry has the opportunity to get xx in the £ back for the creditors through a sale that may take another few days to complete then he would do this rather than liquidate the club and get zero for them.

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fair enough - but point of thread stands - seems a lot of posts people still saying we are folding friday without bids - I really don't think that was ever the case or said, so relax and enjoy the ride - it could be a while yet!

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I think the9 has got it right.

 

More of this.

 

Just cos I can't find anywhere more relevant to dump it, there's also an article about Leeds here from 2007 which indicates unequivocally that a team is permitted to begin the season when in administration (last paragraph) :

 

http://www.telegraph.co.uk/sport/football/2316879/Leeds-have-golden-share-withheld.html

 

This is DESPITE all the hoo-ha around Leeds' lack of CVA, Leeds' reluctant acceptance of a 15-point penalty (later appealed) AND the League, at that point, refusing to transfer the "golden share" to the new owners (Leeds United 2007).

 

My reading of that situation is that the Football League still sees Southampton FC as a member, and obviously acknowledges that they are currently in admin - but that situation is adequate for the club to play matches, as the share still rests with the "current"/previous(?) ownership.

 

It is only when the takeover has to be agreed to by the FL (all the CVA business usually) that the transfer of the share becomes relevant - this doesn't have to happen before the start of the season, and the only limit on admin is the 18 months. This is also borne out by Notts County going nearly a full 18 months in admin and starting seasons when in admin.

 

So we can rumble on without the takeover and golden share for as long as Fry lets us - and presumably for as long as we can get eleven registered players on the pitch to fulfil fixtures, which is going to coincide with paying the staff.

 

I'm assuming the reason we don't have STs for sale is because any potential bidders will want to set their own charges as a major part of their business plan.

Edited by The9
What is "fopotball"? :O)
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They will have done so through an Escrow account, rather than via the main business.

 

I'm absolutely stunned that SFC hasn't done this already, they could potentially have sold 10k season tickets at £300 each and they'd have £3m ready and waiting for the new owners to use, and it would have made the club more desirable if prospective buyers saw that there was already a captive support base.

 

Very, very good point. I suspect Fry thought he'd have sold the club by now.

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fair enough - but point of thread stands - seems a lot of posts people still saying we are folding friday without bids - I really don't think that was ever the case or said, so relax and enjoy the ride - it could be a while yet!

Yes you were right,as long as both bids dont pull out today, even if the did i doubt it would happen then as apparently there are back up bids on the table of low amounts.

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Very, very good point. I suspect Fry thought he'd have sold the club by now.

 

Don't be silly, of course Fry would not have expected to sell the club by now.

 

Let's face it, he is probably costing well in excess of 100k a month. If YOU had a contract that paid you that sort of money would YOU find a way to ensure that the gravy train stopped within weeks, or would you take calculated gambles to ensure that you could keep claiming expenses and bills.

 

let's face it we still have at least another 25 players on the books who could be sold to pay the wages and his fees. Hell, if it was me I'd find a way to string this out until Christmas..... wouldn't you???

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Don't be silly, of course Fry would not have expected to sell the club by now.

 

Let's face it, he is probably costing well in excess of 100k a month. If YOU had a contract that paid you that sort of money would YOU find a way to ensure that the gravy train stopped within weeks, or would you take calculated gambles to ensure that you could keep claiming expenses and bills.

 

let's face it we still have at least another 25 players on the books who could be sold to pay the wages and his fees. Hell, if it was me I'd find a way to string this out until Christmas..... wouldn't you???

 

No, i'd do the job as best as I could so I would have more chance of being hired again. :rolleyes:

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No, i'd do the job as best as I could so I would have more chance of being hired again. :rolleyes:
If you were his boss and he kept the job running along getting fantastic fees, and in the end selling the company when it had very little left on the bone, i think you would send him to many more.

They are a law unto themselves and have quite a lot of power,everything he would do is lawful of course.

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You're right - and they've changed that in the past week, cos when I looked there on Thursday LAST week it said July 2nd !

 

Well its always been the 3rd as far as I am concerned cos I've been waiting for the Crawley Town fixtures (if only to see if they're playing Saints this season)! Must have been a typo

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They will have done so through an Escrow account, rather than via the main business.

 

Is the problem that even accepting that SFC is not in admin, there is surely nothing to stop SLH admin taking the 3m for the creditors of SLH. A similar problem may also apply to the new transfer money, should it go to pay ordinary staff of SFC, directors of SLH or creditors of SLH. If the monet went to SLH and there was no football next year then season ticket purchasers would presumably become creditors. I don't think you can do it until you are certain that the money will stay at SFC and that you have a viable plan for exiting admin. It might also be deemed to be illegally trading whilst insolvent. Gosh this is making me depressed and I'm a skate. C'mon the Swiss.

 

I'm absolutely stunned that SFC hasn't done this already, they could potentially have sold 10k season tickets at £300 each and they'd have £3m ready and waiting for the new owners to use, and it would have made the club more desirable if prospective buyers saw that there was already a captive support base.

 

Sorry I stuck it at the top of the page. webbed fingers and all that

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Well its always been the 3rd as far as I am concerned cos I've been waiting for the Crawley Town fixtures (if only to see if they're playing Saints this season)! Must have been a typo

 

What ? Newport County website in typo shocker ? :rolleyes:

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you do have to remember though, that when in administration, a business is run for the creditors, not for the shareholders

 

if the creditors require or request him to liquidate, that is what he is obliged to do

 

it is the creditors call whether to wind the company up or not and liquidate the assets. they may do this if they feel there is not a realistic possibilty of a sale.

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Is the problem that even accepting that SFC is not in admin, there is surely nothing to stop SLH admin taking the 3m for the creditors of SLH. A similar problem may also apply to the new transfer money, should it go to pay ordinary staff of SFC, directors of SLH or creditors of SLH. If the monet went to SLH and there was no football next year then season ticket purchasers would presumably become creditors. I don't think you can do it until you are certain that the money will stay at SFC and that you have a viable plan for exiting admin. It might also be deemed to be illegally trading whilst insolvent. Gosh this is making me depressed and I'm a skate. C'mon the Swiss.

There would be plenty to stop the administrator taking that revenue, because it's held in escrow and managed by completely independent groups, the administrator has absolutely no access or right over that money, and it wouldn't be handed over to the club until after the takeover goes through.

 

Bournemouth did exactly that last season, and I believe most (if not all) of the clubs who have been in administration over the course of a summer have done the same.

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There would be plenty to stop the administrator taking that revenue, because it's held in escrow and managed by completely independent groups, the administrator has absolutely no access or right over that money, and it wouldn't be handed over to the club until after the takeover goes through.

 

Bournemouth did exactly that last season, and I believe most (if not all) of the clubs who have been in administration over the course of a summer have done the same.

 

steve shouldnt you be working on the master tape of the forum game instread of being on here

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They will have done so through an Escrow account, rather than via the main business.

 

I'm absolutely stunned that SFC hasn't done this already, they could potentially have sold 10k season tickets at £300 each and they'd have £3m ready and waiting for the new owners to use, and it would have made the club more desirable if prospective buyers saw that there was already a captive support base.

You seriously think we would sell 10k season tickets, when no-one knows what is going on, whether we will have a team, etc. I really can't believe there would be 10k people willing to part with £300 at this stage (not sure we would shift 10k season tickets for L1 even if we were not in turmoil). They probably also can't even say which seats will be available, because I would almost guarantee that certain parts of the ground will be closed, just hope not the Itchen corner this time.

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You seriously think we would sell 10k season tickets, when no-one knows what is going on, whether we will have a team, etc.

Well now Lowe's gone, surely that's irrelevant now? :rolleyes:

 

Removing my tongue from my cheek, I don't see why not - Norwich have sold nearly 19,000 season tickets for this season, and they're not in the situation where they need people to rally behind them to ensure the club is able to continue to function, let alone actually be successful.

 

Given the seriousness of the situation we find ourselves in, I would think it would be a good barometer of how many people actually give a toss about SFC to put season tickets on sale in this manner. If the club folds before a takeover goes through, they'd get their money back anyway.

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Well now Lowe's gone, surely that's irrelevant now? :rolleyes:

 

Removing my tongue from my cheek, I don't see why not - Norwich have sold nearly 19,000 season tickets for this season, and they're not in the situation where they need people to rally behind them to ensure the club is able to continue to function, let alone actually be successful.

 

Given the seriousness of the situation we find ourselves in, I would think it would be a good barometer of how many people actually give a toss about SFC to put season tickets on sale in this manner. If the club folds before a takeover goes through, they'd get their money back anyway.

 

Agreed. Is it possible for one of the ITK posters on here to make some kind of 'formal' request from the fans -at least to get the club's angle on it anyway.

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