Sheffield Wednesday

[SaintNeil90]

Are they using a loophole that means they can operate as though they were in administration without actually going into administration.

 

Ok the difference between us and them is our bank wouldn't extend our overdraft and Wednesday cant afford to pay a tax bill. Either way we both couldn't pay bills. Wednesday and its creditors are now accepting bids for the club offering a percentage of debt owed, as though they were in admin.

 

Surely in principle there is no difference. Both spent beyond their means and had/have cash flow problems.

 

Should they be docked points anyway? Or should we have gone down this route and tried to find investors and offer the club at a cut price instead of going into admin?

[benjii]

Well no, they're not using a "loophole" at all. They're using the time they have to seek investment. Of course they should not be docked points.

 

You would hope that Lowe would've done that too but **** knows what his real motivation was.

[Weston Saint]

Get 28 days adjournment

[Window Cleaner]

The Pompey fiasco made it quite evident that no major (well sort of anyway) football team is going to go out of business in the

forseeable future.Minnows maybe but anyone who has something that is worth something(like a league place and some sort of respectable fan base) will be allowed a whole lot of time before anything really drastic happens.

[saintjay77]

The Beeb guy on twitter seems to suggest that the Co-Op will be looking to put the club into administration within a few days unless something drastic happens with someone wanting to buy the club.

 

No mention of the Andriod getting another Administration job which I found strange as he did so well at making everyone else look like suckers.

 

Wednesdays tax bill doesnt seem like much compared to A N Other club's though. Maybe they have a few more years to run before they need to worry about paying it?

 

It will be interesting to see how any administrator deals with the club if one is appointed though. Will they follow the andriods business model or will they actually do some administration work?

[Gemmel]

This thread should probably be moved as the whole "Administration" thing is an intresting topic, that will no doubt come up more times, as more clubs end up there!

 

But with an attempt to make it Saints related, it does obviously have an impact on us and not only that but the figures are very simimlar to ours (Debt wise)

 

With regard to the OP we did seek a sell out or investment "Cut price" prior to admin, (On top of Michaels claims that he had secured investment) and NC has already confirmed that he was offered Saints....And there in lays the problem.

 

For those with cold hard cash, it is almost always better to buy from admin, as it is much cheaper; Saints are the perfect example, NC offered prior to admin and not interested, as soon as admin came up, we were a "Bargain" (ML words).

 

We'll see if anyone buys them ahead of admin, but i doubt it. I expect mandick to buy his third club from administration in the near future.

 

Oh and the only reason Sheffield and pompey still exist is because they are a football club.... Any other business and they would have been closed down (Judge accepts they are trading insolvently)

Edited 17 November, 2010 by Gemmel

[tartanowl]

Are they using a loophole that means they can operate as though they were in administration without actually going into administration.

 

Ok the difference between us and them is our bank wouldn't extend our overdraft and Wednesday cant afford to pay a tax bill. Either way we both couldn't pay bills. Wednesday and its creditors are now accepting bids for the club offering a percentage of debt owed, as though they were in admin.

 

Surely in principle there is no difference. Both spent beyond their means and had/have cash flow problems.

 

Should they be docked points anyway? Or should we have gone down this route and tried to find investors and offer the club at a cut price instead of going into admin?

 

So you want to change the rules so we should be docked points?

 

Did you read this on your bitter Blunts forum?

 

Well no, they're not using a "loophole" at all. They're using the time they have to seek investment. Of course they should not be docked points.

 

You would hope that Lowe would've done that too but **** knows what his real motivation was.

 

Spot on and we're now 99% there.