Generic clubs in financial crisis Thread

[Stranded]

And confirmed, Southend deducted 10pts and now sit bottom on -4.

[On Strings]

All future breaches of FFP in the PL must now be investigated within 12 weeks.

If there are a silly amount like City's, apparently then an exception will be made...

[Sutekh]

All future breaches of FFP in the PL must now be investigated within 12 weeks.

If there are a silly amount like City's, apparently then an exception will be made...

Wonder if that'll encourage teams to create "silly amounts" if they're going to be in breach.

[Sanguine]

https://www.theguardian.com/football/20 ... -ownership

Interesting development on Newcastle, other PL clubs still going for them on ownership, and the Saudis have created their own problem. When PIF took control the PL were 'assured' that the takeover did not represent Saudi state control of the club, that the owners and PIF were independent of the state. However in documents relating to the LIV and PGA golf merger, PIF is described as 'a sovereign instrumentality of the Kingdom of Saudi Arabia', and Newcastle chairman Yasir al-Rumayyan as 'a sitting Minister of the Saudi government'.

[Sutekh]

https://www.theguardian.com/football/2023/sep/07/premier-league-clubs-call-to-block-nation-state-ownership

Interesting development on Newcastle, other PL clubs still going for them on ownership, and the Saudis have created their own problem. When PIF took control the PL were 'assured' that the takeover did not represent Saudi state control of the club, that the owners and PIF were independent of the state. However in documents relating to the LIV and PGA golf merger, PIF is described as 'a sovereign instrumentality of the Kingdom of Saudi Arabia', and Newcastle chairman Yasir al-Rumayyan as 'a sitting Minister of the Saudi government'.

No doubt the PL clubs driving it are led by the elite clubs trying everything they can to minimise any "gatecrashers" to their "exclusive party".

[Sanguine]

https://www.theguardian.com/football/2023/sep/07/premier-league-clubs-call-to-block-nation-state-ownership

Interesting development on Newcastle, other PL clubs still going for them on ownership, and the Saudis have created their own problem. When PIF took control the PL were 'assured' that the takeover did not represent Saudi state control of the club, that the owners and PIF were independent of the state. However in documents relating to the LIV and PGA golf merger, PIF is described as 'a sovereign instrumentality of the Kingdom of Saudi Arabia', and Newcastle chairman Yasir al-Rumayyan as 'a sitting Minister of the Saudi government'.

No doubt the PL clubs driving it are led by the elite clubs trying everything they can to minimise any "gatecrashers" to their "exclusive party".

Maybe so, but I'm not sure in this case that's a bad thing. Five or six clubs wielding the financial levers feels better than one, not least one that on the side is rapidly building a competing league.

[From Despair To Where?]

Its alright, Newcastle will be found guilt of multiple infringements and be fined 50p.

[Stranded]

Scunthorpe owner pulls all funding as investigations into his past continue - club will play at Glanford Park ûntil the 7th October and will then look to complete their fixtures using Gainsborough Trinity's ground.

Whilst not stating they are going into administration they note:

"An outside company will be bought in to work closely with the club's creditors to try and ensure all are paid in a timely and professional manner."

which sounds like a pretty close approximation.

Hopefully not a portent for our future.

https://www.scunthorpe-united.co.uk/new ... ub-update/

[WestYorksRoyal]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

[Sutekh]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

It's catching the inevitable changes in circumstance that's important. Someone might be great initially but 3 years down the line circumstances change and clubs starting hitting problems, think the PL/FA/FL should have a dedicated department that share resource in working together in not only vetting new owners but auditing club infrastructures each season and offering advice, assistance where it's needed and maybe maintain a register of approved parties interested in getting involved in club ownership and/or investment.

[Stranded]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

It's catching the inevitable changes in circumstance that's important. Someone might be great initially but 3 years down the line circumstances change and clubs starting hitting problems, think the PL/FA/FL should have a dedicated department that share resource in working together in not only vetting new owners but auditing club infrastructures each season and offering advice, assistance where it's needed and maybe maintain a register of approved parties interested in getting involved in club ownership and/or investment.

This is where annual licencing comes in, where clubs have to lay out their financial forecasts for the year and show they have the means to meet their commitments - if that were a requirement of league membership (even down to Scunthorpe's current level) then it should stop some of the issues we and others are experiencing.

[Hendo]

Scunthorpe owner pulls all funding as investigations into his past continue - club will play at Glanford Park ûntil the 7th October and will then look to complete their fixtures using Gainsborough Trinity's ground.

Whilst not stating they are going into administration they note:

"An outside company will be bought in to work closely with the club's creditors to try and ensure all are paid in a timely and professional manner."

which sounds like a pretty close approximation.

Hopefully not a portent for our future.

https://www.scunthorpe-united.co.uk/new ... ub-update/

Plot thickens as Gainsborough Trinity have no knowledge of the plans for Scunthorpe to play there.

What a mess.

[Green]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

I reckon things need to get significantly worse before they get better, and yes that does mean a few clubs folding.

[Stranded]

Sheffield Weds owner has issued a statement stating that if fans wish to protest against him, they can do but he's going to stop pumping in the 2m per month he currently does to keep them going.

Lovely bit of blackmail there.

[YorkshireRoyal99]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

Yeah I'd have thought West Brom, Sheffield Wednesday might be the next one to suffer given their owners recent statement as well as historical issues.

I don't doubt someone will come out of the blue though, likely in the Championship. QPR's finances are far from stable as well, allegedly they were/are losing about £450k a week currently as well on operating costs.

[Dirk Gently]

Perhaps these overseas owners are starting to wise up and realise that owning a non-PL club isn't all sunshine and roses with worldwide fame and adoration, but instead is pretty thankless for all the time when the club's not getting promoted, and required constant injections of money with no reward just to stand still?

Perhaps the world is finally running out of the kind of idiots who want to own a football club.

[Sutekh]

Sheffield Weds owner has issued a statement stating that if fans wish to protest against him, they can do but he's going to stop pumping in the 2m per month he currently does to keep them going.

Lovely bit of blackmail there.

What is it at Sheff Wed that the fans are wanting the owner out, is it just his sacking of Moore and their iffy start at a higher level or are there actually troubling things going on there?

[Sutekh]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

Yeah I'd have thought West Brom, Sheffield Wednesday might be the next one to suffer given their owners recent statement as well as historical issues.

I don't doubt someone will come out of the blue though, likely in the Championship. QPR's finances are far from stable as well, allegedly they were/are losing about £450k a week currently as well on operating costs.

QPR are still suffering after the years under Ecclestone and co. and then that Italian chap (Briatori?) where they the made signings that made Dai Yongge's tenure so far seem intelligent, wise and affordable. They're obviously steadier than they were then but still shipping cash at an alarming rate but amazingly only got a small fine I believe for their FFP breaches rather than the points deductions that other clubs get landed with.

[YorkshireRoyal99]

Dire for Scunthorpe and Southend at the moment. We're not there yet, and hopefully don't get so close to the brink.

The independent regulator is needed more than ever, otherwise who is next? West Brom?

Yeah I'd have thought West Brom, Sheffield Wednesday might be the next one to suffer given their owners recent statement as well as historical issues.

I don't doubt someone will come out of the blue though, likely in the Championship. QPR's finances are far from stable as well, allegedly they were/are losing about £450k a week currently as well on operating costs.

QPR are still suffering after the years under Ecclestone and co. and then that Italian chap (Briatori?) where they the made signings that made Dai Yongge's tenure so far seem intelligent, wise and affordable. They're obviously steadier than they were then but still shipping cash at an alarming rate but amazingly only got a small fine I believe for their FFP breaches rather than the points deductions that other clubs get landed with.

I don't think it was small, wasn't it something like £20m that they are still paying off currently? I'm sure the club had to write off shares of similar value as well, I'm sure they got hit pretty hard, admittedly it's not a points deduction that could have seen them suffer more.

[WestYorksRoyal]

Yeah I'd have thought West Brom, Sheffield Wednesday might be the next one to suffer given their owners recent statement as well as historical issues.

I don't doubt someone will come out of the blue though, likely in the Championship. QPR's finances are far from stable as well, allegedly they were/are losing about £450k a week currently as well on operating costs.

QPR are still suffering after the years under Ecclestone and co. and then that Italian chap (Briatori?) where they the made signings that made Dai Yongge's tenure so far seem intelligent, wise and affordable. They're obviously steadier than they were then but still shipping cash at an alarming rate but amazingly only got a small fine I believe for their FFP breaches rather than the points deductions that other clubs get landed with.

I don't think it was small, wasn't it something like £20m that they are still paying off currently? I'm sure the club had to write off shares of similar value as well, I'm sure they got hit pretty hard, admittedly it's not a points deduction that could have seen them suffer more.

It was £20m plus a requirement for shareholders to write off a load of debt the club owed them. It looked like they were getting back on an even keel, particularly after the Eze sale. But I think they bet big under Warburton and are back into loss making territory.

I think Cardiff and Bristol have also been sailing close to the wind.