Generic clubs in financial crisis Thread

[Barry the bird boggler]

I'll be praying for a West Ham relegation this season......

[Sun Tzu]

coz their gamble would have failed

if i bet my salary on a horse and it wins i can pay my mortgage

if i bet my salary on a horse and it loses I lose my home

i only get punished if my gamble does not pay off

In the same way most gamblers don;t actually win I suspect very few (if any) football clubs that go the gambling route actually 'win'. by letting them gamble you are really just storing up increasing problems for the future. better surely to make sure clubs are actually run in a realistic way than allowing them to simply gamble ?

[The whole year inn]

Harry Redknapp believes Tottenham could win the Premier League this season.

The 63-year-old helped Spurs to their highest Premier League finish last season, with fourth spot also guaranteeing the club a place in the Champions League.

"I feel we could contend for the title; we have got the players here," added Redknapp.

"We have to aim for it. We could win the championship.

"Last year, we went in saying we wanted to finish in the top four and if you don't aim for things, you have no chance."

However Redknapp, whose only signing of the summer so far is Brazilian midfielder Sandro, said he would need to strengthen the squad in order to challenge strongly on both European and domestic fronts.

I feel that, if we can bring one or two players in, it will make a difference

Harry Redknapp

"The Champions League is massive - forget budgets - we just want to be there," stated Redknapp.

"If we can get into the group stages, we can make an impact. We have good players - some fantastic ones at our club. And they can get better.

"We are going to have to rotate at times - we cannot play the best players all the time. I feel that, if we can bring one or two players in, it will make a difference."

[Uke]

Harry Redknapp believes Tottenham could win the Premier League this season.

The 63-year-old helped Spurs to their highest Premier League finish last season, with fourth spot also guaranteeing the club a place in the Champions League.

"I feel we could contend for the title; we have got the players here," added Redknapp.

"We have to aim for it. We could win the championship.

"Last year, we went in saying we wanted to finish in the top four and if you don't aim for things, you have no chance."

However Redknapp, whose only signing of the summer so far is Brazilian midfielder Sandro, said he would need to strengthen the squad in order to challenge strongly on both European and domestic fronts.

I feel that, if we can bring one or two players in, it will make a difference

Harry Redknapp

"The Champions League is massive - forget budgets - we just want to be there," stated Redknapp.

"If we can get into the group stages, we can make an impact. We have good players - some fantastic ones at our club. And they can get better.

"We are going to have to rotate at times - we cannot play the best players all the time. I feel that, if we can bring one or two players in, it will make a difference."

LOL

Perhaps we have an insight into Harry's trail of destruction...

[T.R.O.L.I.]

TBF, from the outsider's view Spurs appear to be a financially well run club so I can't see how the chairman (is it still Daniel Levy) will allow Redknapp to "forget budgets".

[Ian Royal]

I can think of one way Rednapp may be able to fund his push within budget.

Afterall it's not like taxes really need to be paid is it? As we've seen with Pompey that can give you a good extra £15m to spend.

[Once were Biscuitmen]

Ah Harry, whatever happened to all those random foreign signings you made for West Ham- away from even the piss-poor scrutiny offered in this country?

I always liked to try and figure out why they were bringing in a player when they had no need of cover, improvement etc in that position.

[On High]

Cardiff still in trouble and trying to drag others down...

http://news.bbc.co.uk/sport1/hi/footbal ... 846369.stm

[Tony Le Mesmer]

Cardiff still in trouble and trying to drag others down...

http://news.bbc.co.uk/sport1/hi/footbal ... 846369.stm

Cardiff City chief executive Gethin Jenkins said: "We are fully aware of the debt owed to Motherwell and we are working to resolve the issue as soon as possible."

Try selling a player or 2 Mr Jenkins .

[Deadlock]

11th August is looking like an interesting day. Cardiff were already up before the beak, and now Sheffield Wednesday are joining them.

"The action by HMRC relates to an outstanding PAYE balance which amounts to £550,000. " Well, there's a surprise.

[Barry the bird boggler]

How can a club face 5 winding up orders and still be in business

[Skyline]

Be a shame for all those Cardiff City fans who bought their season tickets for this year in January if the club got wound up...

[No Fixed Abode]

Sheffield Wednesday in trouble now..

[Terminal Boardom]

http://news.bbc.co.uk/sport2/hi/football/teams/s/sheff_wed/8847626.stm

Sheffield Wednesday have been served a winding up order by HM Revenue and Customs over an unpaid tax bill.

The action by HMRC relates to an outstanding PAYE balance which amounts to £550,000.

The club, who remain confident that the outstanding debt can be paid, will appear at the High Court on 11 August.

A club spokesman said: "We have been involved in dialogue with HMRC for a number of weeks. As such, we are disappointed by their decision."

He added: "Sheffield Wednesday would like to inform supporters their club is not about to be wound up.

"We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial situation of the club.

"We can inform supporters that the club, working in partnership with the Co-operative bank and their advisors, will seek to settle this matter as soon as practical."

The Co-operative bank has also issued a statement: "It is disappointing to note that HMRC has presented a winding up order in respect to Sheffield Wednesday Football Club.

"The Co-operative bank has been working extremely hard for some time with representatives of the football club and investors to explore ways to ensure its future stability.

"At present we are continuing to enter in to dialogue with our advisers, Sheffield Wednesday Football Club and potential investors to explore solutions which will allow the club to operate on a sound and secure financial footing for the future."

Wednesday are the latest club in England's top four divisions to be hit with financial problems, after Portsmouth became the first Premier League side to face administration in February with debts of around £70m.

The Fratton Park side, who currently only have 18 players registered after a series of departures from the club, are currently facing an HMRC appeal against the club's Company Voluntary Agreement (CVA) which could force them to remain in administration after the start of the Championship season.

Fellow Championship side Cardiff City faced their fifth winding up order in June to settle a £1.9m tax bill, before it was eventually withdrawn after an instalment was paid.

However the club now face another winding up order at the High Court on 11 August, over a new HMRC debt of £1.3m.

Preston North End also faced a winding up order in May, after being 20 days overdue in paying their tax and national insurance liabilities to HMRC.

Although that petition was dismissed, the club have since received further notification over an unpaid PAYE liability due on June 19, and are liaising with HMRC in relation to the unpaid bill, thought to be over £400,000.

Elsewhere League Two club Southend look set to face two trips to the High Court in August over debts.

An administration hearing at the High Court on 2 August was brought over an HMRC tax bill of £238,710, and the club will return to London to face a winding up order over a separate debt owed to Charterhouse Finance on 11 August.

The Owls, who were relegated to League One last season, were involved in takeover talks in January with Chicago-based investment company Club 9 Sports, but no agreement between the two parties was made.

If HMRC are this serious in chasing debtors, how may other clubs will find themselves in a similar posiion?

[T.R.O.L.I.]

"We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial situation of the club.

I think there are a hell of a lot of small businesses and individuals who are fed up with football clubs taking the piss when it comes to paying their tax bill and who would strongly disagree about the action being "disproportionate".

[6ft Kerplunk]

A club spokesman said: "We have been involved in dialogue with HMRC for a number of weeks. As such, we are disappointed by their decision."

Yeah, can't think why HMRC have lost patience after a number of weeks of hearing "er, we're talking to our bank and investors to get it sroted out". Or perhaps they resorted to "the cheques in the post". Sheff Wednesday have been in financial trouble for years so won't have been the first time they've got behind with payments.

[Arch]

Sheffield Wednesday in trouble now..

I don't know why I laugh every time.

[Ian Royal]

We're only going to need two league divisions at this rate ffs.

Between them these clubs owe something like £3m to the Government during a time of massive economic difficulty and public spending cuts. The owners should be arrested and have all their assets nationalised for the crime of being oxf*rd.

[Terminal Boardom]

What I fail to understand is that in mainstream business, individuals can be banned from being directors of companies in the future. Why does this not happen in football? I mean, look at Ridsdale. First Leeds, I think he had a go at screwing Barnsley over and now Cardiff. Why is this allowed to happen?

[Barry the bird boggler]

But look on the bright side, look at the clubs Ridsdale has been "helping". Now if only he could take over at Wet Sham.