Generic clubs in financial crisis Thread

[Royal Rother]

Indeed, but I only reveal my stories to those who come down to Stag Meadow!!

[The Prisoner]

Sure it has been posted earlier, but latest on Chester is that they have been suspended by the Conference for 7 days. Seems odd given that they do not seem to have any way of finishing the season given that they only have something like eight senior players (who haven't been paid for three months) and Trading Standards have closed their ground as the Police refuse to attend due to unpaid bills.

The conference seem desperate for them to limp through so as not to affect the table by removing their results as it would have an unhealthy effect on the table (some teams would lose 6 points - others none). To be fair the Conference did bend over backwards to accept them, and I have a little sympathy as it is the shyster owners who are entirely to blame for the situation (the same guy did exactly the same to Barrow before).

The fans are to be admired for the stand they have made in boycotting the club and attempting to rise with a Phoenix club. I have posted our support on their sticky "support from other fans" forum http://www.devachat.com/index.php?showtopic=61381 and it would be great to show a bit of solidarity on that thread from other Royals fans by registering (takes about 24 hours) and posting.

In reality Chester are at an untenable position and need to be dissolved to start again a la Aldersh*t

[Geekins]

I wish Pompey would just fucking die!

They're all in my work this morning saying how they're going to Wembley again and are going to win it. I hope Birmingham piss all over them!

[Rev Algenon Stickleback H]

I wish Pompey would just fucking die!

They're all in my work this morning saying how they're going to Wembley again and are going to win it. I hope Birmingham piss all over them!

Tell them they are a year early - it's next year's FA Vase they are in contention for.

[leww_rfc]

I wish Pompey would just fucking die!

They're all in my work this morning saying how they're going to Wembley again and are going to win it. I hope Birmingham piss all over them!

Tell them they are a year early - it's next year's FA Vase they are in contention for.

Good Ol' Fashion Trophy.

[Dirk Gently]

More on Palace - seems that the hedge fund which forced them into administration had accepted the players' contracts as security for a £4.5m loan taken out by Jordan, and this might breach rules over third-party ownership.

http://www.guardian.co.uk/football/2010/feb/15/crystal-palace-administration-player-contracts

[Comfortably Numb]

Another non-story about Portsmouth over the weekend,

Yours for a pound, oh and £77m debt re-payment.

http://www.express.co.uk/posts/view/158069/Portsmouth-FC-could-be-yours-for-1



CRISIS-Club Portsmouth could be flogged off for as little as £1 – the latest bizarre twist in their desperate fight for survival.

New owner Balram Chainrai is so desperate to offload the club he seized control of earlier this month that he is prepared to let it go for a pittance. But on top of the £1 potential asking price, Chainrai would want the £17million he is owed, and other debts totalling more than £60m would have to be met.

Chief executive Peter Storrie is hoping to strike a deal with one of two potential buyers before a court considers the club’s solvency on Wednesday and the High Court hears a final winding-up order by the taxman on March 1.

The incentive he is dangling to prospective buyers is that they could collect more than £30m in TV money in the autumn if Pompey keep their Premier League status, and a minimum of £11m in parachute payments if they are relegated.

The Premier League, who have sent in an ‘observer’ to try to prevent a potentially chaotic collapse, are also working on ways to save Pompey from becoming the first top flight club to go out of business.

Who would want to spend over £70m on Portsmouth? The club's in a state, the ground is small and shabby, they need to move, that costs in the region of £100m as well. Just let the feckers die will you.

[TFF]

More on Palace - seems that the hedge fund which forced them into administration had accepted the players' contracts as security for a £4.5m loan taken out by Jordan, and this might breach rules over third-party ownership.

http://www.guardian.co.uk/football/2010/feb/15/crystal-palace-administration-player-contracts

What a poorly written article. Is the Guardian slipping?

[Jimmy the Tree]

That article suggests that all Palace are doing is concentrating on getting to the end of the season.

What happens then when the Players Bonuses etc are due, and they have no money left to pay for the
coming season? They don't own all their players contracts so any sales will not generate any money, and a buyer doesn't look likely at the moment. Branson was mentioned, but only 'having a look', not really interested.

Hope for an FA cup Final?

[Dirk Gently]

Tonight's revelation re Pompey

http://www.thenational.ae/apps/pbcs.dll ... 3/BUSINESS

DUBAI // A court has issued an arrest warrant for Sulaiman al Fahim, the former public face of Hydra Properties and host of the business-themed reality television show Hydra Executives, for failing to pay a debt of more than Dh8 million.

The warrant was issued last Thursday after a ruling against Mr al Fahim by the Dubai Property Court in January last year in connection with a property dispute.

An investor from Azerbaijan demanded to be repaid after a development by Mr al Fahim’s company, Al Buraq Development and Investment, failed to go ahead in Dubai, court documents show.

An arrest warrant has also been issued against Saqr Abdullah Mohammed, the owner of another Dubai company involved in the deal, Ghantoot Star General Trading.

The Dubai Property Court ordered Mr al Fahim, who is also the former owner of the English Premier League football club Portsmouth, to repay the Azerbaijani investor, identified as AM, a total of Dh8,634,836 (US$2.3m) – the original Dh8m he invested plus court and legal fees.

In its judgment, the court said a nine per cent daily penalty would be imposed from the date of the first court hearing until the date the sum was repaid. By that rule, it would mean that, up until today, Dh374,579,070 was owed.

[Deadlock]

Good grief! It's Spencer Trethewy all over again...

[Pseud O'Nym]

Good grief! It's Spencer Trethewy all over again...

Not entirely fair. I don't think Trethewy ever really did have any money, did he?

Al Fahim used to have money in Dubai property and the Islamic Bond market. I suspect he's been burying his head in the sand (plenty of it round there) since late 2008 when many saw the signs of a slump, but the bubble only really burst in December 2009 when Nakheel announced huge losses and the cessation of work on their main projects. Al Faraj too was pretty much destroyed by the resultant crash in Islamic Bonds.

I must say I'm a little surprised if he managed to get any very large sums out of the UAE, they're quite tightly regulated, unless he did it gradually over a long period.

[PieEater]

I must say I'm a little surprised if he managed to get any very large sums out of the UAE, they're quite tightly regulated, unless he did it gradually over a long period.

I thought there was no regulation at all in Dubai as there's no tax? Things come and go and as there's no tax there's no need to keep records.

[TFF]

http://news.bbc.co.uk/sport1/hi/footbal ... 519800.stm

Portsmouth forward John Utaka has denied that he is on £80,000 a week, saying he earns less than £30,000.

Recent newspaper articles had reported on the 28-year-old Nigerian's salary at the financially struggling club.

He told BBC Radio Solent: "It's been hurtful and upsetting to read what people have been writing.

"People judge you on how much you earn, and if it was true I wouldn't mind. But the reports are totally false. I earn one third of £80,000."

He added: "The supporters have been great and have never turned against me. I've had a good response from them, and they've stuck with me in good and bad times.

"I wanted to take the opportunity to tell people the truth. There's no point people writing things if they simply aren't true."

If Sol Campbell's deal is anything to go by there'll be an offshore image rights deal too.

[rabidbee]

Anyone who chosses to live near an existing football ground gets little if any sympathy from me.

Ditto people who buy cheap a house near an airport and then try to have it closed.

[Royal With Cheese]

"People judge you on how much you earn, and if it was true I wouldn't mind. But the reports are totally false. I earn one third of £80,000."

Having seen him play in the flesh I would totally agree with that sentiment.

If he is on £80K a week, he only earns a third of it.

[Royal With Cheese]

Nice take form Daily Mash:

http://www.thedailymash.co.uk/sport/sport-headlines/brisk-start-for-webuyanyfootballclub.com-201002012429/

[Wax Jacket]

I must say I'm a little surprised if he managed to get any very large sums out of the UAE, they're quite tightly regulated, unless he did it gradually over a long period.

I thought there was no regulation at all in Dubai as there's no tax? Things come and go and as there's no tax there's no need to keep records.

no tax is purely an incentive to get foreign companies to invest. it's as hidebound by regulation and red-tape as anywhere in the free market, probably more so. you need a great deal of local Emirati involvment to start doing even the most basic business.

[Vision]

Pompey now believed to have asked the Premier League for special dispensation to sell players outside the transfer window.

[Sun Tzu]

Pompey now believed to have asked the Premier League for special dispensation to sell players outside the transfer window.

How would that work ?

Presumably other clubs would have to ask for dispensation to also buy players which would then give them an unfair advantage over clubs who couldn;t buy them. Without a buyer the ability to sell is a bit limited.

You would have to either extend the window for everyone or no one. And as it is a FIFA window I doubt the PL have the power to grant any extensions anyway