LOLiverpooLOL - Next Season

[BR2]

The latest reports are again strange.
Now they say that "Mill Financial" has bought all of Tom Hicks' shares.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/10/liverpool_it_could_be_all_over.html

So what happens now? Status Quo?

Down Down deeper and down.

Whatever you want.
Whatever you want.

[Wax Jacket]

The latest reports are again strange.
Now they say that "Mill Financial" has bought all of Tom Hicks' shares.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/10/liverpool_it_could_be_all_over.html

So what happens now? Status Quo?

Mill Financial, surely another TH company

[swansea jack]

According to the latest news reports some judge or other has ruled that this has nothing to do with Texas, and so the sale to NESV seems on again.

http://news.bbc.co.uk/sport2/hi/footbal ... 091246.stm

UK High Court ftw

[Barry the bird boggler]

And so the "The Ballad of John Henry" (for those Joe Bonamassa officianados) continues, basically the UK court has told Hicks and Gillette to drop their restraining order or be done for "contempt of court".

Last US legal comment I heard was that they would expect the Texas courts to overturn the order anyway, once the full case was brought before them, as the selling of the club is a business matter for the shareholders of Liverpool FC and not for any court.

[Bandini]

According to the latest news reports some judge or other has ruled that this has nothing to do with Texas, and so the sale to NESV seems on again.

http://news.bbc.co.uk/sport2/hi/footbal ... 091246.stm

UK High Court ftw

English (and Welsh) High Court ftw.

[Mr Angry]

Surely the football authorities here have to learn from this debacle, and not allow the purchase of clubs based soley on debt using the football club as collateral; that means the purchasers have no financial risk.

As it stands today, there is nothing to prevent a person buying a football club by borrowing money using the club's future projected earnings as collateral, forming an umbrella company based on the football club then dumping all their other business debts onto that company, then allowing that company (and therefore the football club) to go into administration, thus wiping out all their debts.

Or have I missed a fundamental of England & Wales business law that says that the above scenario cannot happen? (though I think it did with Chesterfield a few years ago.....)

[ZacNaloen]

http://news.bbc.co.uk/sport1/hi/footbal ... 094283.stm


Where on earth do damages of £1bn come from??

[Seal]

Surely the football authorities here have to learn from this debacle, and not allow the purchase of clubs based soley on debt using the football club as collateral; that means the purchasers have no financial risk.

As it stands today, there is nothing to prevent a person buying a football club by borrowing money using the club's future projected earnings as collateral, forming an umbrella company based on the football club then dumping all their other business debts onto that company, then allowing that company (and therefore the football club) to go into administration, thus wiping out all their debts.

Or have I missed a fundamental of England & Wales business law that says that the above scenario cannot happen? (though I think it did with Chesterfield a few years ago.....)

Yes there is

http://www.uefa.com/uefa/footballfirst/protectingthegame/financialfairplay/index.html

[soggy biscuit]

John Henry is close friends with Robert Kraft who owns New England Revolution (managed by Steve Nicol)

That is all

[Arch]

http://news.bbc.co.uk/sport1/hi/football/teams/l/liverpool/9094283.stm


Where on earth do damages of £1bn come from??

Typical American tactics, if you burn your lip on warm coffee, sue for £1bn..

No, if you want a billion, you have to go genitalia.

[PlasticRoyale]

Big Merseyside relegation battle this weekend...

[swansea jack]

According to the latest news reports some judge or other has ruled that this has nothing to do with Texas, and so the sale to NESV seems on again.

http://news.bbc.co.uk/sport2/hi/footbal ... 091246.stm

UK High Court ftw

English (and Welsh) High Court ftw.

I'll take that

[Victor Meldrew]

Big Merseyside relegation battle this weekend...

Care to have a little wager on the relegation issue?

Incidentally the fiasco over Liverpool's ownership has meant Man Utd's gradual fall from grace hasn't been receiving much attention.
Losing another 2 goal lead,this time at home is pretty poor for a team that (some) people think will be challenging for the title.
If City win tomorrow they go 2nd and it wouldn't surprise me at all if the season ended up a two-horse race between City and Chelsea.

[SLAMMED]

http://www.youtube.com/watch?v=HGBCq2Ps51Q&NR=1

Can't believe that was 3 years ago

[PlasticRoyale]

Big Merseyside relegation battle this weekend...

Care to have a little wager on the relegation issue?

Incidentally the fiasco over Liverpool's ownership has meant Man Utd's gradual fall from grace hasn't been receiving much attention.
Losing another 2 goal lead,this time at home is pretty poor for a team that (some) people think will be challenging for the title.
If City win tomorrow they go 2nd and it wouldn't surprise me at all if the season ended up a two-horse race between City and Chelsea.

Utd don't look owt this year - prol;ly the weakest squad for years

I haven't checking thr table but will LOLLz my arse off if the Dippers are bottom of the table tomorrow....

[Mr Angry]

Surely the football authorities here have to learn from this debacle, and not allow the purchase of clubs based soley on debt using the football club as collateral; that means the purchasers have no financial risk.

As it stands today, there is nothing to prevent a person buying a football club by borrowing money using the club's future projected earnings as collateral, forming an umbrella company based on the football club then dumping all their other business debts onto that company, then allowing that company (and therefore the football club) to go into administration, thus wiping out all their debts.

Or have I missed a fundamental of England & Wales business law that says that the above scenario cannot happen? (though I think it did with Chesterfield a few years ago.....)

Yes there is

http://www.uefa.com/uefa/footballfirst/protectingthegame/financialfairplay/index.html

No, there isn't.

These are the relevant paragraphs - emphasised words are key:

"Therefore, as requested by the football family, and in consultation with the football family, UEFA aims to develop sensible and achievable measures to realise these goals. They include an obligation for clubs, over a period of time, to balance their books or break even. Under the concept, clubs cannot repeatedly spend more than their generated revenues. Guidance will be given on salaries and transfer spending, indicators provided on the sustainability of levels of debt, and clubs will be obliged to honour their commitments at all times.

The financial fair play measures will involve a multi-year assessment enabling a longer-term view to be formed and within the wider context of European club football. They will reach beyond the current UEFA club licensing system criteria that are primarily designed to enable an assessment of a club's financial situation in the short term.

Financial fair play measures are planned to be implemented over a three-year period. A Club Financial Control Panel has been set up to monitor and ensure that clubs adhere to the financial fair play requirements - and in May 2010, the UEFA Executive Committee approved the UEFA Club Licensing and Fair Play Regulations - which have the support of all stakeholders in European football."

In other words, as it stands NOW, whilst FIFA can see a problem, they are choosing merely to have "aims" to tackle it. There is nothing in that article that says doing what I suggested is not allowed, or that if it were to happen, what the sanctions on the club and (more importantly) the individuals doing it, will be.

Nor indeed, would it, when you see that the article is littered with phrases such as "the stakeholders (eg: the clubs themselves) in European football"; in other words, the regulations are being discussed with, and require the agreement of, the VERY organisations that are creating the problem in the first place!!

[Svlad Cjelli]

That's' it in a nutshell with all of the leagues and other competition organisers - they are at the behest of their members, who are the clubs themselves.

The admin guys at the FL know exactly what needs to be done to solve financial issues, but they also know that they have to introduce things lowly and in stages - too much too quickly and the clubs will never vote for it.

The sooner there's regulation imposed from outside the game the better - but that's a long way off because it's a brave politician who'd stand up to the likes of Scudamore with his media power.

[LUX]

losing again.

[Rex]

Sums it up. There are a few grumpy faces around at work at the mo.

[Rex]

Oh dear.