Generic clubs in financial crisis Thread

[SPARTA]

Hereford FC is born. The club are trying to get as much support as possible for a place in the pyramid for the 2015/16 season and to hopefully stay at Edgar Street.

[AthleticoSpizz]

Their pitch being so very close to the shopping centre, it is almost inevitable that their days there are numbered, whatever their future may hold.

Heard rumours that the council want it sold off.

[Stretts]

There's a covenant on the ground, saying that there always has to be a sports facility there.

Having said that covenants are made to be broken/overturned.

[Mr Angry]

Poor West Ham!!

http://www.bbc.co.uk/news/business-30846543

West Ham football club sponsor and currency broker Alpari has shut its UK arm following the Swiss National Bank's decision to end its capping of the Swiss franc against the euro.

The foreign exchange broker said in a statement that the move had created "exceptional volatility and extreme lack of liquidity".

As a result, the majority of Alpari clients had "sustained losses".

Alpari, which signed a £3m, three-year deal with West Ham in 2013, is one of a number of companies to be affected by the volatility caused by the SNB's action.

[Sutekh]

Meanwhile back at Leeds.... (from the BBC website)

Leeds United owner Massimo Cellino has lost his appeal against the Football League's decision to disqualify him from owning the club.
He was disqualified in December after the League obtained documents from an Italian court, which had found Cellino guilty of tax evasion.

The 58-year-old Italian is prohibited from having anything to do with the running of the club until 10 April.

Leeds are currently 20th in the Championship.

The Professional Conduct Committee set up by the Football League to hear Cellino's appeal against the decision ruled that the verdict of the Italian court was for an act involving dishonesty, which is a disqualifying condition under its owners' and directors' test.

"The Football League will want him to step down in two days and we're not quite sure what that will mean. Will he have to put his shares into his wife's name or will he have to sell the club? We'll have to wait and see.

"It looks like they will try to fight this and move forward but it leaves Leeds in a precarious position. They are in unchartered territory right now.
"He'll be able to come back but we don't know whose hands he will put the club in in the meantime."
BBC Radio Leeds reporter Adam Pope

The Football League said in a statement: "We consider that the judge's findings of fact and her description of Mr Cellino's state of mind based on them, is of conduct which would reasonably be considered to be dishonest."

Leeds have released a statement to say that they are "surprised and disappointed" by the verdict and will "continue taking legal advice".
The statement said: "Mr Cellino would like to thank the fans, sponsors and members of the wider footballing community that have given him overwhelming support, not just since the disqualifying order was issued but since he arrived at the club."

Cellino, who took over at Elland Road last April, will be allowed to resume his role after 10 April as his conviction will be deemed to be spent.
The club are currently under a transfer embargo for breaching Financial Fair Play rules, meaning they can not pay any transfer fees for players in the current window.

[Silver Fox]

Cellino, who took over at Elland Road last April, will be allowed to resume his role after 10 April as his conviction will be deemed to be spent.

ROFL - "he can't be trusted! He's a bad man!" "What about in 3 months time?" "Oh, he'll be fine then"

[TFF]

I rather like that their opinion that he is a dishonest crook is on record (and upheld). After April 10 they're simply not allowed to have that opinion.

But no-one at Leeds can say they weren't warned...

[Winston Smith]

Was with a Leeds fan on saturday. He said if he fails the appeal he thinks they will probably go down as Cellino wont be spening money while things are in limbo.

also said Leeds fans understand Cellino to be up for investing quite a lot on new players so if the appeal was won or if Cellino found a way to hang on to the club until the ban is over then their future could lool quite rosy once he is in a position to start spending

[YateleyRoyal]

http://www.bbc.co.uk/news/business-30883291

The company that owns Birmingham City FC said it believed a former employee may have "misappropriated" £2.5m.

Birmingham International Holdings said on Monday afternoon that it had reported the matter to the Hong Kong police, who were investigating.

The company said in a statement that the loss "may have a material impact on the operation and financial situation of the group".

It was also concerned that the matter was apparently missed by auditors.

Shares in the company were suspended six weeks ago and will not resume trading until further notice.

Birmingham International Holdings said it would consider setting up an investigation committee to examine the suspected misappropriation and determine how to improve its internal controls.

The former owner of Birmingham City, Carson Yeung, was convicted of money laundering in his native Hong Kong in March and jailed for six years.

Last week it emerged that Yeung had requested to remove three directors of Birmingham International Holdings and replace them with three of his own nominations.

The company has asked the Hong Kong Stock Exchange to investigate Mr Yeung's request.

Supporters of Birmingham City have asked the Football League to investigate concerns that the former owner was acting as a "shadow director".

A Football League spokesman said it had been in "ongoing dialogue with the club in recent months".

[Harpers So Solid Crew]

So Leeds release a statement saying that they are surprised, who exactly are Leeds, I guess people trying to save their jobs by supporting an owner who has acted dishonestly in his home country.

It is all very bizarre.

[Sutekh]

And, presumably, the conclusion to the Leeds saga....

Leeds United owner Massimo Cellino has stepped down from his involvement with the Championship club until 10 April.

BBC Radio Leeds reports that director Andrew Umbers has become chairman.

Earlier this month Cellino lost his appeal against the Football League's decision to disqualify him as owner.

He said in a statement on the club's website: "It is with great sadness and frustration that I have to take this step, however I abide by the Football League's decision to disqualify me."

He added: "I will return to this great football club in April in good health and good spirits.

"I have done my best for a club and fans that I hold close to my heart and it is now financially much stronger than it has been for a long time. It will continue to thrive and I am sincerely looking forward to returning very soon."

The 58-year-old was disqualified in December after the League obtained documents from an Italian court, which had found him guilty of tax evasion.

The Professional Conduct Committee set up by the Football League to hear Cellino's appeal against the decision ruled that the verdict of the Italian court was for an act involving dishonesty, which is a disqualifying condition under its owners' and directors' test.

Cellino, who took over at Elland Road last April, will be allowed to resume his role after 10 April as his conviction will be deemed to be spent.
Meanwhile, the club are currently under a transfer embargo for breaching Financial Fair Play rules, and cannot pay any transfer fees for players in the current window.

Andrew Umbers will take up the reins of Chairman until 10 april.

BBC Radio Leeds also report that Matthew Child will stay as chief operating officer.

[Ian Royal]

TBH, where's the actual detriment to them? He was their owner, he'll be their owner again officially in April and he's blatantly still their owner in all but officialese.

If they hadn't breached FFP they'd be getting away scot free with a simple name change on a document for three months.

Or am I missing something here?

[PieEater]

And they respond to their transfer embargo for failing FPP by signing Sol Bamba on loan.

So it turns out the FPP penalty is just that you can't spend money to sign players but inflated wages are no problem at all

[Ian Royal]

And they respond to their transfer embargo for failing FPP by signing Sol Bamba on loan.

So it turns out the FPP penalty is just that you can't spend money to sign players but inflated wages are no problem at all

Yeah, it's a joke that the penalties are about transfer fees which absolutely aren't the problem.

[Sutekh]

And the latest on the basket case that masquerades as Birmingham City FC is that the owners have gone into receivership, however the club is under no threat and will fulfil its remaining fixtures this season

http://www.bbc.co.uk/news/uk-england-birmingham-31504347

[tmesis]

For true basket case, Parma are taking the biscuit.
http://www.bbc.co.uk/sport/0/football/31588196

Bottom of Serie A, unable to pay the players, or even the stewards (their game at the weekend was cancelled) and £145 million in debt, theirs is a rather unusual tale of a gamble that backfired.

Someone at the club decided that they could make a lot of money from signing young players, then loaning them out and selling them at a profit.

During the 2013/14 season, Parma were involved in 450 player sales/loans, and it all went horribly wrong.

[TFF]

And, presumably, the conclusion to the Leeds saga....

Leeds United owner Massimo Cellino has stepped down from his involvement with the Championship club until 10 April.

BBC Radio Leeds reports that director Andrew Umbers has become chairman.

Earlier this month Cellino lost his appeal against the Football League's decision to disqualify him as owner.

He said in a statement on the club's website: "It is with great sadness and frustration that I have to take this step, however I abide by the Football League's decision to disqualify me."

He added: "I will return to this great football club in April in good health and good spirits.

"I have done my best for a club and fans that I hold close to my heart and it is now financially much stronger than it has been for a long time. It will continue to thrive and I am sincerely looking forward to returning very soon."

The 58-year-old was disqualified in December after the League obtained documents from an Italian court, which had found him guilty of tax evasion.

The Professional Conduct Committee set up by the Football League to hear Cellino's appeal against the decision ruled that the verdict of the Italian court was for an act involving dishonesty, which is a disqualifying condition under its owners' and directors' test.

Cellino, who took over at Elland Road last April, will be allowed to resume his role after 10 April as his conviction will be deemed to be spent.
Meanwhile, the club are currently under a transfer embargo for breaching Financial Fair Play rules, and cannot pay any transfer fees for players in the current window.

Andrew Umbers will take up the reins of Chairman until 10 april.

BBC Radio Leeds also report that Matthew Child will stay as chief operating officer.

Not quite...

http://www.bbc.co.uk/sport/0/football/31611980

Leeds United president Massimo Cellino has announced he will not return to the club when his Football League ban ends in April.

[TFF]

The full picture of Cardiff City’s finances have been laid bare - with the club revealed to have lost almost £12m last year despite seeing their income rocket during their short-lived stay in the Premier League.

The club’s latest accounts have revealed the total amount it owes now adds up to a massive £174m, most of which is owed to majority shareholder Vincent Tan.

Cardiff’s City’s huge debts dwarf the value of its stadium, players and other assets - meaning that it owes £81m more than the value of all its assets.

The net deficit of £81m has risen from £69.3m the year before.

http://www.walesonline.co.uk/sport/football/football-news/cardiff-city-accounts-bluebirds-lose-8727278

Jesus. £174M

[No Fixed Abode]

There was supposed to be an announcement today whether Hull City and Liverpool were in breach of FFP. Any news yet?

[Winston Smith]

The full picture of Cardiff City’s finances have been laid bare - with the club revealed to have lost almost £12m last year despite seeing their income rocket during their short-lived stay in the Premier League.

The club’s latest accounts have revealed the total amount it owes now adds up to a massive £174m, most of which is owed to majority shareholder Vincent Tan.

Cardiff’s City’s huge debts dwarf the value of its stadium, players and other assets - meaning that it owes £81m more than the value of all its assets.

The net deficit of £81m has risen from £69.3m the year before.

http://www.walesonline.co.uk/sport/football/football-news/cardiff-city-accounts-bluebirds-lose-8727278

Jesus. £174M