Embargos, HMRC Payment defaults, non payment of wages, the usual under Dai Wrongge

[SouthDownsRoyal]

Sadly It’s a bit like someone who needs a payday loan to get by.

It’s not like you do it once and life is fine thereafter, if you needed a payday loan once you’re in dire straights unless something changes dramatically.

And nothing realistically will change dramatically without a new owner so I can see us limping from embargo to embargo and missing payments to HMRC/staff (delete as applicable) again.

But I’m not Jimmy so I have to hope we will find that new owner, injection of cash or a miracle and we storm L1 and move onto better days ahead.

[Snowflake Royal]

Yeah, once you start missing payments to players or HMRC the writing is on the wall for the current ownership.

It's not if, it's when. And that applies to both the next missing payment and when Dai leaves.

[Lower West]

Same a previous, just quickly messaged my acquaintance at the club, asked if I needed to be worried, and he said no.
Again take from that what you want.

The concern is that Dai is running out of road, Having spent my entire working lifetime in Corporate finance. This has all the hallmarks and indications of a meltdown. That's a commercial dispassionate viewpoint. No point in glossing over how dire matters are. On a personal level I'm praying for a white knight to arrive. Who'll run the club again in a financially sustainable manner and has the decency to respect the club's fans. Not treat us idiots.

I think they are just going to pay the bill

The fundamental underlying issues remain though. Could easily be compounded by a lack of recruitment and a poor start to the season resulting in matchday revenue falling short of expectations (planned budget).

Remember also Dai has been personally charged by the EFL. On all fronts there's zero confidence in a word the man utters. Has been exposed fully for the individual he is. Third parties are going to maintain hard lines from now on when it comes to any dealings.

[Royal Rother]

Transferring money out of China is notoriously difficult. I assume that is where the money comes from.

Maybe it is Xi & Co who are moving goalposts and making life difficult and not really Dai’s fault at all.

[Snowflake Royal]

Transferring money out of China is notoriously difficult. I assume that is where the money comes from.

Maybe it is Xi & Co who are moving goalposts and making life difficult and not really Dai’s fault at all.

Yep, Xi negotiated Moore's contract, refused to sell him Swift and Loader too. Directed us not to comply with our Business Plan with the FL, appointed Gourlay and all our managers.

Definitely not Dai's fault. It never is.

[Elm Park Kid]

It is perfectly possible that the Chinese government, or other parties over there, are responsible for Dai's inability to transfer funds. That he's acting in good faith and would have paid everything without their intervention. I mean, you would have hoped that they would communicate some of that to the fans, but we all know what the general Chinese attitude is to airing your laundry in public.

However . . . . even if this is the case it doesn't really make any difference. It would still mean that Dai needs to sell up asap.

[East Grinstead Royal]

The difficulty in transferring money out of China is mentioned in the BBC article and is almost certainly a contributory factor to our woes.

EPK's point is valid, though: knowing that this difficulty exists isn't going to change the fact that transfer embargoes and points deductions will continue to roll in.

[Snowflake Royal]

It's also worth remembering that part of his problem with transferring money out of China is that he seems to be under investigation for fraud.

He knows about the problem, still isn’t moving money in good time.

oxf*rd the pcunt

[Stranded]

It's also worth remembering that part of his problem with transferring money out of China is that he seems to be under investigation for fraud.

He knows about the problem, still isn’t moving money in good time.

oxf*rd the pcunt

Yep and if he isn't moving the money in time,then we will be in this spot every month until he sells or some other fool pumps the money in.

[Brum Royal]

Worth also pointing out that Wolves fans are starting to express concern over their Chinese owners (Fosun group) and the financial situation they're potentially in - selling off assets and not really bringing much in.

Then there's West Brom as well...

[Hound]

Guess this tax bill is likely to be significantly larger than subsequent ones as it still has the Moore/Joao etc to pay

Do find the whole thing a bit confusing- he always seems to be able to get these things paid eventually. Talking about relatively small amounts as well. I think there is probably a large degree of incompetence going on as well as the difficulties created by the Chinese govt. don’t honestly think they’d care massively about single figures of millions particularly

[morganb]

embargo: noun
1. an official ban on trade or other commercial activity

Surely the embargo only really affects the club during a transfer window if all it affects is the ability to do transfers (though I realise free agents can be signed at any time).

Wouldn't it make sense to doubly ensure everything is paid up during the summer and winter windows?

If you are going to miss payments to HMRC then the in-between times are the times to do it (though surely everything should take place automatically and be overseen by employees rather than by Dai himself?) If the Chinese money transfer is a known issue then "Be Prepared" as the Scouts say.

I guess there is no points deduction related to this kind of embargo?

[windermereROYAL]

Have until 4.00pm today to settle the outstanding tax bill before the embargo is made official (added to the EFL embargo page)

[Hound]

Yeah said this basically a day or two ago. Couldn’t pick a worse time. Being under embargo makes no difference most of the rest of the year round as the likes of Burnley showed last year

[blythspartan]

Yeah said this basically a day or two ago. Couldn’t pick a worse time. Being under embargo makes no difference most of the rest of the year round as the likes of Burnley showed last year

Apologies, for my ignorance so are we currently not under a transfer embargo? Yet we have failed to sign a single player this week. I assume we could be under an embargo today, if the tax bill isn’t paid but this could be lifted immediately if it was paid on Monday for example?

[Hound]

Yeah said this basically a day or two ago. Couldn’t pick a worse time. Being under embargo makes no difference most of the rest of the year round as the likes of Burnley showed last year

Apologies, for my ignorance so are we currently not under a transfer embargo? Yet we have failed to sign a single player this week. I assume we could be under an embargo today, if the tax bill isn’t paid but this could be lifted immediately if it was paid on Monday for example?

I believe we are but it’s not yet been made official. That seems to be the consensus

Second part is correct

[LUX]

and are we getting a points deduction?

[Snowflake Royal]

and are we getting a points deduction?

Increasingly likely.

Repeated offending in multiple areas means the investigation into our failure to pay players on time.3 times is less and less likely to result in a suspended points deduction, and instead an actual deduction. Likely 4 points.

No idea whether we'll get something more for dicking around HMRC.


Then of course, there's the added investement. If Dai does somehow get it, does anyone see him goijg through the proper FL process first, given the contempt in which he holds their rules we signed up to.

[LUX]

oh FFS

I see Wigan are on minus 8.

[Mid Sussex Royal]

and are we getting a points deduction?

Increasingly likely.

Repeated offending in multiple areas means the investigation into our failure to pay players on time.3 times is less and less likely to result in a suspended points deduction, and instead an actual deduction. Likely 4 points.

No idea whether we'll get something more for dicking around HMRC.


Then of course, there's the added investement. If Dai does somehow get it, does anyone see him goijg through the proper FL process first, given the contempt in which he holds their rules we signed up to.

If as suggested the wages have been prioritised over tax then no.

I can't recall past points deductions for failing to pay HMRC on time.