Syteanric 1 Posted March 27, 2009 [quote user="ncfcstar"][quote user="BigFish"]Blimey, what a confederacy of dunces!!Administration is not usually optional and is certainly not an easy option that clubs can "choose" when to do this. What it means is that an accountant comes in with the aim of clearing the debts. This means asset stripping anything that can be sold until the creditors are satisfied they have got as much of their money back as they are ever likely to see.The big losers in this, apart from the fans, are the clubs owners who see their shareholding decimated. So don''t expect to see any CCC club hit administration any time soon.[/quote]You may be right in essence, but are you telling me that no club has chosen when they went into admin? Leeds is a prime example of a team who choose when they entered administration.[/quote]it was Leeds Choosing the date to go into administration that got them into trouble wasn''t it? they ended up with a huge points deduction that rolled over to this season as they thought they could play the system.. they coukdnt.. neither could Luton town under the previous owners.. although theres other goings on there they tried what Leeds did and got punished.. taking administration this season will not necessarily mean -10 points this season... infact its so late in the season that it would have a huge bearing on things.. the league would hold it to next season and make it minus 20.. jas :) Share this post Link to post Share on other sites
SWP = Poor Mans Ruel Fox!! 0 Posted March 27, 2009 [quote user="jas the barclay king"][quote user="ncfcstar"] [quote user="BigFish"]Blimey, what a confederacy of dunces!!Administration is not usually optional and is certainly not an easy option that clubs can "choose" when to do this. What it means is that an accountant comes in with the aim of clearing the debts. This means asset stripping anything that can be sold until the creditors are satisfied they have got as much of their money back as they are ever likely to see.The big losers in this, apart from the fans, are the clubs owners who see their shareholding decimated. So don''t expect to see any CCC club hit administration any time soon.[/quote]You may be right in essence, but are you telling me that no club has chosen when they went into admin? Leeds is a prime example of a team who choose when they entered administration.[/quote]it was Leeds Choosing the date to go into administration that got them into trouble wasn''t it? they ended up with a huge points deduction that rolled over to this season as they thought they could play the system.. they coukdnt.. neither could Luton town under the previous owners.. although theres other goings on there they tried what Leeds did and got punished.. taking administration this season will not necessarily mean -10 points this season... infact its so late in the season that it would have a huge bearing on things.. the league would hold it to next season and make it minus 20.. jas :)[/quote]Leeds'' big point deduction the following season wasn''t due to them going into admin late in the season and trying to play the system, neither were the deductions for Luton, Rotherham and Bournemouth this season.These deductions were for the clubs failing to exit admin via a proper CVA as per league rules and therefore the Football League could refuse to admit the new company (which effectively it is) into the league. Leeds accepted the deduction under duress and then the Football League wrote it into the rules to stop any further arguments. Share this post Link to post Share on other sites
BigFish 1,987 Posted March 27, 2009 [quote user="jas the barclay king"][quote user="ncfcstar"] [quote user="BigFish"]Blimey, what a confederacy of dunces!!Administration is not usually optional and is certainly not an easy option that clubs can "choose" when to do this. What it means is that an accountant comes in with the aim of clearing the debts. This means asset stripping anything that can be sold until the creditors are satisfied they have got as much of their money back as they are ever likely to see.The big losers in this, apart from the fans, are the clubs owners who see their shareholding decimated. So don''t expect to see any CCC club hit administration any time soon.[/quote]You may be right in essence, but are you telling me that no club has chosen when they went into admin? Leeds is a prime example of a team who choose when they entered administration.[/quote]it was Leeds Choosing the date to go into administration that got them into trouble wasn''t it? they ended up with a huge points deduction that rolled over to this season as they thought they could play the system.. they coukdnt.. neither could Luton town under the previous owners.. although theres other goings on there they tried what Leeds did and got punished.. taking administration this season will not necessarily mean -10 points this season... infact its so late in the season that it would have a huge bearing on things.. the league would hold it to next season and make it minus 20.. jas :)[/quote]It turned out Ken Bates wasn''t as clever as he thought he was! The whole process was complicated by much of the debt being held offshore in tax havens with nominee companies. To this day I am not sure that it is clear who actually owns Leeds but whomever it is doesn''t seem to have injected any significant funding. Share this post Link to post Share on other sites
BigFish 1,987 Posted March 27, 2009 [quote user="jas the barclay king"][quote user="ncfcstar"] [quote user="BigFish"]Blimey, what a confederacy of dunces!!Administration is not usually optional and is certainly not an easy option that clubs can "choose" when to do this. What it means is that an accountant comes in with the aim of clearing the debts. This means asset stripping anything that can be sold until the creditors are satisfied they have got as much of their money back as they are ever likely to see.The big losers in this, apart from the fans, are the clubs owners who see their shareholding decimated. So don''t expect to see any CCC club hit administration any time soon.[/quote]You may be right in essence, but are you telling me that no club has chosen when they went into admin? Leeds is a prime example of a team who choose when they entered administration.[/quote]it was Leeds Choosing the date to go into administration that got them into trouble wasn''t it? they ended up with a huge points deduction that rolled over to this season as they thought they could play the system.. they coukdnt.. neither could Luton town under the previous owners.. although theres other goings on there they tried what Leeds did and got punished.. taking administration this season will not necessarily mean -10 points this season... infact its so late in the season that it would have a huge bearing on things.. the league would hold it to next season and make it minus 20.. jas :)[/quote]It turned out Ken Bates wasn''t as clever as he thought he was! The whole process was complicated by much of the debt being held offshore in tax havens with nominee companies. To this day I am not sure that it is clear who actually owns Leeds but whomever it is doesn''t seem to have injected any significant funding. Share this post Link to post Share on other sites
