pieman01 0 Posted December 22, 2004 Anyone on here know the details of their administration? If they go up, will they have to fork out to all the businesses (and St Johns Ambulance - who lost £44k) they took to the cleaners?It''d seem the right thing to do, especially since they''ve now started signing players without paying their bills. But then again, when have they ever let their conscience ever get in the way of anything?How they can look at themselves in the mirror each morning is beyond me. Share this post Link to post Share on other sites
0 0 Posted December 22, 2004 I''m not really in with everything to do with the bin mens plight into admin, what exactly happened? Share this post Link to post Share on other sites
Northern Canary 0 Posted December 22, 2004 i focus on Norwich. What ipswich do doesnt affect me. Share this post Link to post Share on other sites
ca 1 Posted December 22, 2004 [quote]Anyone on here know the details of their administration? If they go up, will they have to fork out to all the businesses (and St Johns Ambulance - who lost £44k) they took to the cleaners? It''d seem ...[/quote]pieman 01,I have some nice Ipswich friends and I understand that the situation is as follows. In Feb 2003 they appied for temp administration which they exited in May 2003 after they agreed to adhere to terms of the CVA in which they have to meet certain conditions to clear the debts of £30m which includes a loan of £20m to the NU. The agreement was made that they would pay 20p in the pound to their creditors of all incoming monies based on the expected income they were receiving in 2003. Part of the agreement also was that they had to lower the wage bill which they have done by letting 7 of their top earners go, the only high earner left is Pablo whos contract runs out in June who they have been trying to off load on a loan basis but he refuses to go.The only player they have bought is Currie who they got for £250k and this was paid out of the higher gate receipts (averaging 26500 now). The CVA agreement was budgeted on 22000 gates so any revenues they receive over this is money they can spend.If they go up and get their 20m presumeable they will have to keep handing over 20p in the £1 until the CVA are happy their debts are under control. Share this post Link to post Share on other sites
charlies dad 0 Posted December 23, 2004 Still hoping it all goes t*ts up so i can dance on their stinking grave.... Share this post Link to post Share on other sites
