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News of the World article about us tomorrow

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[quote]NORWICH CITY are the latest club teetering on the brink of financial meltdown.

The League One high-flyers could go into administration by Thursday if they cannot find major new investors.

Financial experts Ernst Young and KPMG have both been called in as potential administrators.

The moves come despite a season in which Paul Lambert has led the club to the summit of the promotion race for a return to the Championship.

Carrow Road crowds have averaged around 25,000 as Lambert''s side impress but the club''s 2009 accounts showed a £5million loss.

Delia Smith is unlikely to invest any more money after putting about £8m into the club over the past 13 years.

Norwich now desperately need new investment to stave off administration. [/quote]

Not that I believe anything I read in that paper but what relevance is Thursday?

Link http://www.newsoftheworld.co.uk/sport/football/695976/CANARIES-ON-BRINK-OF-ADMINISTRATION.html

 

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Hmmmm, no idea.But to be honest, in football terms, theres a lot worse off than us.Our high gate revenue means we can service outr debt, is the way I understand it.

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Utter rubbish, we would have known alot earlier than a week before if we are going into administration, and it would seem even more bizzare that we have been spending in the transfer window.Also McNalley has come out and said that the club has been re-financed to last for another season at this level. And when has delia come out ans said she has been unwilling to invest? Just a poor attempt to find a story out of nothing!

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Just noticed that on the league 1 page they have an article next to it about how Hoolahan is on his way to Middlesborough..... this only goes to show what shit they are coming out with!

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Friday suits me more in all honesty.

Whats the betting the Journo''s a Leeds scumbag?? They''re the sorta stories i''ve seen them coming out with on 606 recently after we''ve gradually caught and overtaken them.

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Great, every week I moan about our lack of paper space and now I want to look away before I''ve even bought the damn thing, has this story got legs or what?

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[quote user="Puzzy magnet "]

If anything, just a punt for investment that McNally has put out...

[/quote]If so then let''s hope that Mr McNally catches a big fish with this juicy worm!Plenty of cash for Lambert to spend after promotion... sounds like a marriage made in heaven???

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Where on earth did they get the "£8 Million" figure from? It has been very well documented to of been far closer to £11 Million.And indeed, "Delia" may be unlikely to invest further into the club, but i can pretty much guarantee she as one single individual involved financially with the club would not be the only person willing to provide financual input in order to save the club.If worse were to come to worse, it''s a little ''surprising'' they wouldn''t bother to mention the assets the club could easily sell for the sake of it''s existance.Also, why also fail to mention we bought 4 players in this transfer window, retained a well paid loanee in Simon Whaley, extended (and more than likely increased) the contract of Chris Martin by almost 4 years, and had one outgoing player in the shape of modestly payed recent youth team player Kris Renton. For what it''s worth, in only that, does that show any of the signs of a club destined for financial oblivion?Utter tosh if you asked me, the depth of understanding toward the current financial status of our club in this article scarcely goes beyond the realms of "oh, Delia, she''s involved with Norwich. Their in trouble, she''s not from America, Russia, China or the Middle-East, she ain''t making too much money from her books and shows either.... = Admin".

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Could be the fact we recently announced our debt has grown??

However the rest of your post I agree with.

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seems strange this article has been thought of not long after we state that we lost five million pound after being relegated . some mad reporter has put two and two together to make five . if this was the case why would martin have signed a new contract .? surely norwich would have cashed in . i would put money on it lots of stories will come out in the media , hoolihan is still here and we have added to the squad we had .

the national papers make it up as they go along .. unfortunately anything is possible in football so they can get away with saying what ever they want just to get a good story .

everything that has happened recently from being relegated to getting slapped the first game of the season (our worst result in history) to matching the club record and defeating the team that slapped you is a fairy tale for any city fan . i guess we are all waiting for something to go wrong as thats what we are used to . this is a big club with great fans , we deserve it .

lets break a few more records this season ... stuff what the national paper say .

i think we should send this post to them on friday and ask them why they published a story without knowing facts .

come next weekend we will have opened a gap on leeds . dont let false media hype spoil our season .

and i firmly believe a team of past with no fire power up front ... what can i say championship look out .

 

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To be honest i heard this from a reliable source a few weeks ago. Hope its a load of crap and doesn''t happen but think it may have some truth. If it does happen its a sad state of affairs from delia to let it get to this stage

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As far as I am aware no ''business'' has been placed in administration due to either an annual loss or indeed the debt that the organisation has.  A business is placed in administration by either the board or the banks if it has run out of cash and cannot a) service the debt payments or/and b) meet it''s necessary and conracted regular outgoings.

This clearly includes such areas as salaries (being the biggest commitment). I am also not aware that the palyers have not been payed, a point I am sure we would all find out about.

Finally would the board approve a 3.5 yr contract yesterday to CM and all the additional cost that incurs if we were " on the brink of financial meltdown".............Unless there is another motive!

Exceptional TEAM performance yesterday!

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I have to say that my heart sunk when i just stumbled across this in the News of the World.

This story has come from somewhere as there''s too much detail (i.e. why Thursday and why have the potential administrators been named)

Let''s just hope that this is McNally trying to get in a new investor. If not we need a statement from the club.

Note to self - glass half full!

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I know the News of the World isn,t exactly reliable but they do get some things right and it does sound more like a statement of fact rather than a speculative story. Don''t know exactly how this administration thing works but surely Delia would sell the club to someone for a nominal amount to someone who is prepared to take the club on rather than allow it to go into admin and ending up getting nothing back.

 

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Obviously I hope that this story is wrong but wouldn''t it be just typical Norwich City FC, just as we think the club is on the up, something goes and spoils it all again. Remember when we won the Milk Cup and qualified for Europe only for the Heysell Stadium and Liverpool fans to cost us and the English clubs our spot in Europe. I think that we would have also qualified in the late 80''s as well but the ban cost us our place. Even our highest ever finish place in the Premier League came at the wrong time, if you finish 3rd now you get a place in the Champions League, we only got a place in the UEFA cup.

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[quote user="maninblack"]

As far as I am aware no ''business'' has been placed in administration due to either an annual loss or indeed the debt that the organisation has.  A business is placed in administration by either the board or the banks if it has run out of cash and cannot a) service the debt payments or/and b) meet it''s necessary and conracted regular outgoings.

This clearly includes such areas as salaries (being the biggest commitment). I am also not aware that the palyers have not been payed, a point I am sure we would all find out about.

Finally would the board approve a 3.5 yr contract yesterday to CM and all the additional cost that incurs if we were " on the brink of financial meltdown".............Unless there is another motive!

Exceptional TEAM performance yesterday!

[/quote]Common sense but well said.We have a squad that is currently full of salable assets. Holt, Hoolahan, Martin, Russell, Smith,even the Doc. They would be sold to stave off administration. We have also signed players like Whitbread, Martin and McNamee all for a fee I believe and not to mention their wage.We have a guy in Mcnally who as far as I can see has never lied to us. He told us we have no need to sell our star players. We haven''t. If we were so close to administration would he say that? would we still have our stars?Finally we have in Bowkett, Foulger and Smith and Wynn Jones 4 people with the financial capability to stave of any threat of administration at this level. I for one am convinced they would, but I for one think this story is a load of waffle.

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Martin Hardy is talking out of his tabloid arse.

If the club were "about to go into administration", it would hardly be an "exclusive", would it? How would he be privy to that sort of information when no-one else has been, and be able to annouce it just four days before it was official!?

He''s got some space to fill, he needs a story from the lower divisions, who are the club that are making the headlines? Norwich City. What does he know about us, well, like all of the national hacks, his knowledge on football and Norwich City begins and ends with Delia Smith.

Football is in meltdown, Delia has lent Norwich lots of money, theres my story, quickly tap it out and send it off whilst I finish off this bottle of red wine....

...complete non-story and he knows it, but it will get a reaction-and it has-and he knows that as well.

FFS, this is the man whose other "exclusives" of late have been that Alan Shearer is to be the new Sheffield United Manager and that Eduardo is leaving Arsenal to join Liverpool for £10 Million!

With that latter story, he seems completely unaware of Liverpool''s financial problems, yet completely privy to ours! Amazing! Maybe he things they are still in the Champions League and Bill Shankly is still their Manager?

The club would do well to refute the story and issue a request for its retraction and an apology. Such malicious nonsense will affect any on-going hopes of investment, as well as the morale around the club, from top to bottom, not least, players and management. Not only that, but, after we have all been told, over and over again, that, yes, times are hard-but admin is not an option...well, now they can publicly prove it and call a national papers bluff.

And ban that rags writers from the ground, Hardy first. Maybe he''s been tipped the wink by Mr Cowling?

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Sounds like the sort of tosh a two bit hack who scours football message boards would copy and paste together to fill a few column inches. Prefer to stick to the words of our own Mr. Bowkett than unsubstantiated twaddle like this."

City Chairman Alan Bowkett said: "As we forecasted, trading in 2009

was difficult. I am pleased to say that we are operating within

forecast for the current season. Naturally, we have had to undertake

substantial restructuring decisions. What is particularly pleasing is

the support of AXA, Lloyds Banking Group and our significant

shareholders.""However there remain balance sheet matters which need to be addressed.

"We have full financing facilities until at least the end of the

season, time to address our balance sheet issues with top class

advisors and we have meritorious business models going forward where we

are cash positive both in League One and the Championship, which is of

course where we aim to be as soon as possible."

- Directors negotiated further securitisation and banking facilities

from Axa and Lloyds Banking Group until at least the end of 2009/10

season
- Board confirmed therefore it is not necessary nor its

intention to sell any leading players in the current transfer window,

furthermore, the Board is attempting to strengthen the squad with the

support of its lenders.- Board has appointed leading financial

sport experts Deloitte as advisors. In addition international property

consultants King Sturge have been appointed to advise on property

matters.- Although cash forecasts show the Club can operate within existing banking facilities until the end of the current season,

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[quote user="Hardhouse44"][quote user="maninblack"]

As far as I am aware no ''business'' has been placed in administration due to either an annual loss or indeed the debt that the organisation has.  A business is placed in administration by either the board or the banks if it has run out of cash and cannot a) service the debt payments or/and b) meet it''s necessary and conracted regular outgoings.

This clearly includes such areas as salaries (being the biggest commitment). I am also not aware that the palyers have not been payed, a point I am sure we would all find out about.

Finally would the board approve a 3.5 yr contract yesterday to CM and all the additional cost that incurs if we were " on the brink of financial meltdown".............Unless there is another motive!

Exceptional TEAM performance yesterday!

[/quote]Common sense but well said.

We have a squad that is currently full of salable assets. Holt, Hoolahan, Martin, Russell, Smith,even the Doc. They would be sold to stave off administration. We have also signed players like Whitbread, Martin and McNamee all for a fee I believe and not to mention their wage.

We have a guy in Mcnally who as far as I can see has never lied to us. He told us we have no need to sell our star players. We haven''t. If we were so close to administration would he say that? would we still have our stars?

Finally we have in Bowkett, Foulger and Smith and Wynn Jones 4 people with the financial capability to stave of any threat of administration at this level. I for one am convinced they would, but I for one think this story is a load of waffle.
[/quote]

I wish I shared your confidence but I can''t believe anyone would make something like this up and print it in a national newspaper. The people running the club would have no say in the matter if the banks decided to pull the plug and say enough is enough.

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Probably a rumour that''s eminated from Colchester???

To be honest, if we were to go into administration it would be on 31 May when we have to pay AXA a loan repayment, but reading the clubs last accounts it seems Axa and HBOS want to help the club through it''s quite severe financial problems.

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