Generic clubs in financial crisis Thread

[FORSTERS_RIGHT_FOOT]

Cardiff City to face winding up order .

Cardiff City are facing their second winding-up order over an unpaid debt to Her Majesty's Revenue and Customs.

The Championship club was issued the petition on 23 December over unpaid tax and will face a winding-up order in the High Court on Wednesday, 10 February.

Cardiff had a winding-up order dismissed by the High Court on 16 December when the Welsh club did a deal with HMRC over an undisclosed debt.

Cardiff chairman Peter Ridsdale is expected to issue a statement shortly.

http://news.bbc.co.uk/sport1/hi/football/teams/c/cardiff_city/8448330.stm

[TBM]

Cardiff chairman Peter Ridsdale

There's your problem straight away

[TFF]

Palace is the other one to watch, they are in big trouble if their home game on Sat gets called off.....

[handbags_harris]

What the hell is going on at Cardiff City? Winding up order, thrown out by the court after a deal was reached with the HMRC, season ticket plan where people buy their season tickets now in return for direct investment in the playing squad, leaked stories about unpaid HMRC debts, statements insisting everything is ok and the leaked information has been taken out of context, a new winding up order issued over £2.7 million tax bill cueing another statement insisting everything is ok, the HMRC have agreed to receive their money by 10th February, three players have been lined up to come in by the end of the month. There is obviously something very very wrong and I honestly wonder, with Ridsdale's past records of screwing clubs over, if he is the driving force behind the season ticket idea and then fabricating stories about where the money will go. It does seem a little convenient that £2.7 million is a similar figure to the £3 million "transfer kitty". I foresee one of two things happening in January as a result - Cardiff buy players worth £3 million that they can't afford to ensure the fans believe what was said, or their proposed "purchases" fall through at the "last hurdle".

Dirkers, what's the story on this if you know anything?

[Ian Royal]

They'll buy the players and then go into administraion, best of both worlds. Bunch of criminals.

But it's a winding up order isn't it? Doesnt that work a little different to adminsitration?

[The whole year inn]

Cardiff City to face winding up order .
]

we'll see, shall we Mr Ridsdale

[Kitson12]

More trouble @ Pompey:

Portsmouth face TV cash deadline
Portsmouth have been given a Tuesday deadline by the Premier League to repay football creditors or have their latest slice of television money withheld.

The club have until 1700 GMT to resolve the situation or face losing out.

If they fail to meet the deadline, the TV money - thought to be about £7m - will be used to help pay off other British and European sides.

Chelsea and Tottenham, as well as French clubs Lens and Rennes, are understood to be owed money by Pompey.

"The parlous financial situation at Fratton Park that has led them to paying their players late three times this season has prompted the Premier League's intervention," said BBC sports news correspondent Gordon Farquhar.

"They have already placed the club under a transfer embargo and are now preparing to withhold the £7m and then hand it out in due course to help settle debts.

"That £7m is not enough to pay the football creditors. The club has several other substantial debts and is facing a winding up order next month. Club officials are confident they can sort this out but fans are deeply concerned."

Redirecting TV money is allowed within league rules to protect clubs that are owed money from transfers.

Portsmouth have estimated debts of £60m and face the winding up petition from HM Revenue & Customs (HMRC).

Dubai businessman Sulaiman al-Fahim bought the club in August before selling a 90% stake to Saudi businessman Ali Al Faraj in October.

A club statement at the time read: "The takeover will ensure Portsmouth's future is safe and will bring financial stability."

But the promised significant investment has not materialised and fans are planning to continue protests about the club's problems.

In an interview with BBC Radio 5 live's Sportsweek programme on Sunday, Portsmouth executive director Mark Jacob conceded he had never met the club's owner.

"I report to Mr Al Faraj, his brother and several of his other representatives and they are quite happy with the way things are going so far, although they have been disappointed by the negative publicity over the last couple of months," he stated.

"Quite clearly the problems at Portsmouth have not been since October 2009, they have been caused prior to that date."

The club have asked for HMRC'S winding up petition to be withdrawn and Jacob has said he is confident the transfer embargo will be lifted.

Last week, he insisted there would be no fire sale of players by the cash-strapped club in the January transfer window.

"I can assure fans that won't happen," he told BBC Radio Solent.

"But, quite clearly every player has their price and if manager Avram Grant feels there are players surplus to requirements then we will support him."

A week after they should have been paid, the Pompey players finally received their December wages.

Portsmouth are bottom of the Premier League, with 14 points from 20 games leaving them four points adrift of 19th-placed Hull City.

[Barry the bird boggler]

And another chunk of their TV money goes to pay of players and creditors - this is a farcical situation and is effectively a club being bailed out by the league which, IMO, should not be allowed...

[TBM]

And another chunk of their TV money goes to pay of players and creditors - this is a farcical situation and is effectively a club being bailed out by the league which, IMO, should not be allowed...

Would you rather they went bust?

[Tails]

And another chunk of their TV money goes to pay of players and creditors - this is a farcical situation and is effectively a club being bailed out by the league which, IMO, should not be allowed...

I'm not sure I understand why you think the PL are bailing Portsmouth out. I believe the opposite, preventing Portsmouth from using said money on purchasing more players they cant afford whilst the clubs they still owe miss out on payments owed to them can be the only viable option for the PL.

(Before we move on to how it prevents Portsmouth from paying their own players, I think it is more appropriate for the PFA to protect those players....and of course, serves as a reminder of who you chose to play for and the risk of being part of such a unsustainable business plan)

[buzzby]

Did anyone see Inside Out on BBC1 last night. Not sure if you have the same one as we get in the south (I'm in Portsmouth) they had a part where they were talking about how its all gone wrong since the FA cup win.
Then they went up the road to us at Reading and spoke John Madejski about how they risked the club for FA cup glory.

Just found the link to Inside Out South

http://www.bbc.co.uk/programmes/b0071msn

12 mins 30 secs in

[Pseud O'Nym]

David Sullivan, having looked at the books of 20 clubs with a view to purchase, says football finances are "Frightening":

http://www.skysports.com/story/0,19528,11661_5854213,00.html

He believes one Prem and several Championship teams are on the verge of collapse.

[Tony Le Mesmer]

When they talk about clubs on the brink of collapse, are we just talking about yet another club in Administration? ie, go down a division of 2 and you've cleared your debts, such as Leeds or Soton.

Or will we now see clubs being wound up completely? Its got to the point where the price of Administration seems worth paying. In portsmouth's case its like "we won the cup, we're paying the price now, but we'll be back" Will HMRC say enough is enough and not accept offers from Administrators and wind up a club for as much as they can get?

Each club in Adminstration has a different reason, some deserve it some dont. But the league has to do something i think. If clubs finances are out of control, should the league take action before adminstration, or rid them of their golden share?

[Silver Fox]

Just how many people are involved in Portsmouth's supporters trust? It seems there's a different ugly bastard trying to get his face on the telly fro9m a Pompey pub every day

[Arch]

"But there's not a lot of money out there to buy players at the moment. Even some of the clubs who you think have got money really haven't got much money to spend on players."

Come on, tight-arse egomonster. Splash the cash!

[Harpers So Solid Crew]

Just how many people are involved in Portsmouth's supporters trust? It seems there's a different ugly bastard trying to get his face on the telly fro9m a Pompey pub every day

Whereas we get the same media whore each time

[Harpers So Solid Crew]

Did anyone see Inside Out on BBC1 last night. Not sure if you have the same one as we get in the south (I'm in Portsmouth) they had a part where they were talking about how its all gone wrong since the FA cup win.
Then they went up the road to us at Reading and spoke John Madejski about how they risked the club for FA cup glory.

Just found the link to Inside Out South

http://www.bbc.co.uk/programmes/b0071msn

12 mins 30 secs in

Hmmm they had a wage bill of just £4m more than we had,

[TheMaraudingDog]

With United's financial problems starting to get a lot of media attention it can only be a matter of time before this chap starts hanging around OT waiting for the Sky Sports cameras to turn up.

[AF2]

With United's financial problems starting to get a lot of media attention it can only be a matter of time before this chap starts hanging around OT waiting for the Sky Sports cameras to turn up.

http://www.guardian.co.uk/football/2010 ... ing-ground

[exileinleeds]

West Ham's proposed take over may now have hit a snag....

http://news.bbc.co.uk/sport1/hi/footbal ... 455544.stm