***takeover news!!!!!***
- Thread starter devonblue
- Start date
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Re: potential concerns about debt problems once any takeover has been complete. The way I look at it is, there are two possibilities - 1) Steve Hayes and the Trust cant come to an agreement, Hayes continues to run the club in a financially unsustainable way and we end up in administration owing Hayes a load of cash. 2) Hayes and the Trust come to an agreement, we are left in debt and, potentially administration but Hayes has gone away and we are being led by a group who have WWFC's best interests at its heart. I know which option I prefer. Either way (and taking into account the financial environment we all find ourselves in!), we are going to have a few seasons of financial hardship I reckon and supporters need to be cool with the impact this may have on our league progress. This could mean a couple of seasons of mid-table obscurity in LG 2.
I live in Exeter - another club who are run by their fan's trust - and it really works well for them. They arent in anything like the debt of most other clubs and are pretty much self sustaining.
I predict this deal will happen, I think we'll be skint for a while, have a smaller squad and possibly a 10 point deduction at some point. However, we'll almost certainly come out of it in a better state, run by an organisation with the best intentions. Heres hoping......
I live in Exeter - another club who are run by their fan's trust - and it really works well for them. They arent in anything like the debt of most other clubs and are pretty much self sustaining.
I predict this deal will happen, I think we'll be skint for a while, have a smaller squad and possibly a 10 point deduction at some point. However, we'll almost certainly come out of it in a better state, run by an organisation with the best intentions. Heres hoping......
I don't think anyone would disagree with your preferred choice Devon.
A few extracts from here and there:
Sports clubs in the United Kingdom, most often in football, sometimes choose to enter administration when they are unable to pay off outstanding debts. Under the Insolvency Act 1986 a business will face a winding-up order bringing them to court and if it is shown that a business cannot pay debts as they fall due or cannot repay outstanding debts then the company will be classified as insolvent.
Administration puts accountants "in charge of pretty much everything apart from coaching the players and picking the team". For a football club in administration the "football creditors rule" requires football-related debts such as monies owed to players, staff and other clubs to be paid first.
One problem with going into administration may be that The Administrator is in control. He decides if company is sold, liquidated or put into CVA. Directors have no control or input.
The Administration must have a purpose and the Government encourages the use of company rescue mechanisms after Administration.
Not sure about this part of the Insolvency Act:
"A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the companyâs assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities."
Hayes would be able to clear the debts so maybe (I don't know as I'm not up on this sort of thing) it would be cheaper for him to pass the club over to WWFC Trust at a knock down price and WWFC Trust then apply for administration being unable to pay the outstanding debts.
For anyone wishing to read up on administration this site is very readable.
The penalty may not just be a 10 point deduction. A 10 point deduction in L2 would be fantastic. Southampton had a 10 point deduction and they did OK, easily avoiding relegation and gaining promotion the following year. However there is pressure to make the penalty more severe by forcing automatic relegation which could, conceivably, mean relegation into non league.
What appears to be the worst possible scenario without Hayes is better than continuing with Hayes. Lower wage bills, lower expenses, lower debts, possibly Steve Brown as manager and Ainsworth assistant, revived enthusiasm, potential giant killing runs to assist clearing debts. I would expect (at least hope) that volunteers would help run the club on an expenses paid basis. Christ I would hep out with administration/systems if they asked me. They wouldn't have to pay me a salary.
A few extracts from here and there:
Sports clubs in the United Kingdom, most often in football, sometimes choose to enter administration when they are unable to pay off outstanding debts. Under the Insolvency Act 1986 a business will face a winding-up order bringing them to court and if it is shown that a business cannot pay debts as they fall due or cannot repay outstanding debts then the company will be classified as insolvent.
Administration puts accountants "in charge of pretty much everything apart from coaching the players and picking the team". For a football club in administration the "football creditors rule" requires football-related debts such as monies owed to players, staff and other clubs to be paid first.
One problem with going into administration may be that The Administrator is in control. He decides if company is sold, liquidated or put into CVA. Directors have no control or input.
The Administration must have a purpose and the Government encourages the use of company rescue mechanisms after Administration.
Not sure about this part of the Insolvency Act:
"A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the companyâs assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities."
Hayes would be able to clear the debts so maybe (I don't know as I'm not up on this sort of thing) it would be cheaper for him to pass the club over to WWFC Trust at a knock down price and WWFC Trust then apply for administration being unable to pay the outstanding debts.
For anyone wishing to read up on administration this site is very readable.
The penalty may not just be a 10 point deduction. A 10 point deduction in L2 would be fantastic. Southampton had a 10 point deduction and they did OK, easily avoiding relegation and gaining promotion the following year. However there is pressure to make the penalty more severe by forcing automatic relegation which could, conceivably, mean relegation into non league.
What appears to be the worst possible scenario without Hayes is better than continuing with Hayes. Lower wage bills, lower expenses, lower debts, possibly Steve Brown as manager and Ainsworth assistant, revived enthusiasm, potential giant killing runs to assist clearing debts. I would expect (at least hope) that volunteers would help run the club on an expenses paid basis. Christ I would hep out with administration/systems if they asked me. They wouldn't have to pay me a salary.
I for one would put up with a few years of struggling in div 2 or even non league if it got us financially stable again.wwfc needs to survive that is all we can hope for at this stage anything after that will be a bonus.
Very informative, cheers Ron. Not sure they could cover your travel costs thought LOL
I know you're only joking Devon but actually I'd be here in the virtual office. Any necessary travelling expenses would be peanuts compared to paying someone a salary.
In fact I'm getting quite interested and might even suggest it to them if they get desperate.
Agree Rocky. Id settle for a mid-table finish next year it means getting the club back on course financially without Hayes.
Me? Joking? Never!!!might be a little bit suspicious if all your references came from people on here though
You mean anyone on here would supply one?
an interesting thought i had today,would anyone on here be interested on sponsoring a player next season,i am sure the trust would welcome a few quid in the coffers and it would also promote our blues site on here
cheers matster and good luck to the shrews next season as wellGood luck with the wasp spray and repelling the pest. Let's hope you start season 2012/13 with the sun shining and a win
is all this stuff with hayes coming about because of his recent alleged hacking charge ,i wonder.if he was found guilty would the courts freeze his assets ie wwfc and wasps,maybe ron could answer this for us
Rocky blue army:2828509 said:
I would be interested depending on cost. No clue how much it is to sponsor a player but the idea of one being sponsored by the Not 606 community does sound good.
Another good way to help the trust is to join them. I did this a couple of weeks ago and it feels quite exciting to be involved with the organisation that will own the club. Plus it only costs £10 per year and was very easy to set up.
I notice they post on the gas room a bit. I could contact them to see if they could communicate on here too if anyone would be interested in that?
I'll join up. Would be good to get them posting here. Failing that we just need a single thread on here where all the links can be posted; a ready made index.