If the plan is to take as much money out of the club as possible then trouser the last parachute payment and walk away. Can they put the club in administration even though it won’t have any debt?
Allams and administration
- Thread starter Tony Angelino
- Start date
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It depends what you mean. A chief executive is an administrator.
An insolvency practitioner is brought in when a company is not profitable or likely to return to profitability in the near future.
They can probably wind the club up if they want to (even if there were buyers interested and the club was profitable).
They’re ****s and if it was any other club or city then ours they’d be strung up!
Could this be what they ment when they said if it wasn’t sold they’d bring a 3rd party in to run the club
Possibly. I thought that's what they meant when Geoff said it.
I'd guess that they will get their money out and then wipe their hands of the club. Some 3rd party will be told to make it break even. If that that's not possible due to insufficient income then put it into administration or liquidation.
I thought that would be the number one reason not to piss off your surrounding area, because you are a local owner. However, if the vice chairman has relocated to Leeds and the chairman is not long for this planet, then that kind of removes that issue.
*Conjecture and rumours over the years.
Because we’re soft! Would not happen anywhere else mate!
In light of what happened at Blackpool, can the PL withdrew the final parachute cheque until assurances are received that it won't be trousersed by the owners or do they just get the dosh no matter what?
now that's a good question - you would assume that the parachute money came with a condition that it must be invested for football purposes
Well if more than one midlands team are promoted Escab may still have an entry into the Premier League by way of association...
I'm sure someone knows the semantics.... but the distribution of parachute money does carry a caveat about covering salaries etc I believe.. maybe I dreamed that..
They get the dosh. It's only cos the oystons didn't share it with their fellow owner. Not that they didn't reinvest it.
Im sure they will keep the Council sign as a souvenir to help them remember.