Both Birmingham and Coventry have been placed under temporary transfer and loan embargo. Something to do with accounts.
Well if they've been fiddling the books with all this Carson Young business, they might well be severely punished. Portsmouth are surely gone. They are a reputed £142m in debt with no assets. It was miraculous enough we found a benefactor to a mere £40m but for three and a half times that amount I cannot see how they can continue.
Another one to add to the list, it looks like Port Vale are calling in the administrators... http://www.bbc.co.uk/sport/0/football/17230886
Very sad times for british football Another opportunity to realise how lucky we were to have Assem Allam on standby
Neither case is really a surprise that accounts have been late getting submitted. I didn't realise a transfer embargo followed, but I'd not be overly concerned at the moment, there's no new concerns raised by it. Birmingham when they were trying to complete their accounts were also having to deal with all the admin involved in the Carson Yeung situation. They don't magically get extra staff to deal with that so they've ended up late completing accounts. The independent auditing process has obviously then been late starting and also possibly has extra verification required if they're dealing with Yeung stuff as well so they've been late submitting everything. Until they get things submitted and it's published it's impossible to say whether it's a problem or not. Coventry are in a relegation battle. As part of the submitting of accounts they have to include a budget for next year to consider the cashflow and things like that. A Championship budget has probably already been approved by the owners as they've been prepared to fund the deficit for the last few years, but in the event of relegation they'll need to put more money in (due to lower incomes), so the liklihood is they're still negotiating that budget with the board and can't submit until it's agreed. Again, it's not an immediate problem.
