The Football News Thread 2022/23

[Tredman]

I'm not sure I understand the difference between going under and going into admin.

Bit like chapter 11 bankruptcy over there i think.

 

[Paddingtonwolf]

Admin is points deduction possible relegation. Liquidation is new phoenix club starting at the bottom of the pyramid. We were so close I wouldn’t wish even on Albion or Notlob

 

[Deutsch Wolf]

Admin is points deduction possible relegation. Liquidation is new phoenix club starting at the bottom of the pyramid. We were so close I wouldn’t wish even on Albion or Notlob

I'd only wish that on McDons. Because that's where they should have started from rather than stealing a club.

 

[Paddingtonwolf]

Yes. That’s an exception.

 

[Banjo]

I'm not sure I understand the difference between going under and going into admin.

Your equivalent of administration is a chapter 11 bankruptcy. Administration is a formal insolvency process which was brought in back in 2003 to try to rescue businesses by allowing an administrator to go in and manage things whilst marketing the business for sale to the highest bidder. The added benefit is the administration creates a moratorium on legal action, so no one can sue or enforce their debts against the company whilst the administrator is in office.

The business and assets (which includes the team, coaching staff, etc) are then sold to a new company, with the debts left in the old company (and the administrator will use the sum paid by NewCo to pay off some of the debts in OldCo).

By contrast, our other main formal insolvency process in Eng & Wales for corporate entities is a liquidation (also known as "winding up" or, colloquially, going "bust"), which is the death of the business and of the company. So, if it's a football club, it no longer exists if the company goes into liquidation. Liquidation is the only option if there is no way of rescuing the business. This is what happened to Bury.

To avoid encouraging owners to allow clubs to rack up huge debts, and then just putting them into administration and buying the business back using a new company, the PL and football league apply heavy points deductions if a club goes into administration. Recent examples include Derby County.

As you may have guessed, I work in insolvency!

 

[Johnny75]

Richard Rufus gone down for 7 1/2 years for fraud.

£12.5m fraud of his family and friends amongst others.

 

[Aikiwolf]

Everton's new ground now set to cost £760 million, a £260 million increase since last year.

 

[leedswolf]

Not sure how I would feel about it. Not going to affect me though. I’m going to be watching every game live for a much lower monthly rate than I get charged now for Sky and BT. It does involve a lot of insomnia though!

(L)Optus?

 

[WsWolf]

Mendy found not guilty on 7 counts, jury couldn't reach a verdict on 2. Wonder what that means for him now, he's been suspended without pay by man city but presumably he'll have a case to get all that money back?

 

[Tony Towner]

Depends on whether the CPS want to retrial the other 2 counts I guess

 

[Banjo]

From what I've read, the CPS has already decided to go for a retrial on the two counts where no decision could be reached.

 

[Alan]

*sigh*

 

[Banjo]

It cannot be overstated how difficult it is for the CPS to secure rape convictions in this jurisdiction.

 

[Alan]

Not even angry. Just weary.

 

[North Shropshire Lad]

As the evidence came out in press reports on a daily basis, the credibility of the witnesses seemed to get worse and worse. I'm not at all surprised at the the verdict.
Clearly a deeply unpleasant man who took advantage of his position and wealth. As additional less reliable accusations were added to the initial charges, it seemed to reduce the chances of conviction rather than enhance it.

 

[Paddingtonwolf]

Thats trial by media though

 

[North Shropshire Lad]

I'm not suggesting the jurors were influenced by the media, I'm suggesting that the media reports of what the jury had heard made a conviction seem highly unlikely.

If found not guilty of the two outstanding charges, will Mendy receive his lost earnings in full and any lost future earning potential? Will Manchester City be 'paid' for the loss of a [£30m to £60m?] asset? How does it work?

 

[Paddingtonwolf]

The jury aren’t allowed to see the media reports

 

[North Shropshire Lad]

I know that. I said I wasn't surprised that, having seen the media reports of the evidence, he was found not guilty.

 

[Paddingtonwolf]

I wouldn't necessarily take media reporting as evidence. It's always how the reporter actually reports the actual evidence given in court. Nuances and so on, not to mention potential agendas.