Slave to the rhythm Posted May 7, 2011 Report Share Posted May 7, 2011 Apologies if this is on the wrong forum or if this has already been mentioned, but I've just read that Plymouth have reached a deal with their creditors which will see them repay less than 1p for every £ they owe. So, for example, non-league Southport FC are owed £50k and will now receive less than £400. I am amazed that the creditors have agreed to such a pathetic deal. Surely they would have been better off letting the club go bankrupt, as the resulting sale of the ground and the playing staff would raise far more money than this. I am happy that a football club has survived, but genuinely amazed that those people who were owed money have let them off the hook so lightly. It's like the Pompey situation all over again. The way that some clubs operate financially really makes me feel uncomfortable. Local businesses in Plymouth who did business with the club in good faith will have lost a lot of money, which they can ill afford. Link to comment Share on other sites More sharing options...
Portland Bill Posted May 7, 2011 Report Share Posted May 7, 2011 One bit of good news for Plymouth, with QPR going up they get £100,000 plus from the transfer deal that took Mackie to QPR. Link to comment Share on other sites More sharing options...
Slave to the rhythm Posted May 7, 2011 Author Report Share Posted May 7, 2011 One bit of good news for Plymouth, with QPR going up they get £100,000 plus from the transfer deal that took Mackie to QPR. I hope that money is used to pay the local St John Ambulance etc. Link to comment Share on other sites More sharing options...
pride of the west Posted May 7, 2011 Report Share Posted May 7, 2011 One bit of good news for Plymouth, with QPR going up they get £100,000 plus from the transfer deal that took Mackie to QPR. Its funny that thats all theyre prepard to their creditors. Well about 130k theyve offered. Shocking when thats about 3 weeks of their wage bill. Link to comment Share on other sites More sharing options...
SimonL Posted May 7, 2011 Report Share Posted May 7, 2011 Did we have a similar clause for Bradley Orr now that qpr have been promoted? Link to comment Share on other sites More sharing options...
CotswoldRed Posted May 8, 2011 Report Share Posted May 8, 2011 If I was owed £50k by Plymouth and they offered me £400 to settle, I'd happily pay another £400 just to have the pleasure of seeing them go bankrupt. Ridiculous. Link to comment Share on other sites More sharing options...
havanatopia Posted May 8, 2011 Report Share Posted May 8, 2011 If I was owed £50k by Plymouth and they offered me £400 to settle, I'd happily pay another £400 just to have the pleasure of seeing them go bankrupt. Ridiculous. If 3/4 of creditors do that they will. Link to comment Share on other sites More sharing options...
Cambridge Batch Red Posted May 8, 2011 Report Share Posted May 8, 2011 They should be wound up. bunch of crooks Link to comment Share on other sites More sharing options...
john shaws hair Posted May 8, 2011 Report Share Posted May 8, 2011 Did we have a similar clause for Bradley Orr now that qpr have been promoted? ha ha dnt be silly were bcfc we dnt do things like that (andy cole etc) mind you if danny coles plays for england and scores the winner in the world cup finals i think we get entered into the rovers christmas hamper draw for free ..... Link to comment Share on other sites More sharing options...
BIGPHIL Posted May 8, 2011 Report Share Posted May 8, 2011 I think that I read somewhere that when clubs go into admin that football debts have to be paid in full., so they will have to find the money from somewhere to pay debts like that in full. Link to comment Share on other sites More sharing options...
Nibor Posted May 8, 2011 Report Share Posted May 8, 2011 I think that I read somewhere that when clubs go into admin that football debts have to be paid in full., so they will have to find the money from somewhere to pay debts like that in full. Indeed, it's one of the FA rules or it was until very recently (the Revenue were challenging it in court but not for the first time). I suspect they have to pay football creditors in full. Link to comment Share on other sites More sharing options...
Slave to the rhythm Posted May 8, 2011 Author Report Share Posted May 8, 2011 Indeed, it's one of the FA rules or it was until very recently (the Revenue were challenging it in court but not for the first time). I suspect they have to pay football creditors in full. http://news.bbc.co.uk/sport1/hi/football/13313804.stm You are probably right about the football creditors but it's a devastating blow for the non-football creditors. Link to comment Share on other sites More sharing options...
CardiffBlackLabel Posted May 8, 2011 Report Share Posted May 8, 2011 http://news.bbc.co.uk/sport1/hi/football/13313804.stm You are probably right about the football creditors but it's a devastating blow for the non-football creditors. It is outrageous. Clubs like Plymouth don't deserve sympathy for their plight. The fans do, but the club doesn't. Link to comment Share on other sites More sharing options...
The Casual Connoisseur Posted May 8, 2011 Report Share Posted May 8, 2011 Hmmmmm Link to comment Share on other sites More sharing options...
chinapig Posted May 9, 2011 Report Share Posted May 9, 2011 Indeed, it's one of the FA rules or it was until very recently (the Revenue were challenging it in court but not for the first time). I suspect they have to pay football creditors in full. Indeed, and the judge has agreed that HMRC can use this case to challenge the football creditors rule. They tried it in the Portsmouth case but the judge chickened out, claiming he had no jurisdiction. The outcome could make a hell of a difference. It is scandal that millionaire footballers get their money in full whereas local businesses and the tax payer get bugger all. Link to comment Share on other sites More sharing options...
CotswoldRed Posted May 9, 2011 Report Share Posted May 9, 2011 Indeed, and the judge has agreed that HMRC can use this case to challenge the football creditors rule. They tried it in the Portsmouth case but the judge chickened out, claiming he had no jurisdiction. The outcome could make a hell of a difference. It is scandal that millionaire footballers get their money in full whereas local businesses and the tax payer get bugger all. I'm not sure how easy it would be to challenge. Isn't it, in effect, a rule that simply says "if you want to continue to play in our leagues you musn't owe any club any money". Its a rule of participation and administrators have no choice but to adhere to it to save the club. It can't be considered that the FA is writing tax/fiscal law. But WTFDIK. Link to comment Share on other sites More sharing options...
Monkeh Posted May 9, 2011 Report Share Posted May 9, 2011 football debts must be paid in full so Southend will get their 50k but local business's etc will be shafted, thats why HMRC want a club to go to the wall Link to comment Share on other sites More sharing options...
chinapig Posted May 9, 2011 Report Share Posted May 9, 2011 I'm not sure how easy it would be to challenge. Isn't it, in effect, a rule that simply says "if you want to continue to play in our leagues you musn't owe any club any money". Its a rule of participation and administrators have no choice but to adhere to it to save the club. It can't be considered that the FA is writing tax/fiscal law. But WTFDIK. http://www.independe...ts-2279579.html We shall see what the High Court decides, though I will not hold my breath. We have seen in recent years just how much the Establishment looks after it's own. Link to comment Share on other sites More sharing options...
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