There But For The Grace Of Sl!

[Hillbilly]

The problem is that irresponsible chairmen are in no way accountable. Running a club into the ground (or any business) and leaving creditors in the lurch is never punished. If these arrogant fat cats want million pound salaries and obscene bonuses then fine, but the law should enforce that they are similarly responsible.

That means if you take on a job with that level of responsibility and **** it up through wrecklessness, dishonesty or sheer incompetence your personal assetts should be seized and you should do serious prison time. It's the only way I can think of to put these bastards off trying it in the first place.

That's what Limited companies were designed to protect against. Limited liability, i.e. no personal liability. Or in other words...take massive salaries and probably dividends then when the company has no more money bu99er off somewhere else and start again.

[Drew Peacock]

Hear, hear! Surely clubs with a given level of debt (say compared to turnover) should be prevented from buying players for instance? Aren't Forest for example carrying a large debt yet they continue to shell out on fees and big wages?

That would put most clubs out of existence.

Red Top has it spot on, the sooner one or two clubs go bust the better if it makes the rest wake up, but I doubt if it will. Maidstone Utd?

[zippycar]

Red Top.

Couldn't have put it better and exactly my take on the current malaise in football.

The previous CVA that Swindon entered into has conditions that if not met, could send it to the wall.

This also ignores the wrath of HM Revenue & Customs for their currently reputed £1.8 debt.

No doubt they are stilled owed money in the original CVA and are therefore unlikely to agree to any deferment or reduction on the current debt, leaving bankruptcy the only option; especially as they would be at the front of the queue of creditors.

Let us not forget that every time a club goes into administration real people are loosing money, not just shareholders, but their many suppliers, big and small.

If this was happening in any other business it would be a scandal and the subject of a Rouge Traders or Watchdog investigation.

The sooner reality dawns, the better for the game, especially well run clubs like ours.