Bury | Page 32 | Vital Football

Bury

No one wante any club to fold, especially one with such a long history.
However it is also unfair on all other clubs when a club runs a team of players far above what they can legitimately afford.
Even if Bury (or any other club in such a situation) manage somehow to survive this, they should face a double demotion as a penalty.
The 9 points or 10 points or 12 points off has little and often no consequence and is no longer enough.
 
Barmy isn't it?

Bury owe £1.6m to a company even though they only received £960k £640k was agreed to be directed elsewhere as a fee.

Likewise another loan of £720k also had a 40% fee yet still owe all the money on that, too.

On the face of it, the SFO will have a field day.
 
The funding appears to involve multiple companies based in Malta and the Virgin Islands, and a 40% commission?

And yet no-one thought it might be dodgy?

The whole of football in the UK needs to have a regulatory body, with proper teeth and penalties, which works alongside verified, legitimate lending institutions The present situation is a joke, it enables clubs to cheat in the short term and ensures the fans pay the penalty when things go disastrously wrong.

Control costs and you at least keep your football club.
 
berksimps said:
The funding appears to involve multiple companies based in Malta and the Virgin Islands, and a 40% commission?

And yet no-one thought it might be dodgy?

The whole of football in the UK needs to have a regulatory body, with proper teeth and penalties, which works alongside verified, legitimate lending institutions The present situation is a joke, it enables clubs to cheat in the short term and ensures the fans pay the penalty when things go disastrously wrong.

Control costs and you at least keep your football club.
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Their WUP scheduled for today adjourned for another 6 weeks
 
Bury have been granted two extensions already, and the debt will have got worse, by £50,000 every week if the rumours are true. That would mean the situation worsening during the two periods of extension to the tune of £400,000 in response to an original winding-up petition worth £277,000. To compound an already ludicrous level of debt, HMRC today added a further £350,000 to the outstanding amount.

As for the supporters, the gofundme campaign has raised barely £5,000 of its intended £500,000 target, which will pay the interest on those huge loans for about three minutes.

This is a ridiculous situation. Will they start the season or won't they? What kind of team will they be able to field, if at all?

The EFL should be taking action right now by expelling this diseased club from its membership.
 
Not knowing the full details of what was or was not proposed to the court this morning to allow this petition to be extended I fear this matter will drag into the season now which may cause serious issues if they fold after playing some games. It is something of a farce.

So when the fixtures are announced tomorrow would we want them early doors when in all likelihood their team will be full of youth players yet run the risk of that result being expunged if they still fold part way through the season??
 
sedgleyimp said:
So when the fixtures are announced tomorrow would we want them early doors when in all likelihood their team will be full of youth players yet run the risk of that result being expunged if they still fold part way through the season??
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Another team could play them early on and pick up injuries and suspensions that could affect their season, only to have the result expunged if and when Bury do fold. The injuries and suspensions could not be expunged, of course. That is just one of the many ways in which this state of limbo is not acceptable.
 
You'd have to think they've demonstrated some evidence that incoming funds and/or a takeover over the coming weeks is possible given this extension. That said, you'd also have to think if nothing is in the can for the end of July, they will be toast and League 1 will be played with 23 teams in 19-20. Surely the EFL wouldn't start playing musical chairs that late in the day with either the teams relegated from L1 last season, or indeed L2 given the knock-on effects to the Conference.
 
* No one actually knows the size of the debt, estimated between £8m and £12m.
* 2017-18 accounts now four months overdue.
* Interest payments on ludicrous loans that no club outside the Premier League could cover.
* Losing around £50,000 per month by Steve Dale's own admission.
* Another £350,000 added to the debt today by HMRC.
* No income because no one is buying a season ticket and there are no games on.
* No one being paid because the club has no cash and no prospect of getting any.
* Traditionally poor home gates.
* Club offices closed - how can any business operate like that?
* Staff redundancies promised (threatened, actually).
* Player contracts are all void.
* No manager - who would even consider this job?
* How many players are going to sign for them, on a scale of 0 to 0?
* No pre-season games arranged.
* Nowhere to train, apparently.
* No concrete offers to buy, so why a third extension from the court?
* Who in their right mind is going to consider buying it, let alone actually doing so?
* All with just 45 days to go before the new season kicks off.

Happy with that, EFL?
 
berksimps said:
The funding appears to involve multiple companies based in Malta and the Virgin Islands, and a 40% commission?

And yet no-one thought it might be dodgy?

The whole of football in the UK needs to have a regulatory body, with proper teeth and penalties, which works alongside verified, legitimate lending institutions The present situation is a joke, it enables clubs to cheat in the short term and ensures the fans pay the penalty when things go disastrously wrong.

Control costs and you at least keep your football club.
Click to expand...

The whole of football finance - especially and increasingly so in the EFL is a complete joke. Surely we have to reach a point in the very near future where budget/wage caps are put in place. Isn't the Championship now running at something like an average £10k a week for players, with the top earners on vastly more than that? My cousin - a big Forest fan - told me that the totally ordinary Henry Lansbury was on £30k a week when he was captain there. That's a total farce.
 
79imp said:
That said, you'd also have to think if nothing is in the can for the end of July, they will be toast and League 1 will be played with 23 teams in 19-20. Surely the EFL wouldn't start playing musical chairs that late in the day with either the teams relegated from L1 last season, or indeed L2 given the knock-on effects to the Conference.
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EFL rules state that League One will have 23 teams.
 
79imp said:
You'd have to think they've demonstrated some evidence that incoming funds and/or a takeover over the coming weeks is possible given this extension.
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The hearing lasted five minutes; I would have thought no evidence of anything whatsoever could have been given in that time.
 
Can the petitioners of the winding up order appeal this extension being granted?
Given its the third extension (i think), might they have grounds of appeal that basically this is now an ultra ludicrous position, especially as the debts are mounting daily.
 
Tbh I find this whole kick them out thing now! Diseased club etc distasteful! You have short memories you lot calling them out. Tbh I genuinely feel for the supporters in this because I know how we would feel if it were our club ( in fact I do remember what it feels like). We do not know the facts end of! We are purely speculating but one thing I do know is that the judge would not grant an adjournment if they didn't feel it was the best way of resolving things. Clearly one of the main creditors thinks so because they have clearly backed it and didn't support admin or liquidation and it doesn't appear that HMRC or anyone is pushing for liquidation so clearly there is some light otherwise the club would have been wound up by now!

Clearly there needs to be tighter regulation but then again you can say that for every sphere of business because there are lots of companies who run up huge debts then conveniently wind up.

Let's get two things straight! 1. The judge has more info than us so those reeling out this figure and that figure we don't know the whole situation so you cannot make a reasonable judgement. 2. The supporters are the innocent ones in this and for that reason I hope the club survives and all you supporters should remember that!

If they do survive they will pay the price because they face a season of almost certain struggle and relegation. Let's also remember there are many clubs surviving on handouts and spending more than they have.
 
buckielugger said:
Can the petitioners of the winding up order appeal this extension being granted?
Given its the third extension (i think), might they have grounds of appeal that basically this is now an ultra ludicrous position, especially as the debts are mounting daily.
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forcing bury into liquidation doesn't help hmrc
hmrc want their money. and hmrc are not going to go out of business waiting for it. they want bury to find a new owner that can pay them.
 
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