NEW THREAD FOR ALL THINGS TAKEOVER | Page 52 | Vital Football

NEW THREAD FOR ALL THINGS TAKEOVER

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Sol1960 said:
As a practitioner in accounts and the dark arts I remain confident of us still having a club at the end of the process as the admins first role is to ensure we continue to exist as a going concern.
it might not be as we knew it....but hopefully it will be recognizable
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Thanks for that and welcome
 
N"Zogbia's fan club said:
Why can't the Admin issue a Letter of Credit to creditors and guarantee it on debtors payment? That way we do not have to sell assets just to pay off due creditors.
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I'm not sure if you actually mean a "Letter of Credit", or simply a "credit note" NZFC.

I doubt a simple credit note would work .......... as we may not be in business for it to happen.

A LoC however is a different thing altogether. It works by the buyer placing funds into an account which is then drawn down on against purchases. A completely different model.

I get what you are saying, but because of the payment schedules, I can't see that it would work.
 
moonay said:
If that were the case Stetic, then possibly, many of the players who have just left might not have done so ................ and we therefore wouldn't have raised the money to pay the bills. How would that have helped us?

As for us being owed money by other clubs, yes, we are .......with an agreed payment schedule. The fact that we need to pay our own bills right now (regardless of any agreed payment schedule with other clubs) in order to stay afloat is a completely separate issue.
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Like I say moonay changes have to be made or we will lose a lot of clubs. Sooner or later an emergency war chest must be set up funded by the FA, EFL, PFA, lottery grant etc etc. Let's say Sunderland for example still owe us 2 mill for Will Grigg at the time we went into admin. We take the money out of the kitty and Sunderland pay it back in with the same instalments. It's just crazy how it works at the minute selling everything off dirt cheap like a car boot sale. How are clubs expected to get themselves out of trouble when they must pay football creditors back in total yet cannot recover any monies owed to them. There is enough money sloshing around in the sport to be able to take care of its members in crisis.
 
Hampton said:
If you are not copy and pasting you mustn't have seen the original point so sharing the response you wouldn't have seen either for completeness 😁
Will give some positive feedback when you have anything meaningful to post Craig !
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Thanks stay positive and friendly
 
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moonay said:
I'm not sure if you actually mean a "Letter of Credit", or simply a "credit note" NZFC.

I doubt a simple credit note would work .......... as we may not be in business for it to happen.

A LoC however is a different thing altogether. It works by the buyer placing funds into an account which is then drawn down on against purchases. A completely different model.

I get what you are saying, but because of the payment schedules, I can't see that it would work.
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So this would mean that monies due for player sales and sell on clause goes to the despicable owners and administrators indefinitely. Unbelievable.
 
N"Zogbia's fan club said:
So this would mean that monies due for player sales and sell on clause goes to the despicable owners and administrators indefinitely. Unbelievable.
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No. I may be wrong, but as the clubs who owe us transfer payments are debtors, I presume those future payments, when paid, would go to whoever buys the club.
 
moonay said:
No. I may be wrong, but as the clubs who owe us transfer payments are debtors, I presume those future payments, when paid, would go to whoever buys the club.
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Along with the add ons put on all the players they've sold for tuppence. We are going to be rolling in it soon!
 
I don't know if its already been mentioned in this or another thread (so apologies if it has), but does anyone know what clubs still owe us money for transfers - how much and when we should receive it?
 
FrancosLoveChild said:
We sold Euxton and about to sell the stadium, where has and will this money go too. Surely all that plus Lowe is more than enough for August, even September.
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Franco.....have you read the statement?

Euxton money and Lowe money will go to Au Yeung. This is to support the purchase of the club.
 
moonay said:
Franco.....have you read the statement?

Euxton money and Lowe money will go to Au Yeung. This is to support the purchase of the club.
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I'm on mobile so I just about have a torrid time using this horrible forum that is not very user friendly, so it drains all my will power ;)

Okay, so if that's the case we are Debt free.
 
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