What’s going on? | Page 55 | Vital Football

What’s going on?

moonay

Vital Champions League
I get what you're saying TB, but I reckon our Perry Mason would incorporate it (or at least, some of it) as part of the logic for the build up to what happened.

I fully agree with your point re Au Yeung, and have said as much myself. Covid could only have been realistically used by IEC............. but there's obviously something awry when a new buyer (who initially included the old buyer !) dumps a club so quickly.

Re the betting, again, I agree ............ though given the amount of evidence that our local sleuths have dug up, I'd hope that the QC will be using it to embarrass the EFL for being so shoddy.
 

NorthernSoul

Vital Reserves Team
That's just it if Au Yeung is a clerical worker who was bankrupt 2 years ago, then it's clearly not his money and he is being used as the face. Within an hour of him supposedly taking over he contacted administrators.

If Au Yeung merely became the majority owner of NFL which controlled the club then there hasn't been a proper takeover since November 2018. Well before Covid. As the mentioned takeover on 4tg June was still the same owner. Just switching company that owned the club. Potentially because of Covid he wanted IEC to not be mentioned with the club for financial reasons so created this new company NLF in the Cayman Islands.

This would then allow the share price of IEC to be raised in June, offsetting the impact of Covid to his business. So in truth this does have a good basis to argue as there is proof IEC share price shot uo mid June.
 

Made in Wigan

Vital Football Hero
I think your reasoning is sound mate, however the legal system doesn't recognise reasoning.

The fact that the EFL's rules state that an appeal can only be lodged against a "force majeure" means that any history the directors have will be deemed inadmissable. The argument will centre around whether covid has caused the club to become unsustainable, and whether this was forseeable.

The EFL say that in Yeungs case it was forseeable as he only purchased the club during the pandemic whilst the club was in lockdown and provided evidence of sufficient funds to get through this and next season. His decision to stop funding the club therefore could not be related to covid.

I am sure, as you say, the QC will have a stategy to try to introduce as much doubt about Au Yeung and Choi's reasons for the pull out but it will be difficult. I only hope he is as good as everyone keeps saying he is and that we get a sympathetic panel.

As far as the betting scandal goes that would be a case for the fraud squad and wouldn't affect the decision to give a points deduction.
In regards force majure it’s undeniable that covid has elongated the season - so any punishment due is not relevant to a season that should have been finalised by now without it.
 

TRUE BELIEVER

Vital 1st Team Regular
That's just it if Au Yeung is a clerical worker who was bankrupt 2 years ago, then it's clearly not his money and he is being used as the face. Within an hour of him supposedly taking over he contacted administrators.

If Au Yeung merely became the majority owner of NFL which controlled the club then there hasn't been a proper takeover since November 2018. Well before Covid. As the mentioned takeover on 4tg June was still the same owner. Just switching company that owned the club. Potentially because of Covid he wanted IEC to not be mentioned with the club for financial reasons so created this new company NLF in the Cayman Islands.

This would then allow the share price of IEC to be raised in June, offsetting the impact of Covid to his business. So in truth this does have a good basis to argue as there is proof IEC share price shot uo mid June.
I see your argument NS, but unfortunately that is not how it works. The transfer between IEC and NLF is seen as a change of ownership between a public company ( one quoted on a stock exchange) to a private company. The change of hands between Choi and Au Yeung is also seen as a change of ownership as he effectively took control of the club by acquiring all or some of Choi's shares in a private company, for instance if DW had given or sold his shares to Sharpe it would have constituted a change of ownership and would have had to be notified to Companies House.
 

GSM

Vital Youth Team
None of us know anything, and we can guess and debate legalise all we like. Just gotta fucking hope AND WIN and then all be outside EFL like :Fingers:
 

moonay

Vital Champions League
Does anyone know if Dunkley Jacobs and Pilkington have been released and gone
If they're out of contract, then yes, they'll be going........... as will all others.

The Administrators won't be giving anyone new contracts - in fact, that was just about the only thing that Jay Whittle didn't ask Paul Stanley. It'll be up to the new owners and the manager they select (whether it's Richardson, or someone new) whether they want them. If the players haven't got anything by the time we're taken over (fingers crossed) then I suppose they could be re-hired, but until then, they're free agents.
 

jeffs right

Vital 1st Team Regular
Thats another £30K a week, and again not hard to replace.
So with Cook and the younsters gone, we must already be saving £100K a week, and that isn't counting the Directors wages and all the poor souls who have been laid off.
And possibly only Dunkley and Garner missed and Garner not that much as Cook never played him with his chosen boremation.