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Sheffield weds charged for ground sale

bimmerman

By bimmerman
in Football Forum

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Bubbles

Bubbles

Posted
Posted
4 minutes ago, Curtains said:

I hope you are right. 
 

 

Theres so many different implications to it if they was to turn their backs on us. The EFL ratified the deal, they agreed the sale was acceptable and signed it off. to go back on their word will mean a heavy lawsuit from us, and maybe even Chansiri @ Weds. 

To put it in a more easier way, say you're back at school or something, the headteacher says you can go on your phone at lunchtime. then when you do, he baalocks you and puts you in detention. Is that fair? no.

It's something that even though the EFL could potentially do, the implications of turning against us will be a huge factor in their decision. They can either satisfy Steve Gibson and let Mel sue them for a lot of pennies, or they can do the right thing and accept that we acted within the rules (In which we did) and easily win a lawsuit against Boro.

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Curtains

Curtains

Posted
Posted
1 minute ago, Squid said:

Theres so many different implications to it if they was to turn their backs on us. The EFL ratified the deal, they agreed the sale was acceptable and signed it off. to go back on their word will mean a heavy lawsuit from us, and maybe even Chansiri @ Weds. 

To put it in a more easier way, say you're back at school or something, the headteacher says you can go on your phone at lunchtime. then when you do, he baalocks you and puts you in detention. Is that fair? no.

It's something that even though the EFL could potentially do, the implications of turning against us will be a huge factor in their decision. They can either satisfy Steve Gibson and let Mel sue them for a lot of pennies, or they can do the right thing and accept that we acted within the rules (In which we did) and easily win a lawsuit against Boro.

So it’s not cut and dried yet then. 

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Bubbles

Bubbles

Posted
Posted
1 minute ago, Curtains said:

So it’s not cut and dried yet then. 

I highly doubt it is, the last thing I heard was the EFL was still looking into it, I'm guessing they are taking action one club at a time, so now they've reached a decision regarding Sheff Weds, they will then look into either us or Reading next. and then make their decisions.

If they was to take action against all 3 clubs at once it would cause a lot more of an uproar. I'm sure the investigation is as thorough as possible and I will be surprised if we hear anything regarding us by the end of the month.

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Spanish

Spanish

Posted
Posted
6 minutes ago, Squid said:

Theres so many different implications to it if they was to turn their backs on us. The EFL ratified the deal, they agreed the sale was acceptable and signed it off. to go back on their word will mean a heavy lawsuit from us, and maybe even Chansiri @ Weds. 

To put it in a more easier way, say you're back at school or something, the headteacher says you can go on your phone at lunchtime. then when you do, he baalocks you and puts you in detention. Is that fair? no.

It's something that even though the EFL could potentially do, the implications of turning against us will be a huge factor in their decision. They can either satisfy Steve Gibson and let Mel sue them for a lot of pennies, or they can do the right thing and accept that we acted within the rules (In which we did) and easily win a lawsuit against Boro.

super strange but that happened to me, school said it would be character building!  It was, I don't trust anyone

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Bubbles

Bubbles

Posted
Posted
Just now, Spanish said:

super strange but that happened to me, school said it would be character building!  It was, I don't trust anyone

Exactly. Personally I don't think the EFL could use the "character building" reasoning if they was to take action against us... But you never know, this is an organisation who decided to fine Macclesfield, who already can't afford to pay their players.

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G STAR RAM

G STAR RAM

Posted
Posted

One thing that really annoys me about this is why this is all taking place in November once the season is well underway.

My understanding is that interim figures are provided in December and then final accounts are provided by the end of March (someone feel free to correct me if this is wrong).

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Ambitious

Ambitious

Posted
Posted

Not to sound obvious, but posting a false profit in a financial year surely isn't just going to cause issues with the EFL. I'm assuming the HMRC will also be balls deep on Wednesday? 

I think the likely outcome of this is that their chairman gets sick of the red tape and looks for an easy escape. I wouldn't blame him. FFP is more likely to kill clubs, or at least people's interest in clubs, than save them. Arguably the worst organisation, with the worst regulation, in professional sport. 

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AdamRam

AdamRam

Posted
Posted
1 hour ago, Squid said:

Theres so many different implications to it if they was to turn their backs on us. The EFL ratified the deal, they agreed the sale was acceptable and signed it off. to go back on their word will mean a heavy lawsuit from us, and maybe even Chansiri @ Weds. 

To put it in a more easier way, say you're back at school or something, the headteacher says you can go on your phone at lunchtime. then when you do, he baalocks you and puts you in detention. Is that fair? no.

It's something that even though the EFL could potentially do, the implications of turning against us will be a huge factor in their decision. They can either satisfy Steve Gibson and let Mel sue them for a lot of pennies, or they can do the right thing and accept that we acted within the rules (In which we did) and easily win a lawsuit against Boro.

It depends what they are investigating us for and subsequently any charges. You’d still be in trouble with the school if the phone turned out to be stolen for example.

The EFL will be looking at the valuation put onto the ground, not necessarily around us selling it to balance FFP. Sheff Wed have been charged around the timing rather than circumventing the rules. 

A lot of people appear confident that as we have carried out an independent valuation we have nothing to worry about, and hopefully that is the case. However if you are looking to appease other clubs, then that would be the route the EFL would be looking at to catch us out, because whilst they signed off the accounts and agreed the actual sale their argument would be that didn’t include the independent valuation.

Personally I can’t see how they would charge us, we didn’t put the valuation of the ground therefore there isnt much they can do.

 

 

 

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G STAR RAM

G STAR RAM

Posted
Posted

Decided to stop being lazy and do some research myself.

Accounts were signed off very late this year (July instead of April).

Legal charge over the ground was released on 25 June 2018, cant be bothered to pay £3 to see if this is the date the transfer took place on Land Registry records.

Accounts do not say who the ground was sold to. Does not mention the sale in related party transactions or transactions with directors. 

The accounts have been audited and, for a transaction of this size, there must have been evidence that it was being recorded in the correct year or the audit report would have been qualified.

 

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rynny

rynny

Posted
Posted
5 minutes ago, G STAR RAM said:

Legal charge over the ground was released on 25 June 2018, cant be bothered to pay £3 to see if this is the date the transfer took place on Land Registry records.

From everything I have read, the transfer date falls within the ffp/p&s end date for the same period. I would imagine it will be the same date, or very close to it. 

This is where Sheff Wed have messed up, they have "sold" their ground in the 18/19 season but put it in their accounts for the 17/18 season. 

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