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The Administration Thread


Boycie

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5 minutes ago, RoyMac5 said:

I saw that, who is he?

Former chairman of Watford between 2011 and 2012. His tenure was very unpopular and he faced several allegations of financial impropriety in running the club. He was banned from involvement in football for three years over misconduct in how he ran Watford.

Since then, he's popped up in and around other clubs when they're in crisis, causing bother. He spent a lot of time trying to stop Bolton's eventual takeover by claiming the club was actually his, a move that was eventually unsuccessful but caused a great deal of grief for Bolton. He's also popped up around Oldham and Charlton.

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2 minutes ago, JfR said:

Former chairman of Watford between 2011 and 2012. His tenure was very unpopular and he faced several allegations of financial impropriety in running the club. He was banned from involvement in football for three years over misconduct in how he ran Watford.

Since then, he's popped up in and around other clubs when they're in crisis, causing bother. He spent a lot of time trying to stop Bolton's eventual takeover by claiming the club was actually his, a move that was eventually unsuccessful but caused a great deal of grief for Bolton. He's also popped up around Oldham and Charlton.

Why didn’t Q choose him as PB ?

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2 minutes ago, JfR said:

Former chairman of Watford between 2011 and 2012. His tenure was very unpopular and he faced several allegations of financial impropriety in running the club. He was banned from involvement in football for three years over misconduct in how he ran Watford.

Since then, he's popped up in and around other clubs when they're in crisis, causing bother. He spent a lot of time trying to stop Bolton's eventual takeover by claiming the club was actually his, a move that was eventually unsuccessful but caused a great deal of grief for Bolton. He's also popped up around Oldham and Charlton.

So basically the ideal candidate to pass the EFL's fit and proper test then. 

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5 minutes ago, vonwright said:

Nah. We'll get to 2,000 pages, the CK deal will officially collapse, and then Boycie can repeat the same post that started all this off, only with "Ashley" instead of "Sam Rush".

And so the eternal wheel turns again...

Very "Dark"

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43 minutes ago, FlyBritishMidland said:

Hang on a minute - you’ve certainly implied it.  CK is paying 35% over 3 years.  If reports are to believed the £21.4M is less than the 25%.  This seems sensible - lower your capital outlay, get some income in to support paying off the rest of the debt over a longer period knowing you’ll likely have to this up.  You say this gives you no confidence in CK as a businessman as he’s overpaying - which in all fairness he probably is but is trying do the right thing in doing so.  Therefore, implying your happy for MA to pay less, meaning it will be below the 25% to the creditors and -15 points.

And yes, I’d do want a credible owner.  And who’s to says not CK or MA?  All I think we can accuse CK of is a bit of naivety.  I think in all this we’re forgetting who he’s got on board if it goes through. They certainly seem to think he’s credible.

£21.4m is pretty close to 35% for creditors.

Unsecured creditors - £1m (35% of the £3m claimed)
Administrators - £3.5m (100%)
MSD (loan) - £3.5m (100%)
HMRC - £13.4m (based on £21.4m). FYI, £12.6m would be about 35%

MSD (Stadium) - dealt with by another person, 100% of £20.5m)
Football creditors - when falling due. (100% of whatever is left from £8.4m)

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9 minutes ago, RoyMac5 said:

I don't know.

He'll pay what he thinks it's worth. Although he paid 'too much' for Newcastle.

https://www.theguardian.com/football/2008/aug/13/newcastleunited.premierleague

" "Financially, Newcastle United was in a difficult position because I really do think that it had over-extended itself," he said. "We first heard about the potential sale on a Saturday and had the deal done by the Wednesday, so if you are asking if we did due diligence before buying, then the answer has to be no.

...

"Apart from the purchase of the club and the associated costs that come with that, I've put in a further £100m to reduce debts, yet we still have the outstanding debt of the monies still owed on player transfers," he explained.

Even so when Ashley, who insists he is not looking to sell Newcastle, was asked if he regretted the purchase he replied: "Absolutely not" and described the clubs as "one of the jewels, one of the diamonds of the Premier League."

Insisting that his habit of wearing black and white replica shirts and sitting with fans at away games is "not a gimmick", Newcastle's owner said: "I wear my strip and go in with the fans because that's how I've always gone to football and I enjoy it. Nothing beats the atmosphere of being in with the fans....it's tremendous to be part of.

I feel like they do. I'm in with the fans and if we are not playing well I'm thinking to myself: 'How can this be? We are Newcastle United and we should be doing better than this.' "

But that’s very different.  Newcastle weren’t in administration, weren’t desperate, and we’re in the PL.  With all the money floating about there it’s attractive to pay a bit more as there’s a pretty good chance you would make money.

We’re not in that position.  Just because CK wants to pay a bit more for a club on its knees doesn’t make him a bad businessman.  He increases the chance of promotion by having a level playing field.  That means he can probably keep more people in a job.  Importantly, he gives the best deal for creditors.  Being new to running a football club, this will have an intangible value.  Current creditors are more likely to want to do business with him.  We know he’s not as wealthy as MA so relationships will be important.  That might be a smart move both short and long term.

 

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