Wilde's Business has been wound up and liquidated by HMRC

[Gemmel]

To be fair, to sell players you have to have someone being prepared to buy, and they were likely to hold on until we went down/entered admin to get a better price. Plus, it wouldn't have been in Barclays interest for us to sell our best players as it would be likely that the results/crowds would get worse. Every purchase that Lowe made had to be agreed with the bank, so I don't believe it was him putting 2 fingers up at Barclays.

 

The other issue that seems to be bandied around is that Lowe put is into admin after the end of March on purpose. The cheque that was bounced was bounced on what date? In theory it could have been impossible for us to go into admin in time. Don't disagree about him being personally liable though if we had continued to trade (which we literally couldn't have as Barclays foreclosed on the overdraft).

 

Barlcays didnt foreclose on the overdraft, they reduced it, which was something that lowe knew about on his return and we breached the new limit by 100k (.http://www.dailyecho.co.uk/sport/4254557.Ex_chairman_blames_bank_for_Saints_position/) The player that we bought in January was a free or loan ( I can't remember), so it was just his wages, so Barclays were powerless to stop lowe bringing him in.

As for the dates we went into administration, I don't subscribe to the theory he did it intentionally. However there was an article or quote from Mark Fry (I think) that said they were the ony administrators willing to take us on and the deal had been offered to other administrators, where lowe would have stayed on during the adminstration, but Fry's condition was that all resigned, except Dave Jones. ..... All that means very little outside of the fact that it had obviously be discussed / considered some time before the week in which it happened, which had we pressed the button sooner, would have prevented the minus 10 last season. Additionally Mark Dennis (Of all people) went on air four days before we went in to admin, claiming that the PLC would be put into admin and not the club blah blah blah, so again things were going o for a while before we did the deed.

I am happy to live with ******* bad and unfortunate timing, but we only missed the window by a week and perhaps we will never know how crucial that week was.

[once_bitterne]

I'm sure Guided Missile would have had some interesting thoughts on this thread..... if he hadn't been chased off of this site by the mods.

[dune]

Sad news. Mike Wilde tried to do the best for SFC so unlike some I take no pleasure from this.

[once_bitterne]

Sad news. Mike Wilde tried to do the best for SFC so unlike some I take no pleasure from this.

 

Indeed he did. Unlike he he should not be named who ran the club within its means, Honest Mikey "invested" in the team to the tune of £8m that we didn't have. Yes, it ended up in administration and the club very nearly disappearing completly but to critisise the Liverpool supporting Wilde for that would just be churlish.

 

As the great man used to say: COYR.

[Saint Fan CaM]

People losing job's, What a giggle. Have a word.

 

This.

[up and away]

From what I remember everything that was said pointed to Barclays moving the goalposts, even from those that wouldn't want to support Lowe in any way. But your saying that their is evidence in the public domain to dispute this from Lowe himself, and the Saints site?

 

The situation with Barclays had some original flexibility (though ever doubtful given the emergence of the worst financial global climate in history), until they refused to honour any of our cheques. The club had set out a plan of action with the bank at the beginning of the season, something that was proving difficult. Barclay’s were also in a very difficult position, they wanted out but had a part to play in the position we were in. When they found themselves having to lay off large sections of staff, the limit had been reached and many bad debts had the plug pulled. In better times we may well have gotten a stay of execution, but to try and imply we could continue to trade when Barclays refused to honour those cheques, is totally ridiculous. Administration was inevitable, whether forced or voluntary!

Bucks Saint is correct, we got ourselves into this position, compounded by market forces, we only have ourselves to blame. The reason we were in this mess is because under the already voluntary administration with Barclay’s when Crouch was there, they allowed him to keep spending right up until we hit the buffers, something that should not have happened. We made no savings, but increased our costs and wages even to the stupidity of buying Davies and further loans. The out going execs had already stated the true financial picture, only for Crouch to paint a far rosy picture.

Whatever happened after that point is immaterial when you cannot offload your high earners, even to the extent of giving them away. Selling on the youth players for pennies would only delay judgement day, not be a solution.

[Victor]

I'm sure Guided Missile would have had some interesting thoughts on this thread..... if he hadn't been chased off of this site by the mods.

 

"off of" !!! Dear God!

[stevegrant]

I'm sure Guided Missile would have had some interesting thoughts on this thread..... if he hadn't been chased off of this site by the mods.

Except he hasn't...

[Viking Warrior]

If he had been in charge of a premiership club he would have got away with it. Look at them cheating bastards down the road how did they manage to con so much ot the tax payers money

[St Chalet]

Our problem was paying the tax bill, just imagine how long we could have traded using the HMRC as our overdraft.

[saint_mears]

Indeed he did. Unlike he he should not be named who ran the club within its means, Honest Mikey "invested" in the team to the tune of £8m that we didn't have. Yes, it ended up in administration and the club very nearly disappearing completly but to critisise the Liverpool supporting Wilde for that would just be churlish.

 

As the great man used to say: COYR.

 

He never invested £8million of the clubs money we didn’t have, more like half that. Which was all signed off by the finance director Dave Jones and sanctioned by the bank. I think you will find two relegations and the person responsible for that led to administration and nothing else. Why dont you ask Dave Jones why he signed off the expenditure ? I dont recall much moaning when we where penalty kicks away from a wembley play off match.

[once_bitterne]

Except he hasn't...

 

He hasn't posted since his banning.

[stevegrant]

He hasn't posted since his banning.

He was never a prolific poster, and he has been online since the two week ban expired.

[Dibden Purlieu Saint]

The situation with Barclays had some original flexibility (though ever doubtful given the emergence of the worst financial global climate in history), until they refused to honour any of our cheques. The club had set out a plan of action with the bank at the beginning of the season, something that was proving difficult. Barclay’s were also in a very difficult position, they wanted out but had a part to play in the position we were in. When they found themselves having to lay off large sections of staff, the limit had been reached and many bad debts had the plug pulled. In better times we may well have gotten a stay of execution, but to try and imply we could continue to trade when Barclays refused to honour those cheques, is totally ridiculous. Administration was inevitable, whether forced or voluntary!

 

Huh, I never said anything of the sort?? And I wouldn't imply that as that IS just ridiculous. Perhaps you've just misunderstood.

[up and away]

Huh, I never said anything of the sort?? And I wouldn't imply that as that IS just ridiculous. Perhaps you've just misunderstood.

 

It was in agreement rather than argument with your points. The only added point as Bucks Saint pointed out, we got ourselves into this mess (or others on our behalf).

[Whitey Grandad]

Credit Crunch, innit.