What is going on at SFC - Discussion

[Pancake]

So, Rupert now thinks he is smarter then the stock exchange......

 

...it will all backfire on him soon enough I fear.

 

Come again? How exactly does Lowe think he is "smarter than the Stock Exchange"?

 

Just in case it gets lost and Colin doesn't answer.

[Steeleye Saint]

Southampton FC is priority - Lowe

 

 

"If we can stay in the Championship this club has a good chance of finding new investment. We have young players who are committed and will flourish in the future," he said.

 

 

Still hasn't learned has he?

[Cabrone]

Although I expected this nothing has changed for me.

 

Whilst Lowe is there my boycott remains.

 

As soon as he has crawled away from the club then I will go back.

[Saint_clark]

Sky sports just anounced that the meetings over and apparentley SLH has gone into admin (liquidation), and a official announcement tomorrow! But not SFC!

 

No going back now then. Let's hope that this works out well.

[Soggy Bottom]

And the chairman of the Saints Trust, Nick Illingsworth, told BBC Radio Solent: "I think everyone will be shocked. People I speak to just don't believe a club the size of Southampton would do this.

 

"Attendances have dropped below the 15,000 mark at one stage and many supporters have said 'I'm not putting my money into Rupert Lowe etc' on the basis that they don't realise how desperate this is.

 

"Now we know how desperate it is. No Saints supporter can turn round and say 'I didn't realise the club was in trouble'."

 

Is it me or does that read that Nick Illingsworth is blaming the 'stay away' fans for this turn of events?

 

 

Fans have always known how bad the situation is Nick, you and Lowe aren't the only people who can read between the lines.

[Spades]

With the SLH going into administration today, thus leaving only the football club, and the shares being frozen... does this mean we are no longer a PLC?

 

I dont really understand all of this business malarky!

[Saint_clark]

With the SLH going into administration today, thus leaving only the football club, and the shares being frozen... does this mean we are no longer a PLC?

 

I dont really understand all of this business malarky!

 

I'm just as confused as you are.

There seem to be a lot of fans from other clubs hoping this all goes tits up for us :smt017

Bitter perhaps?

[Third Division South Days]

Announcment to be made tomorrow afternoon according to SSN.

 

Lowe not been at the meeting, in london.

 

Why the delay until tomorrow? Are their other things going on re ownership of the football club. Probably wishful thinking.

[Smirking_Saint]

I am hoping the delay will be for good news, for christ sake we need some. But i don't know. I in no way claim to know anything about an administration process or even a buy out process but could it be that either party have to assess the current situation at the club/SLH before they can come out and make a statement of intention ?

[Spades]

I'm just as confused as you are.

There seem to be a lot of fans from other clubs hoping this all goes tits up for us :smt017

Bitter perhaps?

 

Lets be honest... if Forest/Plymouth/Blackpool/Barnsley etc were in our situation... we would all have our fingers crossed they get docked points wouldnt we?

 

So any help from anyone... are we still a PLC? Does an investor still need to buy out the shares for control? (not that this is going to happen, justa general question)

[Hopkins]

Although I expected this nothing has changed for me.

 

Whilst Lowe is there my boycott remains.

 

As soon as he has crawled away from the club then I will go back.

 

You are a mug then. Were not worth saving if the majority of our fans would rather see the club completely disappear than watch a match, back the team and essentialy back the club while Lowe is in charge.

[Dibden Purlieu Saint]

You are a mug then. Were not worth saving if the majority of our fans would rather see the club completely disappear than watch a match, back the team and essentialy back the club while Lowe is in charge.

 

I agree, the fans who are boycotting are not the reason for us to be in this mess, Lowe, wilde and Crouch are. However, if we cease to exist now we know how bad the situation is, then that is. And I for one will blame you MF's for ever more.

[hypochondriac]

Why does Nick continually fail to grasp what the problems with the club are?

[Third Division South Days]

I think the game plan is now known. RL has commented that putting SLH into admin would somehow ease the debt, avoid penalty points, attract new investment if relegation avoided. Not sure management would change overmuch.

[spain saint]

I think the game plan is now known. RL has commented that putting SLH into admin would somehow ease the debt, avoid penalty points, attract new investment if relegation avoided. Not sure management would change overmuch.

 

 

Well doesn't that effectivly mean that RL is out uf a job and we will see the back of him? He is the chairman of SLH so without them there is no RL! MW is the chairman of the football club so he will be here to rescue us!

[saints_is_the_south]

I agree, the fans who are boycotting are not the reason for us to be in this mess, Lowe, wilde and Crouch are. However, if we cease to exist now we know how bad the situation is, then that is. And I for one will blame you MF's for ever more.

 

+1.

 

I hate & blame Lowe as much as the next fan does but now is not the time to be turning our backs on the club because of 1 man. This isn't a case of whether Lowe stays or goes, this is a case of whether Southampton Football Club is to remain in existence, the latter of which is far more important to me & should be to any other supporter of SFC than the former.

 

When Bournemouth were in a similar situation (they are still are now but heyho) their fans united to help save their club. If fans of club Bournemouth's size can do it then sure as hell we can.

 

I doubt filling SMS for these last 3 games would save SFC but it would be a start in helping to do so.

 

Fans should imo put aside their hatred of Lowe for just 3 games & get along to SMS. Its now or never.

[thorpie the sinner]

Anyone else feel mentally drained??

[Dibden Purlieu Saint]

Anyone else feel mentally drained??

 

Yep, feel appalling. Mix that with the fact I'm gonna go home at 4 and get wrecked, I'm going to be a state tonight.

[dubai_phil]

www.lastminute.com

[Dibden Purlieu Saint]

Just noticed that BBC article has removed the word liquidation and replaced with administration. Dickheads, the whole lot of them. There is an enormous difference between the 2 situations.

[Mole]

And the chairman of the Saints Trust, Nick Illingsworth, told BBC Radio Solent: "I think everyone will be shocked. People I speak to just don't believe a club the size of Southampton would do this.

 

"Attendances have dropped below the 15,000 mark at one stage and many supporters have said 'I'm not putting my money into Rupert Lowe etc' on the basis that they don't realise how desperate this is.

 

"Now we know how desperate it is. No Saints supporter can turn round and say 'I didn't realise the club was in trouble'."

 

Is it me or does that read that Nick Illingsworth is blaming the 'stay away' fans for this turn of events?

 

Illingsworth sucking up to the Lowe til the very end. How very apt.

[Stirchleysaint]

The Football League retain special powers when dealing with clubs. Leeds found that out when they took the ten points hit after knowing they were relegated. It would take one meeting of the FL to impose the points hit regardless of Rupert's handwaving.

[Snowballs2]

No return until Lowe and Wilde have gone

[Dibden Purlieu Saint]

The Football League retain special powers when dealing with clubs. Leeds found that out when they took the ten points hit after knowing they were relegated. It would take one meeting of the FL to impose the points hit regardless of Rupert's handwaving.

 

I think the point is there is legal precedent in this situation, ref: Derby 2004. The would have to distinguish the case very well or Saints would be able to sue the living daylights out of the Football League if the points were imposed imho.

[Dibden Purlieu Saint]

No return until Lowe and Wilde have gone

 

Don't worry your pretty little head about it then, as Saints will be gone as a team before then. You can go support Pompey then.

[derry]

If the football related debts are paid in full or an acceptable staged payment agreed with the creditor to settle the debt in full, the FA would have no reason/case to take any action under their rules.

[Beer Engine]

Who gives a s**t what Nick Illingsworth thinks about SFC or anything else for that matter.

 

Instead of alternately carping and brown-nosing why doesn't he get off his backside and make enough money to (a) buy the club and then (b) invest in it?

 

Until then, he's just another bloke sounding off in the pub ...

[solentstars]

Don't worry your pretty little head about it then, as Saints will be gone as a team before then. You can go support Pompey then.

seconded and hope he takes his fellow enemy within posters with him.

[St Marco]

I think the point is there is legal precedent in this situation, ref: Derby 2004. The would have to distinguish the case very well or Saints would be able to sue the living daylights out of the Football League if the points were imposed imho.

 

What worries me is the potential **** storms that could follow us avoiding it.

Say we do survive (it is still possible) and stay up. And say a club goes down by like a point difference. They could then sue the league Sheff Utd style for not docking points etc. Especially if going down then leads them to financial ruin.

Reading through the Derby case it is very clear that the club was Bought by a consortium and some of the debts were transfered which was probably why the creditors agreed to it.

Now what i don't get is the time frame for that. It sounds pretty instant. I.e they announced going under then were bought out a few minutes later.

How long are we able to stay in our state of limbo before we have to declare admin? If at that point we have not been sold or received any financial investments won't that mean the PLC and SLH will both go into admin as i doubt the PLC will have the funds to keep the club afloat?

[Stirchleysaint]

I think the point is there is legal precedent in this situation, ref: Derby 2004. The would have to distinguish the case very well or Saints would be able to sue the living daylights out of the Football League if the points were imposed imho.

The examples of Leicester in 2002 and Derby in 2004 were reasons why they changed the rules DPS. Its a different landscape now as all football league clubs needs to trade as solvent companies. What happened to Leeds occurred in 2007. Its wishful thinking on people's parts to think that Derby are an example. The rules, which all clubs playing in the football league are signed up to, are different now than when Derby were in receivership.

[Pancake]

Who gives a s**t what Nick Illingsworth thinks about SFC or anything else for that matter.

 

Instead of alternately carping and brown-nosing why doesn't he get off his backside and make enough money to (a) buy the club and then (b) invest in it?

 

Until then, he's just another bloke sounding off in the pub ...

 

The irony of your location and your "views" are lost on you then, eh?

[Dibden Purlieu Saint]

On a different note I've been published in both the morning and afternoon mailboxes on F365.com today. PB for me.

[derry]

No return until Lowe and Wilde have gone

 

He is no longer in charge, the appointed administrator is in charge and as SFC is a wholly owned subsidiary, he is also effectively in charge of that as well, despite it technically not being in administration'

[Frank's cousin]

The irony of your location and your "views" are lost on you then, eh?

 

Stop it! LOL, just fell off office chair and broken it - second one ion 3 months.....

[Doctoroncall]

What worries me is the potential **** storms that could follow us avoiding it.

Say we do survive (it is still possible) and stay up. And say a club goes down by like a point difference. They could then sue the league Sheff Utd style for not docking points etc. Especially if going down then leads them to financial ruin.

Reading through the Derby case it is very clear that the club was Bought by a consortium and some of the debts were transfered which was probably why the creditors agreed to it.

Now what i don't get is the time frame for that. It sounds pretty instant. I.e they announced going under then were bought out a few minutes later.

How long are we able to stay in our state of limbo before we have to declare admin? If at that point we have not been sold or received any financial investments won't that mean the PLC and SLH will both go into admin as i doubt the PLC will have the funds to keep the club afloat?

 

As long as we don't break any League rules we will be OK.

 

Sheff Utd took WHU to court, not the league on the Terez affair.

[St Marco]

Ah im guessing Pancake is a Nick supporter then?

[Pancake]

He is no longer in charge, the appointed administrator is in charge and as SFC is a wholly owned subsidiary, he is also effectively in charge of that as well, despite it technically not being in administration'

 

But SLH are not in administration.

[Pancake]

Ah im guessing Pancake is a Nick supporter then?

 

Never met the guy, usually pull his articles to shreds, not a supporter of anyone bar The Saints (well, and England FC, England Cricket, Button, Hamilton, Nadal (I guess) and Team GB)

[Clapham Saint]

Sky sports just anounced that the meetings over and apparentley SLH has gone into admin (liquidation), and a official announcement tomorrow! But not SFC!

 

I hate to be picky by Admin and liquidation are two very different procedures.

 

If SLH is in Liquidation then we are truely F*CKED.

 

Administration just potentially f*cked.

[St Marco]

Never met the guy, usually pull his articles to shreds, not a supporter of anyone bar The Saints (well, and England FC, England Cricket, Button, Hamilton, Nadal (I guess) and Team GB)

 

Cricket?!!

THIS GUYS NOT ONE OF US!!

[OldNick]

I hate to be picky by Admin and liquidation are two very different procedures.

 

If SLH is in Liquidation then we are truely F*CKED.

 

Administration just potentially f*cked.

can you enlighten us a little from your prospective.

[Pancake]

Cricket?!!

THIS GUYS NOT ONE OF US!!

 

You should go back to the Computer Games forum mate, suits you more.

[Dibden Purlieu Saint]

I hate to be picky by Admin and liquidation are two very different procedures.

 

If SLH is in Liquidation then we are truely F*CKED.

 

Administration just potentially f*cked.

 

The BBC amazingly made the same mistake earlier, properly shook me up.

[Pancake]

can you enlighten us a little from your prospective.

 

isnt it basically, Liquidation means that the company is closed down and all assets split out across anyone that is owe by the Recievers; where as Administration means that someone else (a professional administrator) is running the company to try and get as much out of it for the creditors as possible?

[Frank's cousin]

So do we know the actual fact? Are SLH actually in admin? I though so far only share trading has been suspended as we had broken AIM rules re submitting half yearly accounts - which the club say is to try and refinace some things... have we heard anything else officially?

[Frank's cousin]

isnt it basically, Liquidation means that the company is closed down and all assets split out across anyone that is owe by the Recievers; where as Administration means that someone else (a professional administrator) is running the company to try and get as much out of it for the creditors as possible?

 

Yup in a nutshell

[OldNick]

isnt it basically, Liquidation means that the company is closed down and all assets split out across anyone that is owe by the Recievers; where as Administration means that someone else (a professional administrator) is running the company to try and get as much out of it for the creditors as possible?

sorry Pancake I didnt mean my post to be about that, it is Clapham as he is has experience of the administration process and so what his take is on the situation.

[St Marco]

You should go back to the Computer Games forum mate, suits you more.

 

care to expand on that?

[thorpie the sinner]

So do we know the actual fact? Are SLH actually in admin? I though so far only share trading has been suspended as we had broken AIM rules re submitting half yearly accounts - which the club say is to try and refinace some things... have we heard anything else officially?

 

As ever Frank, I think we are all surmising!! Fact would be on LSE site I think first!

[dubai_phil]

So do we know the actual fact? Are SLH actually in admin? I though so far only share trading has been suspended as we had broken AIM rules re submitting half yearly accounts - which the club say is to try and refinace some things... have we heard anything else officially?

 

As I guess, the Board Meeting had no choice but to vote for Admin. That decision then needs to go through a process of people (I guess lawyers and stock brokers or something) and then be done by them in some formal fashion, so the correct answer right now is that Admin is probably pending