What is going on at SFC - Discussion

[Griff]

Its official from Stocke exchange - Administrators appointed

Lowe, Cowen Wilde resign from plc

Southampton Football Club unaffected - I don't think

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=2127610&source=RNS

[derry]

It is indeed the FL rules and regulations we abide by.

 

The plc is like an isa, a wrapper for all the investments to be held in one account. Should one fund got tits up then the other funds are secure.

 

The FL in their wisdom didn't want a football club to go into administration based on other businesses connected to it folding, hence holding company status.

 

The only way to guarantee no points deduction is if an investor takes on all the debt, may even get away with slightly less (90%) but that then introduces a risk.

 

Football debt, other clubs, players etc not other debt like overdrafts, tax, mortgages etc.

[Window Cleaner]

http://www.dailyecho.co.uk/sport/saints/news/4255650.Championship_rivals_hit_out_at_points_deduction_loophole/

 

Pretty lengthy and interesting read about other clubs' opinions on the points issue. It seems we would not be too popular if we were not deducted points. Oh well.

 

Well of course they are. Charlton are down, if we're docked 10 that means that only one other of that herd of sh*theap sides goes down and everybody sees that as being Plymouth so the others can stroll through the rest of the season with their fingers up their nose and cash in on next seasons extra TV pactole.

[Lets B Avenue]

All resigned. Two blokes from Begbies appointed. Solent playing "The miracle song" by Supertramp. Irony?

[SP Saint]

You forgot Lifelong Saint, Barry the Briefcase, St David, Paul Allen, Help Me Rhonda, Rupert Lowe, Craig David and the drummer out of Coldplay. And Paul Allen.

 

 

 

Lifelong Saint, Barry the Briefcase, St David, Paul Allen all come together of course and Paul Allen was only involved because LLS used his name to get in the door it would seem.

 

Some say HMR was in fact Dan Williams the Blackburn fan in drag.

 

Hopefully Lowe hasn't got the cash.

 

Maybe Craig David. If anyone from Coldplay gets involved I would expect us to be playing somnambulist football. Wouldn't mind seeing Gwyneth Paltrow as Assistant Coach though.

 

I reckon Weston knows the answer.

[Rational Rich]

On OS - press conference at 1pm

 

http://www.saintsfc.co.uk/news/?page_id=11581

[derry]

Its official from Stocke exchange - Administrators appointed

Lowe, Cowen Wilde resign from plc

Southampton Football Club unaffected - I don't think

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=2127610&source=RNS

 

Doesn't say they have resigned from the club board yet.

[Rational Rich]

From LSE website - note the key bit about the subsidiary

 

Southampton Leisure Holdings plc ("SLH" or "the Company")

 

Appointment of Administrators

 

The Board announces today that it has appointed Mark Fry and David Hudson of Begbies Traynor (South) LLP as joint administrators to the Company.

 

Rupert Lowe, Andrew Cowen and Michael Wilde have resigned as directors of the Company with immediate effect.

 

Southampton Football Club Limited, a subsidiary of the Company, is unaffected by these insolvency proceedings.

[Scummer]

They make a point of saying SFC is unaffected, but then the administrator goes on to state:

 

Mark Fry, Joint Administrator, commented:

 

"Southampton Football Club has a long history in English football, and could be an extremely attractive investment for the right buyer. We are working hard to preserve the value of the football Club and produce a positive outcome for all stakeholders, and I ask that fans continue show their support for the team for the remainder of the season, as we seek to show the best face possible to potential investors."

 

Slightly contradictory.

Edited 2 April, 2009 by Scummer

[Soggy Bottom]

So are they still on the Football board ?

[SW11_Saint]

I posted that early last night when I was told that only Jones would be around today.

 

I think there is also a precedent regarding Aviva (norwich Union) as I'm sure they have renegotiated their det wth other clubs before (notably Ipswich, which somewhat upset their rivals Norwich, considering Norwich Union were involved!!!!!!).

 

So much will depend on whether anyone who comes in can renegotiate our debt position. Otherwise I fear for our future.

Um (or anyone), any idea to what extent Ipswich had their debt renegotiated by Aviva? Writing off some of the debt would be ideal, but is it just fanciful? From Aviva's perspective, better to get a buyer and some payback than nothing at all I guess.

 

People close to the situation also said that that Norwich Union, which is owed £24 million by Southampton for its 30,000-seat stadium built in 2001, might consider writing off some of the club’s debt mountain to help to keep it alive. Aviva, which owns Norwich Union, declined to comment.

 

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6018444.ece

[Spades]

Rupert Lowe was chairman of SLH and Wilde of the Football Club... so by them both resigning i would imagine that the football club needs new owners aswell.

[Wurzel]

So is Askham still there?

[itchen]

So is Askham still there?

 

Askham wasn't a director. All the directors have resigned (except David Jones). AFAIK all the shareholdings are now worth nil as well - but I stand to be corrected on this.

[Spades]

Think Askham resigned aswell.

 

Whats the wavelength to Solent? I want to listen to the press conference at 1pm (assuming they have it on there)

[Pancake]

So is Askham still there?

 

By the looks of the press release, he is. But Im sure the press conf at 1pm will answer the questions as to who is in and who is out.

[fanimal]

Who exactly?

 

Michael Wilde is still around then, what about RL?

 

I feel sorry for Leon Crouch who is genuine, did put his money in and has been well and truly stitched; and for myself for not selling my minority holding at 60p! Nice holiday instead.

 

Gutted I cannot be there on Saturday and the followingg three games...

[dubai_phil]

So is Askham still there?

Yes technically he is still a shareholder, as are many fans.

But in the admin process it is pretty much nailed on cert that the shares are now worthless scraps of paper and a new company is formed (we HOPE).

That newco will be owned by whoever puts the best deal to the administrators

 

But they now need to find a Director for the Football Club Ltd - ie Wotte's boss otherwsie you have Wotte reporting to an accountant - we all know how that worked out

[Window Cleaner]

So is Askham still there?

 

Still where??

Try to keep up.

[saints_is_the_south]

Yes technically he is still a shareholder, as are many fans.

But in the admin process it is pretty much nailed on cert that the shares are now worthless scraps of paper and a new company is formed (we HOPE).

That newco will be owned by whoever puts the best deal to the administrators

 

But they now need to find a Director for the Football Club Ltd - ie Wotte's boss otherwsie you have Wotte reporting to an accountant - we all know how that worked out

 

Surely time to call on MLT??

[Spades]

Yes technically he is still a shareholder, as are many fans.

But in the admin process it is pretty much nailed on cert that the shares are now worthless scraps of paper and a new company is formed (we HOPE).

That newco will be owned by whoever puts the best deal to the administrators

 

But they now need to find a Director for the Football Club Ltd - ie Wotte's boss otherwsie you have Wotte reporting to an accountant - we all know how that worked out

 

Lawrie Mac?

[Window Cleaner]

Surely time to call on MLT??

 

to do what?? I keep on telling you the guy doesn't have the qualifications to coach or manage a professional football side..

We ain't going to start paying anyone to be director of diddly squat until we find some money to pay our existing debts and existing staff without appointing new ones.

[Scummer]

If the football club is still trading as usual, then presumably it still has it's directors in place?

[The9]

Um, not sure this is good news, but regarding the Derby County precedent situation...

 

The article below, dated 26 Sep 03 and from Accountancy Age magazine, indicates that the FL points deduction rules were agreed on 25 Sep 03, but did not come into effect "until the following season", i.e. 2003/4.

 

http://www.managementconsultancy.co.uk/accountancyage/news/2033806/football-league-adopts-administration-rules

 

As you'll have seen from the information above, Derby's administration/takeover happened during 2002/3, after the decision to punish clubs with a points deduction was made, but before it came into effect.

 

Here's an article about Derby's takeover with dates (and what a shonky deal) : http://www.dailymail.co.uk/sport/football/article-1160691/Former-Derby-County-directors-accused-fraud-buying-club-3.html

 

So there's no precedent, as the Derby scenario played out before the League had the rules to punish them for it.

 

Edited 2 April, 2009 by The9

[Window Cleaner]

Yes technically he is still a shareholder, as are many fans.

But in the admin process it is pretty much nailed on cert that the shares are now worthless scraps of paper and a new company is formed (we HOPE).

That newco will be owned by whoever puts the best deal to the administrators

 

But they now need to find a Director for the Football Club Ltd - ie Wotte's boss otherwsie you have Wotte reporting to an accountant - we all know how that worked out

 

 

Aha but have the board of Southampton Football Club Ltd resigned??

Insistence is being made that it is a separate entity.

[saintsforlife7]

Sky sports news is all over us at the moment, worth a watch

[Spades]

Rupert and Wilde have resigned from the football club aswell... Sky Sports

[Um Bongo]

Lowe has gone from BOTH holding company and the club. Same as Wilde. They have gone.

[saintsforlife7]

Lowe, and Wilde both gone from club, Sky Sports official

[The9]

Aha but have the board of Southampton Football Club Ltd resigned??

Insistence is being made that it is a separate entity.

 

I should think it's quite clear that ONLY the PLC board has resigned, so Wilde would still be the Chairman of the Football Club, at least for the next 25 minutes...

[Spades]

I should think it's quite clear that ONLY the PLC board has resigned, so Wilde would still be the Chairman of the Football Club, at least for the next 25 minutes...

 

Sky sports just confirmed Lowe and Wilde have resigned from both boards

[saintsforlife7]

I should think it's quite clear that ONLY the PLC board has resigned, so Wilde would still be the Chairman of the Football Club, at least for the next 25 minutes...

 

Sky just said gone from both the club and the plc

[superstevesaints]

Yesss

[derry]

Lowe, and Wilde both gone from club, Sky Sports official

 

Hoo bloody ray, maybe the club can move on now.

[Window Cleaner]

I should think it's quite clear that ONLY the PLC board has resigned, so Wilde would still be the Chairman of the Football Club, at least for the next 25 minutes...

 

Apparently not, Anyway there is no way the FC isn't going to get points docked from this no matter what wheeze they try to pull.We're in League 1 all the rest is ancillary blah and speculation.Having bought my ticket for tomorrow in a fit of optimisn a couple of weeks ago they're welcome to my money,for all it may help,I shan't be bothered to pay for my plane ticket and hotel bill though.I'll save the money for the first game of next season in L1.

[Appy]

Cowan gone too!

[dubai_phil]

Um, not sure this is good news, but regarding the Derby County precedent situation...

 

The article below, dated 26 Sep 03 and from Accountancy Age magazine, indicates that the FL points deduction rules were agreed on 25 Sep 03, but did not come into effect "until the following season", i.e. 2003/4.

 

http://www.managementconsultancy.co.uk/accountancyage/news/2033806/football-league-adopts-administration-rules

 

As you'll have seen from the information above, Derby's administration/takeover happened during 2002/3, after the decision to punish clubs with a points deduction was made, but before it came into effect.

 

Here's an article about Derby's takeover with dates (and what a shonky deal) : http://www.dailymail.co.uk/sport/football/article-1160691/Former-Derby-County-directors-accused-fraud-buying-club-3.html

 

So there's no precedent, as the Derby scenario played out before the League had the rules to punish them for it.

 

 

Here's a question

 

IF a club is in admin but somebody agrees to buy it, I assume the shareholders would get nothing, but IF the buyers agree to pay the debts or agree with the creditors, how does that affect the points deduction?

The rules are there to stop clubs doing the dirty on creditors or what?

No idea

[Arizona]

If nothing else, finally being rid of Wilde and Rupert is a plus.

[arfurdent]

Rumour at the Echo office is that PFC are looking at renting SMS at a low rent

[Smirking_Saint]

Think if somebody buys the club and inherits most of the debt then we may get away with it but you never know.

 

The other clubs hanging just above us will have a field day and i expect that there would be uproar and court cases etc etc.

 

And of course simon jordan and warnock will have to get involved simply because they are a pair of t**ts, but there we go.

 

Come on saints, i really am hoping everything will work out well.

[derry]

If nothing else, finally being rid of Wilde and Rupert is a plus.

 

Isn't it just, nice to be able to look forward without that ***** and his cronies blocking anybody coming in.

[Window Cleaner]

Here's a question

 

IF a club is in admin but somebody agrees to buy it, I assume the shareholders would get nothing, but IF the buyers agree to pay the debts or agree with the creditors, how does that affect the points deduction?

The rules are there to stop clubs doing the dirty on creditors or what?

No idea

 

No idea but you can be assured that we'll get shafted by the Football League because everybody else always has. they all considered themselves the fizziest drink in the fridge (thanks Jonah) and they all copped at least 10 points.

We owe money, we'll get docked points end of.

Edited 2 April, 2009 by Window Cleaner

[Smirking_Saint]

Rumour at the Echo office is that PFC are looking at renting SMS at a low rent

 

I could never see this happening. It would be a f***ing joke.

 

Surely it would not be allowed on safety and policing reasons.

[Um Bongo]

No excuse for people NOT to come on Saturday now.

[Saints11]

Rumour at the Echo office is that PFC are looking at renting SMS at a low rent

 

Utter ********

[warsash saint]

Rumour at the Echo office is that PFC are looking at renting SMS at a low rent

 

 

April 1st was yesterday

[Window Cleaner]

I could never see this happening. It would be a f***ing joke.

 

Surely it would not be allowed on safety and policing reasons.

 

Ground share basis? why not, we can't pay what we owe and N.U will want to get some money from whoever they can. Don't forget to buy a big bottle of Dettol to scrub your seat down every other week then.

[Spades]

Seeing as Wilde Lowe and Cowen have resigned from the Football Club Board... who is now running the football club? Is Mark Wotte now a 1 man band?

[dubai_phil]

No idea but you can be assured that we'll get shafted by the Football League because everybody else always has. they all considered themselves the fizziest drink in the fridge (thanks Jonah) and they all copped at least 10 points.

We owe money, we'll get docked points end of.

 

Thanks for that - so we don't really know yet then but like you I guess this

 

So all we would need then would be Dr Who's Tardis to go back in time to the beginning of the process

 

great

[Smirking_Saint]

Ground share basis? why not, we can't pay what we owe and N.U will want to get some money from whoever they can. Don't forget to buy a big bottle of Dettol to scrub your seat down every other week then.

 

I would take some tarpaulin, to cover the seat, just to make sure.