Wednesday on the brink of administration

[severnside gull]

Not going to be a problem is it although having to go into admin might be a salutary lesson

 

[Brovion]

Icy,what you say often happens and may well do in this case. However it is only a question of time before we get another Accrington Stanley or Aldershot.

Or Scarborough. Or Maidstone. Or Halifax. Or Newport. Football clubs DO go bust - but only the little ones and usually owing a lot less than a million.

The big ones (Leeds, Palace, Leicester and of course Portsmouth) always survive and, worse, carry on as if nothing had happened. Obviously I hope Wednesday go into Administration and then go bust and reform but you just know they're going to survive. As usual.

 

[newhaven seagull 85]

27m in debt even if they went into administration to block a cva you would need debts totalling 6.75m to vote against the cva . so therefore you would not get that support.
therefore yet again another footballing club that cheats the system.

 

[seagullsovergrimsby]

Wednesday's monthly tax bill is £300k.

 

[seagullsovergrimsby]

27m in debt even if they went into administration to block a cva you would need debts totalling 6.75m to vote against the cva . so therefore you would not get that support.
therefore yet again another footballing club that cheats the system.

£23M of the debt is owed to the Co-op Bank who are a secured creditor if the club goes into administration.

 

[newhaven seagull 85]

£23M of the debt is owed to the Co-op Bank who are a secured creditor if the club goes into administration.

and they would not liquidate a football club of this size due to the negative effect and bad publicity to the coop bank.

they will also quite happily accept 7m to settle the outstanding amount.

 

[severnside gull]

and they would not liquidate a football club of this size due to the negative effect and bad publicity to the coop bank.

they will also quite happily accept 7m to settle the outstanding amount.

co-op bank have reportedly turned down £8m from mandaric

 

[CHAPPERS]

Two week adjournment likely outcome today, by which time they will owe HMRC 900k plus a month interest.

 

[seagullsovergrimsby]

Two week adjournment likely outcome today, by which time they will owe HMRC 900k plus a month interest.

There is another winding up order in the system for early December for £300K to add on to this month's £600k plus the tax bill for the current month which brings it up to roughly £1.2M.

 

[deletebeepbeepbeep]

What a shambles.

 

[Couldn't Be Hyypia]

This is the crux. People are stranding by with cash, so SW will not go out of existence, butthey'll only step in once the debt has been dumped. It totally stinks.

 

[Jim D]

This is the crux. People are stranding by with cash, so SW will not go out of existence, butthey'll only step in once the debt has been dumped. It totally stinks.

If this wasn't a football club but a business on the brink of administration with saleable assets then that approach would be applauded by the shareholders of the asset strippers - why should they be saddled with unnecessary debt when all they want is the order books, etc.? Can't see why it's any different here.

 

[CHAPPERS]

28 day adjournment! What fun!

 

[Biscuit]

If this wasn't a football club but a business on the brink of administration with saleable assets then that approach would be applauded by the shareholders of the asset strippers - why should they be saddled with unnecessary debt when all they want is the order books, etc.? Can't see why it's any different here.

Because it's a football club that means a huge amount to the local community and has years and years of history. It would be a PR disaster to let it fold.

I'm sure it won't, someone always comes in at the 11 hour... don't they?

 

[Twinkle Toes]

28 day adjournment! What fun!

Indeed - plus a local business interest hovering in the wings to buy the club at the 11th hour. It's all getting tediously familiar innit?

 

[Silent Bob]

If this wasn't a football club but a business on the brink of administration with saleable assets then that approach would be applauded by the shareholders of the asset strippers - why should they be saddled with unnecessary debt when all they want is the order books, etc.? Can't see why it's any different here.

Because shareholders of asset strippers are wankers?

 

[tubaman]

Building up debt in a club isn't fair on other clubs like ours. They have been operating beyond their means and paying players they can't afford. Going into administration should be automatic relegation with additional relegation depending on how much the creditors lose out. I've got nothing against SW but everything will be back to normal after they have dumped their debt.

 

[Dessie]

Going into administration should be automatic relegation with additional relegation depending on how much the creditors lose out. I've got nothing against SW but everything will be back to normal after they have dumped their debt.

We haven't gone into Admin.



Yet.



I can assure you, the vast majority of Wednesday fans are every bit as f***ed off with the situation (and the incompetent twats who put us there) as you all appear to be.

 

[hans kraay fan club]

We haven't gone into Admin.



Yet.



I can assure you, the vast majority of Wednesday fans are every bit as f***ed off with the situation (and the incompetent twats who put us there) as you all appear to be.

I'm sure you are, but at the same time, you're all presumably perfectly happy when Mellor or Morrison win you matches?

 

[Icy Gull]

We haven't gone into Admin.



Yet.



I can assure you, the vast majority of Wednesday fans are every bit as f***ed off with the situation (and the incompetent twats who put us there) as you all appear to be.

Edit Pompey fans were also pissed off but didn't seem too bothered with stiffing creditors, we'll see how your fans react to that when you are taken over and have a load of money pumped in. Will you be demanding big money signings staright away?