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ok share on x opens in new window x share on reddit opens in new window reddit like loading posted in debts hmrc insolvency tagged debts hmrc insolvency 5 comments round the lower levels part 2 posted by john beech on december 21 2011 at last part 2 of my overview of what is happening from a broad financial perspective part 1 ran alphabetically up to prescot cables and is available here with a slight jump backwards we pick it up with port vale an interesting case of fan ownership valiant 2001 bought the club from the administrators in 2003 1 the club had debts of 2 4m and was said to be losing 500 000 a year 2 and in doing so avoided the real threat that football might have disappeared from vale park 3 survival has been a battle with the problem of sponsors not paying and a threatened takeover 4 and the need for a loan from stoke city council 5 nevertheless the club managed to complete its cva in may 2005 and to come out of administration in october 2006 meanwhile local boy robbie williams had bought shares for an undisclosed sum 6 however chairman bill bratt had taken the club as far as i can by september 2008 7 but was denying takeover rumours the following month 8 into the new year and a row was brewing over the apparently different involvement with local rivals stoke city by the council 9 bratt attempted to clarify the club s difficulties here and pointed out his already considerable commitment to the club 10 fan opposition to the way the board was running the club mounted and bratt pointed out the obvious supporters have protested against the board in recent weeks and bratt said it could be potentially destructive if we go what happens we fold immediately if that s what they want they could take the club down not the board said bratt he added i m quite happy to walk away from this club right now but the banks and creditors would come in straight away and there s no plan b in place 11 plans b c and d have however emerged in recent years the failed attempts by various parties to invest in the club harlequin properties 12 mike newton 13 mo chaudry 14 and most recently blue sky international 15 although there has been investment by peter miller 16 all the uncertainty has prompted an attempt by fans to oust the board 17 all very sad the days of fan benefactors like jack hayward jack walker and steve gibson seem to have gone and fans need to be clear in discriminating between fan owned and supporters trust owned portsmouth i d planned to avoid blogging about pompey until the situation became clearer but it hardly seems reasonable not to comment in this context the immediate situation sounds reasonable with the immediate possibility of points deduction probably not on the football league s agenda see previous posting the issue is just how long the immediate will last current indications are that it will all too brief with time and money running out sometime next month whether keith harris will have been able to weave his magic in finding a buyer before then 18 seems unlikely pompey are hardly the most attractive of clubs to buy in their present mess 19 i have it on good authority that even the liquidation of the oldco is proving to be contentious administration for the club as opposed to the existing administration of csi looks increasingly likely with its inevitable 10 points deduction threat to keeping up the cva payments and further points deduction increasingly liquidation and resurrection by the pompey supporters trust looks the only viable longer term scenario rossendale united the club did not reapply for membership of the north west counties football league at the start of this season 20 and a new club is being resurrected 21 news is scant any local informed input would be appreciated see also my posting in march where i argued that the club was a classic case of benefactor withdrawal syndrome bws rothwell town in october the rowellian football social club trading as rothwell town football club did go into administration 22 again any local informed input would be appreciated rushden diamonds following their expulsion from the conference 23 the club tried but failed to get into the southern premier league 24 and went into administration 25 that appears to be the end of the club in this manifestation but an afc rushden is being formed 26 this seems to be another case bws although perhaps with twists yet to emerge southend united in november the club announced roots hall development moves closer 27 so nothing new there then meanwhile the fossetts fantasy farm project has been has been removed from the council s capital programme until the certainty of developer contribution can be ascertained 28 truro city the club owned by kevin heaney wannabe owner of plymouth argyle is in deep deep trouble wages have been unpaid 29 and the stadium for cornwall project now has a big question mark hanging over it 30 hmrc are chasing tax debts of over 100 000 and the club has until january 16 to come up with the money or face a winding up order 31 wakefield a not entirely unfamiliar story here too 32 with unpaid wages and money owed by a sponsor 33 all too worryingly i could start going round the alphabet again with various tales of various woes at barnet 34 cheltenham 35 chorley 36 coventry 37 croydon athletic 38 and dorchester town 39 although at least the last of these has a positive side a possible takeover by dorchester town supporters trust it looks as if the race is definitely on for the club to face the first insolvency event of 2012 february is the second highest peak for insolvency events behind may so it could well be a close run thing i m beginning to wind down or is it up for christmas so in case i don t post again in the next few days a very happy christmas or bah humbug delete as you consider appropriate to all readers share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in benefactors debts hmrc insolvency ownership stadium tagged benefactors debts hmrc insolvency ownership stadium 1 comment round the lower levels part 1 posted by john beech on november 28 2011 plenty has been happening once you look down the football pyramid since i last gave a general overview the continually flashing lights on my radar screen have of course been plymouth argyle and wrexham although for entirely different reasons i have resisted the very strong temptation to blog on these two clubs in the case of plymouth i have been put off by the plethora of non news that has been churned out over the last few months it seemed as if 90 of this consisted of peter ridsdale purring that one of two takeover attempts was due to completed next wekk at wrexham in distinct contrast real news was happening at a staggering rate i did actually start a posting but while i was writing it two press releases issued which made my opening paragraph redundant in any case my friends over at twohundredpercent gave happenings and non happenings at both clubs excellent coverage a third nebula seems to heading towards my radar screen the ever dependable portsmouth but with one henry james redknapp due in court shortly i ll hold back for the moment at least it s not as if the radar screen has been otherwise blank though in alphabetical order of clubs then astley bridge i haven t managed to identify which league the club plays in any offers the club which has been around since 1892 1 is under threat thanks to thieves who stole the club s pitch mower 2 the club cannot afford the alternative of having the council mow their three pitches at a charge of 1500 for five cuts bournemouth the club has failed to buy back its dean court stadium which it was forced to sell and lease back almost six years ago 3 meanwhile 50 of the club s shares have been sold to a 41 year old russian petrochemicals trader 4 and chairman eddie mitchell purred his arrival brings security to the club is it just the pompey fan in me that finds this less than reassuring i hope so carlisle carlisle have formidable issues with the existing brunton park stadium not least the threat of a repeat of the 2005 flooding 5 just over two years ago the club was losing 1 2m a year and facing gates down to just over 6 000 6 by march 2010 gates were down to around 5 200 and budget cuts had to be imposed 7 now we have the results of a feasibility study 8 and project blue yonder which would see the building of a new 12 000 seater stadium 9 certainly this appears more realistic than plymouth argyle s ill fated plans for a 40 000 stadium but not a great deal more so plymouth has a population of just over 250 000 whereas carlisle s population is just over the 100 000 mark no easy solutions to the club s dilemma i m afraid dawlish town i m a bit thin on information here but a link 10 said that the club had withdrawn from the western league premier division in july the club website 11 is still live but does not appear to have been updated recently with doubtless no intended irony it still has a link to an item headed chairman dreams of promotion and new stadium their wikipedia entry 12 begins with that damning phrase dawlish town a f c was a football club a facebook page 13 implies that the club has disappeared and a new fc dawlish town is being formed can anyone with local knowledge expand on this harlow town a winding up petition from hmrc was dismissed in court o 14 november because the club had paid its tax bill 15 this followed on entering a cva in september 2009 16 see also postings passim hucknall town after a particularly turbulent period last season 16 the club has new owners 17 who talk of turning into a community club there is even talk perhaps just a tad ott of the club as a sleeping giant 18 all in all things a lot a rosier nonetheless kettering town ah the inimitably enigmatic imran ladak see postings passim having solved the impending problem of the end of their ease ladak took the club to rushden s nene park 19 which everyone hoped would see the start of a new period of stability for kettering at least ladak is now open to offers for the club 20 the entire team is transfer listed 21 players are partly unpaid 22 and as a result it has been transfer embargoed 23 who can guess what ladak will do next this after all is the man who brought in gazza to run the club sacking him after six games 24 prescot cables this community interest club has taken the decision to return to being an amateur club the financial pressure having built up following the lack of a sponsor 25 part 2 will be coming to a screen near you shortly i ve now more or less recovered from the failure of my laptop s cpu and hence its scrapping so normal service should now be resumed share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in debts insolvency ownership stadium tagged debts insolvency ownership stadium 4 comments some rather late and ineffective justice for luton fans posted by john beech on september 11 2011 there was some small crumb of comfort for luton fans in the news that four of the directors of the previous owners of the club had been banned from being company directors 1 and hence now fail the fit and proper person test former chairman bill tomlins was disqualified for six years derek robert peter the former ceo and a chartered accountant was disqualified for seven years and richard sidney bagehot and john mitchell were each disqualified for three years the official statement from the insolvency service 2 who investigated luton town or more exactly the old company luton town football club limited ltfc which is not in any way connected with present owners luton 2020 makes clear the scale of what had been going on under the club s previous owners the investigation by the insolvency service found that the directors of ltfc had breached football association fa and fifa rules and caused lftc to trade at the risk and detriment of hm revenue and customs hmrc being in arrears with paye and nic within a few months of commencing to trade and recently not declaring or paying its vat liability between july 2004 and february 2007 ltfc acted in breach of fa and fifa rules and regulations on payments to football agents the fa enquiry found that the company had dealt with unlicensed football agents and made payments totalling 157 000 through its holding company jayten stadium limited jsl using funds provided by ltfc which should have been paid by ltfc itself and routed through the fa during the same period of july 2004 and february 2007 the directors individually either caused or allowed the company to trade at the risk of and ultimate detriment to hmrc which was owed 3 578 661 the court heard there was a pattern of non payment and chasing from hmrc why i say small crumb of comfort is for two reasons first the club has had to suffer as a football club for the misdemeanours of these previous owners see previous posting where i wrote of luton s unfair disadvantage in terms of points deductions and the resultant relegation to the conference seeing four people just banned from being company directors hardly results in an overall balance of justice being seen to be done secondly the perceived lack of balance in justice is exacerbated by the fact that these goings on came to light as a result of whistle blowing from within the club which should have in part mitigated the punishments handed out to the club the success in bringing about these bans must give hmrc a good feeling for their ongoing fights with football clubs these currently include the major fight north of the border against rangers a blog worth a look at on this is rangers tax case as is the scotsman their attempt to have the football creditors rule thrown out by challenging the leagues in court rather than taking action against individual clubs and the ongoing cases against harry redknapp milan mandric and peter storrie some interesting reading coming up there s no doubt and the various court rulings may have significant implications for all clubs share this share on facebook opens in new window facebook share on x opens in new window x share on reddit opens in new window reddit like loading posted in debts hmrc insolvency points deduction tagged debts hmrc insolvency points deduction 5 comments onward and upward at portsmouth posted by john beech on march 5 2011 as plymouth argyle fans come to terms with their club being in administration they can look along the south coast to portsmouth to see that things can get better on thursday uhy hacker young pompey s administrators announced the completion of the club s company voluntary arrangement and exit from administration on 24 february 2011 on 10 february 2011 an order was made by the court confirming that on completion of the administration the case would move to compulsory liquidation subsequently the secretary of state was appointed ...
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