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ing for a repeat of the leeds united scenario with a further points deduction for not following football league rules on clubs entering administration i certainly have my concerns but chainrai is looking to rid himself of the club unlike ken bates who proved a role model of tenacity to retain which must have proved an inspiration to tom hicks an interesting development has been reported by accountancy age hmrc has invited the administrators of portsmouth city fc to give their opinion on what stance they take on the football creditors rule x this relates to hmrc s upcoming court challenge against the leagues although accountancy age suggests that uhy hacker young are unlikely to attend court coincidentally the performance of administrators in general was earlier this week raised by bbc radio 4 s file on 4 although this was not specifically related to football and i stress that i am not in any way casting aspersions on the conduct of portsmouth s the programme raised worrying issues however to do with the lack of transparency and the potential for conflicts of interest for insolvency practitioners if they are as the programme suggests poorly regulated put that together with the poor record of transparent regulation in football and it makes a heady cocktail how much longer can the governing bodies just sit back as the likes of portsmouth and liverpool unravel so publicly update to main story 15 october 2010 new statement from the club website a portsmouth football club can confirm that agreement in principle has now been reached between the administrators prospective new owners and the football league over the four further requirements that were notified yesterday and that need to be satisfied before the transfer of the football league share to the club can be approved the necessary additional documentation is now being worked on so that the transfer of the football league share can take place once these conditions have been fulfilled this will then allow the sale of the club by the administrators to the new owners at which point pompey will exit administration portsmouth football club would like to thank supporters for their patience steadfastness and loyalty as the club look to complete this complex process over the coming days here s hoping 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 governance hmrc insolvency ownership points deduction tagged debts governance hmrc insolvency ownership points deduction 1 comment denouement at liverpool posted by john beech on october 7 2010 the long running saga of messrs hicks and gillett s failure first to bring liverpool s level debt down and next to find a purchaser of the club willing to pay the unrealistic price they were asking has until the last few days been to me at least a soap in which there is constant speculation on how the plot might develop but with very little meaty activity a soap on an obscure satellite channel that i really couldn t excited about enough to pay a subscription to view it suddenly on monday night all that changed not only did twitter erupt into seemingly more unlikely and dramatic messages even the club website sprung into unusual communicativeness although it rapidly emerged that it was telling only one side of what was rapidly becoming to use the now standard cliché a civil war to see how little had actually happened up to this week see the timeline provided by sky sports after the first round in the contest for ownership we now have a break in activity until the matter of who does or doesn t have the right to change the membership of the liverpool board is heard by an english court with most observers predicting that hicks and gillett will fail i m certainly inclined to that view but a i m not a legal expert versed in the intricacies of this rather obscure area of the law b i m not privy to what if anything was written down when the newer board members moved in and c decisions by english courts still manage to be entirely unpredicted we shall see although it seems likely that even if hicks and gillett win short of them suddenly coming up the money to repay the royal bank they are still likely to lose control as the bank will force liverpool s parent company into administration and the club will then be sold to john henry as currently planned one big surprise in this scenario would be the fact that the premier league have indicated that the 9 points would not be deducted for the parent company going into administration entirely the opposite view to the football league in such circumstances and not a view that will be well received in southampton i have frequently railed against points deduction as a sanction see my working paper on the subject but if we must have it we surely should see the rules being consistently applied across the leagues with this post dunkirk phase of the confrontation most commentary seems to be around whether liverpool would be moving out of the frying pan of one american ownership into the fire of another i really can t get my head round this as an issue is the nationality of the owner really the over riding variable that determines whether it will be good for liverpool might it not just be to do rather more with the effectiveness of the new management team and not just the owner the ability of whoever emerges as football manager and the skills of the playing squad to bring success on the pitch and hence revenues to assume that all these factors are a function of the owner s nationality is a nonsense equally nonsensical is to extrapolate from henry s track record turning the boston red sox round is one thing turning liverpool round is an entirely different kettle of fish different game which he has virtually no experience of different set of business rules different governing bodies different organisational culture etc etc you might as well argue that virgin trains would follow the success of virgin atlantic if henry gains control we will have to wait and see how he chooses to have the club run certainly there are no contra indications in his business record but there is still plenty of scope for notching up his first big failure not least because he is moving into a different ball game pun intended he may emulate the failure of hicks and gillett to get to grips with running an english soccerball franchise perhaps picking up some tips on the way from the glazers or he may follow in the rather more successful footsteps of aston villa or derby county only time will tell speculation on the subject of new american investor owners simply draws discussion away from the real issue here do we want investor owners at liverpool or any other club for that matter or do we want a fan owned co operative in charge of liverpool by now if you are a regular reader you will no doubt have guessed my preference 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 investors organisational culture ownership points deduction tagged debts investors organisational culture ownership points deduction 4 comments on the embargo front posted by john beech on august 8 2010 a quick look at clubs and embargoes not exhaustive and needing qualification for the particular circumstances of each club and obviously subject to changing reactions to the lifting of an embargo it does however suggest that the impact of a transfer embargo varies enormously making it a rather blunt instrument as a sanction accrington stanley the club has finally lodged its accounts for 2008 09 showing a loss of 300 000 and debts of just over 1m 1 the embargo which had been reimposed at the end of june 2 has been lifted and two defenders have been signed 3 cardiff city the embargo has just been lifted 4 and manager dave jones has two signings lined up 5 he obviously hopes for a flurry of signings but it seems unlikely that the club s finances will allow a great deal of activity portsmouth the for yesterday s match against coventry city gave the squad thus click on image to enlarge by the time of kick off there had been some updates ashdown had been cleared to re sign and the actual bench had but four possible substitutes boateng who did not appear at the ricoh is up for sale as is utaka but on yesterday s performance it is hard to see the latter fetching a decent figure kanu is yet to agree new terms don t hold your breath for a flurry of activity it s still very much a case of pray up pompey pray up pompey preston north end the transfer embargo was lifted at the end of june 6 trading has been constrained sheffield wednesday the embargo has just been lifted 7 but again a flurry of activity is not expected southend united the embargo has just been lifted 8 seventeen yes that s seventeen players have been signed by the newly relegated club which was repeatedly in court last season regarding hmrc debts and which struggled to pay its players on time double nectar points all round then 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 sanctions transfer embargo transfers tagged sanctions transfer embargo transfers 2 comments crystal palace s park is its castle posted by john beech on june 2 2010 yesterday provided a good example of the potential power of social media in reporting breaking news sadly the twitterati were more concerned with reporting from theo walcott s golf club than from the meeting where crystal palace would do or die as we now know they have thankfully lived to fight another day at the heart of yesterday s crisis meeting was the terms of any future sale of selhurst park the cpfc 2010 consortium prospective new owners were at crunch point in the negotiations to buy the club from one administrator and the stadium from a second administrator their desire to reunite club and stadium makes sense from every point of view and is a sign of a healthier future club and stadium had first become separated in 1998 when then owner ron noades sold the club to mark goldberg but retained ownership of selhurst park the club was then struggling financially but a ten year lease was agreed goldberg appears to have been under funded as a benefactor and in 2000 simon jordan acquired the club in 2006 jordan claimed that he had acquired the freehold on selhurst park 1 but it transpired that nodes had in fact sold the ground to a company owned by 60 by paul kemsley and 40 by hbos the bos being bank of scotland now 40 itself owned by the uk government not the royal bank of scotland an entirely different bank now owned 84 by the uk government jordan however persisted in claiming that he was de facto owner of the ground 2 although also claiming that he had a 25 year lease the actual ownership has been a complex saga a detailed account being published by david conn in the guardian in october 2008 3 to cut a long story short the recent history of both the club and the stadium has been deeply troubled financially and simon jordan has become increasingly demotivated in june 2009 rock investments the kemsley company which then owned selhurst park went into administration 4 by august 2009 the club was hit with a transfer embargo following a dispute over unpaid bonuses and signing on fees from last season 5 jordan pumped a further 5m into the club 6 but in january this year under a second transfer embargo the club was forced into administration by property company agilo who had been supporting the club with loans 7 a credible rescue attempt taking over both club and stadium would thus necessitate complex negotiations with not one but two different negotiators again for the sake of brevity we reached the situation where the cpfc 2010 consortium had reached agreement in principle to buy the club but negotiations for the purchase of the stadium were in stalemate the problem was over the rather oddly termed anti embarrassment clause that lloyds owners of hbos and the major creditor of the stadium were seeking to impose this anti embarrassment clause covered the situation if the new owner subsequently sold the stadium for a profit this might seem an academic point given croydon councils stated policy regarding the use of selhurst park for football but lloyds appear to have agreed a price that was less than might have achieved had they chosen to press for a change in policy and then sell selhurst for property redevelopment not surprisingly then they were not prepared to see the cpfc 2010 consortium possibly make a profit at their expense at some time in the future the cpfc 2010 consortium felt that in the unlikely event they would not be prepared to see lloyds profit from any investment they the consortium had subsequently made in developing the infrastructure at selhurst park which would presumably bolster any resale price academic yes but given the figures involved a matter which needed to be resolved before pens were put to paper a complication in the negotiation of the sale of the club to the cpfc 2010 consortium had been simon jordan s agreement to the proposed cva as a benefactor who had pumped his personal money into the club it is perhaps not surprising that he was reluctant to lose both ownership of the club and a considerable amount of money the proposed figure of 1p in the pound to be paid to creditors was hardly an enticing offer fortunately common sense seems to have prevailed all round i m tempted to say for once and agreement has been reached for both sales to the consortium for once the future for crystal palace looks brighter if not yet rosy the generic lessons of this sorry sage are clear the separation of ownership of club and stadium is a dangerous road to go down even if a lengthy sell and lease back arrangement is agreed in fact the longer the period the greater the exposure to risk of being unable to pay the lease let alone invoke a buy back clause think leeds united the generosity of a benefactor is really stretched when he faces losing both ownership and his money the latter presupposes the former after all clear lessons to be learned for far too many club will they have been universally learned frankly it seems unlikely 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 assets benefactors debts insolvency ownership stadium transfer embargo tagged assets benefactors debts insolvency ownership stadium transfer embargo 1 comment an austrian digression posted by john beech on january 3 2010 which i would justify in a blog on english football management on two grounds first it makes an interesting contrast with my recent posting on what the future might hold for portsmouth see how much more benefaction can pompey take and its comments and secondly it pro...