Football Finances

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SimonB
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Football Finances

Postby SimonB » Wed Jan 20, 2010 1:09 pm

I wonder whether the saying "doing a Leeds" will shortly be known by another saying. Portsmouth must be close to extinction and Sol Campbell has got in the act now -

Portsmouth's financial woes have increased after the club confirmed they are being sued by Sol Campbell for fees and bonuses their former defender claims he is owed. Campbell, now at Arsenal, has issued a writ through his lawyers for £1.7million he says he is owed in image rights and bonus payments.Portsmouth confirmed the receipt of the writ on Wednesday and a club spokesman said: "The matter is being dealt with by our lawyers."

The writ comes as Portsmouth prepare to appeal against a High Court judge's decision to dismiss their application to have a winding-up petition from Her Majesty's Revenue and Customs struck out.



The debt issue has been highlighted massively at Scum and Cess, although I cant imagine either going under. Cardiff are facing a winding up order I beleive. Others in all leagues have their issues to deal with. Many are only kept afloat by rich individuals.

Are we about to see a systematic failure of several clubs leaving us with a much smaller pool of professional teams?
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jackos
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Re: Football Finances

Postby jackos » Wed Jan 20, 2010 1:38 pm

Poor old Sol, fuck football finances, football players are fucking scum they really are - I wonder what Sol is worth? Or has he spent all his dosh gold plating his boyfriends karsy? Fucking cunt. We need a cunt like Bates to match hm we really do, but preferably the Leeds sort who gives more of a fuck about Leeds than them f'in sen.

Did I say fuck?

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eric olthwaite
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Re: Football Finances

Postby eric olthwaite » Wed Jan 20, 2010 2:06 pm

SimonB wrote:Are we about to see a systematic failure of several clubs leaving us with a much smaller pool of professional teams?


I don't think so. If a few clubs fail, I just can't see the Premier League saying to the likes of Portsmouth, "Oh well, tough shit, you'll have to start again in Ryman County League Three". The clubs will have to allowed to carry on somehow.

As a general principle, all it would take for the whole model for football finance to work perfectly well and sustainably would be for transfer fees and player's wages to drop to maybe 30% of what they are now. I accept it's probably wishful thinking to get down that low, but I'm sure that fees and wages will drop once a few clubs are in serious shit.

Just not until after Cess and Scum have gone to the wall, obviously.

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eric olthwaite
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Re: Football Finances

Postby eric olthwaite » Wed Jan 20, 2010 2:09 pm

jackos wrote:Poor old Sol, fuck football finances, football players are fucking scum they really are - I wonder what Sol is worth? Or has he spent all his dosh gold plating his boyfriends karsy? Fucking cunt. We need a cunt like Bates to match hm we really do, but preferably the Leeds sort who gives more of a fuck about Leeds than them f'in sen.

Did I say fuck?


No, fuck it. I'm with Sol. He was offered a contract and he took it and met his side of it. If Portsmouth players before Sol saw their contracts paid in full, why the fuck should he bear the brunt of the club's financial incompetence?

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jackos
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Re: Football Finances

Postby jackos » Wed Jan 20, 2010 2:29 pm

eric olthwaite wrote:why the fuck should he bear the brunt of the club's financial incompetence?


Oh I don't know, cause he's a footballer has earned millions off the game, n maybe gives a toss about it's future. As we have seen first hand the only people who suffer in all this are the fans, sure BadPR handed out the goodies, but he walked away with 6 million quid to carry on elsewhere, while we continued to be fucked over by the likes of that scouse property tycoon for fuck knows how long after we got rid of the cunt. It's easy for cunts like Sol to put a gun to a clubs head, they are risking nowt, normal creditors have nothing like the protection footballers have. They have to be paid back every friggin penning before a club is allowed to continue in the league system - putting them in a very special position - they safe - they should let the clubs sort their problems out n bide their time. It's hardly like he's starvin is it? He's been one of the best paid pros in the football world for bugger knows how long, he can friggin wait.

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the flying pig
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Re: Football Finances

Postby the flying pig » Wed Jan 20, 2010 2:33 pm

jackos wrote:[...Sol ...It's hardly like he's starvin is it?...


no, not really.

Image

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Blackwhite
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Re: Football Finances

Postby Blackwhite » Wed Jan 20, 2010 2:57 pm

the flying pig wrote:
jackos wrote:[...Sol ...It's hardly like he's starvin is it?...


no, not really.

Image


And there was me thinking it had no calories... don't tell yer wife.
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SimonB
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Re: Football Finances

Postby SimonB » Wed Jan 20, 2010 4:23 pm

If Sol in entitled to the money then fair play to him for negotiating it in the first place. Of course he should chase for the money he is due. Its the clubs fault for agreeing to it.

Taking Liverpool, large expensive debt, much lower income next season, perhaps forced to sell better players at they want CL football and the board will need the money. So a further fall from the top, yet lower income and so it goes until the income doesnt support the debt and then they are in trouble. But having said that so far in the PL another buyer had always been found.

Scum could follow the same route, hopefully....

The Inland Revenue must be sick and fucking tired of clubs not meeting their PAYE & NI committments and seem to be taking a harsher line on the collection of these debts and that is where I think the main problem for clubs will lie. Winding up orders will become more common and reduce the time clubs have to find a solution to the point that one or more will cease to exist. Although this will probably only happen to lower league clubs.
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Disco Dan
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Re: Football Finances

Postby Disco Dan » Wed Jan 20, 2010 5:25 pm

Sky Sports News reporting that the parent company of scum are £716m in debt. Is that on top of the club's debt? I fucking hope so. Soon it will be "doing a scum" hopefully.

edit:

Turns out it's not, but nice to see the figure heading north: Ker-ching

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Supernorm
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Re: Football Finances

Postby Supernorm » Wed Jan 20, 2010 10:34 pm

From the times today

Club debt at the end of the 07/08 season

£m Club
700 Chelsea
700 Man Utd
415 Arsenal
280 Liverpool
200 Fulham
150 Man City
75 Villa
70 Sunderland
65 Wigan
60 Portsmouth
50 Bolton
40 Everton
35 West Ham
15 Rovers
2 Stoke
1 Hull

Of those dropping out
£m Club
105 Newcastle
95 Middlesbrough
9 West Brom

On these figures, it is just a matter of time before another big club fails.
Just in case you want these figures totalled up; total debt = £3.1 billion.
This compares to total sales of £1.8 billion
Another season has passed and the position for some clubs has deteriorated dramatically (eg Bolton who can't afford to pay their interest bills are reputed to owe at least £60m). Anyone for a game of Fantasy Finance?
January 20, 2010 1:21 AM GMT on community.timesonline.co.uk


I notice West Ham's debt was supposedly 35m at the beginning of the season but the two David's bought it yesterday with debts of over 100, some massaging of the figures there, me thinks.

Don't see Spurs on the list though!
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Perseus
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Re: Football Finances

Postby Perseus » Wed Jan 20, 2010 10:41 pm

jackos wrote: I wonder what Sol is worth?



Personal fortune of 28 million.

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simplyleedsutd
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Re: Football Finances

Postby simplyleedsutd » Thu Jan 21, 2010 1:33 am

Supernorm wrote:
From the times today

Club debt at the end of the 07/08 season

£m Club
200 Fulham



Fulham's current success could come crashing to earth with a real bump then!

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SimonB
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Re: Football Finances

Postby SimonB » Thu Jan 21, 2010 9:43 am

Disco Dan wrote:Sky Sports News reporting that the parent company of scum are £716m in debt. Is that on top of the club's debt? I fucking hope so. Soon it will be "doing a scum" hopefully.

edit:

Turns out it's not, but nice to see the figure heading north: Ker-ching


That link didnt work for me mate.

Interesting to see the times list, what was there source? Statutory accounts which are always a year out of date or a best guess based on available information?

Debt in itself isnt a particular problem if a business is generating sufficient free cash flow to cover the interest payments but in football that seems to be rarely the case. Makes you wonder who thinks its a good idea to lend to a football club?
We had a meeting at work today and I was asked what steps I would take in the event of a fire. Apparently "fucking big ones" wasn't the right answer

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topbin
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Re: Football Finances

Postby topbin » Thu Jan 21, 2010 7:35 pm

I thought Hull had a shit load of debt? £1m doesn't sound like an awful lot...

Wouldn't be too sure on those figures!

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Phil LUFC
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Re: Football Finances

Postby Phil LUFC » Fri Jan 22, 2010 12:02 pm

They are 18 months out of date, I could easily believe Hull's debt came about as a result of the spending spree on promotion rather than on a gamble to get to the prem.

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Krumpli
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Re: Football Finances

Postby Krumpli » Thu Jan 28, 2010 12:35 pm

http://www.portsmouthfc.co.uk/

Portsmouth’s official website was offline yesterday after the Barclays Premier League club failed to pay the company that hosts its online presence.


:shock:

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MightyWhite
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Re: Football Finances

Postby MightyWhite » Thu Jan 28, 2010 12:35 pm

Beat me to it Krumpli, was just about to post this :lol:

Even we were never this bad, what a shambles!
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Krumpli
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Re: Football Finances

Postby Krumpli » Thu Jan 28, 2010 1:08 pm

MightyWhite wrote:Even we were never this bad, what a shambles!

The official shitpump going down is one thing that would never, ever happen under Bates.

Portsmouth's Trust have swiftly filled the void by launching a site of their own.

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Disco Dan
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Re: Football Finances

Postby Disco Dan » Thu Jan 28, 2010 1:36 pm

It's being reported that Ridsdale has resigned. Shame. I hope he's arranged himself an epic payout.

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burnleyinexile
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Re: Football Finances

Postby burnleyinexile » Thu Jan 28, 2010 1:51 pm

Disco Dan wrote:It's being reported that Ridsdale has resigned. Shame. I hope he's arranged himself an epic payout.


BadPR will always come out on the right side, no matter who else gets the shaft. Fucking hate him.
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