I remember back in the late 70's, early 80's, Bristol City ran into major problems.
This is what i thought, Don't HMRC kick off because they're not gurarenteed what they want because they don't get preferential? I thought it was football creditors to be paid in full, everyone else is 25p in the £
I think 25p in the £ is another football rule. If you don't match or exceed that then it's another points deduction. As Wednesday are about to find out.
It still baffles me how the football creditors rule is allowed to stand. They're trade creditors, and should be treated as such. A trade organisation cannot be allowed to overrule the law. Are we going to see the Cheese Board demand that all cheese creditors are paid in full?
He is one of a few on here that doesn't mind looking an idiot in an attempt to try and look intelligent.
Macquarie bank specialises in giving loans to football clubs. There's clubs all over the country that use them, but normally used for short term cash flow. For example when we sold Gyokeres and Hamer we waited for the payments to come in but could have gone to them and had the money in advance.
The problem for Leicester is they took the money in advance for future parachute payments plus a lot more. It looks like they have also taken out loans against the football ground and the training ground. They don't have the money to pay for the poor quality players they still have installments to make. Top, their owner is skint. His family is rich but won't give him the couple of hundred million he needs.
For Macquarie bank to get their money back they would have to take legal action. Leicester will also have to find a massive amount to pay their tax bill.
Leicester City Phoenix Club
Well, never thought we'd be here - but could be nearer than we think by the looks of things. Some pretty interesting information on the FSA's page: https://thefsa.org.uk/fan-resources/resource-training/community-owned-clubs/setting-up-a-new-club/ Time for Leicester Fosse FC?www.foxestalk.co.uk
Their own supporters know how difficult the future looks.
That seems fair...unlike the low 6 points deduction Leicester received.
At this point it's an established principle which printing firms, plumbers, etc are aware of when entering into a contract with a club. Trade creditors are used to being at or near the bottom of the list regardless of who they're dealing with.
If they stick the knife in it could go down to the wire.
A good move by the FL. It was an arguable case for WBA. They could have got the deduction next season but have got it now where they will be safe.
I'm sure that fact will make a few people apoplectic.
