They are not common at all.
CCFC "debt" is internal debt so as a going concern there is zero issue. Same for most clubs. The internal debt for Wasps is £16m - sports clubs are no different to anyone else - they can't not pay external creditors just as they are sports clubs. They have the same legal recourse as anyone else.
Its inconceivable to me that the Directors were not aware for months that they were trading insolvently. HMRC pulled the plug as it was clear that they were going to not get paid. I hope the directors are challenged as this seems to be a clear breach of director responsibility. The fact Reeves was even trying to get funding to support this is laughable. I can't fathom how they had cash to carry on - well I guess they just stopped paying everybody. Then they strung a series of lies to keep the bond payment at bay and also not to refloat.
Absolute disaster
Ashley also will I suspect blow stupid Anne Lucas and the unencumbered freehold drivel out the water very soon
CCFC were wound up because of external debt to ACL.
Leicester went into admin owing £74m including millions to the tax man: Leicester debts mount
Derby owed millions to charities: Derby County Community Trust owed £130,000 after club went into administration
Wigan owed millions to HMRC: Are Wigan Athletic really £45m in debt?
Those are just off the top of my head. Are you really claiming this is unusual in sports team administrations?
It’s massively unusual.
Ccfc as you well know had a tactical strategy
Even the links admit Wigan is misleading and Derby internal debt
I assume the Leicester one is 20 years old?
Didn't know , thanks for clarifyingThe £21m is £7m to HMRC and £14m in Sport England Covid loans. It’s not council funds. Council were owed £230k business rates and another £40k or so.
The links don’t say that actually, the debts I mentioned aren’t part of the internal or “misleading” debt. Jesus I’m not even defending Wasps I’m just saying it happens a lot in sport that companies rack up unsustainable debt and something should be done.
They are - the Wigan debt is described as misleading - its internal debt - ccfc deliberately refused to pay ACL and the Derby charity is part of the same company
These are headline figures meant to grab a headline. The real issue is they took £35 million off personal investors and can’t pay it back
It’s the first public floated retail bond in uk history to fail. By definition that’s unusual
Fucking hell, I really hope that's someone taking the piss and winding them up. If not they need help.Twats still bleating, "it was Covid ".View attachment 27675
Fucking hell, I really hope that's someone taking the piss and winding them up. If not they need help.
I think the scouse council had to be stopped due to eye watering corruption. Westminster had to step in. That may have been to get a slice of the action thoCoventry council made it feel like the football club were a problem .
Now who at the council is going to pay for the lost 21 million ? Arseholes , worst council in England surely
It can get out of hand........I think the scouse council had to be stopped due to eye watering corruption. Westminster had to step in. That may have been to get a slice of the action tho
This is what I've heard from our customers up that way and may not be factually correct. If it is it shows how little this sort of thing is heard of out of the local area which is probably another issue altogether.
Could all be a load of big hairy bollox tho
Thing is doesnt matter who brought it and for how much, the debt disspears!And Ashley got it all wiped for 17m.....
Twats still bleating, "it was Covid ".View attachment 27675
Twats still bleating, "it was Covid ".View attachment 27675
Absolutely love this line of thought…Sadly not.
They still can't see the irony that they have had "SISU R BADDIES" drummed into them since they moved here while Wasps have been getting everything on tick and not paying anybody and ripping off people to the tune of millions.
"BUT SISU DISTRESSED THE COUNCIL"
Yes mate, how many businesses are distressed because Wasps had work done and didn't pay?
They still think Richardson is a fucking hero, although a few are starting to see.
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