Jump to content
Wanderers Ways. Neil Thompson 1961-2021

Take Over


Kane57

Recommended Posts

Just now, radcliffewhite1 said:

That definitely? Never knew that 

So EFL hold what’s called a ‘golden share’ in every football club. That means they have to agree to administration. 

Their terms are: 

100% settlement of football debts (fees owed to clubs etc) 

Minimum 25% made available to all other creditors. 

As the club has £16M in secured creditors these will get paid off first, meaning another £3-4M needs to be found to pay the 25% threshold to the other creditors, gives a total of £19-20M plus fees. 

Problem is that money has to be paid up front, same as in a pre-pack administration and Basran didn’t have it, even taking out the £5.5M to PBP....

Link to comment
Share on other sites

3 minutes ago, Howardroark said:

So EFL hold what’s called a ‘golden share’ in every football club. That means they have to agree to administration. 

Their terms are: 

100% settlement of football debts (fees owed to clubs etc) 

Minimum 25% made available to all other creditors. 

As the club has £16M in secured creditors these will get paid off first, meaning another £3-4M needs to be found to pay the 25% threshold to the other creditors, gives a total of £19-20M plus fees. 

Problem is that money has to be paid up front, same as in a pre-pack administration and Basran didn’t have it, even taking out the £5.5M to PBP....

Thanks 

Link to comment
Share on other sites

6 minutes ago, Howardroark said:

So EFL hold what’s called a ‘golden share’ in every football club. That means they have to agree to administration. 

Their terms are: 

100% settlement of football debts (fees owed to clubs etc) 

Minimum 25% made available to all other creditors. 

As the club has £16M in secured creditors these will get paid off first, meaning another £3-4M needs to be found to pay the 25% threshold to the other creditors, gives a total of £19-20M plus fees. 

Problem is that money has to be paid up front, same as in a pre-pack administration and Basran didn’t have it, even taking out the £5.5M to PBP....

Are secured and football creditors one and the same?

Link to comment
Share on other sites

2 minutes ago, onlyoneawalker said:

Are secured and football creditors one and the same?

No, but a secured creditor will always get paid first so they have to be paid in full before you can move on to the unsecured creditors, who are entitled to 25% under the EFL rules.

Edited by Howardroark
Change
Link to comment
Share on other sites

14 minutes ago, Howardroark said:

Can’t go in to administration, costs £20M due to EFL rules, would be liquidation.

Liquidation bwfc does not exit any more how did Glasgow Rangers manage to keep there history ? Thought once you got liquidated the club no longer existed and had to be renamed like Darlington and Halifax or is there away round it ? 

Link to comment
Share on other sites

  • Site Supporter
Just now, Farnywhite said:

Liquidation bwfc does not exit any more how did Glasgow Rangers manage to keep there history ? Thought once you got liquidated the club no longer existed and had to be renamed like Darlington and Halifax or is there away round it ? 

Rangers FC ceased to exist.

The current incarnation is a new company entirely.

Link to comment
Share on other sites

4 minutes ago, Farnywhite said:

Liquidation bwfc does not exit any more how did Glasgow Rangers manage to keep there history ? Thought once you got liquidated the club no longer existed and had to be renamed like Darlington and Halifax or is there away round it ? 

The assets are purchased out of liquidation, name, stadium etc 

The owner of the assets would then apply to the league to join as a member. 

With Rangers the assets were purchased by Charles Green under a new company, but the SPL refused to allow membership, the SFL did however approve membership.

Also worth noting that Rangers were liquidated by HMRC who refused to allow them to escape via administration.

Edited by Howardroark
Addition
Link to comment
Share on other sites

Just now, Howardroark said:

The assets are purchased out of liquidation, name, stadium etc 

The owner of the assets would then apply to the league to join as a member. 

With Rangers the assets were purchased by Charles Green but the SPL refused to allow membership, the SFL did however approve membership.

Also worth noting that Rangers were liquidated by HMRC who refused to allow the to escape via administration.

How much did they owe HRMC? 

Link to comment
Share on other sites

2 minutes ago, Howardroark said:

The assets are purchased out of liquidation, name, stadium etc 

The owner of the assets would then apply to the league to join as a member. 

With Rangers the assets were purchased by Charles Green under a new company, but the SPL refused to allow membership, the SFL did however approve membership.

Also worth noting that Rangers were liquidated by HMRC who refused to allow them to escape via administration.

The entry point in such circumstances is not the league......

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.