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Post by GresleyRam©®™ on Apr 1, 2009 8:05:05 GMT -1
Reports today are saying that the holding company that owns Southampton are going into administration, but as yet the club have avoided doing so. This will mean NO points deduction as yet...but for how long?? Bad times ahead methinks!  |
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Post by GresleyRam©®™ on Apr 1, 2009 8:06:11 GMT -1
The company that owns Southampton has had its shares suspended ahead of an announcement about its financial future.
Southampton Leisure Holdings had been warned it would be unable to continue as a viable business if additional funds were not secured before Tuesday's deadline
While talks with a number of parties are going on, the company said it was required to suspend its shares because the uncertainty had prevented it from posting half-year results before the three-month deadline.
Reports suggest that moves to put the club's parent company, rather than the club itself, into administration will save it from having points docked by the Championship.
Southampton are currently second bottom in the table and three points from safety.
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Post by DTR on Apr 1, 2009 8:28:32 GMT -1
Could be some decent signings for Derby then Gres??? ;D
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Post by GresleyRam©®™ on Apr 1, 2009 8:32:59 GMT -1
Could be some decent signings for Derby then Gres??? ;D LOL - to be fair i'd happily take Andrew Surman and Saganowski but as for the rest.........  |
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Post by Neko Bazu on Apr 1, 2009 9:57:52 GMT -1
The FL could still apply a points deduction at their discretion if they think this move would give Southampton an unfair advantage, and it'll be interesting to see if they do or not.
If they don't it'd create a hell of a loophole, and I bet there'd be plenty of clubs doing the same in the near future - who wouldn't jump at the chance to remove their debts without facing any penalty?
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Post by CHOPPER READ on Apr 1, 2009 10:00:41 GMT -1
It is sad to see,especially if it saves Forest from the drop.
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Post by Mrs H on Apr 1, 2009 10:37:04 GMT -1
Again I ask the question...where did all the money go? They got shed loads for Walcott et al and it seems to have magically disappeared behind Rupert's platinium coated sofa.
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gt
Non League Player (someone crap, like Boston)
Posts: 51
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Post by gt on Apr 1, 2009 10:44:22 GMT -1
It is sad to see,especially if it saves Forest from the drop. They are below us albeit with a game in hand, I think we need to worry about other teams more. |
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Post by CHOPPER READ on Apr 1, 2009 10:45:55 GMT -1
It is sad to see,especially if it saves Forest from the drop. They are below us albeit with a game in hand, I think we need to worry about other teams more. I don't like Soton very much tbh,hope they do go down. |
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Post by Natty on Apr 1, 2009 10:46:37 GMT -1
its just said they wont have points deducted
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gt
Non League Player (someone crap, like Boston)
Posts: 51
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Post by gt on Apr 1, 2009 10:49:03 GMT -1
They are below us albeit with a game in hand, I think we need to worry about other teams more. I don't like Soton very much tbh,hope they do go down. Why that mate? Play off game? Burley? |
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Post by Mrs H on Apr 1, 2009 10:50:03 GMT -1
The FL could still apply a points deduction at their discretion if they think this move would give Southampton an unfair advantage, and it'll be interesting to see if they do or not. If they don't it'd create a hell of a loophole, and I bet there'd be plenty of clubs doing the same in the near future - who wouldn't jump at the chance to remove their debts without facing any penalty? Ken is already on the phone to his lawyer! |
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Post by ---------a on Apr 1, 2009 11:00:25 GMT -1
Oh well.
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Post by CHOPPER READ on Apr 1, 2009 11:03:03 GMT -1
I don't like Soton very much tbh,hope they do go down. Why that mate? Play off game? Burley? Don't know really,just one of those teams i don't like. Brum,Norwich,MK Dons. Nowt personal. |
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Post by ---------a on Apr 1, 2009 11:26:13 GMT -1
Again I ask the question...where did all the money go? They got shed loads for Walcott et al and it seems to have magically disappeared behind Rupert's platinium coated sofa. we got 5m plus add ons for Walcott.. which would eventually add up to 12m... but we did a deal with Arsenal to get 2m early and call the rest quits, so we only got about 7m. we spent 7m of money which we didnt have to try and get promoted in 06/07 and only managed play offs, so that backfired. money which we got for Kenwyne Jones and Bale etc 11m was fed into the club to keep it afloat.. paying over the odds wages for players and staff... we have millions in stadium debt which alot of the money has gone towards. we built our stadium and was making money from filling it 32,000 every week in the prem, but with crowds only getting about 14,000 we are losing significant money every week and can't afford to keep paying high wages for people like Jason Euell (10k a week) and Rasiak and John (whom we've loaned to Watford and Bristol City to avoid paying wages) basically we gambled money to get back to the premiership and it didn't work - because George Burley spent it on players with high wages and high transfer fees and his incapabilites as manager - even though we had a quality squad - cost us. that saw us cutting costs, weakening the team and struggling and now no-one wants to watch us and we are losing money at a high rate or dollar! |
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Post by southdownswolf on Apr 1, 2009 21:42:37 GMT -1
I feel sorry for the supporters of Saints, however it is another occasion where the BofD have splashed the cash without due diligence. I was always wary of Sir Jack calling in the £30m at our place, however at least when he sold Wolves there was a clause that Steve Morgan had to invest £30m without the club owing him anything.
More clubs that have recently been in the premier, indeed maybe even some in the premier will be going bust in the next 12 months, as creditors start to call in the loans/overdrafts. I fear that there could well be a couple of high profile clubs out of business before the end of 2009/10 season with the current economic climate.
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Post by Natty on Apr 2, 2009 11:03:04 GMT -1
Southampton's parent company has been placed into administration and chief executive Rupert Lowe has resigned.
Share trading in Southampton Leisure Holdings plc was suspended on Wednesday after the company admitted it needed extra money to have a future.
It has debts of £27.5m, reportedly made up of financial liabilities of £23.1m and an overdraft of £4.4m.
It is possible that putting the parent company into administration could save the club from a 10-point deduction.
However, BBC Sport understands it could still be at the discretion of the League, which meets on Tuesday, whether the penalty is imposed.
Fans' reaction to financial news
If a significant proportion of the club's debt is wiped out by such a move, it would be sure to provoke anger from clubs such Leeds, Leicester and Luton, who were hit with a points deduction after going into administration.
Lowe, Saints chairman Michael Wilde and director Andrew Cowen have resigned from the company with immediate effect, although a statement from SLH said the club is "unaffected by these insolvency proceedings".
The business is heavily in debt after spending more than £30m on the 32,000-seat St Mary's Stadium, which they moved to from The Dell in 2001, before being relegated from the Premier League in 2005.
The controversial Lowe was chairman at the club for 10 years until his removal in 2006 but linked up with Wilde, the man who initially replaced him, to return to the boardroom last summer.
But despite introducing a number of cost-cutting measures, including loaning out big earners and closing parts of St Mary's on match days, the south-coast club remain in desperate financial trouble.
In a statement, joint-administrator Mark Fry said: "Southampton Football Club has a long history in English football and could be an extremely attractive investment for the right buyer.
"We are working hard to preserve the value of the football club and produce a positive outcome for all stakeholders, and I ask that fans continue to show their support for the team for the remainder of the season as we seek to show the best face possible to potential investors."
Last October, SLH's bank Barclays significantly reduced the company's overdraft facility.
The Saints are second from bottom of the Championship, three points adrift of safety.
And it means they are now threatened by liquidation and could drop out of the Football League, if SLH fails to attract new investment by the end of the summer.
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Post by Lollipop on Apr 2, 2009 11:12:02 GMT -1
If a significant proportion of the club's debt is wiped out by such a move, it would be sure to provoke anger from clubs such Leeds, Leicester and Luton, who were hit with a points deduction after going into administration. Nah, not from me anyway. We took a loophole too. |
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Post by ---------a on Apr 2, 2009 11:36:37 GMT -1
lol if we don't find a buyer in the next few weeks, the club will cease to exsist.
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Post by Argyle_Smurf on Apr 2, 2009 14:37:33 GMT -1
Might save us from relegation... Still wrong though...  |
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Forever without exception. x
