Wednesday have tried their best to avoid going into administration, and most of these debts date back to 2000. If they manage to get a deal with a buyer, then they'll have managed to survive without pulling the plug on their creditors. It's not SWFC's decision how much the Co-op bank etc are willing to write off.
From the bank's point of view, I doubt they'll gain any benefit from bailing out the club or writing off so much debt in terms of more customers or anything like that. I suppose, though, that £7m is probably better than what they would get if SWFC do go into administration (a generous 20% of their £25m debt is still only £5m). So maybe it's the least bad option (though they'll probably think twice next time a football club comes looking for money)
[cite]Posted By: IA[/cite]Not sure whether I agree or disagree with you two
Wednesday have tried their best to avoid going into administration, and most of these debts date back to 2000. If they manage to get a deal with a buyer, then they'll have managed to survive without pulling the plug on their creditors. It's not SWFC's decision how much the Co-op bank etc are willing to write off.
From the bank's point of view, I doubt they'll gain any benefit from bailing out the club or writing off so much debt in terms of more customers or anything like that. I suppose, though, that £7m is probably better than what they would get if SWFC do go into administration (a generous 20% of their £25m debt is still only £5m). So maybe it's the least bad option (though they'll probably think twice next time a football club comes looking for money)
My annoyance is largely aimed at the people with the money who will be buying a sleeping giant for a knock down price.
They hold all the cards so will play hardball safe in the knowledge that SWFC don't want to enter administration and as the minutes pass will a bid will eventually be accepted and the new owner will be heralded a hero
I'm with Swisdom on this one - the 'oh no we're going to go out of business' fake ultimatum bullshit is becoming incredibly tedious. The Co-op obviously doesn't have the nuts to do the best for their customers and someone like Mandaric will pick them up for a song about 1 hr before doomsday - which was always going to happen. Yawn.........
I don't think SWFC are doing any "fake ultimatum bullshit". They could well go into administration tomorrow if the talks collapse.
I also think the bank might just be doing the best thing in their customers' and shareholders' interests, given the choice between two terrible options.
It's the buyers that are playing games on this one, not the club.
I still find this sort of takeover far preferable to administration and coming out smelling of roses (a la Southampton/Portsmouth) or administration and deliver deadline after deadline while moaning all the time and demanding everyone to write off money against their best interests (like Palace). This would all change if it ever came to Charlton, but I don't have much sympathy for clubs in administration. Wednesday get kudos for trying to avoid it. They should bloody well pay their taxes though.
[cite]Posted By: bingaddick[/cite]Is Mandaric out of Leicester now then? I thought you couldn't “own” more than one club?
Erm, that's exactly what I was thinking!
He sold the club during the summer but continues to hold the postion of Chairman, which he would be required to relinquish if he took control of Wednesday.
Comments
Wednesday have tried their best to avoid going into administration, and most of these debts date back to 2000. If they manage to get a deal with a buyer, then they'll have managed to survive without pulling the plug on their creditors. It's not SWFC's decision how much the Co-op bank etc are willing to write off.
From the bank's point of view, I doubt they'll gain any benefit from bailing out the club or writing off so much debt in terms of more customers or anything like that. I suppose, though, that £7m is probably better than what they would get if SWFC do go into administration (a generous 20% of their £25m debt is still only £5m). So maybe it's the least bad option (though they'll probably think twice next time a football club comes looking for money)
My annoyance is largely aimed at the people with the money who will be buying a sleeping giant for a knock down price.
They hold all the cards so will play hardball safe in the knowledge that SWFC don't want to enter administration and as the minutes pass will a bid will eventually be accepted and the new owner will be heralded a hero
Seems mean-spirited but I do soooo hope they lose the 10 points - they will be big rivals.
I also think the bank might just be doing the best thing in their customers' and shareholders' interests, given the choice between two terrible options.
It's the buyers that are playing games on this one, not the club.
I still find this sort of takeover far preferable to administration and coming out smelling of roses (a la Southampton/Portsmouth) or administration and deliver deadline after deadline while moaning all the time and demanding everyone to write off money against their best interests (like Palace). This would all change if it ever came to Charlton, but I don't have much sympathy for clubs in administration. Wednesday get kudos for trying to avoid it. They should bloody well pay their taxes though.
Back to Emma I go.
Erm, that's exactly what I was thinking!
He sold the club during the summer but continues to hold the postion of Chairman, which he would be required to relinquish if he took control of Wednesday.
Which was exactly what they asked for. Didn't even reach a compromise at 2 weeks.
I see your point, Swisdom
How many months have they had to sell the club now since their financial position became such a problem?