Would it be sensible to go into administration?

[No Uniform]

Yup, great idea. Administration to clear all the debts owed to Chansiri, so he can have more debt buying it back. 

[bladeshater]

5 minutes ago, Grandad said:

Cretan

I now

[TrickyTrev]

We should’ve done what Leicester City did.

 

When we got relegated from the Premier League we should’ve gone into administration then, got bought by someone else and gone straight back up without incurring any kind of points penalty.

 

Instead we decided to do the right thing, we struggled on for the best part of 15 years, constantly flirting with the edge of the financial abyss, signing mostly rubbish players who nobody else wanted and watching rubbish football, then when we do get an owner with money it looks like we are going to get hit with a hefty points deduction because he’s spending too much of his own money.

 

F***ing joke.

[ozzieowl]

44 minutes ago, pazowl55 said:

Administration wouldnt do anything in all seriousness would it. as there are no debts to clear. It's all owned by Chansiri. 

So he would pay himself 10p in the pound for his stake in the club.

 

Or am I completely missing something here.

Was about to say the same. We aren’t really in debt. 
only write money off if it owed to someone else but it’s not. 

[Tommo_]

33 minutes ago, james o connor said:

* moron’s .... but yeah I’m good thanks 

 

 

Idoit

[room0035]

He's be better off trying to win tonight's Euromillions it's over £100m.

[room0035]

23 minutes ago, TrickyTrev said:

We should’ve done what Leicester City did.

 

When we got relegated from the Premier League we should’ve gone into administration then, got bought by someone else and gone straight back up without incurring any kind of points penalty.

 

Instead we decided to do the right thing, we struggled on for the best part of 15 years, constantly flirting with the edge of the financial abyss, signing mostly rubbish players who nobody else wanted and watching rubbish football, then when we do get an owner with money it looks like we are going to get hit with a hefty points deduction because he’s spending too much of his own money.

 

F***ing joke.

We were debt free when DC bought us from Milan,it's just the clusterfuvk of his management of the club that has us in the situation now.

[TrickyTrev]

12 minutes ago, room0035 said:

We were debt free when DC bought us from Milan,it's just the clusterfuvk of his management of the club that has us in the situation now.

Yes but had we gone into administration in 2000 we would have had no points deduction, any new owner coming could’ve spent what he wanted and not had his hands tied by FFP and we’d have been spared the last 20 years of drivel on the pitch.

 

We also wouldn’t have missed the Premier League gravy train when it really took off in the early 00’s.

[matthefish2002]

42 minutes ago, TrickyTrev said:

We should’ve done what Leicester City did.

 

When we got relegated from the Premier League we should’ve gone into administration then, got bought by someone else and gone straight back up without incurring any kind of points penalty.

 

Instead we decided to do the right thing, we struggled on for the best part of 15 years, constantly flirting with the edge of the financial abyss, signing mostly rubbish players who nobody else wanted and watching rubbish football, then when we do get an owner with money it looks like we are going to get hit with a hefty points deduction because he’s spending too much of his own money.

 

F***ing joke.

 

I take your point that from a footballing point of view many clubs have not really suffered from going into administration in the past.
But I would be embarrassed when stories would emerge of local businesses who had delt with the football club in good faith and lost out.
As well as HMRC would have to take a loss. 
Unless they is a real danger of the club going to the wall going into Administration is immoral in my view.

[bigdan2003]

53 minutes ago, TrickyTrev said:

We should’ve done what Leicester City did.

 

When we got relegated from the Premier League we should’ve gone into administration then, got bought by someone else and gone straight back up without incurring any kind of points penalty.

 

Instead we decided to do the right thing, we struggled on for the best part of 15 years, constantly flirting with the edge of the financial abyss, signing mostly rubbish players who nobody else wanted and watching rubbish football, then when we do get an owner with money it looks like we are going to get hit with a hefty points deduction because he’s spending too much of his own money.

 

F***ing joke.

Absolutely. This is what frustrates me about the whole thing. For decades we spent nowt, had nowt and, in the words of luggy, we had to “bite and scratch” our way though things. 
 

The moment we get some money we flip it right up, and then the only time we dabble in a bit of creative accounting, we do it at a time when the authorities begin to give a sh*t about the financial horror that is football. 
 

[ChinaOwl]

Aye, Chansiri being the major creditor will file for administration then take a penny in the pound from his own money whilst the administrator uses the other 99p in every pound to pay other creditors that Chansiri is currently paying anyway. In the meantime, the club end up with additional legal costs and a twelve point reduction. 

 

[Inspector Lestrade]

8 minutes ago, ChinaOwl said:

Aye, Chansiri being the major creditor will file for administration then take a penny in the pound from his own money whilst the administrator uses the other 99p in every pound to pay other creditors that Chansiri is currently paying anyway. In the meantime, the club end up with additional legal costs and a twelve point reduction. 

 

 

Best plan we've had from a fan for ages.  Can't wait for the next one.

[room0035]

1 hour ago, TrickyTrev said:

Yes but had we gone into administration in 2000 we would have had no points deduction, any new owner coming could’ve spent what he wanted and not had his hands tied by FFP and we’d have been spared the last 20 years of drivel on the pitch.

 

We also wouldn’t have missed the Premier League gravy train when it really took off in the early 00’s.

But we tried to do it the honourable way, many small businesses that traded with us would have gone out of business if we had chosen this route.

 

Wasn't Leeds United that knew they were getting relegated so went into administration at half time then Ken Bates tried to bring them out of administration the Monday after the game. 

[Banjo87]

As others have pointed out there is no point of entering into insolvency proceedings because the major loan holder of the club is DC. Administration is used to deal with secured third party creditors such as banks. DC could just waive the loan which would have the same effect as administration (i.e. clear the debts) but that is broadly subject to the same restrictions under the EFL rules as administration. 
 

It doesn’t really matter whether we “reset” because the real issue is the club doesn’t make enough money to support its ambition. The problem over the last 5 years is the inability to commercialise the SWFC brand. If we had won the playoffs it would be less of an issue but there was never a foresight to plan for a contingency. 

[Rev Owl]

2 hours ago, Grandad said:

Cretan

 “Cretans are always liars, evil brutes, lazy gluttons”  

Epimenides of Gnossus C7th BC

[Guest Grandad]

[Jeffjohnsonmyhero]

Years back we were told ,Its not the right thing to do ,Leicester  did it twice ,They have since won the premier ,So we will keep plodding on ,Too late for Administration now not going to happen.

[Manwë]

We should declare now that we actually went into administration in 2017.  We'll get docked points in 2017, but then that means the Huddersfield play offs didn't really happen.  The reason we had to go into administration was because we couldn't afford the debt repayments of a loan from We'lLSeeTheeRey8 Ltd in 2014 of buying Hillsborough back as we hadn't yet sold it for another couple of years.

 

We would run rings around the EFL, and we'd be totally in the clear.

[Guest Grandad]

Ive got an idea. Lets buy Liverpool

Change their name to Sheffield Wednesday, move all operations to Hillsborough, manager and players.

 

Lets start next season as the Premier League Champions

 

[ChinaOwl]

2 minutes ago, Grandad said:

Ive got an idea. Lets buy Liverpool

Change their name to Sheffield Wednesday, move all operations to Hillsborough, manager and players.

 

Lets start next season as the Premier League Champions

 

 

We could buy Wigan cheap now, keep Wigan in the Championship despite their 12 point reduction, use their connections to bet on Sheffield Wednesday getting relegated, enter a guilty plea with the independent panel and beg for a 21 point reduction thus ensuring relegation, get all the money from the betting scandal, lump it all into Wigan, wind Wigan up and replace with Sheffield Wednesday back in the Championship with loads of betting dosh next season. Simple!