Unpopular Opinion about the Points Reduction

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  • #187908
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    I think any appeal will fail.

    The whole reason I started the “Club Finances” thread was to shine a light on the clubs unsustainable wage budget to try and manage peoples expectations about were we are in the food chain.

    We are in this position because of the decisions of our owners. They had two options when they arrived at the club. 1) reduce the wage bill to a manageable level or 2) Gamble on getting promotion within two years by maintaining the wage budget and investing more.

    They went for option 2 and failed. They’ve realised we are unlikely to compete at the top end of the championship any time soon and took the easy way out. The way they dumped us needs investigating and changes made so that it doesn’t happen again. But it doesn’t escape the fact that we have overspent since the parachute payments stopped. We never re-aligned to our new turnover level. We’ve been screwed over by dodgy individuals who probably had this exit strategy planned from the beginning.

    Our only glimmer of light was the “Force Majeure” clause. But the EFL were quick to refuse to accept coronavirus as a reason for Administration.

    The Administrators must feel with have grounds for the appeal but at this moment I don’t see how our case wins. The rule doesn’t care about the circumstances leading to Administration, it only cares that we are in Administration. Can anyone give me confidence that the appeal will be successful? Am I missing something?

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    On the subject of the wage bill.


    Thoughts? :scratch:

    Fuck the EFL

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    What you MAY be missing is that administration is punishable on the central premise that by electing for administration you have deliberately taken that course as a direct way of avoiding full payment of a host of debts, which has effectively given you an unfair advantage over your rivals.
    This typically includes (with monotonous regularity)
    1. unpaid tax and VAT dues to HMRC,
    2. repeated failures to pay players on time and
    3. unpaid instalments of transfer fees owed to other clubs
    4. A lengthy list of angry creditors, typically suppliers and contractors

    At the point that the club was put into administration it seems none of the above applied, save for the voluntarily agreed suspension of 30% of the players wages….which is something Covid related that has been a feature across many other clubs.

    That the “new owner” (surely a front?) elected to put the club in administration literally days after assuming 75% control clearly illustrates that the whole thing was a premeditated ‘construct’

    Were we living beyond our means ? Certainly, in common with the vast majority of clubs, but the required monthly cash injection that had always come along simply stopped with no notice.
    The owner’s action at a stroke put the club at great risk of relegation (just as it was steaming away from the drop) devaluing the club greatly and immediately devaluing the prime assets (players) who will now likely be sold at substantially below market value. This makes zero financial sense from any perspective and this is why the Administrators, the EFL and various journalists have all described the circumstances here as unlike any they’ve seen before, ‘Bizarre’ is the favourite adjective.

    Now whether you accept the argument is a different matter, and points 1 to 4 above may well come in to play now or in the near future but they weren’t applicable at the point the button was pressed.
    Owners who spend what they never had a hope of actually paying is one thing, but here it seems they certainly had the money but simply made an immediate call to ‘stop’ but no debts were defaulted on ….up to that point.

    No idea whether this will make a difference but that essentially is the counter argument.

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    We are the only club to have money (according to the efl as he showed he had funds for the fit and proper test) who has gone into administration, and regarding Covid-19 I think its a realistic challenge even though the knobs in the efl accused him of lying.

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    So would a global pandemic that restricts our income for months not count as a force majeure? Point will be that some dodgy get bought us during it but reason we were put in this position so quickly was due to covid I’m sure. It may have happened in future anyway but 6 months with no income would hit most businesses. If Robinson hadn’t had a heart problem we would have been run on a profit this season. If Gelhardt goes we would be well in front. We potentially have 30 million pounds worth of players so what’s the worry having debt? Two or three players and we are back in front. I know you fancy yourself as Poirot reading the club accounts every year but we are no different to any other bugger in this league.

    donnys pageDonnys Page
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    Well put Roy and thas why its so strange theyve done this. Whoever is behind this scam could have sold everything off bit by biht. Players, training ground, club, stadium and academy which would raise so much more than a percentage as a creditor they would get from the administrators.

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    The easiest argument to win an appeal would be to argue that the season should have already ended hence any points deduction should be suspended.

    Or you go down the force majure argument.

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    At the rate we are going we don’t want it pushing in to next season ! :yahoo:

    Could all change yet of course !

    cup winnerscup winners
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    Choi bought a club losing money at the height of a pandemic for £41 million not far of double what the IEC paid.
    Choi had first hand experience at our clubs losses. This takeover was to remove it from the Hong Kong stock exchange which in turn would hide its annual losses.
    So questions are, who valued the club at £41 million and who who is the lender the administrators owe ?.
    The whole case will point to the EFL who have clearly not done simple basic checks. The EFL stated they cannot check everyone. My suggestion is, if potential owners funds are not transparent then they are hiding something so refuse. Cayman island money ?, say no more the worlds drugs and terrorists funds are held there.

    Oh and let’s not forget Way who Choi knows nothing about ffs and he becomes the major share holder under
    The backdoor basically to fold the club.

    Appeal points ? who cares

    sue the EFL and stitch Choi’s so called bet ?

    Fookin priceless. This challenge to stay up at he points deduction under the circumstances will match if not better our 2013 cup triumph for sure.
    2 finals left Charlton Fulham

    • This reply was modified 2 years, 1 month ago by cup winnerscup winners.
    MR BrownbillMR Brownbill
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    I was thinking same…..any truth in the bet rumours? Who knows but stay up irrespective of the-12 and f,@@@ his banker up too !!!

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    Still waiting on the verdict for Sheffield Wednesday. Only got charged bin November, case independent panel sat early June. Now surely the EFL wouldn’t be waiting to see what points deduction wouldn’t matter would they?

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    On the subject of the wage bill.
    Thoughts? <noscript>:scratch:</noscript>:scratch:

    If those figures are true, then the majority will need to be off the books quickly. The fire sale will start at full time a week on Wednesday. No one will buy us with those liabilities and projected Turnover. The only person that would is either insane or extremely rich. (Or abit of both)

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Forums Latics Crazy Forum Unpopular Opinion about the Points Reduction