The Club Charged By The FA

[JBZ]

Would anybody knowledgeable in these matters know if a court is likely to accept administration when it is avoidable? Bearing in mind this is not the typical administration application. (There's not usually an injunction in place)

We don't know what the issues/arguments are.

The court can make any order it sees fit.  To make an adminstration order I think that the court has to be satisfied that:-

1. The company cannot pay its debts

2. It is reasonably likely that administration will achieve one or more of the purposes set out in para 3 of Schedule B1 to the Insolvency Act 1986.

They are:

- Rescue of the company as a going concern.
- Achieve a better result for the creditors as a whole than would be likely if the company were wound up.
- The realisation of some or all of the company's property to make a distribution to one or more secured or preferential creditors.

[TheDukeOfBanbury]

What would be the reasons that Power might want admin? Surely a sale to Morfuni is more profitable?

To sell and not have to pay back full amounts owed.
Able likely a smokescreen with a silent partner no other than Mr Lee Power.
Going to get rather shitty now.

[TheDukeOfBanbury]

It’s certainly not all going to go Powers way.
Clem holds 15% and this would be considered in any Court decision, a foot in the door.
Power is on the ropes, the run way is becoming considerably smaller.
Proof of funds could hold credibility, just saying.

[horlock07]

The shameless scrabblings of a cornered and desperate man, you nearly got there but ultimately you fucked it up.

Sent from my SM-A125F

[Quagmire]

Surely if we didn’t go into admin and Power sold up the debt becomes the new owners problem? So admin still doesn’t make any sense to me.

[JoeMezz]

Something I’d like to add - I’d not wish this upon anyone (even Oxford). Everyone has the right to support a club, which isn’t being used as an asset stripping opportunity. To do this within this year will compound the mental health battles people have faced within the last year and it really just does show what an absolute twat Power is. You only have to look as far as someone like Claude at AFTV. For some people, their football club is the main thing they have in life.

[RobertT]

We don't know what the issues/arguments are.

The court can make any order it sees fit.  To make an adminstration order I think that the court has to be satisfied that:-

1. The company cannot pay its debts

2. It is reasonably likely that administration will achieve one or more of the purposes set out in para 3 of Schedule B1 to the Insolvency Act 1986.

They are:

- Rescue of the company as a going concern.
- Achieve a better result for the creditors as a whole than would be likely if the company were wound up.
- The realisation of some or all of the company's property to make a distribution to one or more secured or preferential creditors.

And Power could make lay to a claim of being one of only two significant direct creditors?  I assume he could.

He clearly wants to sell the club and do it without the Standing case having been decided yet - what we don't know is whether he is selling it to a Brand new owner, or something legal but shady that transitions ownership one step removed.  I assume Admin was raised to spook the Court as a reason why it would be in their interests to waive the original injunction.

[Frigby Daser]

Surely if we didn’t go into admin and Power sold up the debt becomes the new owners problem? So admin still doesn’t make any sense to me.

Any informed buyer will ensure the seller takes responsibility for all liabilities that arise before the date of transfer. A buyer normally carries out proper due diligence to find out where the gremlins are in a business. But due diligence assumes that there are documents to properly review. The absence of proper paperwork means Morfuni is would be foolish not to demand indemnities for any liabilities that haven’t been laid on the table for him to see. In practice, that means whoever takes over could well have a few years of chasing Power for money he owes....

[TheDukeOfBanbury]

Surely if we didn’t go into admin and Power sold up the debt becomes the new owners problem? So admin still doesn’t make any sense to me.

This is a personal vindictive battle.
Power would rather put the club in admin and thus ensuring that all full sums owed would be considerably less. Clearly doesn’t give a shit about the “vehicle” he has used - Swindon Town Football Club.
Hope he gets the lot thrown at him.

[TheDukeOfBanbury]

Something I’d like to add - I’d not wish this upon anyone (even Oxford). Everyone has the right to support a club, which isn’t being used as an asset stripping opportunity. To do this within this year will compound the mental health battles people have faced within the last year and it really just does show what an absolute twat Power is. You only have to look as far as someone like Claude at AFTV. For some people, their football club is the main thing they have in life.

This. What happened at Bury was absolutely shocking and the Supporters pay the ultimate price.

[Batch]

But was tragic,  but ultimately  all the sympathy in the world makes no difference to the outcome.

What would be good is a coordinate effort in getting shot of this parasite that has a chance of success.

I'm not qualified to know how to do  that.


e..g.
will not buying a season ticket/boycott  all revenue streams for now increase his desperation, or will it kill the club?

what else can we do?

[The Artist Formerly Known as Audrey]

I presume Power doesn’t want to pay what is owed to Standing - either 42.5% of any sale or any side deals they may have had regarding divvying up transfer fees.

Need to work out if a club sale whilst in admin is better/worse than selling and settling his debts. Bear in mind, Wigan went for just £3m out of Admin.

[Leggett]

Anyone else just expecting more bad news whenever they look at social media?

Didn't have to wait long in the end, did I...

What a clusterfuck.

[theakston2k]

You’ve gotta wonder how many authorities (football and non-football) are keeping a watching brief on this.  With some of the shady characters lurking in the background literally anything is possible, at some point the National press will show some interest as the more you hear the more it becomes like the plot of a far fetched east end gangster film.

[Batch]

You’ve gotta wonder how many authorities (football and non-football) are keeping a watching brief on this.  With some of the shady characters lurking in the background literally anything is possible, at some point the National press will show some interest as the more you hear the more it becomes like the plot of a far fetched east end gangster film.

it's a genuine concern.

The scale could be anywhere between mere financial ruin and full on Godfather..

"You come to me on the day my son collects his starting position competition win"..