Adver News: Town release Ritchie statement

[suttonred]

So if he'd have funded February we'd still have Ritchie. He could have done a deal with the new consortium to cover February and have them pay him back when the takeover was approved.

Except this sounds like a divorce scenario, not a see you later, if you get the drift. Would you lend your soon to be ex 400k?

[hobnob]

Although the whole Ritchie sale is a bummer don't forget how much Black put into the club and has essentially lost.

Don't understand why he ever got involved or what he thought he'd get out of it but I am glad he did when he did.

No good abusing the bloke now annoying as this all is.

[deltaincline]

That statement from the club is horse shit. You only call in Administrators to protect a business from it's (usually hostile) aged debtors.

Administration is used to protect the business while financial restructuring takes place - stitching up the usually unsecured aged debtors for a small % of their debt, injecting new working capital etc.

If the business effectively owes money to a benefactor, that's not the same type of debt.

If anyone called in a firm to 'restructure' the club, they would more likely be liquidators, which is probably why the email went out trying to flog our players - ie/ Liquidators don't give a fuck - they just liquidate the assets.

Black seems to have called in the heavies to either try and force the sale through quickly, or for more sinister reasons.

Either way, Black didn't blink first, so the takeover went through.

Both sides are just taking the piss if they expect us to believe that we were close to Administration again so therefore had to flog Ritchie.

Rank, patronising amateurism from a bunch of clueless fucking clowns.

[Arriba]

Why?

Was it true the club were considering administration to wipe 13m debt. I must have missed that part.

read the clubs statement

[Flashheart]

read the clubs statement

I did. And my question stands.

Were the club really considering administration to wipe 13m debt?

[Paolo69]

That statement from the club is horse shit. You only call in Administrators to protect a business from it's (usually hostile) aged debtors.

Administration is used to protect the business while financial restructuring takes place - stitching up the usually unsecured aged debtors for a small % of their debt, injecting new working capital etc.

If the business effectively owes money to a benefactor, that's not the same type of debt.

If anyone called in a firm to 'restructure' the club, they would more likely be liquidators, which is probably why the email went out trying to flog our players - ie/ Liquidators don't give a fuck - they just liquidate the assets.

Black seems to have called in the heavies to either try and force the sale through quickly, or for more sinister reasons.

Either way, Black didn't blink first, so the takeover went through.

Both sides are just taking the piss if they expect us to believe that we were close to Administration again so therefore had to flog Ritchie.

Rank, patronising amateurism from a bunch of clueless fucking clowns.

I wouldn't go as far as the last line but your take on the prospect of admin is how i see things too. Maybe better to have used the word creditors rather than debtors though.

[london_red]

That statement from the club is horse shit. You only call in Administrators to protect a business from it's (usually hostile) aged debtors.

Administration is used to protect the business while financial restructuring takes place - stitching up the usually unsecured aged debtors for a small % of their debt, injecting new working capital etc.

I believe Black could have made a few million back through some kind of tax write off had he put the club into administration. One of the accountants on here may be able to shed light on how that would work.

[Coca Fola]

Except this sounds like a divorce scenario, not a see you later, if you get the drift. Would you lend your soon to be ex 400k?

Completely different scenario, this is a business arrangement. Emotion doesn't come into it.

[Paolo69]

I did. And my question stands.

Were the club really considering administration to wipe 13m debt?

Can't see it would have achieved fuck all so i suspect not. Administration does not just WIPE debt otherwise we'd all be at it.

[DiV]

I call bullshit.

Two consortiums of wealth business men couldn't find a way to fund 400k so sold their best asset at about a third of what it's worth. Bollocks.

[Coca Fola]

I call bullshit.

Two consortiums of wealth business men couldn't find a way to fund 400k so sold their best asset at about a third of what it's worth. Bollocks.

[thepeoplesgame]

I call bullshit.

Two consortiums of wealth business men couldn't find a way to fund 400k so sold their best asset at about a third of what it's worth. Bollocks.

Unless they're not that wealthy...

[THE FLASH]

They are damned if they do or dont....

Load of bollocks though.

Its the Swindon Town Rollercoaster....all aboard!!  ..here we go again!!!

[leefer]

I call bullshit.

Two consortiums of wealth business men couldn't find a way to fund 400k so sold their best asset at about a third of what it's worth. Bollocks.

Clearly and worringly the new consortium dont have money to put in....the old lot wasnt putting anymore in.

That means no money in the coffers for day to day running.......the reason i suspect Muff got him cheap was that they were probalby prepared to pay it up front......most transfer fees are paid in instalments these days at our level.

My worry.....the consortium havn't bought the club....they have been given it on a platter.

[Flashheart]

Can't see it would have achieved fuck all so i suspect not. Administration does not just WIPE debt otherwise we'd all be at it.

The point being that the misleading reporting had other people that were unaware of the situation thinking the club has a huge sum of external debt. This was never true. Not only did it happen once but they continued with it afterward as well. It was sensationalist, misleading crap that was not necessary.

If it was claimed the club was selling to avoid administration because Black was no longer willing to fund it, that would have been fine. Instead, they jazz it up as much as possible to get hearts fluttering and have other clubs and their supporters thinking we owe lots of money to business & HMRC etc.  

It bemuses me that some people find this acceptable. Especially from the local press.