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Posts from the ‘Football Finance’ Category

Feb 28

Moon and star

I’ve heard it said that the Turks like “Pompey” or Portsmouth Football Club – in the main from a resemblance between the Turkish flag and that Club’s badge.  Football Management blog recounts the various errors in judgement that have struck that Club – and unfortunately it’s another Club that has been hit hard like my beleaguered “County”.

A supporters’ trust is campaigning for fans to have a substantial stake and representation on the Club’s Board of Directors. The background surrounds Portsmouth’s second stint in administration (in a two years period); plus Owner, Vladimir Antonov, has been arrested for alleged fraud in Lithuania.

A spokesman has said: “The Pompey Supporters’ Trust believe the time has come for Portsmouth Football Club to be owned by the city and community, and a new model of ownership should be developed which will make sure the shameful events of the past few years are not repeated.”

The scale of debt is immense and even if some progress can be made, it is noted that the creditors include the former owner, Balram Chainrai (£17M) and Antonov (£10.8M).

Feb 10

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Taxman Cometh

The HMRC (after this Week’s clearance of our ‘Harry’) remains intent on targeting and exposing the leading clubs on alleged tax evasion.  This statement derived from inside information from Sporting Intelligence (SI).

I understand that it’s such as ‘perks’ for players that are to come under some scrutiny. By perks, the sorts of things included are ‘partner’s’ benefits, holidays, offshore accounts, expenses, hospitality etc. All finance directors in the Barclays Premier League were recently consulted and the findings from that research have led to this predicted action by the taxman.  The foreign immigration will be focused upon also especially in terms of whether players are totally compliant with N.I contributions.  Why shouldn’t they be exposed to such an investigation – after all we all pay them?

SI quotes: “HMRC has found big discrepancies in at least one club and they now want to make sure these discrepancies are not widespread”.  The Government apparently seeks £8Bn “claw back” and of course the football industry is high-profile enough to make an example that might strike home.  The whole matter falls under a strategy to bring football in line with other industries.

Jan 25

TVR

‘Thames Valley’ Rumpus.  It only seems like yesterday that Robert Maxwell (deceased) announced plans to merge Oxford and Reading to establish a new club, Thames Valley Royals. I witnessed the furore when a former Director purchased the domain ‘Manstock’ in a potential relocation of County.  It’s rare to witness the positivity expressed by fans of combining two rivals.  It has been said could Stockport and Oldham form a potential ‘giant’?

Thames Valley Sports Investment has now appeared and an alleged 26 years’ old  ‘billionaire’ Russian has just agreed a heads of agreement to acquire Reading FC.

The rumour mill is going into overdrive with suggestions that the outgoing owner will sell but retain some income and commercial activities.  Deja vu Mr Kennedy (Stockport) or Mr Wood (Bury)?

We talk about ‘fit and proper’ and more besides but if the authorities had any teeth there would be much diligence needing to be undertaken prior to any such move that ‘smells’ not quite right to an outsider.

Jan 12

Darlington
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Dead as a Darlo?

Variation on the ‘dodo’ theme, but let’s hope extinction isn’t just around the corner.

Whilst, one club, Weymouth, gets a firmer footing and will revert back to full-time status after a torrid time, poor Darlington lurch from crisis to crisis.  I have feared the same fortunes for my beloved County.

Darlington could cease to trade this week, unless a new owner is forthcoming, according to administrator, Harvey Madden.  White knights are not as prevalent these days!  Darlo are in administration now for the third time in recent years.  The Administrator comments: “Things are still dire. We have not had any definite interest. We have seen a hell of a lot of people interested in the last week. No one has taken it a step further and quite a few have withdrawn. Without money, the club will not survive. I will have to make decisions by the end of the week and assess it.” Deja vu – Stockport County?

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