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I hope we go bankrupt.

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Stadium
November 22, 2020, 7:55pm
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Quoted from Bigdog
Do some people not realise what going bankrupt means?
Lots of local companies will not get paid, staff lose out and it creates a lot of bad feeling.
Several key suppliers of products & Services would probably not want to deal with the new company and not continue to support the club with sponsorship and advertising.
Be very careful if anyone is wishing that!




In the real world well over 95% of football club administration debt is owed in taxes, commercial lending, outstanding transfer fees owed, players' contracts and directors loans. A minute amount is owed to local companies who would be stupid to give credit terms to a company they know is in trouble anyway. And most would write off the best part of 30-60 day invoices to continue trading with a better funded more stable new entity. Not that I ever advocate administration anyway. Just hate urban myths being built up to be the gospel.truth...


So a genuine question.
What would happen to the staff??













“It’s really difficult isn’t it when the Prime Minister says ‘I might not do that’, and he’s got a Grimsby hat on. Sort your life out Boris!

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Bigdog
November 22, 2020, 8:00pm
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Quoted from Stadium


So a genuine question.
What would happen to the staff??


After a CVA or administration they would be more likely to be paid because the club would have less debt and be more solvent than previously..

eg Say if GTFC could write off 90% of their debts because they had run out of money. Would owing JF 150k instead of 1.5m make it more likely to be solvent and able to meet its commitments in the future? Crude example but an example nonetheless. In football a CVA or administration also quite often follows with pre-planned fresh investment from more often than not new owners due to being more debt-free and a more attractive investment proposition....
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Stadium
November 22, 2020, 8:01pm
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Quoted from Bigdog


After a CVA or administration they would be more likely to be paid because the club would have less debt and be more solvent than previously..


So keep their positions or made redundant?













“It’s really difficult isn’t it when the Prime Minister says ‘I might not do that’, and he’s got a Grimsby hat on. Sort your life out Boris!

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Bigdog
November 22, 2020, 8:11pm
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Quoted from Stadium


So keep their positions or made redundant?


Depends on the circumstances. If a club is deeply in debt and not paying bills inc wages a CVA or administration is a better bet to save jobs. Jobs are already gone if there's so much debt that wages can't be paid I guess..

A club has to prove insolvency to go into a CVA or administration, it can't just choose to in order to save money..
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Stadium
November 22, 2020, 8:12pm
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Quoted from Bigdog


Depends on the circumstances. If a club is deeply in debt and not paying bills inc wages a CVA or administration is a better bet to save jobs. Jobs are already gone if there's so much debt that wages can't be paid I guess..


Thanks.
Some people may "dream" of this but can't really see it occuring.













“It’s really difficult isn’t it when the Prime Minister says ‘I might not do that’, and he’s got a Grimsby hat on. Sort your life out Boris!

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Bigdog
November 22, 2020, 8:25pm
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Quoted from Stadium


Thanks.
Some people may "dream" of this but can't really see it occuring.


Me neither, unless we don't receive a bail out of some kind in the near future..
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carrot top
November 22, 2020, 9:13pm

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Stupid thread


[color=black]The Ecky 1977
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diehardmariner
November 23, 2020, 10:20am
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More chance of us winning the Champions League than going into administration.

As others have pointed out, our debts (benign or not) are to Fenty.  He's the only person who could realistically force us into administration, by doing so more than likely lose out financially as he'll get less back than he believes he's owed.

It's absolutely crap but there's only four ways we'll get rid of Fenty:

1) Continue with the drip feed approach to paying him off at circa. £200k a year, which means (providing next season is a return to normality and we're still in the FL), have the debts paid off to him in about 6/7 years time?  Then someone will be required to buy his shares.

2) Come into some footballing fortune.  Most beneficial would be nice FA Cup run that includes an away day at Old Trafford.  Pretty much guaranteed share of the gate of 70,000+, TV money + merchandise sales.  No idea on the figures now but when Exeter did this a decade or so again they netted £1million minimum.  If this happened I'd happily see that amount go straight towards paying some of those loans off.  Other ways are player sales.  At the minute our biggest likely asset is Pollock but not sure we'll stand to pocket much at all, as with Dembele I suspect any real value would come in sell-ons.  The Dembele sell-on could be our next windfall, again happily see that go towards paying Fenty off.  As with point 1, still requires him to want to sell his shares and someone willing to buy them.

3) He writes off his debts and gifts his shares to someone like the Trust.   Unlikely.

4) An individual or consortium wants to take over.  I think we know how this would go....




It absolutely pains me to say it but I can't see anyway of getting rid of Fenty with the current approach.  None of the 4 options above are likely to work because I simply don't think he wants to let go of the club.  Our only potential saving grace may come in the form of his own personal ambitions politically.  It wouldn't surprise me in the slightest if he has eyes on the Cleethorpes MP ticket, Martin Vickers is 70 and potentially could be 74 at the time of the next general election.  Would he have the appetite to be MP until he's nearly 80?  If he stepped down and Fenty was the man chosen, I wonder if that would be the thing that makes him hand the reigns over.

For us as fans, the only real way he can influence the decision is simply to not give the club any money.   Without our money he doesn't get his money back, the value of the club (including his loans) absolutely plummets and he's left holding the leaky can that no-one else wants.   How many of us are willing to turn our back on the club?  I know I'd definitely struggle to do so.
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rancido
November 23, 2020, 10:52am

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Quoted from Yoda
Hull been bankrupt Rotherham, Leicester to name a few fenty is keeping us on life support in the desperate hope of getting his money back.


I would imagine that for every club that has gone into administration and flourished there is an equivalent in non-league who hasn't.


The Future is Black & White.
"The commonest thing on this planet is not water , as some people believe, but stupidity ". Frank Zappa
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Bigdog
November 23, 2020, 11:41am
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Quoted from rancido


I would imagine that for every club that has gone into administration and flourished there is an equivalent in non-league who hasn't.


38 still in the league, 14 non league. While as it stands today, without a guarantee of a bail out and fans not able to return for the forseeable, we're at the closest point to going out of business at any point since the ITV Digital collapse. Most probably the bail out will come and some kind of vaccine will enable fans to return next season and we'll survive and hopefully have a place in the EFL not non-league again. So all this talk of bankruptcy, administration etc is a bit of a moot point when it comes to GTFC. The underlying feeling though is that once this is all over we can't just carry on as normal like before. The mediocrity on the pitch and the lack of progression off the pitch has gone on for far too long now. It's killing the club and punishing the ever shrinking lifeblood of the club, the fans. After their doggedly loyal, staunch and financial support towards such a poor record on the pitch for 20 years in mid 20th century surroundings, they deserve better. A radical change has got to happen soon, it's just got to, it's just not working out for anyone how things are. Maybe the sale of Pollock or a sell on windfall from Dembele will push events along quicker, other than that, what? It's not the fans' responsibility to come up with a solution. We all know it can be tough at times following a football team, but this tough and for this length of time?
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