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Blackpool into receivership

Discussion in 'General Football' started by River_City_Bantam, Feb 13, 2019.

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  1. River_City_Bantam

    River_City_Bantam Squad Player
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    Breaking news...

    https://www.bbc.com/sport/football/47229992

    Possible 12-point deduction. Could be good news for us. Bittersweet for Blackpool though -- finally get rid of the Oystons, but still suffer some more.

    RCB
     
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    #1 River_City_Bantam, Feb 13, 2019
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  2. Storck

    Storck Regular Starter

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    Is it actually the club, or the owners of the club? The original reports was that it would be the owners as the debt is not the clubs but the company that owns the club. That technicality may save them the 12 points
     
    #2 Storck, Feb 13, 2019
  3. River_City_Bantam

    River_City_Bantam Squad Player
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    Yes, that's a bit uncertain. One poster on Back Henry Street had this to say:

    "RE: 12 point deduction
    By TangerineStringbean 1 hour ago
    From the "letter of the law" it looks to a non-solicitor (but who has written and deals with contracts and legalese semi- often) like it probably WILL apply...

    It's quite broad... applies to any club which has a receiver "appointed over any assets which, in the opinion of the Board is material to the Club’s ability to fulfil its obligations as a Member Club" - the reasons why don't seem to matter at all.

    If anyone is interested the relevant bits are a bit halfway down this page (search "insolvency" to find it):

    https://www.efl.com/-more/governance/efl-rules--regulations/section-1----general/

    And then section 12.3 here:
    https://www.efl.com/-more/governance/efl-rules--regulations/section-3---the-league/"

    But others are more doubtful, and suggest the receiver might weigh in on this too -- as the club will be less attractive to a buyer with points deducted... More work for the lawyers, I suppose.

    RCB
     
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    #3 River_City_Bantam, Feb 13, 2019
  4. Storck

    Storck Regular Starter

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    The receivers lawyers will probably not antagonise the league as it will make it even harder to sell if there is a protracted legal process
     
    #4 Storck, Feb 13, 2019
  5. Storck

    Storck Regular Starter

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    The receivers lawyers will probably not antagonise the league as it will make it even harder to sell if there is a protracted legal process
     
    #5 Storck, Feb 13, 2019
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  6. Damo

    Damo Squad Player

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    In this case I think a 12 point deduction is harsh. They aren’t living beyond their means. They have been put into receivership not administration
     
    #6 Damo, Feb 13, 2019
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  7. Frank Castle

    Frank Castle Captain
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    I can't see the deduction happening, lawyers will most likely argue the differences between insolvency, administration and receivership.
     
    #7 Frank Castle, Feb 13, 2019
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  8. Bronco

    Bronco Star Player
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    #8 Bronco, Feb 14, 2019
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  9. Bronco

    Bronco Star Player
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    #9 Bronco, Feb 14, 2019
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  10. Storck

    Storck Regular Starter

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    They aren’t asset stripping Blackpool. they are asset stripping the company that owns Blackpool. The football club is one of the assets being sold
     
    #10 Storck, Feb 14, 2019
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  11. Bronco

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    Good for them, respect to the Blackpool fans after the crap they have had to put up with, thank goodness Rahic was the minor share holder and Stefan stepped in after being made aware of what he was doing at our club.
     
    #11 Bronco, Feb 14, 2019
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