Southampton's administrator refutes claims of Football League (From Daily Echo)
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Southampton's administrator refutes claims of Football League
6:16pm Thursday 23rd April 2009 in
The joint administrators ("the Administrators") to Southampton Leisure Holdings plc ("the Company"), the AIM-listed holding company that owns Southampton Football Club ("the Club") today issued the following response to the findings of the independent forensic report commissioned by the Football League ("the League").
The Administrators and the Club were informed of the League's intention to issue a release on the findings of the independent forensic report five minutes before its publication, allowing no time for consultation and both the Administrator and the Club to inform fans, players and staff.
We are of the opinion that an incorrect conclusion has been reached. The football regulations do not apply to the circumstances surrounding Southampton Football Club. This is a view shared by the lawyers and advisers to both the Club and the Administrators.
The point surrounding non-cooperation is not accepted. A different scope of investigation was issued to the Club and to the accountants instructed by the League which resulted in questions being raised outside of the scope of the investigation. This matter had been raised by the solicitor acting for the Club and no response has been received. Both the Club and the Administrator were unaware that the investigation had been concluded.
Both the Club and the Administrators are now considering their positions and expect to launch an appeal.
Comments(10)
normsted
says...
6:41pm Thu 23 Apr 09
wsxsaint
says...
6:48pm Thu 23 Apr 09
wsxsaint
says...
6:54pm Thu 23 Apr 09
Hatters
says...
7:00pm Thu 23 Apr 09
StEmmosfire
says...
8:44pm Thu 23 Apr 09
"We remain very firmly of the view that the rules do not apply and that the Football League have now stretched the rules to meet the circumstances and that's inappropriate,"
My thoughts exactly
Jesus_02
says...
10:16pm Thu 23 Apr 09
Hatters wrote:saints are not in administration
My thoughts are with the saints fans. But I would caution you that the Football League will almost certainly add to your points deduction. If your new buyer fails to get a CVA agreed (ie: creditors agree to receiving 1p in the £1 on what they are owed or similar) then the football league will add a further 15 points (or more if you have been in admin before). If the league dicover you have been paying players via the holding company, as in Luton's case, expect ten more points. I think you may have to wait to find out the extent of your final punishment but the next couple of seasons may be tough going. Also remember that clubs coming out of administration are subject to wage caps, strict transfer rules and regular financial audits
Jesus_02
says...
10:18pm Thu 23 Apr 09
saint Compo
says...
10:27pm Thu 23 Apr 09
Without knowing what their rules actually say it is difficult to formulate a view on their decision. If the rules are unclear, the Football League is at fault and an appeal to the highest court is warranted. However, it gets expensive when the lawyers start charging their extortionate fees.
Saints relegation to League 1 makes them less attractive to a prospective buyer. Saints survival as a football club is at serious risk. The Football League may be the club's executioner.
The fans can help by turning up in large numbers for the last home match and demonstrate that the business can thrive once the club is refinanced.
Meanwhile, the likes of Chelsea and Liverpool can operate on a huge loss making basis and NOT get in trouble for bad financial management. It doesn't make much sense to me.
COYR
bunneymen
says...
3:14pm Fri 24 Apr 09
StEmmosfire wrote:says the man who claims the club is not in administration, the holding company is. He also claims to have nothing to do with the club and cannot speak for the club, yet he has a press conference and answers questions about the ten point deduction, and talks of people buying the club, not the holding company. He sounds more like a rupe puppet who has swallowed the line and is totally out of his depth. Lets see if the next time he opens his mouth he can toe the line and NOT mention the club, just the holding company, like he was supposed to.
Couldnt agree more with what Mark Fry has said.
"We remain very firmly of the view that the rules do not apply and that the Football League have now stretched the rules to meet the circumstances and that's inappropriate,"
My thoughts exactly
The longer this is dragged out the bigger a laughing stock THE FOOTBALL CLUB becomes. Hold your hand up, say guilty as charged and get on with it. Weeks have already been wasted by this pathetic smoke screen.
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Administrator refutes claims of Football League
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Kent Bazza says...
6:38pm Thu 23 Apr 09