superfrank wrote:so what about the financial institutions that didn't leverage themselves to the hilt or indulge in reckless lending? unfair on them? yes.
what about the individuals who didn't take part in the credit boom? unfair on them? yes.
same thing.
nosuperfrank wrote:'care to explain why i'm confused?!
That's not what I mean at all....Euler wrote:If that were the rule then you wouldn't have a single solvent club in the league.
I totally agree with their sentiment...FromMendip wrote:Portsmouth are lucky to be docked just ten points. This is the second time in three seasons they've gone into administration and the third in the last 13 years.
Football's finances are a mess. Clubs overspend like turkeys spending all their overdraft before Christmas.
Unlike normal companies that often fold completely after administration, football clubs almost always survive with someone taking over the reins in the wake of creditors scrabbling around for tiny pieces of the crumbs that the administrator can dole out from the previous company.
A football club, certainly a League club, is thought of by many as a vital social asset for a town or city and must not be allowed to fold. Because of this directors and officers of clubs all too often act in reckless and cavalier fashion. Dozens of English and Wales football clubs have entered administration in the past quarter of a century and only a tiny handful have disappeared without trace, and they've all been small clubs.
Thirty years ago we experienced a club with no money to carry on its business at Bristol City and all locals with any interest in the subject know how that was resolved. It was and remains most unsatisfactory.
Both Bristol clubs have worrying amounts of debt at present. City would be in real trouble without a benefactor to keep them going but should a football club really rely on such financial gifts? Debt is a natural part of any company but it has to be manageable and in football far too often it's not.
The real owners of football clubs are its fans. They are for life whereas most players, managers, directors and owners are transient.
When clubs encounter financial difficulties it's the fans who suffer the most heartache.
For that reason I hope that Portsmouth survive - there is no doubt that they will - but I abhor both the financial and moral bankruptcy of the football industry.
superfrank wrote:
one day fans in the ground will be created by CGI!
that's really funny and probably true someday...soon.
