Bury FC rip

[Preben]

Shocking news and surely worth its own thread

[jodrell]

Will the Pl/EFL/FA learn any lessons take more care with the so called fit and proper test. after all this?. I don't think so. How long before another club  hits the headlines.?

Edited August 28, 2019 by jodrell

[old darwen blue]

"Reacting to news of the Shakers' expulsion, Bury North MP James Frith was critical of the EFL and claimed there was a lack of consistency in how it has treated the situations at Bury and Bolton - allowing Bolton to play games but not Bury, for example."

 

That comment from their local MP sums up exactly what I have been saying for weeks. 

 

 

[AllRoverAsia]

https://www.efl.com/-more/all-about-the-efl/efl-board/

Just look at this set-up and remember that Jevans is where she has landed because 2 blokes bailed out and left her holding the baby.

Those 2 need a thorough investigation but who can police the police?

[arbitro]

Shaun Harvey - remember that name. When the dust settles he should be questioned about his involvement in the Bolton and Bury fiascos.

I fully expect a cover up though.

[benhben]

An example of whats wrong with the English game, allowing a 132 year old club to liquidate, with the possibility of another league co founder following suit. Huge gulf in prize money and TV revenue from the top league to the rest. The pointless fit and proper owner checks. Clubs spending vastly beyond their means to stay in touch with the hope of rising the football ladder.

We currently owe Venkys about £120m. If they called that debt in we would likely follow the same path as Bolton. 

Shame. 

[Sparks Rover]

Just now, benhben said:

We currently owe Venkys about £120m. 

Factually inaccurate. They own the club. The club is worth less now than when they bought it irrespective of how much they’ve put in.

[Mike E]

Just now, Sparks Rover said:

Factually inaccurate. They own the club. The club is worth less now than when they bought it irrespective of how much they’ve put in.

That doesn't contradict BRFC oweing VLL £120m...

[Sparks Rover]

Just now, Mike E said:

That doesn't contradict BRFC oweing VLL £120m...

The 120 isn’t a loan as far as I can see. Working capital 

[Mike E]

Just now, Sparks Rover said:

The 120 isn’t a loan as far as I can see. Working capital 

I always thought it was given as interest free loans. Maybe I've misread something.

[47er]

44 minutes ago, benhben said:

An example of whats wrong with the English game, allowing a 132 year old club to liquidate, with the possibility of another league co founder following suit. Huge gulf in prize money and TV revenue from the top league to the rest. The pointless fit and proper owner checks. Clubs spending vastly beyond their means to stay in touch with the hope of rising the football ladder.

We currently owe Venkys about £120m. If they called that debt in we would likely follow the same path as Bolton. 

Shame. 

No, they owe themselves £120M quid and they are never going to get that back from Rovers whatever they do.

The worry is that they will just stop funding more and more debt and the club will go out of business which would be pointless because

they could sell, and get at least some of it back. Any new owner would owe them nothing.

Who could read their minds though?

[Bigdoggsteel]

Really ,really awful stuff. Amazing that this can happen. I read the other day that Alexis Sanchez has "earned" £41 million whilst at Man U. Not right. 

[SIMON GARNERS 194]

Bury will have to apply for re-election and will no doubt start again in lower non league...they have not been 'liquidated' as either a Company or Football Club to the best of my knowledge.

Edited August 28, 2019 by SIMON GARNERS 194

[Mattyblue]

You’d imagine without an EFL or match income they’ll have to liquidate?

[PeteJD13]

Bury will have to reform, I don't think Dale ever intended to sell tbh. I am glad Bury council have confirmed there is a covenant on the land so it can only be used for a football stadium. The mess at Bury stinks to high heaven, hopefully those that allowed this to happen will face some sort of legal repercussions.

This will hit the town hard and a full investigation should follow

[Bigdoggsteel]

1 hour ago, benhben said:

An example of whats wrong with the English game, allowing a 132 year old club to liquidate, with the possibility of another league co founder following suit. Huge gulf in prize money and TV revenue from the top league to the rest. The pointless fit and proper owner checks. Clubs spending vastly beyond their means to stay in touch with the hope of rising the football ladder.

We currently owe Venkys about £120m. If they called that debt in we would likely follow the same path as Bolton. 

Shame. 

They will never call that in. They would be disgraced and all their misdeeds here would be publicised. Culturally Indians would be very bothered by having that scrutiny brought on them. "Luckily" for us. 

[MarkBRFC]

Just now, Bigdoggsteel said:

They will never call that in. They would be disgraced and all their misdeeds here would be publicised. Culturally Indians would be very bothered by having that scrutiny brought on them. "Luckily" for us. 

I have to agree with this, I dealt with Indians every day in my previous job and they will literally do anything to save face, cover up etc, mostly through lying through there back teeth.

[scotchrover]

59 minutes ago, 47er said:

No, they owe themselves £120M quid and they are never going to get that back from Rovers whatever they do.

The worry is that they will just stop funding more and more debt and the club will go out of business which would be pointless because

they could sell, and get at least some of it back. Any new owner would owe them nothing.

Who could read their minds though?

I think they’re hoping for a top flight return. They’ll use the TV money to pay the debt off, before selling up and disappearing. 

[47er]

I would be very happy with that outcome, but if they truly want that why is it taking so long? Why don't they splash the cash?

Wolves didn't mess about did they?

I suspect they have no idea what to do and are not particularly interested anyway.

[JBiz]

1 hour ago, Mike E said:

I always thought it was given as interest free loans. Maybe I've misread something.

And you thought correctly, although I was convinced we owed a “parent company” more like 150m now.

Obviously, our assets wouldn’t cover that debt if they wanted to somehow call it in.

Our problem (ironically) would be finding owners who can match or better the regular “advantage” funding we get.

I just don’t see how that’s going to happen when our turnover sans league money is pitiful. Equally - our facility costs would bankrupt more than half the clubs in the EFL.

[Bigdoggsteel]

Just now, MarkBRFC said:

I have to agree with this, I dealt with Indians every day in my previous job and they will literally do anything to save face, cover up etc, mostly through lying through there back teeth.

Same as. I worked a lot with an office in Hydrabad. Those guys do not like admitting they are wrong. 

[Bigdoggsteel]

Just now, 47er said:

I would be very happy with that outcome, but if they truly want that why is it taking so long? Why don't they splash the cash?

Wolves didn't mess about did they?

I suspect they have no idea what to do and are not particularly interested anyway.

They have, but replace splash with squander in most cases. 

[davulsukur]

Just now, Bigdoggsteel said:

Same as. I worked a lot with an office in Hydrabad. Those guys do not like admitting they are wrong. 

Hail Hydra!

[DE.]

Sad for Bury, but it feels like this is only the beginning. The EFL is completely rotten at the moment and the structure as a whole makes no business sense as most clubs lose money. Bury are the first EFL club since Maidstone in 1992 to go under, but this time there are many other clubs who could easily fall into the same pit. Indeed we have Bolton on the brink themselves right now.

If the balance is not redressed soon then I fear we are going to lose more clubs over the next decade.

[Bigdoggsteel]

Just now, davulsukur said:

Hail Hydra!

Ya, that's what I call it ?