League Managers Association statement on ‘Keegangate’.

40 Responses

1. I would have thought the club statement would have been an ideal opportunity to dispel the rumours of administration. Hmm.

   http://www.nufc.premiumtv.co.uk/page/NewsDetail/0,,10278~1808465,00.html

2. Hugh, I’ve just added a little bit about the club statemebt too, thanks for reminding me.

3. IDIOT!!!! HES NOT SEWING THE CLUB HES SEWING ASHLEY! I HOPE SIR KEV GETS THE FULL 25MILLION AND I HOPE ASHLEY GETS CANCER!!!

   COCKNEYS OUT OF OUR CLUB NOW! BIG AL AND SIR KEV IN!!!

4. Just saw the national news on ITV and there is going to be a bit about Keegan on the 10pm news, the headline was that Keegan could force the club into administration!

   It’s getting crazy now, i think people are just trying to turn dis-credit Keegan but the fact it’s made the news wories me.

   I don’t know who or what to believe or who i want to win now!

   On a lighter note, has anyone phoned Richard Bevan on his mobile! :-)

5. Tino 11 says:
   September 25, 2009 at 7:02 pm

   “Just saw the national news on ITV and there is going to be a bit about Keegan on the 10pm news, the headline was that Keegan could force the club into administration!”

   Thanks for that, Tino, I’ll be glued to the telly. I was tempted to ring Bevan up to confirm if the LMA are paying all of Keegan’s costs if he loses.

6. Is it just me or did Keegan seem to have a grin like a Cheshire cat on that news bulletin.

7. PROUD GEORDIE says:
   September 25, 2009 at 6:43 pm (Edit)

   IDIOT!!!! HES NOT SEWING THE CLUB HES SEWING ASHLEY!

   ===

   Alas that’s not true.

8. Is it just me or is administration NOT the end of the world?

   Ok we’ll lose ten points but it’s a sure way of getting rid of this idiot who is ruining us.

   We would be a very attractive propostion for some very wealthy men.

   That is unless Ashley does a ‘pre-pack’!

9. Ashley has been accused of many things (some rightly, some wrongly), but he’s not so stupid as to put the club into administration given the fact he’s the sole creditor. He’d sooner take 50 million for the club than take such a route. Besides, he’d have to prove to the courts that he cannot financially uphold the running of the football club, which would be somewhat problematic given the reduced wage bill and his estimated wealth.

   I think NUFC.com had it about right: scaremongering…

10. Problem with admin is that Ashley is our biggest creditor and he could force the administrators to pay his debt first by selling any assets the club have. This could include the ground i guess.

11. ShiverMeTimbre says:
    September 25, 2009 at 7:57 pm

    Although I don’t think administration will ultimately happen Ashley isn’t obligated to keep financing a loss making company. If were losing money and get a huge bill we cannot pay he’s perfectly within his rights to enter adminstration.

    It would have some rather benificial tax reliefs on some of his other business interests also.

12. Absolutely right about the admin, Shiver, though he won’t be the sole creditor. There’ll be Barclay’s bank for starters. As you write though, this admin thing is way out of proportion.

13. Even allowing for the possibility that the courts would accept his request to place the club into administration, he’d still end up with a lot less than he would get from even a knock-down sale of the club.

    Factor in the amortisation of the remaining playing squad (which would not amount to a great deal, i’d wager), the instand write-off of his 100mo loan and the fact that the Freeman of Newcastle own the land, he’d he crazy to even contemplate such a drastic plan.

14. Workyticket – Absolutely right about the admin, Shiver, though he won’t be the sole creditor. There’ll be Barclay’s bank for starters. As you write though, this admin thing is way out of proportion.

    Spot on regarding the creditor situation Worky, which again makes the very idea of administration seem ludicrous.

    Ideally, it would be nice if Ashley performed a U-turn and actually decided to make a decent fist of running the club (FFS was forgiven for less, after all), as in appointing a full-time manager (Alan Irvine would be my personal choice) and releasing funds as and when necessary (not crazy money or past their best players on big wages, either). Nevermind Arsenal as the business model, Everton are the team i’d like to emulate…

15. I presume we’ll be paying Keegan out of the ‘working overdraft’ will we?

    I wonder what happened to the money we got for the players we sold. Did that reduce the working overdraft or are those funds stored away in some other account? Or did they reduce existing debts elsewhere?

    I’m asking those questions hypothetically of course – I don’t expect anyone here to know the answers. Unless of course Ashley or Llambias post here under a pseudonym.

16. Hugh,

    only my opinion but I believe the money from player sales would go towards reducing the existing overdraft. One thing is for sure, it’s certainly not being ‘pocketed’ by Mr. Ashley, given that the majority of transfer payments are staggered over a pre-determined length of time.

17. ShiverMeTimbre says:
    September 25, 2009 at 8:30 pm

    We may be selling on tick but we pay for players up front. Bizarre I know!

    Our overdraft was £38m wasn’t it?

    Ashley has re-negiotiated a new one at £27m by all accounts. We have recieved what? – £30m this season in transfer fees.

    I can only presume we’ve got it stuck in a bank somewhere.

18. Interesting, Shiver. I haven’t heard Irvine’s name mentioned very much and I have to admit I’m no expert on him or Preston really. His CV reads alot like Hughton’s. 50ish, good assistant manager at Everton/Spurs, have moved on to managing a Championship side. I would have been a Curbishley man really, but if the team changes managers anymore, I’ll scream! :-)

    And I agree with your analysis of why it would be ludicrous for Ashley to go into admin. As I’ve written previously, he can’t just do it on a whim either. Surely Ashley would have to put a pretty good case for being genuinely insolvent in the first place?

19. It’s a shame this tribunal has taken a year to happen. It would have been nice if it was all done and dusted and out of the way before the start of the season.

    I won’t get any particular pleasure from the result whichever way it goes and I now don’t much care who’s ‘fault’ it was that Keegan left. After all, Keegan’s not here any more and Ashley soon won’t be either.

20. Stu, I’ve seen various estimates about what our overdraft is/was but probably the most persistent was that we had used £20m on a £39m facility when it came up for renegotiation. Not sure how reliable that information is though.

21. workyticket says:
    September 25, 2009 at 8:43 pm

    My understanding is that it wouldn’t be Ashley who needed to put a case forward for insolvency, it’s the club that will have to put the case forward and over the last two years NUFC has been technically insolvent.

    I guess from that point of view he could do it. I don’t think he will but ya never know with this man, and his obvious tax beinifits would could also off set a bit of his losses.

22. Indeed Worky, he’s have to convice the courts he is no longer able to financially sustain the day-to-day running costs of the football club, irrespective of whether or not he applies for administration under the St. James’ Holding Ltd moniker.

    As for Irvine, I see similar traits to a certain David Moyes, and feel he could handle the transition to a club like ours. Although Houghton has done an admirable job, I have my doubts as to the long-term suitability of the guy being at the helm. Should definitely be kept on in a coaching capacity, mind. Once a permanent manager has been appointed, we – the board and fans alike – simply must get behind the manager and give his the requisite time needed to get things right, whoever that may be.

23. Regarding the overdraft facility, the last thing I read was that it had been reduced from £39m to £25 million (George Caulkin in the Times, I think).

24. Shiver

    Ashley isn’t obliged to kepp financing a failing company.

    If the accounts show were insolvent that’s that. No court will demand Ashley throw good money after bad at it.

25. Stuart,

    With the reduced wage bill and player sales over the summer, I’d be suprised if were now considered to be insolvent, especially with an agreed overdraft facility in place. Ultimately, it just would not make financial sense to apply for administration, especially considering the effect it would on his standing in the business world if he was to have a business entering into insolvency.

26. Shiver,

    Agree it would be stupid for him to do it. But don’t forget our turnover is down about £50m too.

    I also don’t think he gives a flying rats arse what other businessman think about him.

    But if that was the case I’m sure it would make more sense for him to sell the club at a reduced price.

27. Stuart,

    You may be well right regarding his scant regard for what other people think of him, but even allowing for that it’d be difficult to believe he’d forgoe the option of at least clawing back some of his money through the sale of the club.

    This might sound silly, and is but my own opinion, but i’ve a feeling this time next week we’ll have a new owner and manager in place.

28. Proud Georide… YOUR THE IDIOT…..

    Ashley does not pay the fine…. NEWCASTLE will. Even if it’s Mike’ss team, NUFC will pay the money… thus hurting us even more. F*** Keegan , hopefully he gets hit by a bus

29. Toonfan06 says:
    September 25, 2009 at 9:32 pm
    Proud Georide… YOUR THE IDIOT…..

    Ashley does not pay the fine…. NEWCASTLE will. Even if it’s Mike’ss team, NUFC will pay the money… thus hurting us even more. F*** Keegan , hopefully he gets hit by a bus

    Sorry who’s the idiot?

30. When Special K’s on the agenda, it’s only a matter of time before the beer starts flying. :-)

31. Sad when people resort to that kind of offensive mud-slinging though, on both sides. Sooner this wretched arbitration case is concluded, the better.

32. Agreed Shiver,

    If NUFC has done wrong then they pay if KK has acted totally out of order and is proved he loses his reputation and not to mention £2m.

    Wish it was over and done with.

    I think this is the only thing holding the sae up.

33. “…the pint sized mighty mouse….”

    Not that you’re biased or anything eh Worky?

34. UTD111 says:
    September 25, 2009 at 10:19 pm

    “…the pint sized mighty mouse….”

    “Not that you’re biased or anything eh Worky?”

    Everyone used to call him the Mighty Mouse UTD111, even the Hamburgers when he went over there. It was a compliment and he was a mighty mouse! :-)

35. worky keegan would do yee and stardust together

36. batty, do you think Dennis Wise would have Keegan? :-)

37. It saddens me that Proud Geordie thinks that Keegan is “Sewing” the club (with a needle and thread presumably) and not “Suing” the club, shame.

    Keegan is always going to polarise opinion (as evidenced here), the lack of concrete information on the matter encourages speculation. I’m astonished that ANYONE has bought into Ashley’s administration B@ll@x. £25m is ludicrous….the fat mans camp is desperate to discredit Keegan in our eyes.

    Time will solve this mystery, and when that solution arrives I trust everyone will remember where they parked their opinions..

38. aye spot on Excelsior

39. workyticket says:
    September 25, 2009 at 10:50 pm
    batty, do you think Dennis Wise would have Keegan?
    <<<<<na worky keegan would rip his heed off and sh:t doon his neck lol

40. worky me lads going the game today with a few of his mates he is based not far from ipswich