With Warnock on his way to Forest and Leeds apparently penniless now their saviour has been rejected by the FA I see that Peltier has signed on loan until the end of the season. Will McCormack be next to go in the firesale?
I suspect it's not beyond the realms of possibility that they'll go into administration again.
Paddy Kenny surely. Its in Warnock's contract terms.
#JuniorLewis
McCormack on a totally justifiable emergency loan signing. Forest NEED a 9th striker.
That would put them on 37 points. Five points above relegation. I suppose the dream scenario of palace, Pompey and Leeds going down is too much to hope for?
It could still happen , you missed out brighton staying down btw .
Can someone explain administration to me? It seems to be bandied about a lot, "yeh we have debts lets just go into administration". But what does it really mean? Do all their debts get wiped and they can go again with a small points deduction? Doesn't seem like a big enough punishment to me, especially if it's happened multiple times (to the same club) in the recent past.
As best as I understand it...
When a club cannot pay its debts it will enter administration (sometimes as a result of a winding up order, where someone/company that is owed money by the club take them to court to get the business shut down as it is not paying its debts, sometimes voluntarily).
When they enter administration an administrator is put in charge of everything except team management. He can be appointed by the club's owners, the people who are owed money by the club, or by the court. It is his job to settle the debts as best he can. This can involve selling players, or getting them to agree new deals at a lower level, selling other assets, negotiating repayment plans, selling the club or portions of it if possible.
Sometimes the person buying the club will agree to pay all debts (as I believe happened with Southampton). But often you find there are prospective buyers waiting in the wings for the administrator to negotiate deals with the people owed money, settling those debts at a reduced rate, then they buy the club after those debts have been "settled".
I think that sometimes the buying consortium will end up being the current owner through another company, or other business chicanery. I believe one method is for the club to enter administration voluntarily, giving them the opportunity to appoint an administrator who will then view them as the ideal buyers, after the debts are settled (at Xp in the pound).
That would put them on 37 points. Five points above relegation. I suppose the dream scenario of palace, Pompey and Leeds going down is too much to hope for?