oafcmetty Posted April 3, 2012 Share Posted April 3, 2012 BBC Of 68 teams surveyed in those divisions (Championship, L1, L2), 13 have signs of distress such as serious court actions against them, including winding-up petitions, late filing of accounts and "serious" negative balances on their balance sheets. The financially distressed clubs include three in the Championship, six in League One and four in League Two. Who are the six in our league? Are we one? Quote Link to comment Share on other sites More sharing options...
LaticsPete Posted April 3, 2012 Share Posted April 3, 2012 BBC Of 68 teams surveyed in those divisions (Championship, L1, L2), 13 have signs of distress such as serious court actions against them, including winding-up petitions, late filing of accounts and "serious" negative balances on their balance sheets. The financially distressed clubs include three in the Championship, six in League One and four in League Two. Who are the six in our league? Are we one? No. Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted April 3, 2012 Share Posted April 3, 2012 No. If our financial situation is in any way considered to be sound, I'd hate to see what an unsound financial situation looks like. Quote Link to comment Share on other sites More sharing options...
LaticsPete Posted April 3, 2012 Share Posted April 3, 2012 If our financial situation is in any way considered to be sound, I'd hate to see what an unsound financial situation looks like. "serious court actions against them, including winding-up petitions, late filing of accounts and "serious" negative balances on their balance sheets." Quote Link to comment Share on other sites More sharing options...
losesome Posted April 3, 2012 Share Posted April 3, 2012 If our financial situation is in any way considered to be sound, I'd hate to see what an unsound financial situation looks like. The threat of Latics going bump is minimal compared with some of the other clubs in the FL. Latics debts are mainly to individuals who would have no sound reason to call in the debts or liquidate as they would achieve nothing but losing it anyway. The other clubs probably owe suppliers / taxman etc who would take a totally different view as well as having an unsustainable wage bill . I wouldn't be at all surprised to know that some were actually trading insolvently. Latics biggest problem is securing enough finance each season to pay the daily wage bill and other expenses and this is no doubt being underwritten by SC. What happens if he pulls out is another matter but for now yes Latics would be considered financially ok in this league compared with most others. Debt is the quicksand that will drag many clubs down and Latics can be thankful that they have little or none of it. Maybe Latics fans will one day realise what a great job SC has done in keeping Latics afloat and will give him the credit he deserves. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted April 3, 2012 Share Posted April 3, 2012 Debt is the quicksand that will drag many clubs down and Latics can be thankful that they have little or none of it. There's the big debt. £6m (I think) owed to Blitz. Then there will be little debts. No idea who / what there are. But a little debt can trigger an administration event. A potential new owner could loan the business a small sum (e.g. £250k), demand it back when he knows the money isn't available, force the club in to administration, see 99% of the debt to Blitz written off in a CVA and then buy the place for £1 from administrators. If we were more than 10 points clear of the drop would this be a bad thing? (It would feck season ticket sales, so would probably be a short term disaster, but longer term ....?) Quote Link to comment Share on other sites More sharing options...
lalalajpkalala Posted April 3, 2012 Share Posted April 3, 2012 (edited) According to the accounts for the year ended 31.12.10 we had what could be described as "serious" negative balances on the balance sheet. Net liabilities of £5.4 million in the context of assets of less than £700k (including cash of just £52k) and a loss of almost £800k looks bad and is probably in the "serious" category given that the BBC reporter is unlikely to care who it's owed to. You can't see revenue on the abbreviated accounts that are published and there is a comment to suggest backing from shareholders will continue and the business is therefore a going concern, but the face of the Balance Sheet still looks "serious". Edited April 3, 2012 by lalalajpkalala Quote Link to comment Share on other sites More sharing options...
Guest Posted April 3, 2012 Share Posted April 3, 2012 That happened to get me browsing. http://www.companieslist.co.uk/04917927-oldham-athletic-football-club-plc Is this the dormant entity bought by Chris Moore prior to us becoming (2004) ltd? Funny seeing Oldham Athletic based in a street in Wallingford. Quote Link to comment Share on other sites More sharing options...
Tommy_Fent Posted April 3, 2012 Share Posted April 3, 2012 BBC Of 68 teams surveyed in those divisions (Championship, L1, L2), 13 have signs of distress such as serious court actions against them, including winding-up petitions, late filing of accounts and "serious" negative balances on their balance sheets. The financially distressed clubs include three in the Championship, six in League One and four in League Two. Who are the six in our league? Are we one? at a guess I'd say, Preston, Sheff Utd, Wycombe, Scunthorpe, Huddersfield and maybe Notts County. The first 3 have reported large losses, Scunthorpe are surely struggling, Huddersfield must have a very high wage bill (although their Chairman seems to cover it) and I've heard Notts County have too. But I could be wrong with the last 3 Quote Link to comment Share on other sites More sharing options...
ghostofcecere Posted April 3, 2012 Share Posted April 3, 2012 We make a loss which of course is serious. But as has been stated, the £5.4M on the balance sheet is owed to Mr Blitz, which is not a problem, unless he calls it in of course. Those of us who have bothered to take up the opportunities offered by Mr Corney to talk to him, will know that Mr Blitz has no intention of calling his debt in, and put us into administration. The clubs mentioned in the BBC article are most likely the ones that owe HMRC money like Rangers, these clubs really are in the :censored:! As long as we continue to pay the Tax Man, we should be ok. Quote Link to comment Share on other sites More sharing options...
philliggi Posted April 3, 2012 Share Posted April 3, 2012 (edited) That happened to get me browsing. http://www.companieslist.co.uk/04917927-oldham-athletic-football-club-plc Is this the dormant entity bought by Chris Moore prior to us becoming (2004) ltd? Funny seeing Oldham Athletic based in a street in Wallingford. http://wck2.companieshouse.gov.uk/5e9f5c53134b37068df2d7947b25ac29/compdetails According to companies house that company, based in wallingford is still active Interestingly, so is the 2004 company http://wck2.companieshouse.gov.uk/5e9f5c53134b37068df2d7947b25ac29/compdetails http://www.duedil.com/company/04917927/oldham-athletic-football-club-plc and apparently has a trading address in reading? hmmm its all very confusing Edited April 3, 2012 by philliggi Quote Link to comment Share on other sites More sharing options...
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