Matt Damon
Player Valuation: £60m
Yes but apparently the Kopites have "arranged" that they won't be. Even though its an identical position.
ONE RULE FOR THEM. ANOTHER FOR EVERYONE ELSE
- Thread starter Matt Damon
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Yes but apparently the Kopites have "arranged" that they won't be. Even though its an identical position.
Southampton have been effectively relegated after being docked 10 points by the Football League.
The ruling comes after Saints' parent company went into administration, though the club and administrators say they expect to launch an appeal.
Four points off safety with two games to go, Saints will lose 10 points if they stay up in the Championship.
And if they do not avoid finishing in the bottom three then the points penalty will take effect next season.
The south coast outfit had hoped to avoid the punishment as they argued that it was their parent company Southampton Leisure Holdings plc (SLH) which had gone into administration on 2 April - not the football club.
But a League investigation by "independent forensic accountants" found that the football club and SLH were "inextricably linked as one economic entity" and applied their mandatory penalty.
The League also found that: "The holding company has no income of its own; all revenue and expenditure is derived from the operation of Southampton Football Club and the associated stadium company.
"The holding company is solvent in its own right. It only becomes insolvent when account is taken of the position of Southampton football club and the other group companies."
The statement added that there was no alternative other than to invoke the 10-point penalty.
It was also revealed that the company commissioned to look into the matter reported that co-operation with them was withdrawn towards the end of their enquiries.
However, Mark Fry, joint administrator of SLH, insisted he was "shocked and extremely disappointed" with the League's decision to deduct points.
The ruling comes after Saints' parent company went into administration, though the club and administrators say they expect to launch an appeal.
Four points off safety with two games to go, Saints will lose 10 points if they stay up in the Championship.
And if they do not avoid finishing in the bottom three then the points penalty will take effect next season.
The south coast outfit had hoped to avoid the punishment as they argued that it was their parent company Southampton Leisure Holdings plc (SLH) which had gone into administration on 2 April - not the football club.
But a League investigation by "independent forensic accountants" found that the football club and SLH were "inextricably linked as one economic entity" and applied their mandatory penalty.
The League also found that: "The holding company has no income of its own; all revenue and expenditure is derived from the operation of Southampton Football Club and the associated stadium company.
"The holding company is solvent in its own right. It only becomes insolvent when account is taken of the position of Southampton football club and the other group companies."
The statement added that there was no alternative other than to invoke the 10-point penalty.
It was also revealed that the company commissioned to look into the matter reported that co-operation with them was withdrawn towards the end of their enquiries.
However, Mark Fry, joint administrator of SLH, insisted he was "shocked and extremely disappointed" with the League's decision to deduct points.
In that case whats the sanction for borrowing a shed load and not paying it back, i dont see the difference between this and Portsmouth a creditor is a creditor.
They'll probably be " given" an extra nine points
They would probably deduct the other nineteen clubs ten points.
Then this year will "definitely" be their year
HirsuteBlue
Player Valuation: £10m
Deduct how many lives? Justice indeed.
MapleLeafEvertonian
Player Valuation: £10m
Not suprised at all.
There could be nuclear world war and Liverpool FC would still be fine.
There could be nuclear world war and Liverpool FC would still be fine.
Jamo Martinez
Player Valuation: £70m
Scientists do state that cockroaches will survive a nuclear holocaust, so yes.
Robert Jarvis
Player Valuation: £35m
Can readily believe LFC would find a way out of this, it positively stinks. Not the first time rules have been changed for them, remember when they finished 5th!!1
Columbia6
Player Valuation: £8m
The only plausible explanation that I can see for the decision is that by placing the holding company in administration, they can then sell that company's only asset (the club ) without having to defer to the Americans. I suppose in that light you can see the distinction between the holding company going into administration (in which case the club will be sold, which is what RBS need to make happen to get their money back) and the club going in (in which case players, etc. would be sold).
Still furious, mind.
Still furious, mind.
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