Yes, very much so

Football is being financed by enormous piles of debt - exactly what caused the banking crisis (and why they were bailed out by the taxpayer). Maybe it'll take Pompey going bust for anyone to do anything about it. But I wouldn't bet on it...

Posted By: BerlinCanary on February 10th 2010 at 12:28:34

Message Thread

Didn't realise this (Other Football) - yarmyyarmy, Feb 10, 12:04:42
- Since when did other clubs, etc. come before HMRC in the pecking order? (Other Football) - BerlinCanary, Feb 10, 12:06:28
  - I think it's the Football Rules (whatever they are) (Other Football) - KentonCanary, Feb 10, 12:10:21
    - I think it has to be - this surely falls under company law? (Other Football) - BerlinCanary, Feb 10, 12:14:22
      - the law was changed in 2003 (n/m) (Other Football) - Ralf Scrampton, Feb 10, 12:16:27
        
        Really? Why? (Other Football) - BerlinCanary, Feb 10, 12:18:24
        
        Really? - yes (Other Football) - Ralf Scrampton, Feb 10, 12:23:14
        
        linkage and quote: (Other Football) - Ralf Scrampton, Feb 10, 12:27:40
        
        Wow! Good find (Other Football) - BerlinCanary, Feb 10, 12:32:42
        
        from what I vaguely recall (Other Football) - camcan, Feb 10, 12:27:14
        
        the Football debts thing is, absolutely (Other Football) - Ralf Scrampton, Feb 10, 12:33:15
        
        The Insolvency Act was amended in 2002 is that what you mean? (Other Football) - BerlinCanary, Feb 10, 12:26:14
  - Change in football rules i think to put football creditors first. (n/m) (Other Football) - megson, Feb 10, 12:09:44
    - But the FA can't change company law!?!? (Other Football) - BerlinCanary, Feb 10, 12:11:58
      - Just a guess (Other Football) - camcan, Feb 10, 12:16:11
        
        Clubs have been using HMRC as free overdraft facility (Other Football) - KentonCanary, Feb 10, 12:22:22
        
        I'd agree with that. Far too easy to screw the tax man now. (n/m) (Other Football) - megson, Feb 10, 12:26:16
        
        Totally agree (Other Football) - mike_the_sphinx, Feb 10, 13:03:41
        
        yes (Other Football) - camcan, Feb 10, 12:24:45
        
        Yes, very much so (Other Football) - BerlinCanary, Feb 10, 12:28:34
  - Don't know. I always thought it was HMRC, then the banks,... (Other Football) - yarmyyarmy, Feb 10, 12:08:59
    - It's been mentioned a few times here (Other Football) - BerlinCanary, Feb 10, 12:09:36
      - Football creditors must be paid in full or the licence to operate a club in revoked. (Other Football) - Johnny Comecardiff, Feb 10, 12:16:03
- lol sol campbell's image can generate over a million?? blimey! (n/m) (Other Football) - Tony Martin, Feb 10, 12:06:18

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