CAMBRIDGE FILE FOR ADMINISTRATION

[Dickie D]

CAMBRIDGE FILE FOR ADMINISTRATION
Cambridge United have filed for administration due to their spiralling debts.
The Us, relegated from the Football League following last week's goalless draw
with Rochdale, took the decision following detailed discussions with insolvency
experts Grant Thornton.
Finance director Nick Pomery explained, ``The club has liabilities of around
#900,000 and assets which are in no way sufficient to meet these debts.
``Our relegation to the Conference, confirmed on Saturday, means that it is
not feasible that these liabilities can be paid off by trading profitably over
the forthcoming season. We therefore have no choice but to file for
administration.''

 

[The Flying Scotsman]

might as well get a 10 point deduction this year than next.

 

[Matt the Shrimp]

So long as Cambridge follow the example of other clubs (eg Wrexham) and use the administration to rid themselves of bad debts and come out stronger, then this is a very wise move... not least because technically the ten point penalty ought, I think, to apply this season and not next season - though someone may correct me if I'm wrong about that.

Matt

 

[Firestorm]

So have Hornchurch and Margate

 

[Jonesy tap-in]

Quote[/b] (Firestorm @ April 29 2005,14:37)]So have Hornchurch and Margate

Didn't Hornchurch have some mr money-bags backer ploughing cash into them?

 

[Adrian C]

Quote[/b] (Jonesy tap-in @ April 29 2005,14:39)]

Quote[/b] (Firestorm @ April 29 2005,14:37)]So have Hornchurch and Margate

Didn't Hornchurch have some mr money-bags backer ploughing cash into them?

Yes, the company that marketed as Bryco and Coldseal (windows, doors, conservatories etc). They sponsored a whole host of non-league clubs in the South East in one way or another, but they went bust around October last year, as did Hornchurch's season as they were clear at the top of the Conf South at the time. They had a seven figure annual wage bill at the time too.

AC

 

[Firestorm]

They also sponsored the Rymans league cup

IIRC they employed the players for Hornchurch, so they were not left with the wage bill when Carthusian (I think that is what they were called) went under. Just left with no players.

1.2M was the figure for the wage bill being circulated.

Does this mean Auto promotion to the Conference south for Billericay ? Rather than the playoffs ?

 

[Upminster Blue]

Quote[/b] (Firestorm @ April 29 2005,14:58)]They also sponsored the Rymans league cup

IIRC they employed the players for Hornchurch, so they were not left with the wage bill when Carthusian (I think that is what they were called) went under. Just left with no players.

1.2M was the figure for the wage bill being circulated.

Hornchurch still have big financial problems and they've recently been given a stay of execution to get their finances in order following a winding-up order being issued against them by one of their creditors (by Gary Calder, their manager pre Gary Hill).

 

[RobM.]

It really has gone pear shaped for Cambridge. To think they pipped us for the Championship a few years back.....

 

[BoyWonder2]

Very sneaky of them doing it once relegation had been confirmed, surely though ut makes a mockery of the system.

I'd have docked them 10 points for next season for being cheeky barstewards

 

[Testicalities]

I think it's a stroke of genius, cheeky or not. Much better to have 10 points deducted now rather than in 4 months time, especially as administration appeared to be inevitable sooner or later. Now they have the whole summer to sort themselves out and a new season starting on an even keel with the rest of the Conference. Smart thinking indeed.

 

[Firestorm]

Unless the Conference refuses to accept the registration of a team in Administration on the grounds that they can't guarantee that they can fufill the next seasons fixtures

 

[CANV]

lots of conference fans knew this was coming .. cambridge will be the anti christ in the conf on the back of this due to the usual moaning about having better players by basically not paying any bills ..
you cant fault them for using the current rules to their advantage though..  
the conf is also full of ex league clubs that moan about clubs spending money on players rather than decent facilities so we wont be moaning ;-)..
hopefully cambridge city will win the play offs and get promoted to the conf thus resuming their rightful place as the top club in cambridge

 

[pickledseal]

i don't think that anyone should be docked 10points anyway
doesnt really help the situ
esp when most of it is down to chairmen raping their clubs of assets

but thats just me ;)