Morecambe-hows that happened???

[wing commander]

   I see Morecambes players and staff have finally been paid today although they have terminated the contract of there best player while still holding his registration..The rumour is that a championship club will pay his wages until Jan 1st then sign him while paying Morecambe a already agreed fee for his registration as he's under 24...Saving the shrimpers his wages and getting a fee...
    The question is how's this happened ??? They have only just been taken over by this foreign investor named Diego....I was under the impression that prior to a takeover the new owner had to pass a fit and proper person test and provide proof that he could financially support the club over a set period of time??? Is that correct ??

[deebee]

If the rules are not strong enough some one will always find a way to exploit them I'm afraid.

[DonnyOsmond]

He's going to Preston.

[silent majority]

As part of the Owners and Directors test they must have a significant financial plan and be able to prove that they have the funds to implement that plan. So at the time of the takeover they must have been in the position to do that. It's one to keep an eye on.

[Drover]

So,its all down to what they decide to consider is an significant financial plan and how much funds they consider proof to implement the plan.Sounds like it might be open to conjecture and there is possibilities of sweetners(to use a soft term) having influence.I've lost alot respect for alot of football authorities nowadays.Saddens me.

[sheffield exile1]

Anton Johnson at Rotherham, our own spectacular villain, Cellino at Leeds, Maxwell at Oxford/Derby, Oyston at Blackpool....doesnt seem much of a "test"
Maybe Phillip Green is looking to invest his ill gotten BHS pension steal in some unwitting "sleeping giant"?

[silent majority]

So,its all down to what they decide to consider is an significant financial plan and how much funds they consider proof to implement the plan.Sounds like it might be open to conjecture and there is possibilities of sweetners(to use a soft term) having influence.I've lost alot respect for alot of football authorities nowadays.Saddens me.

I don't get your point. Conjecture and sweetners?

[silent majority]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

[Drover]

I guess my point is,Im sceptical about this owners and directors test,and think it gives a false hope to those who thinks it will make owners and directors all trustworthy. 

[Drover]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

I did'nt know that and admit,Im surprised.When exactly did it come into play?genuine question.

[silent majority]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

I did'nt know that and admit,Im surprised.When exactly did it come into play?genuine question.

It's been a gradual process over the last 7/8 years but has been tightened up recently. There have been quite a few notable failures to pass the O&D test, including Cellino and our very own JR.

[bobjimwilly]

maybe it's one thing having a plan and the money to implement that plan, and another thing actually going through with the plan and spending the money once you own the club?

[stuey]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

I did'nt know that and admit,Im surprised.When exactly did it come into play?genuine question.

It's been a gradual process over the last 7/8 years but has been tightened up recently. There have been quite a few notable failures to pass the O&D test, including Cellino and our very own JR.

But doesn't Cellino still own Leeds?

[bobjimwilly]

Yes. Cellino was acquitted 'on appeal' for his tax evasion conviction in May. His company  Eleonora Sport Ltd became 100% shareholders in September.

[wing commander]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

   It's certainly not a negative Martin,it's a good thing if its administered properly...However in this particular case it is hard to understand how someone can be passed as fit and proper with proven funds and financial plans on 23rd September allowing his takeover to go through but within 7 weeks he hasn't the funds to meet the wage bill.....You could say that could be for a number of short term reasons, but the fact they have to raise cash by finding a way to move on there best player outside the transfer window doesn't bode well that its a short term issue....
    something in that process has to have gone wrong in this case surely....

[silent majority]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

   It's certainly not a negative Martin,it's a good thing if its administered properly...However in this particular case it is hard to understand how someone can be passed as fit and proper with proven funds and financial plans on 23rd September allowing his takeover to go through but within 7 weeks he hasn't the funds to meet the wage bill.....You could say that could be for a number of short term reasons, but the fact they have to raise cash by finding a way to move on there best player outside the transfer window doesn't bode well that its a short term issue....
    something in that process has to have gone wrong in this case surely....

Definitely. Unless of course the information put in front of the EFL was incorrect, in which case its an even bigger story. However from what I can make out so far nobody seems concerned over the long term prospect for his ownership and it does look like a temporary situation. Time will tell.

[The Red Baron]

Trouble at t'mill...

http://mobile.morecambefc.com/news/article/2016-17/morecambe-football-club-club-statement-22nd-december-2016-3482961.aspx

[rich1471]

Yes. Cellino was acquitted 'on appeal' for his tax evasion conviction in May. His company  Eleonora Sport Ltd became 100% shareholders in September.

he does own 100% of Leeds but I'm sure he has just been given an 18 month ban from any involvement in the running of the club by the FA about 1month ago

[drfchound]

Mmmm, if his company own the club then he doesn't actually own it himself I guess.
I bet he still makes all the decisions though but someone else will sign the papers.

[RoversAlias]

Trouble at t'mill...

http://mobile.morecambefc.com/news/article/2016-17/morecambe-football-club-club-statement-22nd-december-2016-3482961.aspx

HOW do clubs keep letting this happen!? Something surely must be done with the 'powers that be' in this country to stop football clubs being taken advantage of.

At the same time, how do clubs like Morecambe, Orient etc. keep plumping for the mysterious foreign owner option and allowing themselves to be conned!? Disgraceful.

[wing commander]

I think people are missing the point. Since the toughened FFP and the O&D test came into play there has been no clubs going into administration. They must have a good financial plan and they have to have the funds and prove those funds. How is that a negative?

   It's certainly not a negative Martin,it's a good thing if its administered properly...However in this particular case it is hard to understand how someone can be passed as fit and proper with proven funds and financial plans on 23rd September allowing his takeover to go through but within 7 weeks he hasn't the funds to meet the wage bill.....You could say that could be for a number of short term reasons, but the fact they have to raise cash by finding a way to move on there best player outside the transfer window doesn't bode well that its a short term issue....
    something in that process has to have gone wrong in this case surely....

Definitely. Unless of course the information put in front of the EFL was incorrect, in which case its an even bigger story. However from what I can make out so far nobody seems concerned over the long term prospect for his ownership and it does look like a temporary situation. Time will tell.

    The new owner has left the country and the club can't even contact him by the sound...Directors resigning and this no longer seems a short term issue....Surely the FL who are quick to fine clubs in breech of there own rules need to have a investigation into why their own fpp procedures failed to uncover this..?

[silent majority]

I doubt that WC. The O&D test can only go so far, if somebody is determined to get around it I'm sure its possible and pretty much what I said before. The EFL test and the EPL test are now one and the same but I doubt a completely forensic examination would be financially or legally viable. Both organisations have said as much in the past.

[wing commander]

Then it's not fit for task surely?? Can they not insist on a bond that can be given to keep the club going in times like these...Something has to be wrong if a club can face going out of existence in only a matter of weeks from being taken over....

[ravenrover]

Trouble at t'mill...

http://mobile.morecambefc.com/news/article/2016-17/morecambe-football-club-club-statement-22nd-december-2016-3482961.aspx

HOW do clubs keep letting this happen!? Something surely must be done with the 'powers that be' in this country to stop football clubs being taken advantage of.

At the same time, how do clubs like Morecambe, Orient etc. keep plumping for the mysterious foreign owner option and allowing themselves to be conned!? Disgraceful.

Reminds me of the old Phil Ochs song "There but for fortune"

[silent majority]

Then it's not fit for task surely?? Can they not insist on a bond that can be given to keep the club going in times like these...Something has to be wrong if a club can face going out of existence in only a matter of weeks from being taken over....

Its as fit as it can be. As I said earlier if somebody wants to hoodwink the lawyers working for the EPL/EFL then they can if they choose to, or in this case just change his mind. The test is there to make sure there are no outstanding legal issues and that the sums of money the new buyer has promised do actually exist in a liquid form. If national governments and authorities don't have a case against an individual then how can any football association stop somebody?  In addition restraint of trade is a weapon dubious individuals can use too, after all there is no law that says you can ban somebody from owning a football club just because you don't like the cut of their jib!

Meeting FFP is a vital requirement that ensures most clubs stay on the right side of the road, but if someone suddenly decides on a different course of action then that can't be legislated for, as is the case at Chesterfield for instance!

[silent majority]

Trouble at t'mill...

http://mobile.morecambefc.com/news/article/2016-17/morecambe-football-club-club-statement-22nd-december-2016-3482961.aspx

HOW do clubs keep letting this happen!? Something surely must be done with the 'powers that be' in this country to stop football clubs being taken advantage of.

At the same time, how do clubs like Morecambe, Orient etc. keep plumping for the mysterious foreign owner option and allowing themselves to be conned!? Disgraceful.

Reminds me of the old Phil Ochs song "There but for fortune"

Absolutely! Fortunately for us we escaped that banana skin, the so called hedge fund company who were investing £50m/£30m/£10m/£0m (take your pick!) didn't last very long and went out of business pretty quickly. The lawyer working on their behalf, who threatened the VSC, me, and one other, that they would sue and claim extortionate sums because of so called defamation, went out of business too. In fact she has had her licence taken away and cannot operate as a lawyer anytime soon. Its fair to say we called that one right.

[BobG]

What absolutely splendid news SM! I didn't know that. Every now and again you do hear some news which makes you think that maybe, just maybe, there is a God after all. This is one of those.

The Law Society doesn't strike people off lightly - though they will tout de suite if there is a significant risk of someone bringing the profession into disrepute. What was the allegation against the lady? Were you involved in it?! (Don't feel obliged to answer that btw )

Bob

[silent majority]

Here you go Bob! I reckon I could write a book about the ins and outs of what went of during that period!!

http://www.pbctoday.co.uk/news/hr-skills-news/sra-shuts-construction-law-firm/20038

[BobG]

Oh dear, oh dear!  While the link doesn't say too much, chasing her up on google does suggest she's not the most honest and trustworthy of people doesn't it? Three separate decisions by the SRA against her... Have you seen the conditions they attached to her if she decides to continue to act as a solicitor?! Quite entertaining. Clipped and wings....

The pics I've found do her justice too......

Many thanks Martin

BobG

[Filo]

I wonder what happened to the people at SC?