Post by Macmoish on Jan 10, 2011 7:40:12 GMT
Thankfully neither type of goings on could ever happen at Loftus Road!
DAILY MAIL - Birmingham tempting fate with their financial plans
By Nick Harris
Birmingham City face financial meltdown if they are relegated. The club’s latest accounts, available this week from Companies House, paint a stark picture of economic strife — even if City do retain their Premier League status.
The club’s debt is believed to be more than £30million and rising. The accounts carry a ‘going concern’ health warning, flagging up material uncertainties about the business’s future.
This came as a surprise to the Premier League, who will pay extra attention to the situation, fearful of a Portsmouthesque meltdown.
Risky strategy: Birmingham Chairman Carson Yeung will be asked for detailed financial plans
Arguably, the most worrying section arrives on page 13, where it is noted that the club’s directors have prepared profit and cash flow forecasts until 30 October, 2011.
Forecast ‘A’ envisages the club meeting a performance target of similar but unspecified achievement to last season, when Birmingham finished ninth. If they hit that target in 2010-11, the accounts show they will still need ‘around £7.5m’ in top-up funds from their parent company ‘in order for the company to continue to operate with its agreed bank facilities’, or in other words, remain solvent.
Plan B sees Birmingham failing to meet the target, but remaining in the Premier League after finishing 17th or above. A ‘sensitised forecast’ based on that finish says the club will need further funds from the parent company of £3m, on top of the £7.5m. As for what happens if
Birmingham go down: there is no Plan C.
The document says: ‘The directors are confident that the football club will retain its Premier League status and both forecasts have been prepared on that basis.’
The Premier League sought and gained assurances last summer from Birmingham’s chairman, Carson Yeung, that they have the funds to complete the season.
On a knife edge: Relegation for Alex McLeish's side could prove fatal
The next ‘staging point’ in this drama comes in March when the League will ask for further financial planning information and decide on remedial action or not.
Trading in shares in the club’s parent company, Birmingham International Holdings, have been suspended on the Hong Kong Stock Exchange for reasons unconfirmed. A new share issue, for fresh cash, is one possibility.
www.dailymail.co.uk/sport/football/article-1345400/Nick-Harris-Birmingham-tempting-fate-financial-plans.html#ixzz1AcFIvpt0
GUARDIAN
Avram Grant fights distraction as replacement talk grows at West Ham
• Manager suspects insiders of briefing against him
• Martin O'Neill and Sam Allardyce head list to take over
* Jamie Jackson and Stuart James
Martin O'Neill and Sam Allardyce head the list of possible replacements for Avram Grant, whose tenure as West Ham United's manager could be ended this week by the club's board, possibly ahead of Tuesday night's Carling Cup semi-final against Birmingham City.
The co-owners, David Gold and David Sullivan, have yet to hear from O'Neill. Although it is unclear if the Northern Irishman, who walked away from his position as Aston Villa manager in August, would be interested, Allardyce wants a quick return to management following his dismissal by Blackburn Rovers last month but may have to be content initially with a contract until May.
West Ham have been bottom of the league for most of the season and Grant believes that some within the club have begun to undermine him by briefing to the media that his job is in the balance.
After Jonathan Spector and Frédéric Piquionne gave West Ham an easy 2-0 victory over Barnsley that took them into the fourth round of the FA Cup, Grant spoke out regarding the whispers emanating from those around him.
The Israeli also claimed he knows who is briefing against him. "I don't want to think about this. I want to do my job," he said. "Of course I know where the rumours come from and I know there's people trying to hurt the club. But if I put my energy on this it's no good. I want to put my energy on the team and the players. I can solve it but not now."
Last Wednesday West Ham were routed 5-0 at Newcastle United, a manner of defeat that erased much of the positivity Grant had accrued from the team's previous run of eight points from four unbeaten league games.
How can he prevent players being influenced by the speculation deriving from the club? "This is the main problem. We need to create stability. When the rumours are coming from inside the club it doesn't create much stability," Grant said. "But everyone has shown a great commitment. I've got great staff here. From the medical staff to the players.
"Everyone tries to analyse where the rumours are coming from but when you do that you're not in the right focus. We are not Sherlock Holmes, we want put our energy on this [the team]. Sometimes there are situations you don't like – you just have to deal with it."
Ahead of Barnsley's visit to east London, Grant had discovered that Karren Brady, the vice-chairman, had revealed in her newspaper column why the deal to bring Steve Sidwell from Aston Villa had fallen through. She wrote: "I had to tell Steve that for various reasons – none his fault – we had changed our mind about signing him on loan. This was a filthy task but in the end it was decided that with 13 midfielders and most of the injured about to return we couldn't promise him regular first-team football and he'd hardly be in a better position than at Villa."
Asked about this, an obviously unhappy Grant said: "I didn't read the column so I don't know what she said. Maybe I will have a column in a newspaper and say what I think. All the things I have to say to the people at the club I say to them directly."
Does he speak to Brady? "We don't have a problem, but I speak with the owners [Gold and Sullivan]. I'm dealing with the owners and that is the most important."
DAILY MAIL - Birmingham tempting fate with their financial plans
By Nick Harris
Birmingham City face financial meltdown if they are relegated. The club’s latest accounts, available this week from Companies House, paint a stark picture of economic strife — even if City do retain their Premier League status.
The club’s debt is believed to be more than £30million and rising. The accounts carry a ‘going concern’ health warning, flagging up material uncertainties about the business’s future.
This came as a surprise to the Premier League, who will pay extra attention to the situation, fearful of a Portsmouthesque meltdown.
Risky strategy: Birmingham Chairman Carson Yeung will be asked for detailed financial plans
Arguably, the most worrying section arrives on page 13, where it is noted that the club’s directors have prepared profit and cash flow forecasts until 30 October, 2011.
Forecast ‘A’ envisages the club meeting a performance target of similar but unspecified achievement to last season, when Birmingham finished ninth. If they hit that target in 2010-11, the accounts show they will still need ‘around £7.5m’ in top-up funds from their parent company ‘in order for the company to continue to operate with its agreed bank facilities’, or in other words, remain solvent.
Plan B sees Birmingham failing to meet the target, but remaining in the Premier League after finishing 17th or above. A ‘sensitised forecast’ based on that finish says the club will need further funds from the parent company of £3m, on top of the £7.5m. As for what happens if
Birmingham go down: there is no Plan C.
The document says: ‘The directors are confident that the football club will retain its Premier League status and both forecasts have been prepared on that basis.’
The Premier League sought and gained assurances last summer from Birmingham’s chairman, Carson Yeung, that they have the funds to complete the season.
On a knife edge: Relegation for Alex McLeish's side could prove fatal
The next ‘staging point’ in this drama comes in March when the League will ask for further financial planning information and decide on remedial action or not.
Trading in shares in the club’s parent company, Birmingham International Holdings, have been suspended on the Hong Kong Stock Exchange for reasons unconfirmed. A new share issue, for fresh cash, is one possibility.
www.dailymail.co.uk/sport/football/article-1345400/Nick-Harris-Birmingham-tempting-fate-financial-plans.html#ixzz1AcFIvpt0
GUARDIAN
Avram Grant fights distraction as replacement talk grows at West Ham
• Manager suspects insiders of briefing against him
• Martin O'Neill and Sam Allardyce head list to take over
* Jamie Jackson and Stuart James
Martin O'Neill and Sam Allardyce head the list of possible replacements for Avram Grant, whose tenure as West Ham United's manager could be ended this week by the club's board, possibly ahead of Tuesday night's Carling Cup semi-final against Birmingham City.
The co-owners, David Gold and David Sullivan, have yet to hear from O'Neill. Although it is unclear if the Northern Irishman, who walked away from his position as Aston Villa manager in August, would be interested, Allardyce wants a quick return to management following his dismissal by Blackburn Rovers last month but may have to be content initially with a contract until May.
West Ham have been bottom of the league for most of the season and Grant believes that some within the club have begun to undermine him by briefing to the media that his job is in the balance.
After Jonathan Spector and Frédéric Piquionne gave West Ham an easy 2-0 victory over Barnsley that took them into the fourth round of the FA Cup, Grant spoke out regarding the whispers emanating from those around him.
The Israeli also claimed he knows who is briefing against him. "I don't want to think about this. I want to do my job," he said. "Of course I know where the rumours come from and I know there's people trying to hurt the club. But if I put my energy on this it's no good. I want to put my energy on the team and the players. I can solve it but not now."
Last Wednesday West Ham were routed 5-0 at Newcastle United, a manner of defeat that erased much of the positivity Grant had accrued from the team's previous run of eight points from four unbeaten league games.
How can he prevent players being influenced by the speculation deriving from the club? "This is the main problem. We need to create stability. When the rumours are coming from inside the club it doesn't create much stability," Grant said. "But everyone has shown a great commitment. I've got great staff here. From the medical staff to the players.
"Everyone tries to analyse where the rumours are coming from but when you do that you're not in the right focus. We are not Sherlock Holmes, we want put our energy on this [the team]. Sometimes there are situations you don't like – you just have to deal with it."
Ahead of Barnsley's visit to east London, Grant had discovered that Karren Brady, the vice-chairman, had revealed in her newspaper column why the deal to bring Steve Sidwell from Aston Villa had fallen through. She wrote: "I had to tell Steve that for various reasons – none his fault – we had changed our mind about signing him on loan. This was a filthy task but in the end it was decided that with 13 midfielders and most of the injured about to return we couldn't promise him regular first-team football and he'd hardly be in a better position than at Villa."
Asked about this, an obviously unhappy Grant said: "I didn't read the column so I don't know what she said. Maybe I will have a column in a newspaper and say what I think. All the things I have to say to the people at the club I say to them directly."
Does he speak to Brady? "We don't have a problem, but I speak with the owners [Gold and Sullivan]. I'm dealing with the owners and that is the most important."