Bubba wrote:The Administration route is an option. But it depends on probably two critical things.
a) What percentage of the overall debt is owed to HMRC? To exit administration, a CVA would probably be required where the creditors are offered so many pence in the pound for the debt owed. HMRC always vote against the CVA route. It would also require the agreement of the other creditors. Would they be on board? b) The club would need to prove that they could afford to meet the CVA obligations as well as the ongoing running costs. When HTAFC came out of administration (and into a CVA) back in 2001, they were repaying £4k a month to the administrators whilst also having the ongoing running costs. A consortium of 10 businessmen each put in £10k.
So its doable, but it all depends on who the creditors are and whether they want to play ball.
Well according to recent posts the HMRC hearing is for this Wednesday.
Multiple theories about going into administration floating round and a equal amount of the pro’s and cons on how it could be good / onboard or bad / off for the creditors.
Heard from two different sources that the idea of a number of people making a monthly contribution towards the running of the club was the start of the problem when some of them stopped doing so early on.
On making monthly payment agreements, our record / reputation of sticking to them is dire at best.
HMRC paid so the big question is what happens next.
"Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid."― Albert Einstein "Everybody gets so much information all day long that they lose their common sense." ― Gertrude Stein "Don't believe everything you read on the internet" ― Abraham Lincoln
One theory is that this whole narrative has been a red herring to get additional funding to contribute to attaining the stadium. Very hard to differentiate between truth n lies at the moment.
Listenup94 wrote:One theory is that this whole narrative has been a red herring to get additional funding to contribute to attaining the stadium. Very hard to differentiate between truth n lies at the moment.
Well what’s going to happen to the Shay is still high on the councils get rid list and we’ll soon find out if anyone is going to make a move for it.
There’s been a lot of shouting about this on PFFB by one group in particular, if turns out to be true then we’re sure to hear about it and their vindication of being right all along but equally if false it’ll be hard to live down all the accusations made and the manner / intensity they were made in and as we all know there’s a football club that plays there and whatever else it’s used for whoever gets it has to guarantee it still remains a sports ground.
The fact is by their own admission that the council want rid of the shay and the rest is speculation wading through rivers of rumours.
Gareth dean ( still a shareholder I believe) is adamant that Ian utterly is trying to acquire the shay with ‘ friends’ and subsidies it with his event organising connections.
I’ve heard this rumour for a while and even posted something similar on the football forum and was subsequently ridiculed and then banned several times for suggesting this .
I believe there is some truth in this just not sure how much .
I believed that Ian Uttley had walked away and with him been the only person with the financial clout to do anything with the Shay you would think that would be it. Given his daughter is all over FB now asking fans for calm and to support the board you have to think he must be still involved in some capacity which again could make the Shay rumor more believable. Gareth Deam must be a pain in the boards backside as from a legal point of view with him been the major shareholder, the board have legal requirements to provide information to him and he has been very clear in his thoughts from really early in the new boards term. I cant see how we can have any trust in this board.
"Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid."― Albert Einstein "Everybody gets so much information all day long that they lose their common sense." ― Gertrude Stein "Don't believe everything you read on the internet" ― Abraham Lincoln
Last edited by Greg Florimos Boots on Tue Sep 10, 2024 1:40 pm, edited 1 time in total.
Joined: Dec 22 2001 Posts: 31959 Location: The Corridor of Uncertainty
Glad you've averted disaster for now. What next is the question to ask. How is the club fixed to be able to pay salaries and not be in this position again?
On the ground front if the Shay isn't doable anymore is there any land on the Fax/Bradford border (Hipperholme/Wyke or Shelf/Northowran that would be suitable for a new ground for us both to share? Perhaps both clubs and councils could look at this possibility? Perhaps the councils could raise enough money from sales of Shay and Odsal to provide something more modern/suitable that has a sustainable future for both clubs and the surrounding communities? Perhaps it would make longer term financial sense? Make it suitable for championship rugby but with the scope to expand to meet SL standards if needed. We'd have to make the seats a neutral colour
Just a thought.
"If you start listening to the fans it won't be long before you're sitting with them," - Wayne Bennett.
Joined: Dec 22 2001 Posts: 6621 Location: Halifax, the sleeping giants of Rugby League
After all the opening pomp and ceremony, this BOD nearly bankrupted the club within 2 years. I can't trust them to run the club, and after this "sudden" massive debt bombshell one has to wonder if they know what they're doing. As Sidney Young Blood once sang, it's now a case of "Sit and Wait".
Tony Fax wrote:After all the opening pomp and ceremony, this BOD nearly bankrupted the club within 2 years. I can't trust them to run the club, and after this "sudden" massive debt bombshell one has to wonder if they know what they're doing. As Sidney Young Blood once sang, it's now a case of "Sit and Wait".
Based on the data you kindly shared on the other thread, the sharp shift in our results in 2022 would suggest the writing was on the wall and the last board were probably happy to get shut, especially with the state and direction of the game and the championship in particular. Why did it get so bad so quickly, was that solely that years trading performance or some movement of liabilities. Despite the insistence of Mr Dean, was the scale of the financial state back then fully know to the new board.
Sorry I don't buy into some of the "allegations" thrown around and its obvious there is no love lost between some people. I believe both the past and present boards have wanted to create a successful Halifax RFC. Have they underestimated the task, clearly yes. But the landscape has changed, little chance of reward for success, loss of the middle eights which brought additional revenue and fans clearly walking away effecting attendances across the championship clubs.
A lot of the fans complaining about the state of our finances are generally the same ones moaning about the quality of our signings.
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