Villa to be served with a winding-up order?

[WokinghamWhite]

This article in The Daily Mirror is also very interesting. https://www.mirror.co.uk/sport/football/news/inside-story-behind-aston-villa-12655774

It seems to confirm what I thought by reading between the lines: Wyness has been badly treated in all of this - he was trying to deal with the immediate cash flow issues and got very publicly sacked for his efforts. Of course the downside is that now everyone knows Villa are in dire need of cash with the risk that Grealish will be sold at a knockdown price because other clubs know how badly Villa need the money.

[Baszab]

Still owe us £6m for McCormack

FFC need to get a new Credit Controller

What rubbish sales terms were those ?

[Whitesideup]

Still owe us £6m for McCormack

FFC need to get a new Credit Controller

What rubbish sales terms were those ?

I agree. How or why did we ever agree to payment over such an extended period. This would not be a "paper" loss, ie us simply giving up profit. We paid what was it, £10.5 million for McCormack? True he did a job for us, and the price did give us nominally a profit of a couple of million. But if we were to lose out on the £6 million, we are still approx £4 million cash out of pocket.  Only a bankruptcy should prevent us getting that money back, and even then we should be entitled to our share of the remaining value of the club. How much is their ground worth for example, and do they own it?

Given the amounts they have spent to try and get back into the premiership, I have little sympathy.   

[MJG]

Still owe us £6m for McCormack

FFC need to get a new Credit Controller

What rubbish sales terms were those ?

Standard practice, all clubs do it. Very rare for a high figure transfer to be paid in full.
Always shown in the accounts as future income or expenditure.

[Whitesideup]

Still owe us £6m for McCormack

FFC need to get a new Credit Controller

What rubbish sales terms were those ?

Standard practice, all clubs do it. Very rare for a high figure transfer to be paid in full.
Always shown in the accounts as future income or expenditure.

But only half the fee paid in over two years? And standard practice does not necessarily mean good practice. Once upon a time buying American sub-prime mortgage debt was "standard practice" for UK banks. That worked out well !!

And if per chance we do get shafted (I don't think we will) then we should be very careful about any such future payment arrangements.

[toshes mate]

Still owe us £6m for McCormack
FFC need to get a new Credit Controller
What rubbish sales terms were those ?

Standard practice, all clubs do it. Very rare for a high figure transfer to be paid in full.
Always shown in the accounts as future income or expenditure.

But only half the fee paid in over two years? And standard practice does not necessarily mean good practice. Once upon a time buying American sub-prime mortgage debt was "standard practice" for UK banks. That worked out well !!
And if per chance we do get shafted (I don't think we will) then we should be very careful about any such future payment arrangements.

MJG is simply stating how football finance is organised with, no doubt, one eye always on FFP, especially for clubs caught in a downward spiral.  When it goes wrong it always goes wrong on a big scale.  It appears Xia has been financing Villa's debts at £4m a month but for how long (two years?) nobody appears to know.   Makes you realise why success on the pitch is so important in football, and why trying to achieve it by the fastest route often gets clubs into dire straits. 

[MJG]

Still owe us £6m for McCormack
FFC need to get a new Credit Controller
What rubbish sales terms were those ?

Standard practice, all clubs do it. Very rare for a high figure transfer to be paid in full.
Always shown in the accounts as future income or expenditure.

But only half the fee paid in over two years? And standard practice does not necessarily mean good practice. Once upon a time buying American sub-prime mortgage debt was "standard practice" for UK banks. That worked out well !!
And if per chance we do get shafted (I don't think we will) then we should be very careful about any such future payment arrangements.

MJG is simply stating how football finance is organised with, no doubt, one eye always on FFP, especially for clubs caught in a downward spiral.  When it goes wrong it always goes wrong on a big scale.  It appears Xia has been financing Villa's debts at £4m a month but for how long (two years?) nobody appears to know.   Makes you realise why success on the pitch is so important in football, and why trying to achieve it by the fastest route often gets clubs into dire straits.

im not in favour of it and have been clear a number of times that finances in football should be more transparent. I'd have no staged fees, all up front and open to all to see how much was paid to clubs and agents.
We certainly have used same process before when buying.
Clubs also take into account who they are dealing with. Selling him to a newly relegated 'big club' with parachute payments would have been seen as low risk and the way debts are paid out in football, the clubs get money from any administration rather than the local business owed £1000 for leaflets or something small like that. I'm not sure that's fair either.

[Horsfield_No9]

This hasn't aged well for Villa. Imagine getting pictured with the Champ cup before the season starts!!

https://www.mirror.co.uk/sport/football/news/terry-only-title-acceptable-villa-10913119

[Holders]

This hasn't aged well for Villa. Imagine getting pictured with the Champ cup before the season starts!!

https://www.mirror.co.uk/sport/football/news/terry-only-title-acceptable-villa-10913119

It's all the sweeter.

[Skatzoffc]

At least they aren't a tin-pot club like us.
So they should be able to handle it.
🤔

[Nero]

I was in the pub with a Villa fan,
I told Villa where selling Grealish to Fulham for 15 million.
He says you're winding me up
I say no that the HMRC that are winding you up.