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Colchester Utd


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Reportedly at risk of administration with around £30m debt, and only £1.8m coming in the 19/20 season, so not even covid to blame. How does a League 2 club get into that much debt?

https://fanbanter.co.uk/league-two-club-allegedly-put-into-administration-with-points-to-be-deducted/?fbclid=IwAR3S9zgGom8zudNAs7IIt3nJlMfjeO_fkEsTUBd1o08DMpGyfvfwIlx0YdY

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11 minutes ago, riccardo259 said:

Reportedly at risk of administration with around £30m debt, and only £1.8m coming in the 19/20 season, so not even covid to blame. How does a League 2 club get into that much debt?

https://fanbanter.co.uk/league-two-club-allegedly-put-into-administration-with-points-to-be-deducted/?fbclid=IwAR3S9zgGom8zudNAs7IIt3nJlMfjeO_fkEsTUBd1o08DMpGyfvfwIlx0YdY

Read it and some of the background stuff. Chairman does come across as a complete chopper.

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37 minutes ago, ITMAN said:

Why is it football clubs appear to defy all the laws of economics and the rules around trading whilst insolvent?

That's the question I ask over and over Itman, and I keep stressing, a Football Club is just a business, nothing more nothing less, in most cases the are run abysmally, and I understand that they are the well being of thousands of people who support the club, but surely this kind of mis management shouldn't be allowed to happen. If you or I owed the Tax man just a grand, they would hunt us down to the ends of the earth. But like Riccardo259 says, how does a club like Colchester get into £30 million pounds worth of debt. I'm sorry, but they should be wound up pronto, as should any similar clubs with huge debts. This is where the whole of football needs restructuring from the ground up. I read the other day that there has been talk of Jose Mourinho getting kicked out of Spurs, so he gets sacked, and that will cost Spurs £30 million, how can that be right??? Man Unt pay theyre 4 goalkeepers £540,000.00 per week!!!! PER WEEK!! David De Gea gets £340,000, Dean Henderson £120,000 and the rest is split between the other 2, disproportionately but there you go!! How on gods green earth can this kind of insanity go on???

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3 hours ago, TommyH72 said:

That's the question I ask over and over Itman, and I keep stressing, a Football Club is just a business, nothing more nothing less, in most cases the are run abysmally, and I understand that they are the well being of thousands of people who support the club, but surely this kind of mis management shouldn't be allowed to happen. If you or I owed the Tax man just a grand, they would hunt us down to the ends of the earth. But like Riccardo259 says, how does a club like Colchester get into £30 million pounds worth of debt. I'm sorry, but they should be wound up pronto, as should any similar clubs with huge debts. This is where the whole of football needs restructuring from the ground up. I read the other day that there has been talk of Jose Mourinho getting kicked out of Spurs, so he gets sacked, and that will cost Spurs £30 million, how can that be right??? Man Unt pay theyre 4 goalkeepers £540,000.00 per week!!!! PER WEEK!! David De Gea gets £340,000, Dean Henderson £120,000 and the rest is split between the other 2, disproportionately but there you go!! How on gods green earth can this kind of insanity go on???

Since I've forgotten his name had the maximum wage abolished all those years ago.  At that time I think it was £100 per week and the average man in the street thought he was doing OK on £15

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I'm probably way out of touch with what the average weekly wage is now for the working person, but I would imagine its somewhere in the £600 region??? And I would think thats not bad for 39hrs, So even if the top footballers were on 10 times that that would be £6,000per wk or or £300,000 per year. Now that would still be way to much for kicking a bag of wind around but at least I could stomach it. 

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2 minutes ago, TommyH72 said:

I'm probably way out of touch with what the average weekly wage is now for the working person, but I would imagine its somewhere in the £600 region??? And I would think thats not bad for 39hrs, So even if the top footballers were on 10 times that that would be £6,000per wk or or £300,000 per year. Now that would still be way to much for kicking a bag of wind around but at least I could stomach it. 

A 40 hour week on minimum wage is a shade over £350 a week. A huge number of people of people are on or just above minimum wage, especially younger generations. Apparently a survey in April last year clocked the average UK weekly wage at around £460.

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2 minutes ago, riccardo259 said:

A 40 hour week on minimum wage is a shade over £350 a week. A huge number of people of people are on or just above minimum wage, especially younger generations. Apparently a survey in April last year clocked the average UK weekly wage at around £460.

Like I say mate, I am out of touch with wages etc, but still basing it on a top pro footballer being on  times that would give them a very good standard of living. I know I will get shot down with all the usual stuff about skill and rights to earn etc etc blah blah, all I'm saying is, the game we love so much is way out of control and something has to be done.

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4 minutes ago, TommyH72 said:

Like I say mate, I am out of touch with wages etc, but still basing it on a top pro footballer being on  times that would give them a very good standard of living. I know I will get shot down with all the usual stuff about skill and rights to earn etc etc blah blah, all I'm saying is, the game we love so much is way out of control and something has to be done.

Oh I totally agree with you, footballers are so far out of touch. Earning more money in a month than a lot of people will earn in their lifetimes but still holding clubs to ransom over an extra £30k a week.

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10 hours ago, Steve Lanzarote said:

Jimmy Hill was the PFA rep who threatened to take footballers on strike if the maximum wage was not abolish,1961 when the maximum wage was 20 pounds Johnny Haynes became the first 100 pound per week footballer.

Haynes played against us for Fulham the day we lost 8-0 at home as I recall!

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1 hour ago, Steve Lanzarote said:

I remember it well I was in Germany and saw the result in the stock press (Express) and thought it must have been a misprint. 

I remember it well I stood on the terrace and watched it .. knowing the next day at school was going to be hell. 
before the game, the players told the manager (Alan ball) they weren’t happy with his defensive tactics.. So ball told them they could play the own tactics ., which was all out attack ., the result speaks for itself ., After the game the players had to go to ball and apologise and say that they would never question his tactics again.. 

think we won the next match ! 

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12 hours ago, TommyH72 said:

Like I say mate, I am out of touch with wages etc, but still basing it on a top pro footballer being on  times that would give them a very good standard of living. I know I will get shot down with all the usual stuff about skill and rights to earn etc etc blah blah, all I'm saying is, the game we love so much is way out of control and something has to be done.

It is a very strange thing to get your head around, and we were talking about this a few months ago when discussing Messi's ludicrous salary. You could say it's the players' moral responsibility, but I think that ignores the bigger picture- where is the money coming from and why? Vast sums of money are ploughed into the worldwide football industry with the full knowledge that this money will be lost, yet these losses are happily underwritten. Football isn't the only industry where this happens, it's often to do with the power and influence that money can buy rather than your typical investment which makes a straight forward monetary return.
Check out this video that looks at Gazprom. The same applies for companies like McDonalds- it's pretty obvious why the most nutritiously damaging company in the world is first in the queue to plaster its logo across elite sport and health facilities. It's not just multinationals though, there are all sorts of weird offshore holding corporations and shell corporations that have bought out teams like Hartlepool United in the past. Football Clubs can be good places to hide your money. 
If you're a billionaire, putting your money in football works. People won't fight back against you if your company is the main sponsor of something as beloved as a football club. Look at the limp-wristed attempts at 'protesting' the festival of slavery and mass-murder that is the Qatar world cup. As it stands, people are definitely going to just go along with it and not make a fuss. Players could refuse their money, to an extent, but that wouldn't stop this. Resistance needs to come from the fans, players and everyone who actually makes the game happen.
 

 

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