Daily Mail Article (2 Viewers)

[RegiswasGod]

Not a fan of this rag at all, but this is a decent enough read...

Coventry City fully deserve this moment of celebration | Daily Mail Online

 

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[Nick]

When did we beat Arsenal?

 

[RegiswasGod]

I wondered that same thing. Pretty certain we were thumped 6-1...

 

[Kingokings204]

Yes a good article. Probably needs about a book about the last 20 years but yes in summary it’s good.

My leicester mate said he is happy for us but tried to compare our situations when they were in league 1 and close to bankruptcy. I said it’s not where near the same. When did they last move out of Leicester? Twice! When did they go down to league 2 and one bad season away from non league? When did they have marches and the fan base so divided?

crazy to suggest it was the same.

 

[Alex1987]

Yes a good article. Probably needs about a book about the last 20 years but yes in summary it’s good.

My leicester mate said he is happy for us but tried to compare our situations when they were in league 1 and close to bankruptcy. I said it’s not where near the same. When did they last move out of Leicester? Twice! When did they go down to league 2 and one bad season away from non league? When did they have marches and the fan base so divided?

crazy to suggest it was the same.

Probably just on the wind up. Leicester in L1 was more Southampton/Norwich

 

[Skyblueweeman]

Yes a good article. Probably needs about a book about the last 20 years but yes in summary it’s good.

My leicester mate said he is happy for us but tried to compare our situations when they were in league 1 and close to bankruptcy. I said it’s not where near the same. When did they last move out of Leicester? Twice! When did they go down to league 2 and one bad season away from non league? When did they have marches and the fan base so divided?

crazy to suggest it was the same.

And when Leicester went into admin, they had all their debts wiped out with no penalty. It was almost as if they said 'Look, we have no cash. We're gonna go into administration so we dont have to pay anyone anything, all debts are gone and we'll just start again, yeah?'. And at the time everyone was like 'Oh, yeah ok, sure...good luck in the future'.

They totally changed the admin process.

Sent from my SM-G965F using Tapatalk

 

[Magwitch]

And when Leicester went into admin, they had all their debts wiped out with no penalty. It was almost as if they said 'Look, we have no cash. We're gonna go into administration so we dont have to pay anyone anything, all debts are gone and we'll just start again, yeah?'. And at the time everyone was like 'Oh, yeah ok, sure...good luck in the future'.

They totally changed the admin process.

Sent from my SM-G965F using Tapatalk

They used the system at the time can’t blame them for that, perhaps we should have done the same.

 

[Grendel]

They used the system at the time can’t blame them for that, perhaps we should have done the same.

Yes we should have and our destiny would have been very different

 

[Terry_dactyl]

Leicester weren’t the first to do this were there?

 

[Grendel]

Leicester weren’t the first to do this were there?

No there were many before I think the difference was the impact it had on the build of the new ground

 

[Terry_dactyl]

No there were many before I think the difference was the impact it had on the build of the new ground

So it basically enabled them to get the necessary investment etc without suffering any penalties or having any debts?
It definitely feels like we do things the hard way.

 

[Grendel]

So it basically enabled them to get the necessary investment etc without suffering any penalties or having any debts?
It definitely feels like we do things the hard way.

Yes they wiped their debts and I think didn’t pay all the stadium cost - Richardson was forced out as he would probably have done the same and bought back Highfield Road

 

[Deleted member 5849]

Yes they wiped their debts and I think didn’t pay all the stadium cost - Richardson was forced out as he would probably have done the same and bought back Highfield Road

It made our stadium build harder, too I think. Memory's fuzzy, but we either lost the original constructor as a result, or had to pay more up front (or both, of course!). Apologies if I've just added an extra layer of false memory however!

 

[Ring Of Steel]

It made our stadium build harder, too I think. Memory's fuzzy, but we either lost the original constructor as a result, or had to pay more up front (or both, of course!). Apologies if I've just added an extra layer of false memory however!

Pretty sure Laing O'Rourke (I think) pulled out due to fear of us doing the same thing

 

[Terry_dactyl]

Apologies as I’m sure this has been relayed on here before...so Richardson actually tried to ‘save us’ from the Ricoh move?
Again a hazy memory of discussions on here but wasn’t some additional land by HR reserved just in case? This may be utter nonsense on my part.

 

[Mucca Mad Boys]

Yes a good article. Probably needs about a book about the last 20 years but yes in summary it’s good.

My leicester mate said he is happy for us but tried to compare our situations when they were in league 1 and close to bankruptcy. I said it’s not where near the same. When did they last move out of Leicester? Twice! When did they go down to league 2 and one bad season away from non league? When did they have marches and the fan base so divided?

crazy to suggest it was the same.

I suppose our situations were quite similar in the Championship, but they ended up with a philanthropic, multi-millionaire owner, and we ended up with a hedge fund.

In hindsight, the club needed to cut costs because we weren't sustainable and this is inevitably unpopular because multi-millionaire/billionaire owners who throw cash at their pet projects has been normalised. Despite all the mess we've been through (going through), our players and staff have always been paid on time, and aside from admin, haven't been close to bankruptcy. There are clubs out there that have failed to do this, Bolton and Bury to name a few.

Relegation to L2 turned to be good thing for us, we were able press the proverbial restart button, overhaul the team and build it back up again. In the same way relegation to L1 turned out to be good for Southampton, Norwich and Leicester, for the same reasons.

 

[Grendel]

I suppose our situations were quite similar in the Championship, but they ended up with a philanthropic, multi-millionaire owner, and we ended up with a hedge fund.

In hindsight, the club needed to cut costs because we weren't sustainable and this is inevitably unpopular because multi-millionaire/billionaire owners who throw cash at their pet projects has been normalised. Despite all the mess we've been through (going through), our players and staff have always been paid on time, and aside from admin, haven't been close to bankruptcy. There are clubs out there that have failed to do this, Bolton and Bury to name a few.

Relegation to L2 turned to be good thing for us, we were able press the proverbial restart button, overhaul the team and build it back up again. In the same way relegation to L1 turned out to be good for Southampton, Norwich and Leicester, for the same reasons.

We could have erased our debts overnight when we were relegated with no penalties

 

[Mucca Mad Boys]

We could have erased our debts overnight when we were relegated with no penalties

Don't really understand how this works, so would appreciate it if you could clear this up. For the benefit of the forum too!

 

[Grendel]

Don't really understand how this works, so would appreciate it if you could clear this up. For the benefit of the forum too!

Before Leicester did what they did there was no punishment so you could wind to the company and then start again - McGinnity argued that we need to pay our debts - not surprising as the biggest creditor sat next to him. Also at the time he was still pushing the new stadium idea - can’t think why ha ha - and this action has created this whole mess.

 

[ovduk78]

Before Leicester did what they did there was no punishment so you could wind to the company and then start again - McGinnity argued that we need to pay our debts - not surprising as the biggest creditor sat next to him. Also at the time he was still pushing the new stadium idea - can’t think why ha ha - and this action has created this whole mess.

Didn't Leicester owe money to other clubs and they actually signed a couple of players despite knowing that they were in trouble? This caused the FA to change the rules so that teams who subsequently went into admin were docked points.

 

[Mucca Mad Boys]

Before Leicester did what they did there was no punishment so you could wind to the company and then start again - McGinnity argued that we need to pay our debts - not surprising as the biggest creditor sat next to him. Also at the time he was still pushing the new stadium idea - can’t think why ha ha - and this action has created this whole mess.

I was a little nipper when these decisions were taken, so thanks for the clarification. Admittedly, I thought your point was regarding relegation from Championship to League 1.

 

[Grendel]

I was a little nipper when these decisions were taken, so thanks for the clarification. Admittedly, I thought your point was regarding relegation from Championship to League 1.

I think the Leicester fan is referring to 2092 when they were tens of millions in debt and a consortium - which I’m sure had the same board but fronted by Linekar bought it back - admin rules were then tightened after what was an obvious abuse of the spirit of the game

 

[Brylowes]

When did we beat Arsenal?

I thought that, also the bit about Mark Robins coming through the academy at
Old Trafford ‘I thought Utd signed him as a 1st team player from Norwich.

not a bad article on the whole though ‘always nice when we are reported on in
a positive way.

 

[Brylowes]

I thought that, also the bit about Mark Robins coming through the academy at
Old Trafford ‘I thought Utd signed him as a 1st team player from Norwich.

not a bad article on the whole though ‘always nice when we are reported on in
a positive way.

My bad ‘just googled it, started at Utd and transferred to Norwich for £800.000,
God my memory is shocking sometimes.

 

[fernandopartridge]

I wondered that same thing. Pretty certain we were thumped 6-1...

6-1 under Robins I think and 4-0 the following season under Pressley

 

[fernandopartridge]

I agree with Grendel, the club should have gone into administration in 2001 following relegation. Even after the rules were tightened up, there is a strong argument for saying it should have done the same in 2007 prior to the SISU takeover, it was utterly utterly stupid to not wipe the slate properly clean.

 

[Deleted member 5849]

I agree with Grendel, the club should have gone into administration in 2001 following relegation. Even after the rules were tightened up, there is a strong argument for saying it should have done the same in 2007 prior to the SISU takeover, it was utterly utterly stupid to not wipe the slate properly clean.

Well... stupid depending on your persepective.

There's just about everybody's... and one or two others.

 

[Sky_Blue_Dreamer]

I think the Leicester fan is referring to 2092 when they were tens of millions in debt and a consortium - which I’m sure had the same board but fronted by Linekar bought it back - admin rules were then tightened after what was an obvious abuse of the spirit of the game

Grendel is Marty McFly!

 

[Skyblueweeman]

Well... stupid depending on your persepective.

There's just about everybody's... and one or two others.

Yeah, I can see the benefit of doing 'a Leicester' in 2001 before the rules changed but not so sure about 2007. I've mentioned before and I worked for Southampton FC when they were in administration...think it was 2009. Although every clubs circumstances were different, we were told on the Friday that there was uncertainty over whether St Marys would be boarded up on Monday when people came back to work. Saints were very close to going out of business until Liebherr bought them.

 

[Magwitch]

Before Leicester did what they did there was no punishment so you could wind to the company and then start again - McGinnity argued that we need to pay our debts - not surprising as the biggest creditor sat next to him. Also at the time he was still pushing the new stadium idea - can’t think why ha ha - and this action has created this whole mess.

This has been gone over loads of time but If Richardson had got his way we would have done what Leicester did, not moved from HR, which would possibly be sitting there now new stands and all trouble was our club at the time was influenced by the building industry.

 

[tisza]

Lot of nonsense on here about Richardson.was all over the Ricoh move. Acted like there was a bottomless pit of someone else's money on tap. Wasn't he one of the highest paid directors in div 1 when we were in it?
don't even think he had any money in the club -a GR appointment.
Moving back to HR was never an option.

 

[Skybluemichael]

Richardson side of the story YouTube