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'.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.
They used the system at the time can’t blame them for that, perhaps we should have done 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.
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They used the system at the time can’t blame them for that, perhaps we should have done the same.
Leicester weren’t the first to do this were there?
So it basically enabled them to get the necessary investment etc without suffering any penalties or having any debts?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.
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!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!
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.
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!
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.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.
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.
I thought that, also the bit about Mark Robins coming through the academy atWhen did we beat Arsenal?
My bad ‘just googled it, started at Utd and transferred to Norwich for £800.000,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.
I wondered that same thing. Pretty certain we were thumped 6-1...
Well... stupid depending on your persepective.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.
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
Well... stupid depending on your persepective.
There's just about everybody's... and one or two others.
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.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.
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