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The Championship

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Not many options for Cardiff City

This careful and throrough analysis suggests that there are not many viable options for financially troubled Cardiff City who have a 56-day deadline to settle their debts with the taxman:

Former owner bids to take over Derby County

Former Derby County chairman Peter Gadsby has made a £42 million bid to regain control of the club, but it has not been welcomed by the current owners.   Gadsby, a lower property magnate, stood down after the club won promotion to the Premier League three years ago, with Andy Appleby, an American businessman eventually leading a takeover valued at £50m.  However, Gadsby has grown frustrated at the recent lack of progress under the current owners.

Cardiff given final tax bill deadline

Cardiff City have been given a final deadline of 5 May, three days after the end of the season, to settle their debts to the taxman,  The club faced their third winding-up order yesterday over a £1.9m debt to Revenue and Customs.   For HMRC Matthew Smith argued that the club should be wound up immediately as it was 'plainly insolvent'.   Half of the remaining £1.7m was paid on Tuesday, but the HMRC counsel said that this was onl

Boro's £50m deficit

Middlesbrough chairman Steve Gibson has talked at length about the £50m deficit the club faced after relegation from the Premiership, how the club made no money from its Uefa cup run and the financial problems of football generally.  He emphasises that the club had to follow a prudent strategy after relegation and could not spend large amounts of money to secure promotion, a lesson ignored by many Championship clubs hankering after the promised land of the Premiership.  

A tangled tale at Cardiff

An interesting programme on Cardiff City including an interview with Peter Ridsdale can be watched here.    New accounts for the club will be available on 28 February, but it appears that the overall debts amount to some £33m despite £24m realised in transfer fees since Mr Ridsdale became chairman.  The club has incurred total losses of £7m under his stewardship.   His replies about the loan notes owed to Langston are somewhat ambiguous, but a new agreement has been n

Mixed views about Cardiff's prospects

Cardiff City FC may have been beaten 4-1 by Chelsea yesterday but they should collect £500,000 from their outing which is of great benefit to a club in financial trouble.  Chairman Peter Ridsdale insists that there is no threat to the club.   The pro-Ridsdale camp emphasise his achievements in cutting an inherited debt of £32m owed by previous owner Sam Hammam; a leap in average gates to 21,000; a new £50m stadium; an FA Cup Final appearance in 2008 and a team that is in contention for a play-off place and promotion to the Premiership.

We've only got two administrators

Taking Crystal Palace out of administration is being complicated by the fact that two administrators are involved.  The company that owns the ground is under the control of a separate administrator, PricewaterhouseCoopers, who are acting on behalf of Lloyds Bank which owns the £12 mortgage on the ground.  The ground is worth much more without the club on it given its real estate potential.  However, Croydon Council is insisting that it remains a sports facility to put off any property developers.

Three clubs get reprieves

Three clubs got temporary reprieves from winding up orders today - Portsmouth in the Premiership, Cardiff City in the Championship and Southend United in League 1.   Of the three the club in greatest peril remains Portsmouth who are on their fourth owner this season.

Eagles Go Bust

Championship side Crystal Palace are the latest club to enter administration. The South London side have not always been able to pay their players on time in recent months and face a winding up order in the High Court tomorrow over a £1.2m tax bill. A Cayman Islands company from whom they had borrowed five million pounds pulled the plug. Attendances have been falling at Selhurst Park recently, despite the club looking as if it could challenge for promotion.

State Bank Backs Newcastle

State owned Northern Rock have renewed their sponsorship agreement with Newcastle United in a four year deal worth a potential £10m to the promotion chasing Championship club. The bank was nationalised during the 2008 financial crisis, but government tries to have a 'hand offs' relationship with its financial sector acquisitions using small supervision vehicles such as UK Financial Investments.