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Football Finance


Hereford United wound up

Hereford United have finally been wound up.   Owner Andy Lonsdale claimed to be on his way to court with proof of the required £1m in funds having been deposited in a bank, but said that he was stuck in traffic.   The judge, clearly exasperated, said that this was not good enough.

Cardiff debts shifted to Tan

Cardiff City owner Vincent Tan has paid off some of the debts relating to the building of the club's new stadium, as well as other debts relating to player acquisitions.

However, this does not change the club's underlying financial situation, just who the money is owed to.  It is estimated that the club could now own Tan over £150m.   Only converting some of this debt into equity would change the position.

Hartlepool United taken over

Relegation threatened Hartlepool United have been taken over by a newly formed company, TMH 2014. The consortium is understood to be based in South Yorkshire.

Aberdeen-based Increased Oil Recovery have been in charge since 1997 and the regime has not been a popular one with fans.

Three clubs get transfer embargoes

Three Championship clubs have been placed under transfer embargoes until June under the Football League's financial fair play rules: Blackburn Rovers, Leeds United and Nottingham Forest.  They will then have the opportunity to have the embargoes lifted if they can show that they have stayed within the rules.

Last chance saloon for Hereford

The winding up order against Hereford United has been adjourned once again.   This is the ninth adjournment.   They have until Friday to prove that they have £1m to pay creditors.

Owner Andy Lonsdale has said that it will be 'sorted' by Friday afternoon when the hearing resumes.  That remains to be seen.

Hearts rely on fan donations

Hearts are reliant on fan donations of £1.4m a year to keep going.   Given that 8,000 fans are making donations, this works out at an average of £1,750.   This implies that some of the donations must be substantial, given that some fans can presumably only afford relatively small amounts.

Lower league football finances in Scotland

The financial realities of lower league football in Scotland are demonstrated by the latest accounts of Berwick Rangers.   Staff were paid on average £143 a week compared with £8,000 at Rangers.

Their last home game saw an attendance that was 10 per cent of capacity.   The club is reliant on a good cup run to keep its finances balanced.

Third director quits at Rangers

A third director has quit the board at Rangers, less than two weeks ahead of a crucial annual meeting when the cash squeezed club will seek to raise more funds.

The decline of the company team

Once works or company teams were a familiar feature of football, but gradually their numbers have declined.   Paternalist firms saw them as a good way of boosting the morale or fitness of their workers and getting some publicity for their brand, in a way that is now done by sponsorship.   Players were given easy jobs and time off for training.

Motherwell fans close to takeover

Motherwell fans are confident that they are close to taking control of the club.   They have not raised quite as much money as they hoped, but retired businessman Lee Hutchinson has stepped in to help them.

The club has made losses of £780,000 over the past two seasons and is expected to record another loss this season, so there is a big financial challenge ahead.