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Football Finance


Argyle takeover by end of week

With Plymouth Argyle experiencing a faltering start to the season, joint administrator, Brendan Guilfoyle, has reiterated that he expects the takeover to go through by the end of this week.

Guilfoyle said: 'We asked of proof of funds from BIL, which is the company that Kevin Heaney's behind, and we haven't had proof of funds [yet], but what we have had from his solicitors is evidence of a funding line that he's working on and there's some due diligence going on.'

United to float in Singapore?

A report in the Wall Street Journal and quickly picked up by other media suggests that Manchester United is to float a  stake in the club on the Singapore stock exchange in the autumn.   The exact amount to be offered is not known, but the figure of 25 to 30 per cent has been mentioned.  Credit Suisse have been appointed as advisers to the float, but are refusing to comment. 

Hearts to settle tax debt

Hearts are to settle a tax debt after Revenue and Customs had threatened to start proceedings to put the club into administration.   It is the second time in two years that the SPL club has been threatened with a winding up order.  It is believed that the sum to be paid over by the club is in the region of £200,000.

Make or break day for QPR deal

Today could be make or break day for the bid by Malaysian airline entrepreneur Tony Fernandes to take control of Queens Park Rangers.   A deal is close to being finalised but has not been sealed and could be delayed or even collapse as the parties seek to reach agreement on final details.

Reading owner makes sales pitch

Reading's owner Sir John Madejski made what was effectively a sales pitch for the football club in an interview in The Sunday Times Business News yesterday.   But he also made it clear that he would not sell the club to anyone.

No pay at Argyle

Plymouth Argyle's players and staff are to go without pay for another month as the proposed takeover of the club drags on.   Argyle are reported not to have paid players in full since the start of the year.  Last week administrator Brendan Guilfoyle failed in a court bid to persuade preferred bidders Bishop International Limited to release £230,000 to cover wages.

QPR takeover deal close

After a poor start in the Premier League against Bolton, there is some good news for QPR fans.  The close season has been blighted by uncertainty about the club's future ownership, but Malayisan entrepreneur Tony Fernandes plans to arrive in London next Thursday to conclude a deal to acquire the club.  He intends to make available a much needed £10m to reinforce the team.

Spanish players threaten strike

This article is contributed by Tarik Ajanović:

It seems that the NBA lockout in the USA could not be the only case of big leagues postponed due to the disputes over collective contracts. The Spanish La Liga as well as Segunda División could be postponed for two weeks after the Spanish Footballers Association (AFE) announced a strike yesterday.

Football League pay clamp down worries club

Wages in the Football League are out of control, particularly in the Championship, and clubs have agreed in principle to do something about it, but as always the devil is in the detail.

In a bid to get into the promised land olf the Premiership, many Championship clubs spend nearly all their turnover on wages, indeed a small number spend even more.   The problem will get worse next season when television revenue falls by 27 per cent.

Possible Bosnian tax debt write off

This article is contributed by Tarik Ajanović:

Recent FIFA and UEFA-backed changes in the Bosnian FA have brought several issues to the spotlight of national attention, with one of them being the incurred debts of the professional football clubs.

According to Selmir Kaplan, the 29-year-old Minister of Culture and Sport of the Federation of Bosnia & Herzegovina, the Government of the Federation of Bosnia & Herzegovina is considering an option of writing off accumulated tax debts of the biggest clubs.