Football Insolvency - continuing problems now in Scotland
Director of Finance online is reporting an interesting story on football insolvency which reports on some recent research from Equifax. This is a subject that has been covered on this blog before. The story notes that three football clubs are technically insolvent. The clubs are:
- Hamilton Academicals
Following Ronaldo's recent record transfer for the same price as Newcastle Football Club (£85,000,000), this news story throws the different financial ends of the 'beautiful game' into sharp focus. I am currently investigating whether or not the three clubs would also be subjected to some form of point penalty if they enter an insolvency procedure. As I have previously argued, this form of 'added' penalty (excuse the pun), which insolvent clubs face in England and Wales, does not help rescue goals (sorry).
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...