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International Chairman | 11377 | St. Helens |
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Sep 2002 | 23 years | |
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| Quote craigizzard="craigizzard"The only legitimate reason for doing it is if the thinking is that the business, even with its most necessary assets intact, will *never* be profitable, so in effect it's not an administration it's a winding up.'"
That's just not true.
Look, the Administrators don;'t walk into a job like this with buckets full of cash, ready to pay wages, rent, rates, trade creditors etc. They are having to trade a loss-making business and have the costs associated with that, until such time as somebody decides to buy the club.
They can't sit around racking up costs and not having a plan to pay for them. What if all the proposed purchasers pull out? How do they pay salaries then?
They are taking these steps to pay for the process that could eventually save the club. No Administration, no Wakefield.
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| The administrator HAS to get the maximum amount of cash into any business to pay off creditors. If they get a "reasonable" offer for an asset of the business they will sell.
Whether it is good RL business is a different question.
It's happened before (Leeds screwed the Cougars), it's happening now and WILL happen again in the future.
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International Chairman | 14145 | No Team Selected |
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Dec 2001 | 23 years | |
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| I was wrong.
I assumed this was going to be a prepack.
Maybe it was with Parkin before he pulled out (what nasties maybe did the due dilligence uncover?) - dunno - but it clearly is not now, if indeed it ever was.
On that basis, God help the Wakey fans. 
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Player Coach | 1749 | No Team Selected |
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Sep 2009 | 16 years | |
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| Quote Andy Gilder="Andy Gilder"
If you buy a business coming out of administration you can't realistically expect it to emerge with the same assets it went into administration with.'"
Crusaders didn't do too badly though.Went into administration in November and allegedly came out of administration on Christmas Eve.Much larger reported debt and still managed to sign players during that time and sold one player to Leeds.
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International Board Member | 2236 | No Team Selected |
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Jan 2003 | 22 years | |
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Dec 2018 | Dec 2018 | LINK |
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| Quote TwoBlues="TwoBlues"Crusaders didn't do too badly though.Went into administration in November and allegedly came out of administration on Christmas Eve.Much larger reported debt and still managed to sign players during that time and sold one player to Leeds.'"
But they promised to pay back their largest debt and had a ground to mortgage.
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Player Coach | 371 | No Team Selected |
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Jun 2008 | 17 years | |
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| Quote craigizzard="craigizzard"It's like a t-shirt business going into administration, and the administrators selling off the printing machinery to rival manufacturers and paying some money to the creditors (minus substantial administration costs, of course). After which the business can't make any t-shirts.'"
But wakefield don't just have one asset, they have several (i.e. 20-odd players), which individually aren't integral to the running of the business
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International Chairman | 31082 | No Team Selected |
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| Same thing happened to Fax when they went down.
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Player Coach | 13190 | No Team Selected |
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Mar 2007 | 18 years | |
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| Quote Andy Gilder="Andy Gilder"The administrators have no duty towards the failed business, the supporters or the potential buyers. Their duty is towards raising funds to pay the creditors. In this case, the business has a number of saleable assets (namely the players) that can be sold. In any other business it would be things like freehold property or plant and machinery for example.
If you buy a business coming out of administration you can't realistically expect it to emerge with the same assets it went into administration with.'"
The players could have said 'no'
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International Chairman | 11377 | St. Helens |
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Sep 2002 | 23 years | |
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| Quote rover49="rover49"The players could have said 'no''"
Why would someone like Dale Ferguson turn down going to Hudds and stay at Wakey? I know where I'd rather be!
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Club Coach | 2925 | No Team Selected |
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Oct 2005 | 20 years | |
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| Aaron Murphy has, he's wanting to stay loyal to us
anyone who wants to go then just go, all i want is 17 that want to pull on the famous Red, White and Blue and go down fighting, that will do for me
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International Chairman | 4799 | No Team Selected |
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Mar 2002 | 23 years | |
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| Having been through some pretty grim times with London in all its guises, I've nothing but sympathy for the Wakey supporters - I don't have to imagine what they're going through, I know. To my ignorant mind the actions of the administrators seems a little odd - what's to stop the new potential owners deciding that too many assets have been stripped from the club so they're not interested any longer?
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International Chairman | 14970 | No Team Selected |
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Jun 2002 | 23 years | |
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| Quote The Chronicler of Chiswic="The Chronicler of Chiswic"Having been through some pretty grim times with London in all its guises, I've nothing but sympathy for the Wakey supporters - I don't have to imagine what they're going through, I know. To my ignorant mind the actions of the administrators seems a little odd - what's to stop the new potential owners deciding that too many assets have been stripped from the club so they're not interested any longer?'"
If they do think that then they aren't the right people to take over at Wakefield. 2 players have left the club, presumably for transfer fees. 2 players who, if the rumours are correct about contracts being valid for SL only, could (probably) leave for free at the end of the season anyway.
The new owners need to be in it for the long haul at Wakefield, which will probably involve 6 or 9 years in the Championship.
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