UPDATED- EFL Clubs under transfer embargoes - City not included anymore

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Originally Posted by dml1954

I believe that it was included in the club accounts two years ago. Plus the instruction not to pay has undoubtedly come from the clubs legal advisers and insurers. If City lose the case, it is the insurers who will probably have to pay up.

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So you reckon the club has included a fee in its audited accounts that the insurers would have to pay?

Are you sure?

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Originally Posted by The Lone Gunman

So you reckon the club has included a fee in its audited accounts that the insurers would have to pay?

Are you sure?

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I think there was an amount set aside in a previous accounts for the sala fee. that's just an amount.on paper though, it isn't the actual cash

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Originally Posted by Rjk

I think there was an amount set aside in a previous accounts for the sala fee. that's just an amount.on paper though, it isn't the actual cash

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Thats what I said
:thumbup:

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Originally Posted by The Lone Gunman

So you reckon the club has included a fee in its audited accounts that the insurers would have to pay?

Are you sure?

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Once again you appear to be making things up that I said. Perhaps you should actually read things first.

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Originally Posted by dml1954

Once again you appear to be making things up that I said. Perhaps you should actually read things first.

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I read exactly what you said, which was:

"I believe that it was included in the club accounts two years ago. If City lose the case, it is the insurers who will probably have to pay up."

So are you claiming the club's audited accounts contain a potential financial liability that the club 'probably' won't have to pay anyway even if they lose the case?

Just our luck we weren’t under an embargo when Warnock was manager:hehe:

The amount set aside in the account is a Profit & Loss charge, not a cash value.
However, if the club feel that they are unable to meet what would be due if they lose the case, which would be the due instalments of the £15m - not necessarily all of it - then that begs the question what have they done with that cash, because they should’ve kept it aside.

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Originally Posted by The Lone Gunman

I read exactly what you said, which was:

"I believe that it was included in the club accounts two years ago. If City lose the case, it is the insurers who will probably have to pay up."

So are you claiming the club's audited accounts contain a potential financial liability that the club 'probably' won't have to pay anyway even if they lose the case?

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For someone who pretends to be clever, you really come across as quite thick. What I said, as you can clearly see, is that the fee was included in the accounts - already corroborated by one other but check if you really want to and also that the transfer fee would probably be covered by the insurance company. That is of course if it was proven that he was actually a City player at the time of his death, which is disputed by City, presumably because the insurance company have instructed them to do so to avoid liability. I don't know why City put it in the accounts but they did - speak to an accountant if you want further advice.

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Originally Posted by dml1954

For someone who pretends to be clever, you really come across as quite thick. What I said, as you can clearly see, is that the fee was included in the accounts - already corroborated by one other but check if you really want to and also that the transfer fee would probably be covered by the insurance company. That is of course if it was proven that he was actually a City player at the time of his death, which is disputed by City, presumably because the insurance company have instructed them to do so to avoid liability. I don't know why City put it in the accounts but they did - speak to an accountant if you want further advice.

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there's a lot of guess work going on there though, none of us really have a clue what goes on with the insurance etc

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Originally Posted by Rjk

there's a lot of guess work going on there though, none of us really have a clue what goes on with the insurance etc

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Agree. Just how I see it thats all. Players usually become covered by a clubs insurance against injury/death as soon as they sign but whether this happened in this case is probably one of the main issues. City wouldn't be fighting it if they were being advised to pay up.

So the embargo instruction stated yesterday on the EFL website has now been removed?

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Originally Posted by fred keenor

So the embargo instruction stated yesterday on the EFL website has now been removed?

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it would appear so

Brilliant.
Now they can announce Bale, Rambo, Wilson and Ronaldo!

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Originally Posted by dml1954

For someone who pretends to be clever, you really come across as quite thick.

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I'm a right old thicko, me.

I was just surprised to see you accusing the club of fraudulent accounting, that's all.

:thumbup:

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Originally Posted by The Lone Gunman

I'm a right old thicko, me.

I was just surprised to see you accusing the club of fraudulent accounting, that's all.

:thumbup:

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Glad that you acknowledge your thickness - it is the first step to recovery. Once again you are putting your own incorrect interpretation of someone else's post presumably in order to create an argument. You obviously are a real saddo of an individual with nothing better to do. If you want to make yourself look even more stupid, why don't you explain where exactly in my post you saw me accuse the club of fraudulent accounting.

Anyway - no sign of any embargo any more I see. Makes me wonder if it was all a big mistake on behalf of the EFL. Wonder if they realise what a furore they created. Would explain why no media stories or club comment.

The following has just been sent out to Trust members;-

Cardiff City FC Transfer Embargo

There has been mention on social media over the last couple of days of an EFL transfer embargo imposed on the club.

Keith Morgan , Trust Chair and football finance expert has been investigating the matter and comments as follows:

“The EFL website states the embargo to have arisen from a breach of Regulation 51.2.3 – default in paying transfer fee instalments. This would appear to be merely a technical timing issue arising from loan fee instalments due to Liverpool and Arsenal the last of which were due to be paid in June.

CCFC and the other two clubs had agreed a variation to the loan contracts enabling the final payments to be made this month instead. However, the EFL referred only to the original agreement and so deemed the non-payment by the original contract date to be a breach with the consequent embargo penalty.

The final instalments due under the amended loan agreements will be paid in the next couple of weeks , enabling what would appear to be a rather unfair embargo to be formally lifted.”.

Good.
Wonder what is happening with Sala case though?

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Originally Posted by the other bob wilson

The following has just been sent out to Trust members;-

Cardiff City FC Transfer Embargo

There has been mention on social media over the last couple of days of an EFL transfer embargo imposed on the club.

Keith Morgan , Trust Chair and football finance expert has been investigating the matter and comments as follows:

“The EFL website states the embargo to have arisen from a breach of Regulation 51.2.3 – default in paying transfer fee instalments. This would appear to be merely a technical timing issue arising from loan fee instalments due to Liverpool and Arsenal the last of which were due to be paid in June.

CCFC and the other two clubs had agreed a variation to the loan contracts enabling the final payments to be made this month instead. However, the EFL referred only to the original agreement and so deemed the non-payment by the original contract date to be a breach with the consequent embargo penalty.

The final instalments due under the amended loan agreements will be paid in the next couple of weeks , enabling what would appear to be a rather unfair embargo to be formally lifted.”.

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What a joke the EFL are. They have taken it off their website anyway, which may indicate the embargo is already lifted.

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Originally Posted by fred keenor

So the embargo instruction stated yesterday on the EFL website has now been removed?

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Yeah. I made a call.

It looks like Derby are in the biggest hole. I almost felt some sympathy for them when I read this - but then I snapped out of it!

https://derbycountyblog.com/in-limbo...or-new-season/

Well done the club for not over reacting .

Club critics won't be happy

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Originally Posted by jon1959

It looks like Derby are in the biggest hole. I almost felt some sympathy for them when I read this - but then I snapped out of it!

https://derbycountyblog.com/in-limbo...or-new-season/

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How sad. What a pity. Never mind.

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Originally Posted by jon1959

It looks like Derby are in the biggest hole. I almost felt some sympathy for them when I read this - but then I snapped out of it!

https://derbycountyblog.com/in-limbo...or-new-season/

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oof what a mess