Events

The Realities of the Financial Administration Process: The Case of the Football Industry

The Realities of the Financial Administration Process: The Case of the Football Industry

Room 101,
Foster Court, UCL

(Off Torrington Place WC1 opposite Waterstones Bookstore)

Wednesday 24th November 2004, 6pm-8pm

Given by:

Nick Wood, Insolvency Practitioner with Grant Thornton UK LLP, Joint Administrator of Wimbledon Football Club

Synopsis

Despite the points penalty introduced for the 2004/2005 season by the Premiership, the Football League, and other divisions for clubs entering administration, the administration process will remain the only way for most clubs in severe financial difficulty to re-structure and survive. However, despite the critical influence of financial administration on the recent re-structuring of English football’s finances,  much of the public commentary on how the process has been implemented in the industry has been confused and ill-informed.

In this seminar Nick Wood explains the realities of the administration process from the viewpoint of the professional insolvency practitioner charged with engineering the rescue of a business in the financial equivalent of the intensive care ward. Beginning with a brief outline of the statutory obligations of the administrative process he will then explain the particular challenges faced in attempting to implement a successful administration in the football industry: the thought processes of the various key actors involved, the difficulties in dealing with the various football bodies, the problems with funding a failing business, dealing with footballers (and their egos!), and ultimately surviving. All against the backdrop of a fanbase hungry for on-field succes.

Who would take on a club with no ground, no assets and a small and declining fan base?

For further details contact:

Sean Hamil

s.hamil@bbk.ac.uk

Tel: 020-7631 6763

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