Why should players be penalised for no fault of theirs? Liverpool FC face the unwelcome prospect of being docked 9 points in the Premier League, thereby pushing them into possible relegation.
This is what is likely to happen if Kop Holdings the company that owns the club goes into administration, an event that looks increasingly likely to happen after the Premier League's approval of the club's sale to New England Sports Ventures (NESV).
Chelsea FC
NESV, the owners of Boston Red Sox have made a bid to buy the troubled Anfield outfit for 300 million pounds. The Premier League has approved the sale in the face of opposition from the current American owners who consider said offer an undervalued bid, and are holding out for double the amount, at 600 million.
George Gillett and Tom Hicks bought the club in 2007 for 174 million. The debts of the club which stood at 40 million when the American duo bought Kop Holdings have risen to 240 million, apart from another 40 million payable to Royal Bank of Scotland, the creditor.
To foil the bid, the American owners sacked the chairman and another director and tried to foist their own candidates in their place. But the move came after the directors had approved the sale to NESV.
The Premier League is run as a corporation, with each of its 20 member clubs owning a share. With the Premier League in its turn approving the sale, it is in the club's interest to have their owners in place by October 15, to avoid having to pay an additional 60 million to RBS as penalty for defaulting on the loan repayment.
In case the sale doesn't go through by the October 15 deadline, RBS has the option of extending the deadline till the sale transpires, following due process of law. Such a move would absolve the new owners of having to pay the 60 million pounds in penalty to RBS.
Gillett and Hicks are likely to try and block the takeover of the club by NESV, in the High Court, an action that would automatically push Kop Holdings into administration.
Irrespective of what happens, in the High Court, the poor players of Liverpool FC would still have to pay for the board room wrangles at Anfield.
In case the holding company Kop Holdings goes into administration, the club would be penalized nine points. Liverpool have just six points from seven games and are currently in 18th position on the Premier League points table.
Incidentally, Portsmouth were the first Premier League squad to receive the nine-point penalty and consequent relegation, last season, after the club went into administration. Liverpool look set to follow in Portsmouth's footsteps.
No comments:
Post a Comment