Leicester City Go Into Administration

[Peadar]

Just heard that the "Foxes" have applied to the High Court to put the club in administration.
Perhaps Cork City FC will bail them out :D

[Éanna]

Sweet. Take that Leicester :D

Will someone please tell Terry Dunne we were right all along :p :)

[Dricky]

Ah yes Bishopstown, Leicester..... the vision, the plans, the future of Cork City the greatest heap of crap ala Terry

[niamh]

Besides the fact that City are officially linked to Leicester in some way, it is never nice to see another club in trouble.

[Éanna]

Originally posted by niamh
Besides the fact that City are officially linked to Leicester in some way, it is never nice to see another club in trouble.
Normally I´d agree. But I think there´s some kind of justice in this. Big club bullies small club into handing over it´s players for next to nothing, only to go belly-up itself. Maybe this is a precedent which will be replicated more and more- it was only a matter of time before some of the bigger clubs in England started hitting choppy waters the way they´ve been spending money.

[Éanna]

football365 (http://www.football365.com/All_News/Football_League_News/story_44329.shtml) The consortium fronted by former England striker Gary Lineker will need to raise around £5million to take control of Leicester City who are being placed into administration.

The initial signs are that Lineker and Co will be able to meet this figure and begin the massive task of putting the Foxes back onto an even financial keel.

They are already understood to have sounded out the administrator ahead of the official statement on the Stock Exchange earlier today which revealed Leicester's plight.

And the consortium, which also includes current plc chairman Greg Clarke and football club chairman Martin George, are understood to have received a favourable rather than a negative response in convincing the administrator that they are a viable proposition.

Although going into administration, Leicester do still have sufficient capital to enable them to continue paying manager Micky Adams and his players plus the club's other staff for the forseeable future.

Adams himself is today due to have a meeting with the administrator but it is understood that drastic cuts on the playing side are not on the agenda.

City are currently third in Division One and a severe reduction on the playing side would hamper their chances of returning to the promised land of the Premiership and its massive financial benefits.

It is believed that one major creditor was responsible for City having to take today's drastic measure.

Adams and his players had agreed last week to a wage deferment while the majority of the creditors were appeased and agreed to put on hold the monies they were entitled to.

But one creditor demanded immediate payment and that gave City no scope for any leeway - and meant they had to make today's announcement.

[niamh]

Leicester are hardly a big club and City seemed with pleased the link up intially, so I doubt they were forced into it.
They should forget about the possible benefits and just get proper fees for the players.

[Dricky]

City had egg on their face over the C Murphy fiasco, so to save face they were oh this is a great deal for the club, we'll get the some of their player bla bla bla bla
They f#cked us and there is nothing that gives me greater pleasure then to see this happen, hope Taylor and Murphy get f@cked at Hull.

[Éanna]

Originally posted by Dricky
City had egg on their face over the C Murphy fiasco, so to save face they were oh this is a great deal for the club, we'll get the some of their player bla bla bla bla
Exactly.
I´ve nothing in particular against Peter Taylor, but as for the rest of them.....................well I couldn´t be happier to see leicester struggling and I wish Colin Murphy all the ills in the world.

[9pointdeduction]

they totally deserve that. maybe we´ll get leon mcsweeney back now!

[Troy.McClure]

Originally posted by Éanna
Big club bullies small club into handing over it´s players for next to nothingName 3 players that went over? I'll name one in Leon McSweeny but other than that I dont think that there were any (Delaney went beforehand). We have got €79,500 per year from them for the last 3 years and are due it for another 2 years. For one player that hasnt even been in our first team thats not too bad IMO. We wernt bullied. What were they going to do, steal our shirts? For the deal that was done, we have clearly got the better end of it.

[pete]

I think the tax mans bill for 1.5million was what pushed Leicester into administration. Imagine how badly off they'd be if weren't up near the top of the division with big crowds? Didn't Leicester also sell some Piper fella to Sunderland for a few million this season?

Does anyone really know if city have seen any cash from Leicester? If know we were supposed to get £50k a year but wasn't this to be shared with Mayfield? Did Leicester ever pay the cash? Did we get the visit from coaches we were supposed to get?

IMO Mr. Lennox while doing a good job this year can't distance himself too much from the previous boards decisions as he was afterall a Director. I know hes said he'l be happy as soon as the Leicster deal finished but he a member of the board that signed the deal too....