Matt
The Birse Group the builders which built the Walker Stadium issued a stock exchange statement back in July/August statement saying that it expects to incur a bad debt in the region of £5.5m as a result of Leicester's move into administration. That sum will now be reported as an exceptional operating charge (for that read whopping loss) in its interim results to 31 October 2002.
On a slightly less sympathetic note Eric Hall (Turd Boy Wise’s agent :x ) claims that Wise is owed nearly 2 million on his contract. Outside the revenue they are I think the two biggest creditors.
The total of Leicster’s debts when they went into administration was said in court by the administrators to be 28.5 million sterling. Much of this outside the two amounts above was owed to the British tax authorities (although I am not sure of the numbers). I’m sure if I could be arsed I could get a breakdown of the entire debt but to state as you do “we didnt wipe off our debts with administration at all” is plain and simply wrong. Maybe the firm that washes your team jersey’s didn’t get takien to the cleaners (no pun intended
) but I would be interested in the views of the shareholders of the Birse Group on Leicster if they get reduced dividends this year and/or see their shares’ value decline..
I’m sure Leicster like you say are still struggling with serious financial issues but administration was definitely a good move for the balance sheet.
On a personal note I'll be cheering Leicster this year has I am heavily involved ante post on
Betfair for them to finish higher than Wolves