Archive for tag: Administration.

Keegan’s £25m claim – nonsense. Toon into administration – nonsense.

September 28th, 2009 | 49 Comments |

"I'm claiming this much"
"I'm claiming this much"
Kevin Keegan is not claiming £25m from Newcastle United according to The Sunday Express.

Keegan’s constructive dismissal claim, which the ‘judges’ retired to consider over the weekend, has been plagued with rumours of £25m claims that will put the club into administration.

Yet a ‘close Keegan aide’ told the Express: “That is just malicious nonsense. This figure has obviously been leaked to try to place Kevin in a bad light.”

Apparently what Keegan is claiming is the £8m he is owed on his outstanding 3 and half year contract.

I’m not really one for trusting ‘sources’, ‘insiders’ or ‘close Keegan aides’ but I believe the gist of this is correct. £25m is a quarter of the value of the club (at Ashley’s estimate of that value anyway) and there would simply be no justification for such an amount, no matter how wronged Keegan might be. (more…)

Toon administration fears resurface.

September 24th, 2009 | 35 Comments |

Happier times
Happier times
Some news agencies are reporting that Kevin Keegan’s payout could force Newcastle into administration (see here for example).

What they are saying is that ‘some at the club‘ (who?) fear that a potential £9m payout to Keegan will break the club and send it into administration. They go on to point out that we will be penalised 10 points as a result.

I must admit I find it hard to believe that £9m would send the club into administration given that we’ve saved £35m/year on wages and sold players to the tune of £22m in the last few months. I know we’re struggling and that £9m is no insignificant amount when taken in the context of things like our working overdraft with Barclays but it still seems unlikely to me.

Llambias has previously denied that administration is even a remote possibility and … hang on, virtually everything he says turns out to be untrue. Ah, so much for that line of thinking! (more…)