Embargo?
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- Lost Leopard Spot
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Embargo?
I've been absent from normal society for a spell, and have failed to keep up. What's with this embargo? How did it arise? What does it comprise of?
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- BWFC_Insane
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Re: Embargo?
Welcome back!Lost Leopard Spot wrote: ↑Sun Aug 20, 2017 12:52 pmI've been absent from normal society for a spell, and have failed to keep up. What's with this embargo? How did it arise? What does it comprise of?
Embargo initially arose under the previous ownership as we could not file accounts, since Eddie wasn't funding us anymore and we therefore had no way of satisfying going concern requirements.
It has remained since. Despite subsequent filing of accounts. It is there until the club can satisfy the EFL that we have sufficient funding, or guarantee of funding to exist as a going concern for the foreseeable. In essence the club needs to submit a business plan along with proof of funding to clear it.
The issue is that our club is owned 57% by Inner circle investments (Ken Anderson) and 37% by Dean Holdsworth's sports shield bwfc. Ken wants full ownership before committing firm long term funding, or so he says. Sports. Shield bwfc are in court tomorrow and potentially could be wound up for failing to repay their Blumarble loan. That loan will be owed by the club in 2018. The destination of those sports shield shares appear crucial.
The embargo means we can only sign free transfers, or loans (where there is no loan fee) and cannot pay for any players. The squad is locked at 23 senior players and this summer the league decreased the maximum wages we can pay for a player, to £4500. Previously it was roughly £10,000 per week max. The rules seem somewhat flexibile but there are suggestions the league were embarrassed that we went up last season under embargo and have tightened the rules up this year to try and ensure we are relegated. Last year the perception was that the embargo rules didn't affect us much. This year, in this league with the revised rules it is clear it is a massive handicap.
- Lost Leopard Spot
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Re: Embargo?
Is all of that confirmed. I thought for example Lee Anderson has said the pay cap wasnt true?
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- BWFC_Insane
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Re: Embargo?
As confirmed as a direct EFL press release can be, I guess. That is where the story came from. I don't think Ken or Lee disputed the wage cap, truth is I think Ken tried to obsfuciate the story initially. Then accepted it in a later update on the site.
Re: Embargo?
Fair enough. Do we know when that happened. I'd be astonished if ALF or particularly Ameobi were on 4.5k, but sounded like a surprise that maybe happened after they signed.
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- Harry Genshaw
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Re: Embargo?
It was only a couple of weeks ago or so. Certainly after Ameobi (our last signing? )
"Get your feet off the furniture you Oxbridge tw*t. You're not on a feckin punt now you know"
Re: Embargo?
That's definitely when the story broke, not sure when the rule came in.
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- BWFC_Insane
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Re: Embargo?
Rule came in the week prior to the story I think. Probably why we signed Wilbraham on a grand a week rather than the French/African players we had on trial, who sounded like better options.
Also why the Cullen and Burke loans became 6 months when previously they had been season long. 6 months loan max under the new rules.
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