Thoughts and issues regarding the past and present of a great football club by "The Chronicler".

Wednesday, 6 June 2018

Villa's State of Affairs Right Now

Wow, what a pickle Villa are in.

What I read into the financial situation is that:
  1. The economic situation in China prevents the Chairman from shipping funds directly from there to deal with the upcoming financial challenges (i.e. bills, including Tax, Wages and FFP).
  2. It is alleged that CEO Keith Wyness had a big fall-out with the Chairman after it was discovered that Wyness had taken certain actions of his own to seek a remedy for the financial state of affairs. It seems to be the case that Wyness was suspended because of that and it would appear he's now left the club.
  3. Trevor Birch (a football accountant and heavily involved in the transitions of Everton, Chelsea, Bolton, Portsmouth and Leeds in the past) is advising Aston Villa.
SkySportsNews (SSN) further states:
Members of the executive board will meet on Wednesday to consider how to solve the club's financial crisis and discuss how to raise the funds needed to pay the £2m outstanding tax bill, which could prompt a winding-up order within days.
Of potentially greater concern, however, is the prospect of paying a series of bills due to be settled on June 23 including wages for players and staff, which is thought to total in excess of £8m.
Despite the club's motto being 'Prepared', few could have predicted the speed with which Dr Xia's gamble to reach the Premier League would appear to have come unstuck.
SSN understands the Midlands club have been taking insolvency advice for more than a week, with insolvency expert and former Chelsea CEO Trevor Birch continuing to advise the club.
The question Villa fans will have is whether Dr Xia has the resolve - and the resources - to continue funding a club that is believed to be costing him around £6m a month to run.
After suspending chief executive Keith Wyness for, according to the club, issues unrelated to the HMRC notice, it was announced that Dr Xia would take over the day-to-day running, but SSN understands he remains in Beijing and the meeting will be chaired by his assistant Rongtian Ho - known at Villa Park as 'Mr.Ho'.

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