[JoBeck]

The new board of Leicester City held a press conference today to announce their takeover and the club finally being able to get out of administration.

It's been a long hard few months, but this is definitely welcome news!

...also, new chairman John Holmes suggested that the club change its name (back) to Leicester Fosse... more on that here: http://www.forfoxsake.com/news/archi...203/130203.htm

[FC Carolina]

This new board that's taken over, is it the consortium that was led by Gary Lineker, or a different one?

I looked for his name in the article and didn't see it.

Congratulations on getting out of administration. I'm sure it must have been a stressful time for all Leicester fans.

[JoBeck]

It is the same consortium, it's just that Lineker is not a new board member. I think he was at the press conference.

[sydtheeagle]

Originally posted by FC Carolina
This new board that's taken over, is it the consortium that was led by Gary Lineker, or a different one?

I looked for his name in the article and didn't see it.

Congratulations on getting out of administration. I'm sure it must have been a stressful time for all Leicester fans.

Administration is increasingly becoming a farce that penalises clubs which ARE well run and protects those that aren't. Clubs like Leicester and, indeed, ourselves (Palace) spend idiotically, over reach, are mismanaged, and get themselves into a complete financial mess only to use the parachute of administration to write off their debts and emerge with few of their former problems. Meanwhile, clubs like Walsall (for instance) which are properly managed, live within their means, and survive as viable businesses making a small profit each year end up entrenched in mediocrity because that's the price of sound management.

Sooner or later, someone (a creditor) is going to say "enough's enough" and a club isn't going to emerge from administration and when that happens it'll be the straw that broke camel's back and the floodgates will open and league football will be hip deep in excrement. And though baying (and ignorant) supporters everywhere will bemoan the tragedy of a club being allowed to go to the wall, in the long run the game will benefit because good management will...finally...have to become a priority.

Getting out of administration is basically little more than confirmation that a club has cheated its creditors out of what they are owed by using the law to excuse rank mismangement. And remember, those creditors have employees they have to pay, and if for instance the printer who prints the match programmes is not paid by the football club, what about the guys who run the printing press for £5 an hour wages potentially having their jobs threatened because their employer is losing money.

Administration is basically a farce, a means for football clubs to bilk the macro-economic system and a blanket they can hide their incompetence behind.