Xtratime Community banner

1 - 12 of 12 Posts

·
Registered
Joined
·
429 Posts
Discussion Starter · #1 ·
Fiorentina patron Vittorio Cecchi Gori has not paid the £16m owed and anyone can buy shares in the club from July 21.

The debt-ridden Viola are already under administration and fighting against the clock to balance the books in time to register for the Serie B Championship.

Former President Cecchi Gori had pledged to pay £6m in extra capital by June 30 and a cheque worth £3.3m for money his company FinMaVi had borrowed from the club coffers last year. Neither of these sums has been paid.

In addition, two other cheques worth £3.3m each have been handed in to the bank but not paid in the last two months. The media mogul now owes £16.6m.

Court-appointed administrator Enrico Fazzini has reported the matter to the authorities and Cecchi Gori is now on borrowed time.

If he is unable to pay the required sum by July 21, 51% of the shares in the club will be put on sale and anyone can buy them at a cut price.

The patron has always refused to enter into talks with potential buyers for Fiorentina, claiming that there were no suitable candidates, but a group of businessmen and fans calling themselves ‘Azione Viola’ are prepared to pay £23m to buy him out of the club.

However, the situation could precipitate further as on July 11 a shareholders meeting will call for a further increase in capital to the tune of £26m in order to avoid bankruptcy later along the line.

Milan, Inter and Juventus gave a brief respite. The three giants banded together to sign Emiliano Moretti and Luca Ceccarelli for a total of £6m, leaving the two players on loan with the Viola for another season.

source: channel 4
 

·
Registered
Joined
·
904 Posts
sebastien said:

However, the situation could precipitate further as on July 11 a shareholders meeting will call for a further increase in capital to the tune of £26m in order to avoid bankruptcy later along the line.

Any details on this meeting that was to have taken place today?
 

·
XT Post Number King
Joined
·
111,120 Posts
Fiorentina Need €40m By July 16 To Survive
News Archive

Time is running out for the Viola (Allsport)
07/13/2002. Relegated Fiorentina face extinction as they need to find as much as €40m by Tuesday to be cleared to play Serie B football next season. "I am worried but we should wait and see. The Federation will not give us the chop so easily", administrator Enrico Fazzini told the press after an extraodinary board meeting. The Viola are deep in the red and need a massive cash injection to stay in business.

soccerage ;)
 

·
Registered
Joined
·
6,711 Posts
Just a week ago it was 1/10th that amount of money!

Next week they will tell us that we actually needed $100m to get in Serie B! :rolleyes: It's Serie B dammit! :mad:
 

·
Registered
Joined
·
904 Posts
And what are the options on how to get this money? Is selling of players the only way we'll be able to raise this 40m?

And if we don't and have to start over in C2 or whatever, do we still retain the assets we have (players contracts, practice facilities, etc...) or do we loose them all in the process.

Trying to remain optimistic, but with all the money problems we've had this past year, the amount we need seems to be a lot more than we'll be able to aquire in such a short time.

And even now, VCG still refuses to sell?

chris...
 

·
XT Post Number King
Joined
·
111,120 Posts
Things Getting Worse For Fiorentina
News Archive

Still in the mire
07/25/2002. Fiorentina went up for auction today but there were no buyers.

Club owner Vittorio Cecchi Gori is looking for a way to solve the club's dire financial troubles but after his failure to sell, he has until July 31 to prove that he has the financial resources to compete in Serie B.

"We just need an increase in capital and some help from a bank to save the club," said Gori.

He is now expected to again apply for a loan from Italian bank Monte dei Paschi di Siena.

Gori is still adamant that he will save a club whose debts have reached 163 million euros. 22 million must be found by Monday.

soccerage ;)
 

·
XT Post Number King
Joined
·
111,120 Posts
Cecchi Gori in Viola plea Saturday 27 July, 2002

--------------------------------------------------------------------------------

Fiorentina President Vittorio Cecchi Gori has said he will do everything he can to save his club from bankruptcy.

The Tuscan outfit are on the brink of extinction after the Italian Football League failed to register them for the new season.

While an auction for new owners in a bid to clear debts brought with it no bidders.

"At this moment in time I am doing everything that is possible to save Fiorentina but I need help from other people and even from above," said the film producer to state broadcasters RAI.

The club have until July 29 to prove that their financial situation is stable enough to take part in the Serie B campaign – but reports claim they need to find around £14m to make that possible.

The Viola are currently trying to get an extension to the July 29 deadline, but if that doesn’t happen then there is the real possibility that the club could fold.

"I will try everything I can because Fiorentina is my life," added Cecchi Gori. "I would have never thought that Fiorentina would even be in Serie B, never mind find themselves in this situation."

The Viola were relegated last season after the club had sold prized assets such as Manuel Rui Costa and Francesco Toldo to help raise funds.

channel4 ;)
 

·
Premium Member
Joined
·
22,583 Posts
VCG waited too long. Nobody will want to invest in this business now. maybe it is best that they terminate, and let the city start again with a different team.

VCG is obviously mentally ill and should have been institutionalized long ago.
 

·
Registered
Joined
·
1,479 Posts
Fiorentina is VCG's life, he says. Is that why he doesn't want to sell the club? I don't understand how it could have gotten this far.
Filing for bankruptcy and then starting over is very hard. Hopefully they will find some solution, even though I can understand that the banks are reluctant to give new loans.
 
1 - 12 of 12 Posts
Top