Villa Not Insolvent - Technically Or Any Other Way
There was an article on the fourfourtwo site this morning www.fourfourtwo.com questionning whether Villa, amongst others, were technically insolvent or not.
Usually I'd have done an article without getting the facts straight but this time I've been far more sensible and suprisingly for me, pro-active! There is a thread in our forum Is Aston Villa Insolvent?? >> Click Here (adult language) where the posts mostly rubbish the report, quite rightly!
I've spoken to sources at the club (hark at her) today and to be fair was told that the club can't comment on total rubbish and this is total rubbish.
Villa is nowhere near insolvent, either technically or otherwise
It seems strange in this list you have some clubs who are so obviously on the rocks and needing to sell, as well as some piled sky high with debt, so much so that the fans have protested against their new owners, and yet you get a great club with a great owner like Randy Lerner who has brought NO debt at all to us, and they come out with this to worry fans.
A loose definition of being insolvent is not being able to meet your liabilities or having negative equity. We don't have negative equity as can be seen in the company accounts which are on public record. May 07 we had net assets of £35.1m and from what I can gather they'll have risen, not dropped for the 2008 accounts. We are also more than able to meet all liabilities, what do the people who make these lists up think is done with the tv money for a start, let alone the deep pockets of Randy? And if we were in financial trouble, do they really think we'd give away free sponsorship to the charity hospice Acorns? (www.acorns.org.uk/astonvilla)
To re-assure I've spoken with an accountant also today, he pointed out, exactly the same as all other companies, accounts have to be approved by auditors.
Villa are in fine shape, in good hands and on the march upwards.