
Every reliable CMFC source appears to be agreed that today is decision day for the future of Chiang Mai FC.
The Thai League has said that outstanding debts need to be cleared today. It appears that can be either by payment of by getting agreement (written?) from the creditors for a payment schedule.
It is unclear whether the League only requires players and staff debts to be cleared or whether all outstanding amounts need to be addressed such as the payment due to Kelme Thailand.
It does feel like one of those old westerns with a damsel in distress tied to the railway tracks while the 8.45am from Cooper Gulch Mine Train Station rattles around the final bend…..will she/CMFC be cut loose at the last minute….
The answer to that is maybe – if players and staff agree today to a future payment schedule.
Bubble Yingrak noted that K Sand had not found the money to clear debts because he had been unable to convert assets into cash. One fan commented that Sand may have been able to mortgage land that he owns to raise cash.
The “new owner” does not have the finances to both acquire the club and to immediately clear the debts.
Which leaves K Sand and his representatives looking to reach an agreement with the players over a payment schedule.
In the last two days K Sand has messaged at least two former players to seek their agreement on payment terms.
Here is where those players have an issue:
Sand has made so many promises in the past, but not honoured them, so why should they trust him now?
But is there a choice? If the club is dissolved the creditors (players, staff, Kelme) will receive nothing. There are no assets to dispose of.
Obvious questions: Why has Sand left it until the last hours to try and obtain agreement on the debts?
To satisfy the Thai League does Kelme Thailand – and other suppliers – also need to be party to any debt agreement.
What contact has there been with ex-staff who have already taken their cases to FIFA?
How does the League seek to ensure that there are no more problems in the future; that promised payments will now be made? Or is this just deferring the problems to a future date?
Behind the scenes there have been people working hard to keep the club alive. It may be that K Sand is about to position himself as the hero saving CMFC at the eleventh hour – he is no hero – never forget why the club is in the f***ing mess that it is.
I will try and update this post with any news as the day moves on.
At 5pm CM Live TV is reporting that the Club has sent all the required documents to the Thai League who will make a decision on or before 31 July.
For what its worth I do not buy this – and no doubt this will be added to constant diatribe crime sheet !
I really do not know what to believe any more – given that K Sand/CMFC only started talking to some of the players in the last two days it is more likely that another extension was requested from the Thai League – most likely a note saying we are really sorry but we have not been able to get signed papers from all the players by today. A number of the players and staff are overseas….we just need a few more days to complete negotiations and give you the papers that you want.
After all it should not take the League five more days to verify a handful of documents.
I could be writing nonsense but with no information from the ex or new owners or from representatives of the club it feels unlikely that this was any more than a promise to provide evidence of completed or future payments by 31st July.
29th July. It is very quiet. Not all of the players/staff have agreed to the proposed payment schedule which does beg the question of how could the club send all the papers to the League back on 26 July.