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City prospect let go


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937307.jpg

 

I don't understand. Has that chap on the left eaten the one on the right?

 

no

 

Both pictures are of the same guy, Michael Johnson , due to injuries and his love of a pint and lack of professionalism his weight has ballooned to what you now see in the picture on the left

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Why would he accept a pay-off ? Could City seek to terminate through breach of contract if he didnt agree ? Its unlikely he will get a decent contract anywhere else so why settle ?

 

 

guess he still has to turn up to training and such if he remains a City player - if he really is finished with the game then he can take a reduced lump sum and get himself down to Greggs for the foreseeable

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Quite sad really. Maybe too immature to keep his head straight. Don't feel sorry for him as he's had an opportunity there and money that is beyond most people's imagining, but still sad.

 

 

That however is even worse. Duty of care somewhere, ffs.

 

 

it is kind of mental, I know you can do as you please but surely clubs should have some kind of mandatory financial training for players? Or a way of deferring some of their salary until later years, or something.

 

Young lads, not too bright, loads of cash. You can see where it goes wrong. Same in many sports

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Why would he accept a pay-off ? Could City seek to terminate through breach of contract if he didnt agree ? Its unlikely he will get a decent contract anywhere else so why settle ?

 

Guessing of course, but if he kept getting fined for not turning up etc. makes financial sense to take a deal I suppose

 

it is kind of mental, I know you can do as you please but surely clubs should have some kind of mandatory financial training for players? Or a way of deferring some of their salary until later years, or something.

 

Young lads, not too bright, loads of cash. You can see where it goes wrong. Same in many sports

 

There was someone on a TAW podcast who is looking to help on cases like this

Edited by Bigal
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Indeed, even if it's just a few months short, why see it out? Interesting he took it now and not after April 1, but again, same thing likely, if he's done with it, 5% is neither here nor there

 

 

5yr deal in 2009 means there's 18 months left at least, no?

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it is kind of mental, I know you can do as you please but surely clubs should have some kind of mandatory financial training for players? Or a way of deferring some of their salary until later years, or something.

 

Young lads, not too bright, loads of cash. You can see where it goes wrong. Same in many sports

 

 

It seems Hendry wasn't simply badly advised, rather those looking after his business interests over-leveraged and couldn't see it through the financial crisis. A lot of people did the same, people who thought they knew what was what, were experienced and were hands on. Maybe there is something in him being too trusting when told things would be fine, but difficult to say what could have saved him.

 

5yr deal in 2009 means there's 18 months left at least, no?

Yeh, I meant if instead of 18, he was offered 12-15 to go, why not if he hates it and is done with it.

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Could it be better for 'tax' purposes ?

 

If he keeps earning until the end of his contract, he gets taxed at about 50%, isn't that the higher tax rate in the UK ?

 

If he is '...made redundant', would his settlement be taxed at a different rate ?

If he had waited till April, the pay off would have attracted 45%, this year it's still at 50%. Think there is a 30k cap on tax free element of pay offs

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Could it be better for 'tax' purposes ?

 

If he keeps earning until the end of his contract, he gets taxed at about 50%, isn't that the higher tax rate in the UK ?

 

If he is '...made redundant', would his settlement be taxed at a different rate ?

 

he's not been made redundant

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I know, but what I was trying to get at is that perhaps there is different tax treatment for this arrangement.

 

 

very much doubt it and at the levels we're talking about nothing that would make a huge difference

 

i recall some instances of termination of contracts qualifying as tax free for the first £30k but that's pretty small potatoes here. Don't see how he would qualify for an ex-gratia payment for services rendered.

 

 

this will be to allow him to take a one off payment and move on with his life away from City, wherever that leads.

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