No Uniform Posted March 2, 2015 Share Posted March 2, 2015 I wonder if Debt free means the 'parked' debt due to Dave Allen on return to the Premiership has been paid too? yes. It was inclusive of all the fee paid to Milan. Link to comment Share on other sites More sharing options...
Blueblood Posted March 2, 2015 Share Posted March 2, 2015 regarding fair play there's a couple of prem clubs recently in news re FFP Liverpool were let off after saying money was for ground improvements other club got fined £145k... whahahahahhahah crippling fine (not) when compared to prem league status.. so all in all it;s not even worth considering the implications.. Just not a serious impact. I think Man City would be the most high profile case. They sponsored their own stadium for stupid money and still didn't break FA rules. I'm sure it was the champions league rules they got done for Link to comment Share on other sites More sharing options...
roaminowl Posted March 2, 2015 Share Posted March 2, 2015 I don't see how they could pay off/settle the DA debt at this time. If we don't get to the Premier League, DA gets nowt. If we do, I assume that Mr Chansiri pays it so it is still a parked debt, of sorts. How else could they have settled it? Link to comment Share on other sites More sharing options...
Guest _Ibbo_ Posted March 2, 2015 Share Posted March 2, 2015 http://www.swfc.co.uk/news/article/gallery-a-new-era-begins-2308107.aspx young lad doesn't look too happy. I think the Family photos are VERY important to be honest. I think he is seeing us as a family project sort of thing... Very long term project. Link to comment Share on other sites More sharing options...
Blueblood Posted March 2, 2015 Share Posted March 2, 2015 I don't see how they could pay off/settle the DA debt at this time. If we don't get to the Premier League, DA gets nowt. If we do, I assume that Mr Chansiri pays it so it is still a parked debt, of sorts. How else could they have settled it?I think it's the fact "debt free" was emphasised that is making ppl wonder. Surely any kind of debt, wether it's parked it not, is not debt free Link to comment Share on other sites More sharing options...
Guest totemowl Posted March 2, 2015 Share Posted March 2, 2015 I don't see how they could pay off/settle the DA debt at this time. If we don't get to the Premier League, DA gets nowt. If we do, I assume that Mr Chansiri pays it so it is still a parked debt, of sorts. How else could they have settled it? It was a deal between Mandaric's UKFI and the loan holders. I'm fairly certain that if Mandaric sold the club before 2020, they would get their money. Can't be bothered to look it up tho, not yet. So Mandaric became liable on the sale being concluded. Link to comment Share on other sites More sharing options...
roaminowl Posted March 2, 2015 Share Posted March 2, 2015 It was a deal between Mandaric's UKFI and the loan holders. I'm fairly certain that if Mandaric sold the club before 2020, they would get their money. Can't be bothered to look it up tho, not yet. So Mandaric became liable on the sale being concluded. So DA is a happy man today? Not sure I like that. Link to comment Share on other sites More sharing options...
TAOWL267 Posted March 2, 2015 Share Posted March 2, 2015 Not sure why we would want to get round FFP. Surely this was put in place to protect clubs from boom and bust financing by owners that in time puts the whole club at risk. I'd rather we built slowly within FFP and had a sensible financial structure in place before we get to the Premier league. Would like the ground tidying up but apart from that keep the season ticket prices sensible and I'd be happy. Link to comment Share on other sites More sharing options...
since59owe Posted March 2, 2015 Share Posted March 2, 2015 Clever move to distance TUF from the ownership. DC: Dad, can you buy a football club for me? TUF: No Son, you'll fall foul of FFP. DC: Dad, I've bought a football club with my pocket money. Can you sponsor me? TUF: Yes Son, here's 30mil over the next 5 years. DC: Thanks Dad, you're the best Link to comment Share on other sites More sharing options...
prowl Posted March 2, 2015 Share Posted March 2, 2015 It is usually possible to negotiate away contingent debt. If you own the right to £1m if Wednesday reach the premiership and £0 if they don't, how much would you be prepared to take now? How much is it worth to have the cash now rather than the possibility of something or nothing at some distant time in the future. Everything is open to negotiation. Link to comment Share on other sites More sharing options...
Guest totemowl Posted March 2, 2015 Share Posted March 2, 2015 So DA is a happy man today? Not sure I like that. Well, perhaps not. Can't find anything to support repayment, other than promotion. Link to comment Share on other sites More sharing options...
Dagmeister Posted March 2, 2015 Share Posted March 2, 2015 Well, perhaps not. Can't find anything to support repayment, other than promotion. New owner said debt free today which indicates that the DA debt has been satisfied. Link to comment Share on other sites More sharing options...
Guest totemowl Posted March 2, 2015 Share Posted March 2, 2015 New owner said debt free today which indicates that the DA debt has been satisfied. I don't know. Perhaps it would only become a debt if it became due. Link to comment Share on other sites More sharing options...
sharrowowl Posted March 2, 2015 Share Posted March 2, 2015 http://www.swfc.co.uk/news/article/gallery-a-new-era-begins-2308107.aspx young lad doesn't look too happy. He's buying blunts. Link to comment Share on other sites More sharing options...
Corneliusreeve Posted March 2, 2015 Share Posted March 2, 2015 I wonder if Debt free means the 'parked' debt due to Dave Allen on return to the Premiership has been paid too? Why would it be? foook Allen until he has to be payed. Link to comment Share on other sites More sharing options...
wisewoodowl Posted March 2, 2015 Share Posted March 2, 2015 At an Extraordinary General Meeting held this morning at Hillsborough Stadium, the company's shareholders overwhelmingly voted in favour of the sale of Sheffield Wednesday Football Club Limited ("the Club") to UK Football Investments, LLC ("UKFI"). Proxies and irrevocable undertakings were received in advance of the EGM, and 99.7% of these were in favour of the proposal.The acquisition is part of a wider restructuring package that will allow for the Club to move forward debt free. UKFI is owned by the trustees of the Milan Mandaric 2008 Revocable Trust. Highlights of the approved deal are: ·UKFI will pay the Company GBP £1 to acquire 100% of the Club ·UKFI have entered into an agreement with the Co-Operative Bank which will allow for the Club to move forward free of any residual debt ·The current and former Directors other than David Allen who own loan notes in the Company have all agreed to waive a significant majority of the value of their debts, with any repayment of the remaining sum only taking place upon the Club gaining promotion to the Premier League ·David Allen will receive an initial payment on completion of the acquisition along with a further payment upon the Club gaining promotion to the Premier League ·Kenneth Cooke, Robert Grierson and Geoffrey Hulley shall resign as directors of both the Company and the Club with immediate effect ·The new Board of the Club will consist of Milan Mandaric, who shall serve as Chairman and directors Howard Wilkinson and Nick Parker Commenting on today's vote, Sheffield Wednesday Chairman Milan Mandaric said: "I am grateful to the shareholders of Sheffield Wednesday for showing their faith in me. Over the past few weeks, I have spoken with a lot of people who hold this great club close to their hearts. I will do everything in my power, working with our excellent management team to restore Sheffield Wednesday to the top table of English football. "The fans gave me an excellent welcome on Saturday, and again today at the EGM. I know what this club can achieve and it is an honour to be given the chance to take one of the oldest names in the game and work to make it great again. "I would like to place on record my thanks to the former board, the loan-note holders and to the Co-op Bank for their help in making this deal possible. This club can now move forward with certainty, and I am looking forward to getting down to business and doing what I can to help Alan Irvine and his team gain promotion back to the Championship." Today's vote brings a successful conclusion to the Company's search for new investment. Commenting on what has been a tough few months for Sheffield Wednesday, Howard Wilkinson said: "I am delighted to hand over the stewardship of this fantastic club to Milan Mandaric. When Sheffield Wednesday needed somebody to step up and deliver - Milan was that man. I, together with the directors, staff and supporters owe him a big debt of gratitude. Our club was on the brink of administration a few weeks back, but now we can look forward to an exciting Christmas period both off and on the pitch. "I am looking forward to working with Milan, Nick and Alan Irvine on building a successful club here at Hillsborough. Link to comment Share on other sites More sharing options...
Bluesteel Posted March 2, 2015 Share Posted March 2, 2015 It doesn't sound like we will be spending big transfer fees anyway. He refers to clubs being "somewhat frugal" and doing well. I'm glad we are looking to be sustainable, but the spoilt football fan in me would still like to think we can pick up the next calum Wilson, assombalonga or charlie Austin when the opportunity presents itself. It's been a long time since we've had any clout at this level or above! Link to comment Share on other sites More sharing options...
darra Posted March 2, 2015 Share Posted March 2, 2015 Whenever I see TUF, all I can think about is those shoes with a compass in the heel. TUF way farers I missed out on Tuf Wayfarers, the shoes with animal track soles and a compass in the heal, and was a little too old for Clark's Commandos. However, for most of the time at school and college I had Tuf shoes. I was bought a pair at about thirteen. They were the typical "mudguard" Tuf style school shoes with a six month guarnatee against fair wear and tear. They greatly exceeded the guarantee period, try as I might, so when they eventually wore out I was bought another pair and then another. Actually they were a great shoe. They were a bit stiff to start with but became very flexible and comfortable with a little bit of use. They were easy to polish up and, if you didn't bother, turned a quite distinctive grey colour. Link to comment Share on other sites More sharing options...
southportdc Posted March 2, 2015 Share Posted March 2, 2015 Biz Dimension Co., Ltd. Associated company Avanti Thai Aqua Feeds Private Limited Associated company Century Trading (Shanghai) Co., Ltd. Associated company (Held by subsidiary) TN Fine Chemicals Co., Ltd. Associated company (Held by subsidiary) Moresby International Holdings Inc. Associated company (Held by subsidiary) LDH (La Doria) Limited Associated company (Held by subsidiary) Geminai & Associate Co., Ltd. Common shareholders/Relative of directors Chansiri Real Estate Co., Ltd. Common major shareholders/Common directors Thai Union Securities Co., Ltd. Common major shareholders/Common directors Asian Pacific Thai Tuna Co., Ltd. Common major shareholders/Common directors T.C. Union Global Pcl. Common major shareholders/Common directors Jana Fish Industries Limited Common major shareholders/Common directors T.C. Union Agrotech Co., Ltd. Common major shareholders/Common directors Waithai Co., Ltd. Common major shareholders/Common directors Merchant Partners Securities Co., Ltd. Common shareholders/Common directors Thaipatana Stainless Steel Co., Ltd. Common major shareholders/Common directors Hanhong Kanchang Registered Ordinary Partnership Common major shareholders/Common directors Pae Ekawat Relative of directors Lucky Surimi Products Co., Ltd. Common directors Asia-Pacific Risk Consultants (Thailand) Co., Ltd Common shareholders/Common directors Asia-Pacific Risk Insurance Broker Co., Ltd. Common shareholders/Common directors Ahead Way International Co., Ltd. Common major shareholders/Common directors Ekawat Products Co., Ltd. Relative of director Miss Rungtiwa Boonmechote Relative of director Sorry for that list but there are real estate and construction companies in there, and at least one of them has Dephon as director or chairman. Looks like we are in good hands... :-) Are these the companies linked to TUF? If so, doesn't it mean that all the theories about TUF sponsorship being a way around FFP are moot as Dejphon can be directly linked to them? Link to comment Share on other sites More sharing options...
Cameregg Posted March 2, 2015 Share Posted March 2, 2015 Has Dave Allen been paid off? Link to comment Share on other sites More sharing options...
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