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Do we have a 'deal' with the Co-op bank?


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Guest billsaja

I'm curious, and admittedly know very little about the process of administration; is the following hypothetical situation a possibility?

The Co-Op at the end of the current agreement decides that there is a lack of movement with investors and the long term prospect of only getting interest payments. Due to this, it decides to call in its debt knowing that SWFC own Hillsbrough and Middlewood Road. Administration is entered and the administrators subsequently sell the main two assets of the club for many millions to pay creditors. Would the Co-Op not receive a very good lump sum which they can then gain significant interest via inter bank lending etc.

There are no doubt many holes in this scenario, but I'm genuinely curious.

Sell Hillsborough? To whom? For what?

Any local footie teams with a few million just burning a hole in their pockets thinking "god we could really do with another 40,000 seats or so for our home games"...........or an investor thinking "yes, I'd like a stadium that requires over a million a year in upkeep, if I buy it I bet I could charge a rent of almost as much as it would cost in tax, maintenance and staff to SWFC" or maybe you mean a property developer (always that cherry) who wants to speculate the small fortune it would cost to demolish the ground, get it re-classified and planning permission and then build a housing development (because you know, huge demand for another one of those in that area right now) when there is much cheaper and easier to develop land available for a tenth of the price.

If there was an easy asset stripping job to be done at SWFC, I would speculate that a certain ex-Chairman would have already done it by now.

Just a couple of more obvious holes for you.

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Sell Hillsborough? To whom? For what?

Any local footie teams with a few million just burning a hole in their pockets thinking "god we could really do with another 40,000 seats or so for our home games"...........or an investor thinking "yes, I'd like a stadium that requires over a million a year in upkeep, if I buy it I bet I could charge a rent of almost as much as it would cost in tax, maintenance and staff to SWFC" or maybe you mean a property developer (always that cherry) who wants to speculate the small fortune it would cost to demolish the ground, get it re-classified and planning permission and then build a housing development (because you know, huge demand for another one of those in that area right now) when there is much cheaper and easier to develop land available for a tenth of the price.

If there was an easy asset stripping job to be done at SWFC, I would speculate that a certain ex-Chairman would have already done it by now.

Just a couple of more obvious holes for you.

Thanks for the straightforward answer Bills.

I'm more going on what Lee Strafford said last night on RS; something along the lines of 'I'll tell you what would happen if we went into administration. We'd go from paying the Co-Op their low payments to service the debt, to having to sell Hillsbrough and the training ground, then have to rent them back for millions each year'.

I agree it seems implausible that anyone would want to pay the massive premium to get the ground and MR, with the only seemingly worthwhile use being to get rent off SWFC.

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I'd say united are as close to admin as we are. The co-op won't call in our debt as long as they're getting their 500k a year and promise of more to come. Mcpig won't call his in as long as he's getting his £?? A year and promise of more to come. Out of interest, how much does uniteds debt cost to service and who to?

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I'd say united are as close to admin as we are. The co-op won't call in our debt as long as they're getting their 500k a year and promise of more to come. Mcpig won't call his in as long as he's getting his £?? A year and promise of more to come. Out of interest, how much does uniteds debt cost to service and who to?

The answers as far as I can tell are:

1) Lots (page 51 in the latest accounts)

2) Various Scarborough Groups and the bank (in the main)

We're probably about as close to admin as you are... i.e. not really close at all. Especially when the Libyans come in :laugh::ph34r:

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Guest Walkley_Owl

The answers as far as I can tell are:

1) Lots (page 51 in the latest accounts)

2) Various Scarborough Groups and the bank (in the main)

We're probably about as close to admin as you are... i.e. not really close at all. Especially when the Libyans come in :laugh::ph34r:

Libyans? is it George Weah's cousin?

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Libyans? is it George Weah's cousin?

Libyans, not Liberians :P

(It's basically the popular rumour that's been doing the rounds for a couple of months now. Deal agreed, but McCabe wants a son on the board before he'll agree to sell... the Libyans don't want this. Absolute rollocks of course.)

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Guest Walkley_Owl

Libyans, not Liberians :P

(It's basically the popular rumour that's been doing the rounds for a couple of months now. Deal agreed, but McCabe wants a son on the board before he'll agree to sell... the Libyans don't want this. Absolute rollocks of course.)

They all wee wee in't same pot :ph34r:

McCabe is getting investment, that rumour is true, just nowhere near the amount needed

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Libyans, not Liberians :P

(It's basically the popular rumour that's been doing the rounds for a couple of months now. Deal agreed, but McCabe wants a son on the board before he'll agree to sell... the Libyans don't want this. Absolute rollocks of course.)

aw shucks not the 'son of a director holding things up' rumour

You do realise someone started that a couple of years ago? We have a degree in that subject on here :biggrin:

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aw shucks not the 'son of a director holding things up' rumour

You do realise someone started that a couple of years ago? We have a degree in that subject on here :biggrin:

a) link please

b) I said it was bull :huh:

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I'm curious, and admittedly know very little about the process of administration; is the following hypothetical situation a possibility?

The Co-Op at the end of the current agreement decides that there is a lack of movement with investors and the long term prospect of only getting interest payments. Due to this, it decides to call in its debt knowing that SWFC own Hillsbrough and Middlewood Road. Administration is entered and the administrators subsequently sell the main two assets of the club for many millions to pay creditors. Would the Co-Op not receive a very good lump sum which they can then gain significant interest via inter bank lending etc.

There are no doubt many holes in this scenario, but I'm genuinely curious.

A Sheffield United fan curious with events at Hillsborough... how very unusual!!! :biggrin:

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