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dw_sheffwed

SWFC end of year accounts

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...which, as far as my limited understanding of the situation allows, seems clearly to be the case, no?

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All this creative accounting surely doesn't affect either the value of the club or amount of debt we are actually in.

If I've got 5 bank accounts that are all £1000 overdrawn, I owe £5000.

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those accounts are irrelevant now presuming the takeover has gone through. Until we get promoted the p&l is going to get even worse unless crowds pick up dramatically Or chansiri can find some other legitimate source of income. I can't see where that's going to come from so I hope he has deep pockets.

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No that is the figure for the total of creditors due less than one year and more than one year.

The debt element is

11m due to Ukfi

5.1m due on other loans

1.4m due on bank overdraft

Total debt = 17.5m

We have no idea whether all this has repaid or not.

Chansari could have bought UKFI for all we know and thus acquired the loan balance of 11m.

Im well lost, I thought ukfi was Milans football investment company. Surely if they were the ones financing us, they will have been paid out of Milans deal. Any loans taken out by Milan, will be his responsibility, so will have been paid on completion of the take over deal anyway.

Milan had said all along that any debt accrued will be his debt and will be satisfied by the sale of the club

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Im well lost, I thought ukfi was Milans football investment company. Surely if they were the ones financing us, they will have been paid out of Milans deal. Any loans taken out by Milan, will

be his responsibility, so will have been paid on completion of the take over deal anyway.

Milan had said all along that any debt accrued will be his debt and will be satisfied by the sale of the club

This!!!

There's no way Mr Chansiri would buy us for £30m and then accept £17m worth of debt on top of that from the person who is selling him the club, effectively buying the club for £47m.

I'm not going to pretend I understand these accounts but this is the impression I get read these past few pages and I just can't see any business man worth his salt accepting a deal like that.

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MK - small point but do you see anything in there relating to the sponsorship deal money owed by Land of Fire. I would have thought that there would be something disclosed at least if this is the subject of legal proceedings.

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MK - small point but do you see anything in there relating to the sponsorship deal money owed by Land of Fire. I would have thought that there would be something disclosed at least if this is the subject of legal proceedings.

These accounts are from before that deal would have brokered i believe.

Edited by Corneliusreeve

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All this creative accounting surely doesn't affect either the value of the club or amount of debt we are actually in.

If I've got 5 bank accounts that are all £1000 overdrawn, I owe £5000.

Plus charges....

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Im well lost, I thought ukfi was Milans football investment company. Surely if they were the ones financing us, they will have been paid out of Milans deal. Any loans taken out by Milan, will be his responsibility, so will have been paid on completion of the take over deal anyway.

Milan had said all along that any debt accrued will be his debt and will be satisfied by the sale of the club

  

This!!!

There's no way Mr Chansiri would buy us for £30m and then accept £17m worth of debt on top of that from the person who is selling him the club, effectively buying the club for £47m.

I'm not going to pretend I understand these accounts but this is the impression I get read these past few pages and I just can't see any business man worth his salt accepting a deal like that.

The £30m figure quoted I believe would include the amount required to satisfy the debt so Milan gets £13m (£30m-£17m) net cash less any other debts incurred in the period from May 2014 to the date of sale less any other expenses that he's incurred along the way which may not be shown here. These would include for example the costs of acquiring and selling the club, which are probably in the UKFI accounts.

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Guest _Ibbo_

No One really knows. 

 

I'm assuming... the debt to UKFI and the other loans from milans mates have all been cleared and satisfied by the sale. Hence the discharges at companies house... Which won't make those accounts. 

 

The £30 Million sale price is paper talk same as milan pain £7 Million..... 

 

If The debts to Milan and UKFI have all been satisfied

 

Thats leave the club with a £1.5 Million overdraft and bank debt ?

 

Makes us possibly one of the least indebted clubs in the league. 

 

Although we don't know how our new owner has bought us. 

 

It might just be a straight cash deal...... You never know. 

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