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4 minutes ago, sw1867 said:

 

Thats how I see it as well. Surely the auditors were satisfied with the evidence provided in order to sign it off.

 

I’m sure there is more to

it?

 

Do we know who the auditing company was?

 

Hopefully we don't find out down the line they are called something like Audit-8 or D-Audit... :Chansiri:

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2 hours ago, casbahowl said:

Mate it’s why this site is now held in such utter contempt by people who actually support the club.

Utterly ridiculous to still be under the guise as a Wednesday fans forum!

Quite a ridiculous thing to say. Why would anyone bother with this site if they weren't committed supporters? I have supported the club at Hillsborough since 1955 - it is still the best forum.

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19 hours ago, We'llNeverBeMastered said:

They can, they can actually strip us of our EFL membership over this according to that specific section of rules we're being charged with.

They stopped Swindon getting promotion many years ago. I also get the feeling that everyone has it in for the club due to the disaster. It appears they really look to punish 

 

in every way they can . As for Steve Gibson interfering seems to have paid off.

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The first post links to an EFL statement about the sale of Hillsborough stadium,the EFL charge swfc with financial misconduct,that's it.

There's nothing else,in relation to not being able to pay taxes,wages,suppliers etc,etc,but yet there are postings of us being the next Coventry/Portsmouth and/or even administration,wtf ?

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1 hour ago, Nut said:

Maybe DC and his advisors do know what they're doing in relation to this matter? I am sure we will have spoken to numerous people about this and taken their advice. Whilst we as a football club have no option other than to abide by what the EFL say, accountants/,auditors, lawyers and PI companies dont and they will not let the EFL walk all over them and will fight this if we lose. Let's support the club being right on this rather than automatically assume we've done something wrong and slit our wrists without knowing what the outcome will be. 

We have sold the club and its ground for the 2018 account not to Mr Chansiri but to a company that at the time of the transaction taking place did not exist.

 

Support the club and all the advisor you want but how can we argue we sold the club to thin air. If we had sold the club to Mr Chansiri I think we would be fine but to back date everything and no one check the company that is buying us was in existence is kind of a major wee wee tail up by someone.

 

I think we can with all honesty say that DC and his advisors in 4 years have not shown us anything to suggest they know what they are doing - and this has cost DC to the tune of £150m for the club to pretty much be in the same position as when he took up over but with a lot older players.

 

I love my club but maybe it is now time to get someone in who knows how to run a football club as each season we are made a laughing stock of. By the way the club is run - the farce with the shirts being 3 months late, the 150yr anniversary that consisted of a large cake, the embargo we were in numerous times without the club telling us, the increased prices that alienated poorer fans, the broadcasting of games on the radio to be later allowed , the dummy incident where the chairman wanted to sell the club then the denial it ever happened the list goes on. If this is running a club well then god help any club run badly.

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Just now, Big Jack said:

They stopped Swindon getting promotion many years ago. I also get the feeling that everyone has it in for the club due to the disaster. It appears they really look to punish 

 

in every way they can . As for Steve Gibson interfering seems to have paid off.

Maybe we should go and eat worms. But hang on - they hated us so much in the 1990s they gave us a League Cup Final Replay, a couple of FA Cup Semi-Finals and Euro 96. 

 

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9 minutes ago, sw1867 said:

 

Thats how I see it as well. Surely the auditors were satisfied with the evidence provided in order to sign it off.

 

I’m sure there is more to

it?

No that's it in a nutshell.

 

But there are complications, such as the timing of when Sheffield 3 limited (the eventual purchaser) was incorporated.

 

The SWFC auditors were satisfied, the EFL advisors not.

 

But it's down to motivations:

 

Were EFLs advise asked:

 

Is there sufficient evidence that the contract conditions were adequate? Or

 

Can you find evedence that that it shouldn't be allowed?  

 

Difference between a defence or prosecution lawyer, were they asked to prove innocence or prove guilt?

 

 

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16 minutes ago, BowOwl said:


But we can afford it?
That's the only thing that gets me about it all.

I've worked at several businesses now that have been loss making for years. They have to be to build up the business, and grow. Otherwise they would end up nowhere, and slowly they have all become profitable.
FFP completely stops any club being aspirational in that way. Players are assets. No different to a company wanting to update a load of machinery because it's tired . and slow. (Yes I know, ironic for us).

Clubs have proven you can do it smarter, but so far they have all come tumbling back down to square one.

Yes we have been making HUGE losses, but it's clear DC can afford it. If he couldn't then thats where FFP should be involved. If he can show his finances and say yep I can write that off, should be end of the matter. 

DC can afford it. But the club cant. It doesnt have the revenue streams. Assets are only valuable when sold and turned into cash, we dkmont sell assets, we let them deteriorate to negligible value. Clubs can grow but it takes a good plan, patience and skilled people. Just chucking money around that isnt yours wont work

 

FFP actually protects clubs. What would happwn if there were no limits, endless loans to clubs they can never repay, what if DC lent Wednesday a 100 mill then decided to call it a day. Then what? A club you couldnt sell. Owner wants his money back. A big pile of turds.

 

The club has to be able to sustain a certian level of operation under its own steam.  To grow you need to invest in youth and sell assets at peak value. It takes time.

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Yet to see anything credible about the Chairman on here that gives any of us reason to side with him over this. All I see is fans having a go at other fans who are displaying genuine concern and disappointment. Not surprised though.  

 

By far the most emotive and aggressive posts on here, ones that have been aimed at other owls, have been from posters that are defending the way we've danced with FFP. 

Edited by TheEnchanter
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9 minutes ago, rickygoo said:

Maybe we should go and eat worms. But hang on - they hated us so much in the 1990s they gave us a League Cup Final Replay, a couple of FA Cup Semi-Finals and Euro 96. 

 

New information has come to light since though hasn't it.

 

PS: UEFA gave us the Euros, not the FA or the football league.

Edited by Birley Owl 1867
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2 minutes ago, 2roland2 said:

 

 

Interested to know what businesses these were that were runnign at losses for years then made profit.

 

I get that smaller companies have to take small mitigated risk to grow, even larger companies to some extent but not many companies in the world are spunking 40 million plus in 3 years and standing still and expecting to survive. if you spunk large amounts of cash in any business with risk ventures expansion or whatever the likes most of the time it catches up. Ask Thomas Cook, they had the great idea of buying 500 strong retail shops 2 year into the digital boom of online shopping. you make enough bad decisions and no matter how strong your business and brand is and you end up busto.

 

I’ll give you Uber and Tesla for starters.

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17 minutes ago, Emerson Thome said:

 

Do we know who the auditing company was?

 

Hopefully we don't find out down the line they are called something like Audit-8 or D-Audit... :Chansiri:

I would laugh but years ago I genuinely got a new client where the accounts were "audited" by the persons daughter

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18 minutes ago, room0035 said:

We have sold the club and its ground for the 2018 account not to Mr Chansiri but to a company that at the time of the transaction taking place did not exist.

 

Support the club and all the advisor you want but how can we argue we sold the club to thin air. If we had sold the club to Mr Chansiri I think we would be fine but to back date everything and no one check the company that is buying us was in existence is kind of a major wee wee tail up by someone.

 

I think we can with all honesty say that DC and his advisors in 4 years have not shown us anything to suggest they know what they are doing - and this has cost DC to the tune of £150m for the club to pretty much be in the same position as when he took up over but with a lot older players.

 

I love my club but maybe it is now time to get someone in who knows how to run a football club as each season we are made a laughing stock of. By the way the club is run - the farce with the shirts being 3 months late, the 150yr anniversary that consisted of a large cake, the embargo we were in numerous times without the club telling us, the increased prices that alienated poorer fans, the broadcasting of games on the radio to be later allowed , the dummy incident where the chairman wanted to sell the club then the denial it ever happened the list goes on. If this is running a club well then god help any club run badly.

You need to see contract for purchase / sale.

 

Say for example (how may work): 

 

28 July 2018:

 

Contract for purchase and sale agreed / signed with Sheffield Wednesday limited and DC.

 

Under terms of contract

Not negotiable sale price of £60m agreed

DC commitment to complete purchase within a year through a new company being set up.

Sheffield Wednesday limited commitment to sell and cannot revoke

 

Under above could be argued that risk and rewards of ownership of Hillsborough transferred on that date from SWFC ltd. So swlfc ltd recognise sale at 28 July and record in accounts with a creditor payable.

 

Maybe auditors of view that they agree with above but wanted more assurance to sign off and wanted to wait until the company incorporated (would explain the delay in signing accounts) 

 

Above is very crude example and sure it's more complicated than that but more relevant than the land registry and cash garbage KM spouting

 

Edited by wellbeaten-the-owl
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32 minutes ago, casbahowl said:

Only have a go at those who deserve it.......

and in your case the cap clearly fits!


Of course it does, I have a different opinion to you just as many do on here. You obviously don’t think much of this forum so why continue to come on it? You’re so angry casbah, I dread to think what your blood pressure is like. 

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I normally get stuck into the doom addicts in these types of threads but this time I’m going to stay away, leave ‘em to it and hope we carry on doing alright on the pitch and can cover ourselves off of the pitch.

 

The usual suspects can all wankeach other off over howshit the club is and how they were right all along...

 

We’re going up anyway!

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1 minute ago, wellbeaten-the-owl said:

You need to see contract for purchase / sale.

 

Say for example (how may work): 

 

28 July 2018:

 

Contract for purchase and sale agreed / signed with Sheffield Wednesday limited and DC.

 

Under terms of contract

Not negotiable sale price of £60m agreed

DC commitment to complete purchase within a year through a new company being set up.

Sheffield Wednesday limited commitment to sell and cannot revoke

 

Under above could be argued that risk and rewards of ownership of Hillsborough transferred on that date from SWFC ltd. So swlfc ltd recognise sale at 28 July and record in accounts with a creditor payable.

 

Maybe auditors of view that they agree with above but wanted more assurance to sign off and wanted to wait until the company incorporated (would explain the delay in signing accounts) 

 

Above is very crude example and sure it's more complicated than that

 

How can a transaction happen today for a company that does not exist. Surely the transaction can only happen when the company exists.

 

If the transaction for us happened between SWFC and DC then when this new company was set up has no baring on the transaction but what has been reported today is the company that bought us according the the records the club have given the EFL did not exist at the time of the reported transaction.

 

So basically the new owner could not have purchased the club at the time the records say.

 

 

 

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