@owlstalk Posted November 5, 2020 Share Posted November 5, 2020 “This company, we’ve owed them since before my time… Maybe it’s my fault, but I didn’t know that" "I’ve just been paying interest to them until we had enough money to pay them back. This means I never spent or used this money. “Then from last season, when we started to have problems with the EFL with deductions and disciplinary, they got scared that if something happened to us then the club wouldn’t have the ability to pay them back. “So they asked me more about security, that’s when we started to have issues.” Owlstalk Shop Link to comment Share on other sites More sharing options...
Popular Post Morepork Posted November 5, 2020 Popular Post Share Posted November 5, 2020 Many of DC’s responses just make me more anxious about his lack of business acumen, football knowledge and common sense....... 17 1 Link to comment Share on other sites More sharing options...
Popular Post quinnssweetshop Posted November 5, 2020 Popular Post Share Posted November 5, 2020 He's utterly clueless about anything. No wonder he's been shafted up the backside by Paxo. 8 2 Link to comment Share on other sites More sharing options...
Popular Post @owlstalk Posted November 5, 2020 Author Popular Post Share Posted November 5, 2020 I've said it many times that Chansiri didn't get what he thought he was buying at all. Like when I bought my Renault Megane and thought it was ace, but now the driver window wont' wind up, the right hand speakers gone, and the aircon fan won't turn off at all 14 Owlstalk Shop Link to comment Share on other sites More sharing options...
Dick_Turpin Posted November 5, 2020 Share Posted November 5, 2020 8 minutes ago, @owlstalk said: “This company, we’ve owed them since before my time… Maybe it’s my fault, but I didn’t know that" "I’ve just been paying interest to them until we had enough money to pay them back. This means I never spent or used this money. “Then from last season, when we started to have problems with the EFL with deductions and disciplinary, they got scared that if something happened to us then the club wouldn’t have the ability to pay them back. “So they asked me more about security, that’s when we started to have issues.” This is the bit of the presser that puzzled me most. What is this all about? 1 Link to comment Share on other sites More sharing options...
Guest HillsboroughOwlNI Posted November 5, 2020 Share Posted November 5, 2020 He should sue his advisors for failing with their due diligence. Or did he not take advice from them either? Link to comment Share on other sites More sharing options...
northeastowl Posted November 5, 2020 Share Posted November 5, 2020 I thought we were debt free when he bought us? 3 1 Link to comment Share on other sites More sharing options...
@owlstalk Posted November 5, 2020 Author Share Posted November 5, 2020 Just now, northeastowl said: I thought we were debt free when he bought us? GOOD POINT Hadn't thought of that part Owlstalk Shop Link to comment Share on other sites More sharing options...
@owlstalk Posted November 5, 2020 Author Share Posted November 5, 2020 Sheffeld Star from February 2016 - Accounts show SWFC are DEBT FREE - https://www.thestar.co.uk/news/accounts-reveal-sheffield-wednesday-are-debt-free-459309 2 Owlstalk Shop Link to comment Share on other sites More sharing options...
dowls Posted November 5, 2020 Share Posted November 5, 2020 Saint Milan legacy Take from another forum ” because its the lender and has all the power to vary terms. You agree, and meet them, or diagree and have to repay. Looking back at the pre-2017 accounts, there were loans, rolled annually, of £5.1m due to an unnamed lender and secured on the ground. Rolled annually is important as it would suggest some form of open credit line repaid on EFL/TV/Season Ticket income Only part was repaid in 2016, but the charges removed on DC takeover and they appear in Note 14 to the latest accounts under 'Accurals and Deferred Income' (£6.96m). I think in the past we all assumed they loans had been repaid, but perhaps DC put up alternative security (TUF shares, Invetment or property portfolio etc) in Thailand, Switzerland or wherever as security and the loans remained and were still rolled annually. Due to current climate, lender gets tetchy about loss of income (TV/EFL/Season Tickets) due to -12 & Corona, and the non-UK security and enforcement thereof, so insists on reverting to original charge of Hillsborough. Was there a change when moving to FRS102 which meant the pre-2016/7 Notes to the accounts (which included greater detail) didn't need to carry as much information?“ 5 Link to comment Share on other sites More sharing options...
@owlstalk Posted November 5, 2020 Author Share Posted November 5, 2020 2 Owlstalk Shop Link to comment Share on other sites More sharing options...
sherlyegg Posted November 5, 2020 Share Posted November 5, 2020 11 minutes ago, @owlstalk said: Like when I bought my Renault Megane and thought it was ace, but now the driver window wont' wind up, the right hand speakers gone, and the aircon fan won't turn off at all We all make mistakes, buying one of them was foookin stupid though 2 Link to comment Share on other sites More sharing options...
jp1981 Posted November 5, 2020 Share Posted November 5, 2020 1 minute ago, @owlstalk said: Milan, like a used car dealer! I will do you a good deal! 3 Link to comment Share on other sites More sharing options...
@owlstalk Posted November 5, 2020 Author Share Posted November 5, 2020 1 minute ago, sherlyegg said: We all make mistakes, buying one of them was foookin stupid though Oh it's much much worse than that It's my second one My first one that I had, it had terrible electrical problems 9 Owlstalk Shop Link to comment Share on other sites More sharing options...
bobness Posted November 5, 2020 Share Posted November 5, 2020 (edited) 10 minutes ago, jp1981 said: Milan, like a used car dealer! I will do you a good deal! I like you, so I'm going to sell this to you at a loss. But please don't tell your friends about this amazing deal, or else I'll go out of business. Edited November 5, 2020 by bobness 4 Link to comment Share on other sites More sharing options...
quinnssweetshop Posted November 5, 2020 Share Posted November 5, 2020 Anyone else think this is going to get very messy 6 Link to comment Share on other sites More sharing options...
Guest mkowl Posted November 5, 2020 Share Posted November 5, 2020 What is not unusual when you buy the shares in a company is that in theory you take over all the assets and liabilities at that time. Its why the process takes so long, is very expensive legally and there will be warranties as long as your arm. However debt that the former owner has put in will generally be cleared, as was presumed secured debt from 3rd parties. This was presumed done but it seems evident that there was some legacy debts from the MM era that were not cleared. Due diligence should have picked this. If it didn't and the vendor had not been 100% honest then you would invoke the warranty clauses So I think it was known as a liability. That interest would be paid and presumably capital repayment is triggered by promotion or the like. The lenders have got spooked with the EFL matter and presumably covid, so DC has had to give security via the stadium to ensure they don't demand repayment Well that is an hypothesis Link to comment Share on other sites More sharing options...
Morepork Posted November 5, 2020 Share Posted November 5, 2020 I’ve said this before but I’d have a lot more respect for him if he’d just hold his hands up and said “I’ve f@cked up, this is so much harder than I thought.......” Instead with have this “revisionist” version of events littered with deflection. 6 Link to comment Share on other sites More sharing options...
poite Posted November 5, 2020 Share Posted November 5, 2020 This is why he needs to not talk to the media tbh. 2 1 Link to comment Share on other sites More sharing options...
Guest LondonOwl313 Posted November 5, 2020 Share Posted November 5, 2020 1 hour ago, mkowl said: What is not unusual when you buy the shares in a company is that in theory you take over all the assets and liabilities at that time. Its why the process takes so long, is very expensive legally and there will be warranties as long as your arm. However debt that the former owner has put in will generally be cleared, as was presumed secured debt from 3rd parties. This was presumed done but it seems evident that there was some legacy debts from the MM era that were not cleared. Due diligence should have picked this. If it didn't and the vendor had not been 100% honest then you would invoke the warranty clauses So I think it was known as a liability. That interest would be paid and presumably capital repayment is triggered by promotion or the like. The lenders have got spooked with the EFL matter and presumably covid, so DC has had to give security via the stadium to ensure they don't demand repayment Well that is an hypothesis First thing I thought this might relate to when I heard about it was the Dave Allen and other directors loans... pretty sure when Milan took over they agreed to defer them until promotion to the PL which still hasn't happened yet. When DC bought us, unless they were able to agree a compromise deal, surely anything still contingent on promotion would have remained as its a third party liability of the club not MM Link to comment Share on other sites More sharing options...
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