adelphi1867 Posted February 21, 2021 Share Posted February 21, 2021 Are we the first set of fans looking forward to entering Administration? 1 5 Link to comment Share on other sites More sharing options...
adelphi1867 Posted February 21, 2021 Share Posted February 21, 2021 7 hours ago, mkowl said: Tbf he does have to put real money in somewhere. That is why at July 2018 the loan stood at 80m. I suspect but don't actually know that the plan would be to put the real money into S3 Ltd to then repay the intercompany loan 8m per year for the stadium. He is still putting in money but there may be shuffling as to which legal entity it goes into and how this then flows between them Confused?, you bet. Link to comment Share on other sites More sharing options...
Harrysgame Posted February 21, 2021 Share Posted February 21, 2021 8 hours ago, Kew Owl said: I can’t see HMRC being too concerned about that somehow. On the other hand, one would like to think that any new owner would want to start off with the fans on side and would therefore honour existing season ticket obligations, refunds etc - even if the money had to come out of his own pocket Not sure businesses work that way. If it means I lose out a few hundred quid and we get a new owner who invests sensibly then, I would still go and get a season ticket. You could argue that not actually having to drag myself down to Hillsborough to watch it has done me a favour, would have probably given me high blood pressure and caused additional stress in the house when I got back. Link to comment Share on other sites More sharing options...
Guest Hornsby Posted February 21, 2021 Share Posted February 21, 2021 7 hours ago, mkowl said: Tbf he does have to put real money in somewhere. That is why at July 2018 the loan stood at 80m. I suspect but don't actually know that the plan would be to put the real money into S3 Ltd to then repay the intercompany loan 8m per year for the stadium. He is still putting in money but there may be shuffling as to which legal entity it goes into and how this then flows between them Why did he ask Crewe then to take an IOU on their promising left back? Link to comment Share on other sites More sharing options...
Weshallovercome Posted February 21, 2021 Share Posted February 21, 2021 5 hours ago, Grandad said: Sadly there's a significant number of our fans who'd still reckon it's all part of a huge master plan when Hillsboro has been bulldozed, they've started building commercial units on the land, Wednesday are lining up against Hallam FC in Hillsborough Park and Chansiri hasn't visited England for 5 years I'm starting to think that wouldn't be such a bad thing, but can we be called The Wednesday please. Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 22, 2021 Share Posted February 22, 2021 13 hours ago, Hornsby said: Why did he ask Crewe then to take an IOU on their promising left back? Paying transfer fees in instalments is fairly common practice as far as I am aware. But I presume there is always a down payment. The only information we can go on is the last accounts and they show that £xm was put in by DC. Cant remember the precise figure with out checking but a lot. So I presume there will be an ongoing requirement to continue to do that. Whether he has the capacity to do that, well the evidence of late paid wages suggests its a struggle to keep the taps turned on to the same rate as it disappears down the plughole Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 22, 2021 Share Posted February 22, 2021 15 hours ago, Hornsby said: Panel stated £3 million annual rent, ie more than West Ham pay. Whats ramifications please if cant get going concern sign off? Which would be a 5% yield - so makes sense. The panel hearing mentioned certain figures but I was never 100% sure if that meant it was set out in a formal lease as yet. Paperwork not our strongest point being my over-riding recollection of those hearing summaries. Your latter point, I don't know if there is any EFL regulation to worry about. Most football clubs have a partial warning in the auditors report along the lines of "the club is dependent on the owner putting in more cash, he says he will but we can't guarantee he won't change his mind". A full qualification would be a step up. Basically saying we don't think there will be adequate funds made available to pay liabilities as they fall due. Or that the Club / owner has not done the assessment with enough robustness. That assessment is based on the 12 months from the date of signing the accounts. So even talking the 31st August 19 accounts, its still 12 months from now. So the auditor will or should be going what is your plan if you lose 7m of TV money. A qualification does not mean you are bust. It is more that inadequate evidence has been presented, you don't believe aspects of that assessment. Tbh its such a wide topic its not that easy to say succinctly on a football forum what it means Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 22, 2021 Share Posted February 22, 2021 16 hours ago, Hornsby said: Thats a front entity for a sports vulture fund that helped crash Watford before Pozzo bought on banhruptcy verge. Our agreement has been posted on here, states full repayment of £6.5 million by this September. Otherwise, we lose stadium. It would be interesting to know a) when that loan was originally taken out and by whom b) how much is the principal and how much is rolled up interest c) who the ultimate owner of the debt is d) the precise role of New Avenue Projects. What was inferred by DC was that this was a financing agreement that was in place from the time MM was here. This was not paid off at the time - not that strange if you buy the shares of a company you take such things on. That the Club have been paying the interest but who knows what the terms for repaying the debt was. Perhaps it has been rolled over every year, it may well be again in September. These things will be negotiated. It sounds that at the last review the lender got nervous and DC had to offer this legal charge to enable the rollover. It is impossible to verify any of this beyond that legal charge being registered. None of the questions I ask are in the public domain Link to comment Share on other sites More sharing options...
pussface Posted February 22, 2021 Share Posted February 22, 2021 22 hours ago, PARKOWL said: I’m no financial or legal guru so I ask this as a genuine question to our more educated friends on these subjects but if we sold the ground to a company and that company hasn’t paid us any agreed payments how long would the non payments have to go on for before we could legally claim our property back I imagine there is some kind of legally binding contract for terms and conditions and penalties for non payments or as the sole owner of the club and all it’s properties and assets can he just move the ownership of any assets to another company he owns these may have been answered elsewhere so apologies if I’m repeating something Well the asset may return, but so would the £60million debt liability it’s sale took away to balance the 2018 books... Link to comment Share on other sites More sharing options...
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