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The £6.4m loan secured against Hillsborough


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11 hours ago, Maddogbob said:

Think the 30 year thing is between swfc and S3. Which I think is the loophole we used re ffp. We just put it in the wrong accounts.

 

If S3 don't pay the loan, I presume that becomes void. I'm pretty sure the third party (who then take ownership, lock, stock and barrel) can do what they like.

 

Which for me is the biggest danger.

 

S3 currently owns it, don't pay, as per you photo, earlier they get Hillsborough as payment. 

 

Bit like a bank taking ownership of a house if you don't pay the mortgage.

 

Sorry if I'm coming across as a bit scaremongering. I only have a very basic level of understanding.


 

 

so we could still be up Scheiße Straße then 

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11 hours ago, Maddogbob said:

Actually I've just read the trust statement. That actually makes more sense to me now.

 

Think I was a bit wrong.

 

Long and short, if the loan isn't paid back next year, another company, not belonging to DC owns the stadium and they can charge whatever they like rent wise. (imagine fair market value), so that the buisness hemorrhaging yet more money, in the sense it's another cost.

 

Which impacts everything.

 

In essence, we've got a year to find it. So yes I'm concerned. As I'm not unduly sure old DC has it.

 

 

 

 

 

 

 

People were saying this a year ago. 

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1 hour ago, Manwë said:

All this stems from our attempts to circumvent the rules that govern the game, but we did it in such an incompetent way that we a)got caught, b)got no reward and c) got a double punishment in the form of points deducted and losing the stadium as a long-term concern.

 

We find ourselves a division below when he joined, with a stadium debt we keep kicking to the long grass and a points deduction hanging over our heads should we slip up again.

 

The man should be nowhere near any British businesses whatsoever.

Sorry disagree on this one.  Chansiri explained two things about this debt

 

1: it was an inherited debt. (before DCs tenure)

2: it had low level of interest

 

The increase from last year supports point 2, no need for him to repay any time soon as low interest level.

 

Only reason it's now attached to the stadium is due to covid and lender wanting more security.

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13 hours ago, Maddogbob said:

I don't know mate.I could be wrong. It might be worth going back to the original source to re read.

 

For me there are two different loans. The one between swfc and S3 and this other one. I may be getting confused between the payments between S3 and Swfc. 

 

The third one now includes the stadium as collateral if it's not paid, from the looks of things. The stadium passes to the third party as an asset. Next year, if this isn't paid with the added interest.

 

Because it's not been paid this year basically.

 

The payments between Sheffield 3 and swfc for the stadium purchase are a notional paper exercise only, chansiri will only be paying the £6.7 million per year between the two via running down his directors loan account in swfc.

 

For example 

 

Say swfc owes DC £60million

 

Sheffield 3 (DC) pays swfc £6.7m loan payment

DC then withdraws £6.7 million from SWFC and reduces loan account

End result SWFC owes DC £52.3 million

 

And repeat...

 

This charge just looks to be security against the inherited debt

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21 minutes ago, wellbeaten-the-owl said:

Sorry disagree on this one.  Chansiri explained two things about this debt

 

1: it was an inherited debt. (before DCs tenure)

2: it had low level of interest

 

The increase from last year supports point 2, no need for him to repay any time soon as low interest level.

 

Only reason it's now attached to the stadium is due to covid and lender wanting more security.

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22 minutes ago, wellbeaten-the-owl said:

Sorry disagree on this one.  Chansiri explained two things about this debt

 

1: it was an inherited debt. (before DCs tenure)

2: it had low level of interest

 

The increase from last year supports point 2, no need for him to repay any time soon as low interest level.

 

Only reason it's now attached to the stadium is due to covid and lender wanting more security.

You don't know the interest rate based on the additional £200k on a £6.3m debt because you don't know what repayments have taken place.

 

If you're paying off a debt but end the year in more debt then you're not paying off the debt, one way or the other.

 

 

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7 minutes ago, Roscoe P. Coltrane said:

I got laughed at when I posted about front loading season ticket monies 

That was 5 years ago 

Look where that got us...

 

It was always going to be a risky strategy, boom or bust kind of approach paying for today with tomorrows money. 

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2 minutes ago, wellbeaten-the-owl said:

👌

 

You are celebrating being right while the club has added another £200K to it's debts? Well done you but I am not sure how this can be seen as a positive. 

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11 minutes ago, hirstyboywonder said:

 

You are celebrating being right while the club has added another £200K to it's debts? Well done you but I am not sure how this can be seen as a positive. 

The club haven’t added a penny to the debt.  Sheffield 3 own the stadium and the debt.

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10 minutes ago, Sham67 said:

The club haven’t added a penny to the debt.  Sheffield 3 own the stadium and the debt.

 

Well yes, who owns Sheffield 3 Ltd? The same person that owns SWFC? How well do you think that person has run that business in terms of meeting financial obligations and does it fill you with great confidence that he will be able to keep on top of these payments as they keep increasing, because if not, he loses control of the stadium. 

 

Do you think it is good news that our owner has kicked a payment for the stadium down the road for another year at extra cost?  

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4 minutes ago, hirstyboywonder said:

 

Well yes, who owns Sheffield 3 Ltd? The same person that owns SWFC? How well do you think that person has run that business in terms of meeting financial obligations and does it fill you with great confidence that he will be able to keep on top of these payments as they keep increasing, because if not, he loses control of the stadium. 

 

Do you think it is good news that our owner has kicked a payment for the stadium down the road for another year at extra cost?  

It's not a payment for the stadium, this has zero to do with the purchase of the stadium, DC doesn't have to pay 1p for the stadium purchase.

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