[cite]Posted By: stilladdicted[/cite]I don't know about the figures, but neither the Telegraph nor the Guardian do this kind of story off its own back. The words that have been printed are strikingly similar and it all bears a strong whiff of press releases.
The Grauniad and Torygraph articles are identical - they've either bought a syndicated story, or just printed the same press release word for word.
They've not even been arsed to check the OS, let alone trawl through all the non-information on here.
Not suggesting for one moment that there is nothing going on but I do still find it hard to believe that apart from the "Peter Varney lead consortium" thing we continually read there has not been one single genuine hint or leak as to where or who the real money is coming from.
[cite]Posted By: ShootersHillGuru[/cite]Not suggesting for one moment that there is nothing going on but I do still find it hard to believe that apart from the "Peter Varney lead consortium" thing we continually read there has not been one single genuine hint or leak as to where or who the real money is coming from.
Yeah i was thinking that but then i realised how well kept the new sponsor and shirt have been and think everyone is being secretive after the Zabeel situation, which imo is a good idea.
[cite]Posted By: ShootersHillGuru[/cite]Not suggesting for one moment that there is nothing going on but I do still find it hard to believe that apart from the "Peter Varney lead consortium" thing we continually read there has not been one single genuine hint or leak as to where or who the real money is coming from.
Yeah i was thinking that but then i realised how well kept the new sponsor and shirt have been and think everyone is being secretive after the Zabeel situation, which imo is a good idea.
Agreed the new shirt deal has been a well kept secret but is that because its an "in house" thing for both parties with no real outside curiosity from anyone whereas a takeover causes far more interest generally and I presume involves a lot more bodies i.e. Firms of accountants, banks, solicitors where no real loyalty or opposition to a leak or gossip might come. Just surprised we havn`t heard anything concrete by now thats all.
[cite]Posted By: ShootersHillGuru[/cite]
but realistically do any of us genuinely have a scooby about the prospective owners apart from the speculative banter on here ?
I think it is becoming increasingly clear that virtually NO ONE has any idea who the money men behind it are. Whether some see that as acceptable or not is entirely up for debate, but i think now its a situation that everyone is going to have to live with, whilst crossing their fingers and toes that their intentions are correct, and that their credentials and wealth are acceptable.
What we do have is round the clock insatiable need for any crumb of information or mis-information.
Surely the club should understand this and spoon feed us news, on the hour every hour 24/7 ..... ?
Next time I buy a house, I'm going to insist that my lender, estate agent, land registry and solicitor give me an update at least once a day, every day for the 3 months it takes for the sale to go through.
Can I just say that my comments are based on genuine surprise that the new investors identity has not leaked into the public domain by now. Practically nothing from the highest government to the local chip shop can keep things hush hush these days. I am not suggesting its a bad thing just that I am surprised.
[cite]Posted By: floydandharvey[/cite]With the greatest respect, someone is posting we are only supposed to have 20m debt not 40m. No offence but are you half-sharp, mate? We were relegated from the PL 45-50m in debt (admitted at the time), sold players to pay off a chunk of it, but have still been spending more (on wages etc) that we've earned ever since, ergo the debt's been rising not falling every week/month/year since then. I am surprised it's quoted at only 40m to be honest, I would have thought closer to 60m myself.
The club have said (quite recently as well, sometime last season) it's around £20m, and the annual report from last December/January says that's made up of around £14m - the money borrowed from the directors, ie "friendly" debt and the rest of the £20m is made up of 2/3/4 loans. Since then Derek Chappell gave the club £500k. Still nowhere near £40m, pretty sure we are nowhere near £60m in debt.
The £30m the SLP was talking about I think is the money the likes of Murray have invested, and they may well sell the club for nothing meaning they get none of it back. That's not debt, that's just the money they've put in over the years, and they hoped when selling the club to at least make it back.
"Can I just say that my comments are based on genuine surprise that the new investors identity has not leaked into the public domain by now. Practically nothing from the highest government to the local chip shop can keep things hush hush these days. I am not suggesting its a bad thing just that I am surprised."
The Ashes started today, and we all know who the first Yorkshire Captain to go to Australia was, although he never departed from Liverpool. Doesn't that just take the American biscuit. It's enough to make Fat Boy Slim join the Sex Pistols. I'm gonna get Status Quo to write him a letter.
[cite]Posted By: Scoham[/cite]The club have said (quite recently as well, sometime last season) it's around £20m, and the annual report from last December/January says that's made up of around £14m - the money borrowed from the directors, ie "friendly" debt and the rest of the £20m is made up of 2/3/4 loans. Since then Derek Chappell gave the club £500k. Still nowhere near £40m, pretty sure we are nowhere near £60m in debt.
We have been here before. The clubs total debt as shown in the last published R&A was £37M (From memory that was the figure quotes by Bryan Mathew in his blog atricle a while back). That would include debts like trade debtors, money owed on transfers. There may also be contingent liabilities. Of course it would not inciude the value of creditors. The £20M is money owed for loans made to the club. These are made up largely of "soft" loans by directors. On the clubs balance sheet will also be its assets, principally the ground, the leasehold value of the training ground and whatever value relates to players contracts.
The club needs working capital in order to fund the payment of trade creditors/overheads etc at a time when it's current revenues my not be sufficient to meet the immediate commitments.
Any buyer, assuming they intend for the club to continue to trade must firstly reach an agreement as to net value of the club. (Factors like the current boards ability to keep bailing the club out is going to be a major consideration and its a buyers market!). The club is solvent (although reliant upon the rischesse of the directors) and so will be sold as a going concern. That means the new majority shareholders will pick up the responsibility for the debt. Some of that debt will just sit there on the balance sheet and be paid for out of revenue as and when needed (or by liquidating Capital), some like the convertable bonds may well need to be paid up. It will, I assume, be part of the negotiations, as to whether all are repaid, some or all are written off, or some or all are deferred. The club will need to have access to working capital to enable it to continue trading. One assumes that the new owners will be able to bring that in, either from their own coffers as new directors loans, or from a third party funding arrangement that they will guarantee, and/or have secured (against the assets).
This is not an easy negotiation. I suggest the Southampton one would be much easier. There the Admimistrator needs to get the best price he can for the club. Such price being used to repay creditors starting with HMRC and other preferential creditors. The trade creditors are unlikely to get much and the shareholders zilch.
Comments
you may.
No, it will upset everybody
The Grauniad and Torygraph articles are identical - they've either bought a syndicated story, or just printed the same press release word for word.
They've not even been arsed to check the OS, let alone trawl through all the non-information on here.
The same reporter wouldn't normally be employed by both of them, so it would appear the article is bought in.
Maybe you should do a course ; - )
Yeah i was thinking that but then i realised how well kept the new sponsor and shirt have been and think everyone is being secretive after the Zabeel situation, which imo is a good idea.
I take your point raz but realistically do any of us genuinely have a scooby about the prospective owners apart from the speculative banter on here ?
Still fishing hey SHG : - )
Agreed the new shirt deal has been a well kept secret but is that because its an "in house" thing for both parties with no real outside curiosity from anyone whereas a takeover causes far more interest generally and I presume involves a lot more bodies i.e. Firms of accountants, banks, solicitors where no real loyalty or opposition to a leak or gossip might come. Just surprised we havn`t heard anything concrete by now thats all.
Thats fair comment Henry but who ain`t genuinely curious and not a little impatient ?
I think it is becoming increasingly clear that virtually NO ONE has any idea who the money men behind it are. Whether some see that as acceptable or not is entirely up for debate, but i think now its a situation that everyone is going to have to live with, whilst crossing their fingers and toes that their intentions are correct, and that their credentials and wealth are acceptable.
Surely the club should understand this and spoon feed us news, on the hour every hour 24/7 ..... ?
Next time I buy a house, I'm going to insist that my lender, estate agent, land registry and solicitor give me an update at least once a day, every day for the 3 months it takes for the sale to go through.
Certainly I am. Think it is amazing that the names have been kept secret unless they have already been mentioned and we've not realised.
or a small collective where not many people are involved
The club have said (quite recently as well, sometime last season) it's around £20m, and the annual report from last December/January says that's made up of around £14m - the money borrowed from the directors, ie "friendly" debt and the rest of the £20m is made up of 2/3/4 loans. Since then Derek Chappell gave the club £500k. Still nowhere near £40m, pretty sure we are nowhere near £60m in debt.
The £30m the SLP was talking about I think is the money the likes of Murray have invested, and they may well sell the club for nothing meaning they get none of it back. That's not debt, that's just the money they've put in over the years, and they hoped when selling the club to at least make it back.
The Ashes started today, and we all know who the first Yorkshire Captain to go to Australia was, although he never departed from Liverpool.
Doesn't that just take the American biscuit. It's enough to make Fat Boy Slim join the Sex Pistols. I'm gonna get Status Quo to write him a letter.
Lunch anyone ?
We have been here before. The clubs total debt as shown in the last published R&A was £37M (From memory that was the figure quotes by Bryan Mathew in his blog atricle a while back). That would include debts like trade debtors, money owed on transfers. There may also be contingent liabilities. Of course it would not inciude the value of creditors. The £20M is money owed for loans made to the club. These are made up largely of "soft" loans by directors. On the clubs balance sheet will also be its assets, principally the ground, the leasehold value of the training ground and whatever value relates to players contracts.
The club needs working capital in order to fund the payment of trade creditors/overheads etc at a time when it's current revenues my not be sufficient to meet the immediate commitments.
Any buyer, assuming they intend for the club to continue to trade must firstly reach an agreement as to net value of the club. (Factors like the current boards ability to keep bailing the club out is going to be a major consideration and its a buyers market!). The club is solvent (although reliant upon the rischesse of the directors) and so will be sold as a going concern. That means the new majority shareholders will pick up the responsibility for the debt. Some of that debt will just sit there on the balance sheet and be paid for out of revenue as and when needed (or by liquidating Capital), some like the convertable bonds may well need to be paid up. It will, I assume, be part of the negotiations, as to whether all are repaid, some or all are written off, or some or all are deferred. The club will need to have access to working capital to enable it to continue trading. One assumes that the new owners will be able to bring that in, either from their own coffers as new directors loans, or from a third party funding arrangement that they will guarantee, and/or have secured (against the assets).
This is not an easy negotiation. I suggest the Southampton one would be much easier. There the Admimistrator needs to get the best price he can for the club. Such price being used to repay creditors starting with HMRC and other preferential creditors. The trade creditors are unlikely to get much and the shareholders zilch.