The previous owners left the club with 42 million in the bank to secure its future and that looks like it's been gobbled up immediately. Feel for the Burnley fans, we know what an endless nightmare they're about to embark on.
About time there was an independent body that holds all club funds, that clubs only have access to for certain transactions, like paying staff, bills and transfer funds, to stop shithouse owners from coming in and stripping them bare before fucking off again
Adding the purchase price to other debts and charging the club interest? This sounds to me very similar to what Duchatelet did to CAFC when he took over (although this at Burnley is on a financially larger scale), except he kept everything "in house" with Staprix, and there appears to be an outside company involved at Burnley.
I didn't like it being done to us by Duchatelet, and I don't like it being done to other clubs, but it is apparently both legal and acceptable to the football authorities (whether it should be is another question!). Along with a lot of other Lifers, I suspect what was planned for us by ESI may not have been legal and it is clear there were aspects which did not satisfy even the EFL.
Addicts have cast their net wide investigating the sharks who circled our club, and as I understand it shared a lot of relevant information with Burnley. It's now up to the Clarets whether or not they dig into the background of their new owners, but I'm sure if we were in their place we would not be accepting things at face value.
The previous owners left the club with 42 million in the bank to secure its future and that looks like it's been gobbled up immediately. Feel for the Burnley fans, we know what an endless nightmare they're about to embark on.
£42million in the bank sounds like bundles - unless there was £43million in bills falling due the day after
The previous owners left the club with 42 million in the bank to secure its future and that looks like it's been gobbled up immediately. Feel for the Burnley fans, we know what an endless nightmare they're about to embark on.
Sean Dyche might wonder why he didn't have a bit of that to spend last summer, when their star signing was Dale Stephens
If the new owners are dodgy and it looks like they might well be (allegedly) I wouldn’t be totally amazed if Farnell wasn’t involved as a stalking horse bid.
So how did this lot pass the Premier league's OADT?
Isn't part of the PL OADT not only showing proof of funds to purchase the club but also showing proof that you have the financial backing to sustain the club for a number of years?
Comments
Adding the purchase price to other debts and charging the club interest?
This sounds to me very similar to what Duchatelet did to CAFC when he took over (although this at Burnley is on a financially larger scale), except he kept everything "in house" with Staprix, and there appears to be an outside company involved at Burnley.
I didn't like it being done to us by Duchatelet, and I don't like it being done to other clubs, but it is apparently both legal and acceptable to the football authorities (whether it should be is another question!). Along with a lot of other Lifers, I suspect what was planned for us by ESI may not have been legal and it is clear there were aspects which did not satisfy even the EFL.
Addicts have cast their net wide investigating the sharks who circled our club, and as I understand it shared a lot of relevant information with Burnley. It's now up to the Clarets whether or not they dig into the background of their new owners, but I'm sure if we were in their place we would not be accepting things at face value.
Isn't part of the PL OADT not only showing proof of funds to purchase the club but also showing proof that you have the financial backing to sustain the club for a number of years?
Just how has this been allowed to happen?
To swerve Farnell and his touring scumshow but then end up Shitweaseled on a grand scale.
Poor buggers.
Burnley takeover: Alan Pace makes immediate impression but why are there concerns?
https://www.bbc.co.uk/sport/football/56089037Burnley would need to pay back "a significant proportion" of a £65m loan at the end of the season if relegated from the Premier League.
The loan was taken out as part of the club's takeover by ALK Capital in December 2020.
The information is contained in the release of the club's latest financial accounts to 31 July 2021.
https://www.bbc.co.uk/sport/football/61317194