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Wolves get a government loan
cabbles
Posts: 15,254
https://www.expressandstar.com/sport/football/wolverhampton-wanderers-fc/2023/07/11/wolves-secure-99m-government-loan/
Never seen this before. What do people think?
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Comments
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Personally don't think it should be allowed. Hardly a good use of taxpayers money to give them an advantage over the competition (cheap loans).3
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Not as generous as Newham council, they haven't been gifted a new stadium
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Southend should apply now.3
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Because there's not enough money from the TV deals already...
Comes across as another way for a team to live beyond it's means. You'd think clubs would be trying to tighten belts and become more financially sustainable but this just seems to be the complete opposite and shouldn't be allowed.
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Bullshit, with the money floating about in that league it simply should not be allowed.7
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We export Charlton TV abroad thus we should get a 99m loan1
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A team who got about 140m last season from the Premier league and who just sold a player for 47m should absolutely not be needing a loan to 'aid cash flow'.3
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while lots of citizens need unforthcoming help to aid their cashflow to pay the mortgage to keep a roof over the heads of their family .. this loan is right out of order, be it a loan, grant or whatever ..
e.g. Fans of Bury must be furious, their club was allowed to die10 -
Whilst I don't agree with it, I don't think it's fair to make comparisons with clubs that have gone, or nearly went, out of business. Ultimately, it's about ability to pay it back and although it's madness that Wolves have had to take a loan, they do have the revenue and assets to pay it back.1
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What's the terms ? If they get relegated surely they won't be able to pay it back. Should have given luton a 20mil loan from a pot, for the new stadium and town infrastructure instead of it coming out of the budget.cafcfan1990 said:Whilst I don't agree with it, I don't think it's fair to make comparisons with clubs that have gone, or nearly went, out of business. Ultimately, it's about ability to pay it back and although it's madness that Wolves have had to take a loan, they do have the revenue and assets to pay it back.0 - Sponsored links:
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Seems ridiculous, but much like many financial advantages exploited by big businesses/rich people, it's all legit and they have done nothing untoward, I guess?
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Well the loan is guaranteed against Fosun who make about £1billion per year so I think it'll be ok.shine166 said:
What's the terms ? If they get relegated surely they won't be able to pay it back. Should have given luton a 20mil loan from a pot, for the new stadium and town infrastructure instead of it coming out of the budget.cafcfan1990 said:Whilst I don't agree with it, I don't think it's fair to make comparisons with clubs that have gone, or nearly went, out of business. Ultimately, it's about ability to pay it back and although it's madness that Wolves have had to take a loan, they do have the revenue and assets to pay it back.0 -
an attempt by the tories to curry favour with the locals at the next general election ?0
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Guaranteed against the owners, that's interesting - maybe the owners are involved in some major infrastructure projects?0
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Are Wolves in a marginal constituency? Just asking for a friend...0
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Apparently the UK debt was 2,567.20 GBP Billion in May 2023.
If we are receiving a higher rate of interest from Wolves than we are paying on our debt then it's possibly OK otherwise definitely not.
Personally I think it's wrong. There has been far too much public money already loaned out to companies and businesses since covid, much of it with not much chance of ever being repaid.0 -
3 Wolverhampton constituencies .. a t m, 2 tory, 1 labour .. all look pretty marginal and the tory MPs look very vulnerableN01R4M said:Are Wolves in a marginal constituency? Just asking for a friend...2 -
Why the need for the loan then ?cafcfan1990 said:
Well the loan is guaranteed against Fosun who make about £1billion per year so I think it'll be ok.shine166 said:
What's the terms ? If they get relegated surely they won't be able to pay it back. Should have given luton a 20mil loan from a pot, for the new stadium and town infrastructure instead of it coming out of the budget.cafcfan1990 said:Whilst I don't agree with it, I don't think it's fair to make comparisons with clubs that have gone, or nearly went, out of business. Ultimately, it's about ability to pay it back and although it's madness that Wolves have had to take a loan, they do have the revenue and assets to pay it back.0 -
Because Fosun obviously don’t want to put the cash in. This happens all the time and in fact, they’ve been loaning money ever since they got to the prem.shine166 said:
Why the need for the loan then ?cafcfan1990 said:
Well the loan is guaranteed against Fosun who make about £1billion per year so I think it'll be ok.shine166 said:
What's the terms ? If they get relegated surely they won't be able to pay it back. Should have given luton a 20mil loan from a pot, for the new stadium and town infrastructure instead of it coming out of the budget.cafcfan1990 said:Whilst I don't agree with it, I don't think it's fair to make comparisons with clubs that have gone, or nearly went, out of business. Ultimately, it's about ability to pay it back and although it's madness that Wolves have had to take a loan, they do have the revenue and assets to pay it back.0 -
Funny the government didn't want to give me a short term bridging loan, approximately 0.03% of that recently. Even though the business plan and credit checks were all accepted.
Just imagine how many small businesses could be helped with that £99m, let alone the larger amount. Suppose its because the bigger firms employ more people?
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cafcfan1990 said:
Well the loan is guaranteed against Fosun who make about £1billion per year so I think it'll be ok.shine166 said:
What's the terms ? If they get relegated surely they won't be able to pay it back. Should have given luton a 20mil loan from a pot, for the new stadium and town infrastructure instead of it coming out of the budget.cafcfan1990 said:Whilst I don't agree with it, I don't think it's fair to make comparisons with clubs that have gone, or nearly went, out of business. Ultimately, it's about ability to pay it back and although it's madness that Wolves have had to take a loan, they do have the revenue and assets to pay it back.
The Chinese biggest property company is still defaulting it's debts isn't it? Fosun are huge but property companies in China are in all sorts of problems.
An asset has just been chucked to administrators in Canary Wharf because another one chucked the towel in.
I suspect the reason Fosun are not stumping up the cash is as much about their own cash flow issues as it is about them not wanting to fund Wolves out of choice.
The UK Govt should not be loaning money to a PL football club, let alone one backed by a Chinese property company.0 -
^^ the last sentence is spot on.1
