BP1960 Posted October 20, 2016 Share Posted October 20, 2016 Or a Burton or a Fleetwood, like you say though time will tell. It can go the other way like Colne Dynamos who many years ago when rising in non league signed some expensive football league players only to go bust. Link to comment Share on other sites More sharing options...
ChaddySmoker Posted October 20, 2016 Share Posted October 20, 2016 Well, that's what Corney said. Whether it's true or not I don't know. Even if it isn't true I can see some benefit in it. The 3 amigos want to recoup their initial investment back - that much is clear. It appears to be why there are no takers for the club at their current asking price. If the money all goes to the OEC (which they own) rather than the football club, it's chipping away at the amount of money they want to get back, and hopefuly helps reduce their aking price down to a more sensible level, giving us a chance of gettig an owner committed to taking the football club forward. It's why I also hope they manage to get those houses built and sold. My concern is that any 'surplus' will go back to repay the extra funds which were needed to get the North Stand to where it is today. That is even before starting to 'repay' the losses on the Football Club, which I agree might bring the asking price to a decent level. It will also probably be after repaying even further extra funds that will be required to get the facility into a situation of earning substantial profits. But as we stand at this moment in time all of this is hypothetical and might remain so for a very very long time. The wedding/events suite is the real money earner. It doesnt seem to be progressing at all. Link to comment Share on other sites More sharing options...
bozman Posted October 21, 2016 Share Posted October 21, 2016 My concern is that any 'surplus' will go back to repay the extra funds which were needed to get the North Stand to where it is today. That is even before starting to 'repay' the losses on the Football Club, which I agree might bring the asking price to a decent level. It will also probably be after repaying even further extra funds that will be required to get the facility into a situation of earning substantial profits. But as we stand at this moment in time all of this is hypothetical and might remain so for a very very long time. The wedding/events suite is the real money earner. It doesnt seem to be progressing at all. Yes, fair point. The fact that it is well over budget is a real problem, both in terms of getting it finished and bringing down the 3 amigos debt. The best hope of progress at the moment is for them to accept that, realistically, they're never going to get all their money back. If they write off a portion of the debt they could offer the club for sale at a more reasonable price. But there's no sign of that happening any time soon. Link to comment Share on other sites More sharing options...
LaticsPete Posted October 21, 2016 Share Posted October 21, 2016 I haven't seen any figures on the "well over budget" . It may be the case but what's been verified? Link to comment Share on other sites More sharing options...
Monty Burns Posted October 21, 2016 Share Posted October 21, 2016 I haven't seen any figures on the "well over budget" . It may be the case but what's been verified? Probably the fact that SC told us all funding was in place to build it and then we stopped building it. Link to comment Share on other sites More sharing options...
LaticsPete Posted October 21, 2016 Share Posted October 21, 2016 Probably the fact that SC told us all funding was in place to build it and then we stopped building it. But what was the verified initial budget, how much have we gone over it (if that's the case) ? Just looking for real figures rather than assertions . Link to comment Share on other sites More sharing options...
bozman Posted October 21, 2016 Share Posted October 21, 2016 But what was the verified initial budget, how much have we gone over it (if that's the case) ? Just looking for real figures rather than assertions . Have a read of this http://www.oldham-chronicle.co.uk/news-features/10/oldham-athletic-news/86412/new-stand-2m-over-budget That's £2 million over budget 2 years ago. Could easily be more now. Link to comment Share on other sites More sharing options...
LaticsLen Posted October 21, 2016 Share Posted October 21, 2016 Planning application was changed from £4.5 mil to a 6.5mil build wasn't it? right at the last minute. Link to comment Share on other sites More sharing options...
LaticsPete Posted October 21, 2016 Share Posted October 21, 2016 Thanks Len & Bozman Link to comment Share on other sites More sharing options...
al_bro Posted October 21, 2016 Share Posted October 21, 2016 So when the top floor is finished and generating significant revenue that revenue is going back into the football club? If the top floor was being run by the OEC, I suspect it would be finished now. Same with he supporters bar. Link to comment Share on other sites More sharing options...
Hands on Posted October 21, 2016 Share Posted October 21, 2016 It is only football related income which benefits the football club although the football club appears to hold the debt for the North Stand. Profits generated by the OEC will not be available to reduce the football club debt. They are two different entities. Once finished if profitable a sale including the OEC will cost even more not less. It is why there were are rumours they would like to sell the football club and keep a vice like grip on the land. New owners for the football club will have to pay off the debt arising from the construction of the North Stand as well as being indebted to the owners for the historical debt. The only likely buyer is a crazy fan after winning the Euro Millions Lottery so get buying those tickets. Link to comment Share on other sites More sharing options...
Monty Burns Posted October 21, 2016 Share Posted October 21, 2016 It is only football related income which benefits the football club although the football club appears to hold the debt for the North Stand. Profits generated by the OEC will not be available to reduce the football club debt. They are two different entities. Once finished if profitable a sale including the OEC will cost even more not less. It is why there were are rumours they would like to sell the football club and keep a vice like grip on the land. New owners for the football club will have to pay off the debt arising from the construction of the North Stand as well as being indebted to the owners for the historical debt. The only likely buyer is a crazy fan after winning the Euro Millions Lottery so get buying those tickets. All soul crushingly correct. Link to comment Share on other sites More sharing options...
deyres42 Posted October 21, 2016 Share Posted October 21, 2016 It is only football related income which benefits the football club although the football club appears to hold the debt for the North Stand. Profits generated by the OEC will not be available to reduce the football club debt. They are two different entities. Once finished if profitable a sale including the OEC will cost even more not less. It is why there were are rumours they would like to sell the football club and keep a vice like grip on the land. New owners for the football club will have to pay off the debt arising from the construction of the North Stand as well as being indebted to the owners for the historical debt. The only likely buyer is a crazy fan after winning the Euro Millions Lottery so get buying those tickets. Who owns OEC? Is it the same lads who own the football club? Link to comment Share on other sites More sharing options...
ChaddySmoker Posted October 21, 2016 Share Posted October 21, 2016 Who owns OEC? Is it the same lads who own the football club? OEC is 50% Corney and 25% each Blitz and Gazal https://beta.companieshouse.gov.uk/company/09484918/filing-history OAFC 2004 Ltd is basically 100% Corney https://beta.companieshouse.gov.uk/company/04989487 Link to comment Share on other sites More sharing options...
deyres42 Posted October 21, 2016 Share Posted October 21, 2016 OEC is 50% Corney and 25% each Blitz and Gazal https://beta.companieshouse.gov.uk/company/09484918/filing-history OAFC 2004 Ltd is basically 100% Corney https://beta.companieshouse.gov.uk/company/04989487 Profits generated by the OEC will not be available to reduce the football club debt is a nonsense statement then? Link to comment Share on other sites More sharing options...
yarddog73 Posted October 21, 2016 Share Posted October 21, 2016 It's possible to take a profit out of one business without servicing the debt on the other surely? Link to comment Share on other sites More sharing options...
deyres42 Posted October 21, 2016 Share Posted October 21, 2016 It's possible to take a profit out of one business without servicing the debt on the other surely? Of course, they can do whatever they like. Link to comment Share on other sites More sharing options...
ChaddySmoker Posted October 21, 2016 Share Posted October 21, 2016 Of course, they can do whatever they like. 'They' can but SC on his own can't. Link to comment Share on other sites More sharing options...
HarryBosch Posted October 21, 2016 Share Posted October 21, 2016 It's possible to take a profit out of one business without servicing the debt on the other surely? And vice versa..... Link to comment Share on other sites More sharing options...
yarddog73 Posted October 21, 2016 Share Posted October 21, 2016 The most soul crushing aspect for me was the way player after player and manager after manager as well as sell on clauses have been sold on the cheap to help finance a project that has effectively saddled us with more debt making us near on impossible to invest in. It seems we are effectively after a Valeri Belokon to plough substantial funds into a football team whilst TTA retain ownership of everything else that has potential to turn a profit, it's just not going to happen unless a fan wins £100 million on the Euros. To buy them out lock stock and barrel would probably be £20 million plus and there are bigger clubs than us who'd be able to be bought for half of that. Link to comment Share on other sites More sharing options...
deyres42 Posted October 21, 2016 Share Posted October 21, 2016 The most soul crushing aspect for me was the way player after player and manager after manager as well as sell on clauses have been sold on the cheap to help finance a project that has effectively saddled us with more debt making us near on impossible to invest in. It seems we are effectively after a Valeri Belokon to plough substantial funds into a football team whilst TTA retain ownership of everything else that has potential to turn a profit, it's just not going to happen unless a fan wins £100 million on the Euros. To buy them out lock stock and barrel would probably be £20 million plus and there are bigger clubs than us who'd be able to be bought for half of that. If you offered them 10 million now they'd snap your hand off. Link to comment Share on other sites More sharing options...
yarddog73 Posted October 21, 2016 Share Posted October 21, 2016 We will never know but my feeling is they want much if not all of what they have lost. Link to comment Share on other sites More sharing options...
HarryBosch Posted October 21, 2016 Share Posted October 21, 2016 The most soul crushing aspect for me was the way player after player and manager after manager as well as sell on clauses have been sold on the cheap to help finance a project that has effectively saddled us with more debt making us near on impossible to invest in. It seems we are effectively after a Valeri Belokon to plough substantial funds into a football team whilst TTA retain ownership of everything else that has potential to turn a profit, it's just not going to happen unless a fan wins £100 million on the Euros. To buy them out lock stock and barrel would probably be £20 million plus and there are bigger clubs than us who'd be able to be bought for half of that. Now, maybe. Times & circumstances will inevitably change though to their, and our, advantage at some point in the future just like they did to our, and their, detriment in 2008... They always do.... Link to comment Share on other sites More sharing options...
HarryBosch Posted October 21, 2016 Share Posted October 21, 2016 We will never know but my feeling is they want much if not all of what they have lost. What do you mean "my feeling"? Of course they do. Why wouldn't they? Wouldn't you? Link to comment Share on other sites More sharing options...
yarddog73 Posted October 21, 2016 Share Posted October 21, 2016 Where did I say they shouldn't expect their 'investment' back? Link to comment Share on other sites More sharing options...
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