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Takeover / New Investment - What Rumours Have You Heard?

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7 minutes ago, mad4it said:

So who funded the club then ? 

 

Blitz and Gazal to start with.

 

Then when they left we got lucky for a few years with cup runs and the year when Lee Johnson sold on the likes of Korey Smith, Tarky, Clarke Harris and Baxter all at a tidy profit.

 

From 2015 onwards unpaid bills, late payment of wages, transfer embargos and winding up petitions became a regular occurrence it was clear knowone was funding the club.

 

So they did at the start But by the end of their tenure they left the club in a total shambles.

Edited by GlossopLatic

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1 minute ago, GlossopLatic said:

 

Blitz and Gazal to start with.

 

Then when they left we got lucky for a few years with cup runs and the year when Lee Johnson sold on the likes of Korey Smith, Tarky, Clarke Harris and Baxter all at a tidy profit.

 

From 2015 onwards unpaid bills, late payment of wages, transfer embargos and winding up petitions became a regular occurrence it was clear knowone was funding the club.

 

So they did at the start But by the club was a total shambles.

Wages paid late, winding up orders , bills paid late , doesn’t look like a lots changed then. As far selling on players, Oldham has always been (and will probably always be) a selling club ...Denis Irwin, Earl Barrett, Mickey Quinn to name just a few all sold on for a profit.

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After re-reading this article from  the official back in 2015 it appears Lees  renewed their pouring rights back then. (or maybe extended them to the OEC).

 

"Commenting on the partnership, Mark (Moisley) said: “We are delighted that JW Lees are once again our brewing partner. "

 

Full article: https://www.oldhamathletic.co.uk/search/?q=lees

Edited by laticsrblue

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2 minutes ago, GlossopLatic said:

 

Blitz and Gazal to start with.

 

Then when they left we got lucky for a few years with cup runs and the year when Lee Johnson sold on the likes of Korey Smith, Tarky, Clarke Harris and Baxter all at a tidy profit.

 

From 2015 onwards unpaid bills, late payment of wages, transfer embargos and winding up petitions became a regular occurrence it was clear knowone was funding the club.

 

So they did at the start But by the end of their tenure they left the club in a total shambles.

To be honest I reckon Blitz has probably bailed us out on several occasions when the wolves have been at the door in recent years.

 

I get he wanted to step back from the initial plans he had for us after getting more than despondent but leaving Corney holding the baby and what's turned out to be an over ambitious money sapping project that is the OEC have been huge mistakes if he had any plans to move the club on.

 

My personal take on it and it's only an opinion is that the North Stand was planned and built with good intentions for the football club going forward but costs got way out of hand leading to Blitz and maybe Gazal stepping in and effectively bailing Simon Corney out to get it operational and as a consequence the OEC as it stands was signed over to them as security and rightly so in my opinion if that was the case.

 

It's maybe another question to put to SB and DG this week just to clarify why the apparent saviour the North Stand ended up in Brassbanks portfolio.

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3 minutes ago, yarddog73 said:

To be honest I reckon Blitz has probably bailed us out on several occasions when the wolves have been at the door in recent years.

 

I get he wanted to step back from the initial plans he had for us after getting more than despondent but leaving Corney holding the baby and what's turned out to be an over ambitious money sapping project that is the OEC have been huge mistakes if he had any plans to move the club on.

 

My personal take on it and it's only an opinion is that the North Stand was planned and built with good intentions for the football club going forward but costs got way out of hand leading to Blitz and maybe Gazal stepping in and effectively bailing Simon Corney out to get it operational and as a consequence the OEC as it stands was signed over to them as security and rightly so in my opinion if that was the case.

 

It's maybe another question to put to SB and DG this week just to clarify why the apparent saviour the North Stand ended up in Brassbanks portfolio.

 

Not far from the truth...

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15 hours ago, yarddog73 said:

To be honest I reckon Blitz has probably bailed us out on several occasions when the wolves have been at the door in recent years.

 

I get he wanted to step back from the initial plans he had for us after getting more than despondent but leaving Corney holding the baby and what's turned out to be an over ambitious money sapping project that is the OEC have been huge mistakes if he had any plans to move the club on.

 

My personal take on it and it's only an opinion is that the North Stand was planned and built with good intentions for the football club going forward but costs got way out of hand leading to Blitz and maybe Gazal stepping in and effectively bailing Simon Corney out to get it operational and as a consequence the OEC as it stands was signed over to them as security and rightly so in my opinion if that was the case.

 

It's maybe another question to put to SB and DG this week just to clarify why the apparent saviour the North Stand ended up in Brassbanks portfolio.

Absolutely my reading of what’s gone on

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17 hours ago, mad4it said:

The deal was done because JW Lees loaned the some money and the condition (along with repayment) making the loan was to takeover the pouring rights at all the clubs bars .

Some of us with long memories still support the 'Stop The Rot' campaign motto:

"Don't put your mouth where their money is, until they put the money where your heart is".

https://www.wsc.co.uk/the-archive/30-Clubs/6109-brewers-droop

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4 minutes ago, Diego_Sideburns said:

Some of us with long memories still support the 'Stop The Rot' campaign motto:

"Don't put your mouth where their money is, until they put the money where your heart is".

https://www.wsc.co.uk/the-archive/30-Clubs/6109-brewers-droop

Wow 😮- If only I could upboat this post...

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14 minutes ago, mikejh45 said:

I'll take a punt on free of all Corney debts!

 

I’m assuming he means outstanding short term debts/payments.  He certainly doesn’t mean long term debt. 

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8 minutes ago, kowenicki said:

 

I’m assuming he means outstanding short term debts/payments.  He certainly doesn’t mean long term debt. 

 

If the only debt we have is Blitz 6-7 million worth of Directors loans then I'd say that's verygood news assuming a legal agreement is in place that he will only call this in if we reach the PL. We are pretty much debt free if that's the case.

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27 minutes ago, GlossopLatic said:

 

If the only debt we have is Blitz 6-7 million worth of Directors loans then I'd say that's verygood news assuming a legal agreement is in place that he will only call this in if we reach the PL. We are pretty much debt free if that's the case.

 

True. 

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Yeah, definitely don’t believe that for one second.

 

Whether he is referring to the debts from the Corney era (excluding what’s owed to Blitz & Co) I don’t know.

 

Then you have Lee Sinnott hinting that Blitz could well make us homeless should AL not pay him the £300k he now owes him (probably being OTT...).

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As at 30 june 207, the Creditors stood at £9.3m, however it moved from a current liability less than a year to >1 year creditor. Strong suggestion a formal arrangement was made. Possibly as per the previous statements not going to be repaid until we reach the Premier League or some other arrangment

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30 minutes ago, sjk2008 said:

Yeah, definitely don’t believe that for one second.

 

Whether he is referring to the debts from the Corney era (excluding what’s owed to Blitz & Co) I don’t know.

 

Then you have Lee Sinnott hinting that Blitz could well make us homeless should AL not pay him the £300k he now owes him (probably being OTT...).

 

Eh? 

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7 hours ago, GlossopLatic said:

 

If the only debt we have is Blitz 6-7 million worth of Directors loans then I'd say that's verygood news assuming a legal agreement is in place that he will only call this in if we reach the PL. We are pretty much debt free if that's the case.

It’s much higher than £6-£7M.

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19 minutes ago, ghostofcecere said:

The club still owes employees pension contributions going back to April 2018

You would hope that this is some sort of admin error.  To deliberately not pay employees' pension contributions would be a disgusting way to 'manage' cash flow.

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16 minutes ago, Stevie_J said:

You would hope that this is some sort of admin error.  To deliberately not pay employees' pension contributions would be a disgusting way to 'manage' cash flow.

 It to say illegal as it was deducted from employees salary and then never paid to Aviva.

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