Debt

[Midsblue]

1 hour ago, singe said:

If AL paid £4m for the squad alone, we are well and truly fucked. 

 

45 minutes ago, johnafoafc said:

He has been ill-advised if he has shelled out £4m for essentially a name and a football league place. A nominal £1 to Corney and the promise to honour the debts seems more realistic. I thought he had accountants and lawyers etc sifting through the books and contracts before he bought the club? Hope there is more money from where that came from if true or we are well and truly screwed.

 

Who knows, that £4 million could have been to clear the debts but that’s just the tip of the iceberg.  If it is the questions need to be asked as to what Owen and the Trust actually did at board meetings.  I know underdog said Trust was only fed certain information but surely the books demonstrated any financial mishandling?! 

[Twisbrogan]

There's a pub near where I live that was taken over and refurbished to a high standard and expensive new kitchens, etc. A couple of years in, they spent a load more money and did it up again. Thing was, it was never really that busy so there was no way they were going to be getting the money back. It was almost like they were looking at ways of just spending money. Weird...

Edited July 1, 2018 by Twisbrogan

[Senor_Coconut]

34 minutes ago, Twisbrogan said:

There's a pub near where I live that was taken over and refurbished to a high standard and expensive new kitchens, etc. A couple of years in, they spent a load more money and did it up again. Thing was, it was never really that busy so there was no way they were going to be getting the money back. It was almost like they were looking at ways of just spending money. Weird...

 

 

Edited July 1, 2018 by Senor_Coconut

[whittles left foot]

1 hour ago, Twisbrogan said:

There's a pub near where I live that was taken over and refurbished to a high standard and expensive new kitchens, etc. A couple of years in, they spent a load more money and did it up again. Thing was, it was never really that busy so there was no way they were going to be getting the money back. It was almost like they were looking at ways of just spending money. Weird...

Boing said Zebedee!!!!

[rudemedic]

The club being X amount in debt was always quite simple when Corney "owned" the club. There is no way the Landlords financed the new North Stand without any funding from the club, similarly how the club financed Brassbank's tax bill around the time of the demolition of the Clayton Arms. 

 

We've had quite a few transfers, plus a good couple of money spinning cup runs since the Landlords upped sticks. The 7 million debt is old, it could be more (unlikely) but it could be significantly less or even 0, given the takeover. Its up to the Landlords to prove it exists, which will involve them submitting lots of accounts since they took over the club in 2004. There's a significant part of me that thinks they may not want to do it for various reasons. 

[GlossopLatic]

3 hours ago, johnafoafc said:

He has been ill-advised if he has shelled out £4m for essentially a name and a football league place. A nominal £1 to Corney and the promise to honour the debts seems more realistic. I thought he had accountants and lawyers etc sifting through the books and contracts before he bought the club? Hope there is more money from where that came from if true or we are well and truly screwed.

 

He may have been given the right professional advice and just ignored it. 

 

Or just found consultants who will have told him what he wants to hear. Some will do that in order to get business.

 

This £4million figure appears to have been plucked out of thin air. Their was a £3million figure quoted in the sun which seemed questionable at the time.

 

If Corney has sold his OAFC shares for £4million and we still have £7mill debt he needs to be leading brexit negotiations.

 

Edited July 1, 2018 by GlossopLatic

[ChaddySmoker]

3 minutes ago, GlossopLatic said:

 

He may have been given the right professional advice and just ignored it. 

 

Or just found consultants who will have told him what he wants to hear. Some will do that in order to get business.

You have been drinking too much today. 

[ChaddySmoker]

1 hour ago, rudemedic said:

We've had quite a few transfers, plus a good couple of money spinning cup runs since the Landlords upped sticks. The 7 million debt is old, it could be more (unlikely) but it could be significantly less or even 0, given the takeover. Its up to the Landlords to prove it exists, which will involve them submitting lots of accounts since they took over the club in 2004. There's a significant part of me that thinks they may not want to do it for various reasons. 

The net worth of Oldham Athletic 2004 Ltd is illustrated by the figure on the balance sheet. 

If it is in brackets that is the net debt. 

The landlords do not need to prove anything. 

[Magic Mikey]

1 hour ago, whittles left foot said:

Boing said Zebedee!!!!

No he didn't.

[Midsblue]

OK, in this new-found spirit of transparency and openness between ALand the Trust, perhaps the Trust can ask the following and report back to us fans?  Appreciate confidentiality so perhaps a further fan representative who’s an accountant can check the books too and report back.

 

1. What’s the total debt for OAFC (not the north stand as presumably this debt sits with Brassbank)?

2. Why wasn’t this cleared through the takeover purchase or was AL aware and agreed to take this on?

3. Has AL evidenced funds to pay wages of staff for term of playing contracts (and contracts for non-playing staff) for this forthcoming season and beyond?

4. Do we owe Brassbank/Blitz anything or is it simply now rent for BP?

5. How long is the covenant safeguarding our tenancy at BP?

6. Is AL planning to acquire BP from Blitz?

 

To be honest I’m bored with all this now, want our staff to be paid with no uncertainty and we can focus on the pitch.  If the Trust can assure us on the above at least we can put this to bed.

 

I don’t expect an answer on point 6 nor guarantees on playing budgets but some clarity and perhaps assurances from the horses mouth would take aware the uncertainty, doubts and enable us to focus on next season...

[Kusunga_Is_God]

Simon Brooke should be removed from his position as Trust Representative.  

[Ryan]

1 hour ago, Midsblue said:

OK, in this new-found spirit of transparency and openness between ALand the Trust, perhaps the Trust can ask the following and report back to us fans?  Appreciate confidentiality so perhaps a further fan representative who’s an accountant can check the books too and report back.

 

1. What’s the total debt for OAFC (not the north stand as presumably this debt sits with Brassbank)?

2. Why wasn’t this cleared through the takeover purchase or was AL aware and agreed to take this on?

3. Has AL evidenced funds to pay wages of staff for term of playing contracts (and contracts for non-playing staff) for this forthcoming season and beyond?

4. Do we owe Brassbank/Blitz anything or is it simply now rent for BP?

5. How long is the covenant safeguarding our tenancy at BP?

6. Is AL planning to acquire BP from Blitz?

 

To be honest I’m bored with all this now, want our staff to be paid with no uncertainty and we can focus on the pitch.  If the Trust can assure us on the above at least we can put this to bed.

 

I don’t expect an answer on point 6 nor guarantees on playing budgets but some clarity and perhaps assurances from the horses mouth would take aware the uncertainty, doubts and enable us to focus on next season...

Don’t expect an answer from the trust, you’ll get told to stand for election or lump it...

 

DTTT

[johnafoafc]

4 hours ago, GlossopLatic said:

 

He may have been given the right professional advice and just ignored it. 

 

Or just found consultants who will have told him what he wants to hear. Some will do that in order to get business.

Well more fool him if that’s the case! Obviously it’s all hypothetical, he may well have just given Corney a quid.

I remember Corney describing AL as a friend, he’s a bit of a twat if he has pulled the fast one on him. All purely hypothetical mind.

Hopefully the trust will give some answers/ clarification on Midsblue’s questions and points. (Tongue firmly in cheek).

Edited July 1, 2018 by johnafoafc

[Monty Burns]

Corney in telling a lie/monetary swindle shocker.

[singe]

One of the strangest aspects was Corney was a mung to hang around.

Cant be many reasons for that. 

[leeslover]

19 hours ago, Midsblue said:

I’m almost certain that when AL officially took over it was confirmed somewhere (Trust?) that AL purchased the club for £4 million. If he did then why inherit £7 million to boot.  That £4 million presumably is to buy the players and their contract values as ‘assets’ as there’s no other assets.  Any shrewd businessman would have offset legacy debts against that asset value hence reducing £4 million even to the token ‘£1’ that some clubs are acquired for in return for inheriting the debts. This is where is suggested previously that if Corney misled then surely there’s business laws around this sort of thing?!

 

Isn’t that £7 million what the “club” owe Blitz if they wish to buy the stadium, land, north stand etc?  Blitz was stated to be the sole creditor when the fans were invited to view the books last time and assurances that the debt would only be called in once we reached the Prem.

 

Isnt the Trust’s key responsibility to monitor debts, income and expenditure since they came onboard the board.  If so, how could £7 million have been added to our debt?

No, the Trust never said anything of the sort! The article which Corney fed to the Sun said he'd paid Corney £3 million but that's complete horse shit. To tune of almost £3 million 

[AlanGrovesFanClub]

16 hours ago, Magic Mikey said:

No he didn't.

He did in the Jasper Carrot version. 

[Magic Mikey]

36 minutes ago, AlanGrovesFanClub said:

He did in the Jasper Carrot version. 

Carrott