Radio Manc tonight. 6pm. 9th April

[singe]

5 minutes ago, LaticMark said:

 

Didn't AL, recently, use the phrase 'almost debt free' about the club?

He did, but he was vague on the type of debt.

[Dave_Og]

20 minutes ago, rudemedic said:

That's nearly 2 years ago, if Marco is true to his word we should only owe a fraction of that. 

 

 

 

Absolutely no chance

[latics22]

52 minutes ago, singe said:

I have bad news for you. as of June 2017, we owed £11.5m.

Bury accounts are a mess, but as of May 2017 Bury had debts of £6.8m.

Things may have worsened significantly since then, for us and Bury.

 

Yeah but how much of that is due if we reach the prem? It’s totally different.

[singe]

41 minutes ago, latics22 said:

Yeah but how much of that is due if we reach the prem? It’s totally different.

See my previous posts. I suspect he has clearly regular overspend, and the debt as been mvoed from due within  the year to due over  a year but clearly some think that we have no debt, which is not the case.
Have you got evidence that it is "only" when we reach the Prem?

[lookersstandandy]

8 minutes ago, singe said:

Have you got evidence that it is "only" when we reach the Prem?

 

....it goes back a long way this doesn't it? I'm sure somewhere there exists a quote from Blitz, where he says £XM. [I think it was £6m] was a loan only repayable if we ever got back into the Premier League..... but of course in reality, they had taken their £6m back already in land ownership, land development into houses, land sales to the hospital etc etc.... whether the £11.5m [as of Jun 2017] included that £6m..... or indeed whether that £6m was written off when Corney sold the club to Abdallah.... or whether it still remains in the hope they get paid twice [in effect], we will only know when future accounts get published and/or if the land sale to the fan led group goes through.....

[HarryBosch]

2 hours ago, rudemedic said:

That's nearly 2 years ago, if Marco is true to his word we should only owe a fraction of that. 

 

 

5% to be exact...

[deyres42]

Surely the saga ends with the ground sale.

[jorvik_latic]

55 minutes ago, lookersstandandy said:

 

....it goes back a long way this doesn't it? I'm sure somewhere there exists a quote from Blitz, where he says £XM. [I think it was £6m] was a loan only repayable if we ever got back into the Premier League..... but of course in reality, they had taken their £6m back already in land ownership, land development into houses, land sales to the hospital etc etc.... whether the £11.5m [as of Jun 2017] included that £6m..... or indeed whether that £6m was written off when Corney sold the club to Abdallah.... or whether it still remains in the hope they get paid twice [in effect], we will only know when future accounts get published and/or if the land sale to the fan led group goes through.....

 

The ground ownership was always in separate companies. It looked like there was some strange accounting at the time of building the North Stand and who paid for and owned what after that and I'm sure Corney was never in a position to write the debt off when AL took over....

[kowenicki]

2 hours ago, LaticMark said:

 

Didn't AL, recently, use the phrase 'almost debt free' about the club?

 

As in “I have paid all the final demands and current bills”. Long term debt hasn’t gone anywhere. Can’t have.

[singe]

1 hour ago, lookersstandandy said:

 

....it goes back a long way this doesn't it? I'm sure somewhere there exists a quote from Blitz, where he says £XM. [I think it was £6m] was a loan only repayable if we ever got back into the Premier League..... but of course in reality, they had taken their £6m back already in land ownership, land development into houses, land sales to the hospital etc etc.... whether the £11.5m [as of Jun 2017] included that £6m..... or indeed whether that £6m was written off when Corney sold the club to Abdallah.... or whether it still remains in the hope they get paid twice [in effect], we will only know when future accounts get published and/or if the land sale to the fan led group goes through.....

Of course, and as you know gentlemans agreement's and quoted in the newspaper are different from contractual/legal liabilities!
From what we can see in BrassBank, Corney had no interest in it so all but certain nothing was paid off.
As you say, be interesting when the overdue accounts are published.

[lookersstandandy]

40 minutes ago, jorvik_latic said:

 

The ground ownership was always in separate companies.

 

It looked like there was some strange accounting at the time of building the North Stand and who paid for and owned what after that and....

 

....I'm sure Corney was never in a position to write the debt off when AL took over....

 

Yeah I know..... my reading of the situation was that the loans [only repayable if we got back to the Premier League] were granted [in a time when liquidity was easier to come by] on the basis of the land being asset stripped.....

 

Indeed. For instance, was OAFC 2004 Ltd paying for something that it didn't end up owning?

 

I'm sure too..... but whether those loans still exist [to OAFC 2004 Ltd from Brassbank] or were written off in exchange for ownership of the North Stand / the OEC, or to enable Corney to sell to Abdallah, or not [therefore Blitz/Gazal could get paid - in effect - twice], we'll only begin to attempt to understand through more accounts being published / the land sale going through.....?

Edited April 26, 2019 by lookersstandandy

[latics22]

1 hour ago, singe said:

See my previous posts. I suspect he has clearly regular overspend, and the debt as been mvoed from due within  the year to due over  a year but clearly some think that we have no debt, which is not the case.
Have you got evidence that it is "only" when we reach the Prem?

Yeah but to call that debt in ends oafc, I can’t see him doing that! It won’t get him paid as there is no money. It would be a pointless exercise, that would get them a hell of a lot of flack. Also I’d imagine that’s  it’s hard to evidence the money to the pound or penny that is owed. Plus if dodgy stuff has gone on there not going to want people poking around in the books.

[ghostofcecere]

37 minutes ago, kowenicki said:

 

As in “I have paid all the final demands and current bills”. Long term debt hasn’t gone anywhere. Can’t have.

I suspect this is the case

[kowenicki]

Bolton game under threat again.

 

 

https://www.theboltonnews.co.uk/sport/17600490.bolton-players-issue-pay-ultimatum-over-championship-clash/

[singe]

59 minutes ago, latics22 said:

Yeah but to call that debt in ends oafc, I can’t see him doing that! It won’t get him paid as there is no money. It would be a pointless exercise, that would get them a hell of a lot of flack. Also I’d imagine that’s  it’s hard to evidence the money to the pound or penny that is owed. Plus if dodgy stuff has gone on there not going to want people poking around in the books.

It's not that simple.We don't know for certain, but there will inevitably be payments, of at least rent. Brassbank would have to go after Lemsagam if he decided to withhold or could not afford that either.

Debt is still debt and it is false to say we are debt free.

Your point was that our debts are no where near Bury's when they could well be worse.

 

[boundaryblue80]

2 hours ago, lookersstandandy said:

 

Indeed. For instance, was OAFC 2004 Ltd paying for something that it didn't end up owning?

 

 

The intentions of Blitz and Gazal were there for all to see the season we sold Eardley and should've made a profit but they lump an R&D bill of £1,000,000 on the OAFC books.

 

As you've alluded above, they'll be wanted their £6m twice over. No doubt about that in my eyes. The C****.

[lookersstandandy]

22 minutes ago, boundaryblue80 said:

 

The intentions of Blitz and Gazal were there for all to see the season we sold Eardley and should've made a profit but they lump an R&D bill of £1,000,000 on the OAFC books.

 

As you've alluded above, they'll be wanted their £6m twice over. No doubt about that in my eyes. The C****.

 

Quite.

 

What are Abdallah's intentions then, Ross?

[boundaryblue80]

11 minutes ago, lookersstandandy said:

 

Quite.

 

What are Abdallah's intentions then, Ross?

 

That's what you're finding out, isn't it? 

[lookersstandandy]

Just now, boundaryblue80 said:

 

That's what you're finding out, isn't it? 

 

Not falling for my bait? 

 

I think all of us - yourself included - should very suspicious of him & his behaviour, until we can understand what his motives/intentions are!

[kowenicki]

5 minutes ago, lookersstandandy said:

 

Not falling for my bait? 

 

I think all of us - yourself included - should very suspicious of him & his behaviour, until we can understand what his motives/intentions are!

 

I think its to take us for everything we have...

 

 

[Dave_Og]

38 minutes ago, boundaryblue80 said:

 

The intentions of Blitz and Gazal were there for all to see the season we sold Eardley and should've made a profit but they lump an R&D bill of £1,000,000 on the OAFC books.

 

As you've alluded above, they'll be wanted their £6m twice over. No doubt about that in my eyes. The C****.

 

Making a profit is generally the objective of going into business...

[Dave_Og]

Just now, kowenicki said:

 

I think its to take us for everything we have...

 

 

 

£3.72 and a corner flag?

[singe]

8 hours ago, kowenicki said:

Bolton game under threat again.

 

 

https://www.theboltonnews.co.uk/sport/17600490.bolton-players-issue-pay-ultimatum-over-championship-clash/

Just officially called off by Bolton. 

[kowenicki]

11 minutes ago, singe said:

Just officially called off by Bolton. 

 

You seen the Bassini interview on Sky?

 

Its bizarre.  The mans a basket case. 

 

https://www.skysports.com/football/news/11095/11704328/laurence-bassini-says-he-will-pay-bolton-players-march-wages-before-brentford-game?utm_source=dlvr.it&utm_medium=facebook

 

 

Edited April 26, 2019 by kowenicki

[kowenicki]

Feel for the Bolton fans.  Could be supporters of any number of clubs in that position sooner or later. 

 

Bit of a lesson here though for fans of ‘successful’ clubs too.  Don’t just question ownership in bad times, consider it in what appear to be good times too.  

 

Bolton’s troubles started when a wealthy fan chased a dream by throwing money at them.... with director loans. That created a totally unsustainable business model once the cash injections from him dried up.  Writing off the debt only solved part of the problem. The club spiralled from there.... and it might well end in liquidation.