Statement by Chairman

[latics22]

I at first welcomed the statement and still do, however on reflection this is pretty much what he told the trusts months ago. That started to look like bull as it was followed by HMRC and none payment of players. We are being fed the same message from the horses mouth, which is buying al time. Let’s hope this statement stands up and we do in-fact have no more hmrc surprises and missed wage payments! hopefully we can start to move forward with a few decent loans before Saturday, this would being back the feel good factor!

 

all said and done, al may be responsible for some of the further debt. But either way he has sorted that and cleared his and corneys mess.

 

in all honesty he must be think what the duck have I got myself into. I’m surprised he hasn’t walked, he is essentially spending his life times saving and children’s inheritance.

[latics22]

11 minutes ago, Horlicks said:

Nice bit of spin from AL which seems to have placated a lot of the fans but he must have been aware of the creditors if not it is gross incompetence.

1. You agree a price for the “business” - say £1m for Latics
2. You work out what the usual level of your ‘current’ assets and debts based on say the average of the last 12 months. This would include all creditors, HMRC debts for things like VAT, PAYE, National insurance etc.
3. If at the point of the sale the debts are higher than normal, you adjust the sale price by that amount... so if there’s an extra £500,000 of HMRC debts the sale price would reduce by £500,000. It’s to avoid exactly this type of problem.
4. If there were genuinely debts (HMRC or otherwise) that Corney has hidden from AL, he would have legal recourse under the sale agreement to get that money back from Corney. It would be extremely clear and simple that that is the case.
5. If the above hasn’t been done in this case, then it would lead me to believe the debts were genuine and AL is commercially very poor.

 

This is before you look at issues like signing foreign players on financially crippling salaries, suspending the only player who can tackle for the last two games of the season etc

He may have payed 0 and accepted the debt, admittedly he should have had a idea of the debt. As for paying a solicitor (costing more money), to get money out of corney who is skint. Would that not be a exspensive and fruitless task

[deyres42]

11 minutes ago, lookersstandandy said:

 

a) It doesn’t have to be - in its entirely - for public consumption. Basic tenets communicated to the fan base would suffice. Details to the shareholders - which includes the Trust, which represent us.

 

b) I don’t consider initiatives such as facility/infrastructure renovation, improved scouting / youth development, to yield more Tarky’s - then not selling them cheaply - particularly Grand. Grand would be a new £20m stadium.

 

c) Whether details of the Plans for any of the following clubs were made public or not, they clearly had them; and their supporters Trusts approved of them;

 

Matthew Benham, Brentford 2009.

Adam Pearson & Assem Allam, Hull City 2001 & 2010 respectively.

Adam Murray & Maxim Demin, Bournemouth 2009 & 2011 respectively.

You don't have to be a multi-millionaire to own a football club but it probably helps...

[ChaddySmoker]

20 minutes ago, deyres42 said:

Interesting that Coventry didn't come back in for him. Perhaps they, like Charlton and Portsmouth, didn't like what they saw from January onwards.

Also i bet that the monies received from Mansfield was a lot less.

 

[ChaddySmoker]

9 hours ago, League one forever said:

It’s abundantly clear he’s not very wealthy in owner terms. He’s invested 3 mill, but really that’s not a lot in this context.

 

It’s clear to me that’s it’s going to be a slow build. Thats ok if it means we pay staff on time, we don’t sign not rights, we aren’t fighting winding up orders. We aren’t taking out scouse loans, and having one PR disaster after another. Or blaming the fans, and having an them and us attitude.

£3M-Cheapskate. How much would it cost to change your username?

By the way the scouse loan has not been paid off, to my knowledge.

[deyres42]

4 minutes ago, ChaddySmoker said:

Also i bet that the monies received from Mansfield was a lot less.

 

Can't imagine the difference being a game changer.

 

A proper pro would have knuckled down and got on with his job, I'm with Lemsagam on this one.

[Midsblue]

8 hours ago, mcfluff1985 said:

Says the man who wanted us to throw a game of football. Can't take any comment seriously after that suggestion 

Jeez, that was meant tongue in cheek 

[lookersstandandy]

12 minutes ago, deyres42 said:

You don't have to be a multi-millionaire to own a football club but it probably helps...

 

....you don’t only have to be a multi millionaire to have a Plan. Mr. Lemsagam’s Plans can be commensurate with his ability in inject Cap-Ex.

[JohnnyPimp]

Just now, ChaddySmoker said:

£3M-Cheapskate. How much would it cost to change your username?

By the way the scouse loan has not been paid off, to my knowledge.

 

Maybe the debt is secured against the North Stand?

 

I guess two can play Corney's game.

[adamoafc]

Just now, JohnnyPimp said:

 

Maybe the debt is secured against the North Stand?

 

I guess two can play Corney's game.

Scouse loan was a debt corney took with him as part of the sale apparently so nothing to do with us now. 

[deyres42]

2 minutes ago, lookersstandandy said:

 

....you don’t only have to be a multi millionaire to have a Plan. Mr. Lemsagam’s Plans can be commensurate with his ability in inject Cap-Ex.

Which bit of your grand plan would you most like to see implemented?

[League one forever]

7 minutes ago, ChaddySmoker said:

£3M-Cheapskate. How much would it cost to change your username?

By the way the scouse loan has not been paid off, to my knowledge.

I’ve no idea chaddy. 

 

You offering? 

[Midsblue]

The one questionable thing from this statement is Byrne.  AL states that the selection of players rests with the manager yet FB wants to play him but can’t due to  internal matters.  

 

If Byrne is one of these players lacking discipline, causing unrest etc then loan him out for whatever pittance you can get.  Having the lad sitting there drawing a massive wage and not playing is madness - we already have Maouche doing similar.  If Byrne is not being paid and doesn’t know why he’s not playing then he’d have called in the PFA.

 

Still don’t understand this debt issue too.  If Corney’s hoodwinked him then sue Corney.  As one poster put, if the debt was £500k then reduce the offer by £500k.  Sounds like he paid what he did based on his due dilligence but then other debts come out the woodwork so his due diligence was commercially very poor.

[ChaddySmoker]

7 minutes ago, adamoafc said:

Scouse loan was a debt corney took with him as part of the sale apparently so nothing to do with us now. 

Is that what he promised? It is still showing as being outstanding at Companies House.

[ChaddySmoker]

5 minutes ago, League one forever said:

I’ve no idea chaddy. 

 

You offering? 

BP is holding me to buying the club for £1.10p so I would love to help but am fully committed at this moment in time.

I am going to get that PA who wrote out AL's statement to do one for me very shortly.

It will explain nothing but will keep the happy clappers ecstatic.

I even have a few old scarfs to bribe them with if they dont fall for it straight away

[Ryan]

3 minutes ago, ChaddySmoker said:

Is that what he promised? It is still showing as being outstanding at Companies House.

I remember the Trust saying before AL took over that any outstanding debentures had to be settled in order for the deal to go through.

[latics22]

How much is a scarf in the shop out of interest ?

[League one forever]

1 hour ago, lookersstandandy said:

 

Talking about league position, promotion, consolidating and so on..... are not plans. They are ambitions. Plans are initiatives that lead to ambitions being realised. What does he intend to do with the youth set up? How is he going to maximise income on matchday’s from use of the Joe  Royle stand? How is he going to ensure the pitch doesn’t resemble the Somme by mid winter? These are initiatives that constitute a plan.

Sorry Andy. 

 

But your asking for a level of detail that only exists in the boardroom. What club release’s plans from income on what a certain stand makes!!?? When have we EVER done that as a club? Why is AL being held to a higher account than every other owner in the land? How would that make you feel better?

 

Your going to be very disappointed in your holding out for that level of detail. It ain’t happening, mainly because it never has. 

[League one forever]

3 minutes ago, ChaddySmoker said:

BP is holding me to buying the club for £1.10p so I would love to help but am fully committed at this moment in time.

I am going to get that PA who wrote out AL's statement to do one for me very shortly.

It will explain nothing but will keep the happy clappers ecstatic.

I even have a few old scarfs to bribe them with if they dont fall for it straight away

 

Very good. 

[AlanGrovesFanClub]

2 minutes ago, Ryan said:

I remember the Trust saying before AL took over that any outstanding debentures had to be settled in order for the deal to go through.

I think you are referring to debts generally, not just debentures. Yes, due diligence is always done and, as this deal was not exactly rushed through, we can probably assume that there was a lot of it. Therefore, I think there are 3 possibilities: 

1. SC did not disclose what he should have done regarding outstanding debt and / or the accounting records were bad and did not include all the outstanding debt [in which case AL can go after him for personal warranties / indemnities which are standard in such a contract].
2. AL's advisors didn't do a very good job for him in the due diligence. 
3. AL had a certain impression of things that just wasn't what he actually signed up to. 

Given all that has gone on it could be any (or, indeed, all) of the above but I'd probably vote for 1 as being the strongest reason. 

[Ryan]

The debenture agreements didn't permit the sale of Corney's 97% shareholding (I remember the Trust saying this). My understanding was that the Necarcu charge had been settled before Abdallah took over, slightly worrying if it's still unpaid.

[adamoafc]

30 minutes ago, ChaddySmoker said:

Is that what he promised? It is still showing as being outstanding at Companies House.

A lot of stuff still showing on companies house that isn’t right like Simon Brooke still being a director. New directors which have come in Abdallahs brother being one, aren’t showing. 

[archiecat]

1 hour ago, AlanGrovesFanClub said:

Maybe it's a cheaper option than paying the wages of all the players who would get their ankles snapped in training if he were unchained? Just a thought. My point is that I don't think we actually know what happened, so there's no use speculating further or making assumptions. 

Do you think for one minute that had the Fane incident been intentional,Byrne wouldn't have been sacked on the spot?

Gerrard was shown the door for far less. The lack of information tells us all we need to know. 

 

[AlanGrovesFanClub]

15 minutes ago, Ryan said:

The debenture agreements didn't permit the sale of Corney's 97% shareholding (I remember the Trust saying this). My understanding was that the Necarcu charge had been settled before Abdallah took over, slightly worrying if it's still unpaid.

Oh I see. I can't hold all of this detail in my head at once! I was just referring to the general "shit, where did all these old debts come from? nobody told me about these..." thing that is coming out of BP. It's clear that there has been some very bad admin with late filings etc., so it's hard to pick out the real position on this stuff. 

[ChaddySmoker]

2 minutes ago, adamoafc said:

A lot of stuff still showing on companies house that isn’t right like Simon Brooke still being a director. New directors which have come in Abdallahs brother being one, aren’t showing. 

I never said that it was definately still outstanding. This might be just admin being poor but it should have been corrected by now.

It is not in the interest of the owners of OAFC 2004 Ltd for debts to still be shown if they have been settled. Necarcu should be instructed to take it off, immediately.

Until it is taken off at Companies House I would judge it as still being outstanding. By the way the Accounts are nearly 5 months late too!

These things are important in the commercial world. Our credit rating must be shot to bits but little things like this need sorting