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Author Topic: New beginnings - 25% Truth, 80% Bollocks  (Read 1434321 times)
Batch
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« Reply #13620 on: Thursday, June 27, 2024, 14:04:05 »

All guesswork
Could you explain to me what initiated the transfer funding loan

The need for cash I suppose, rob Peter to pay Paul. It seems not uncommon for clubs to borrow money against future revenue (at a cost).

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and what amount was involved if known

Can't recall.

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and similarly what the Seebeck issue was all about ?

The Seebeck issue wasn't one really. The company is one of the middle companies in the ownership company hierarchy and is effectively dormant. I think they forgot to file accounts on time and were issues a winding up order. They have filed them now I assume as the WO has been dropped
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ChalkyWhiteIsGod
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« Reply #13621 on: Thursday, June 27, 2024, 14:24:14 »

I see they have also admitted that there is no hope of the new stadium being finished before they have to vacate the three sided place so are looking at ground share options.

I did think that was likely.

Guessing it'll be Adams Park.
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Posh Red
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« Reply #13622 on: Thursday, June 27, 2024, 14:25:59 »

All guesswork
The need for cash I suppose, rob Peter to pay Paul. It seems not uncommon for clubs to borrow money against future revenue (at a cost).
 

This is effectively what Leeds did back in the day, the difference was they borrowed against future Champions League revenue, and then didnít qualify.

At least we borrowed against real income
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Legends-Lounge

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« Reply #13623 on: Thursday, June 27, 2024, 14:30:38 »

Season ticket sales?

Launderette.
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Lardy Cake

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« Reply #13624 on: Thursday, June 27, 2024, 14:35:43 »

Thanks Batch for your reply. Appreciated.
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"Still to find and still to follow. Joy in every hill and hollow. Company in solitude".
tans
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« Reply #13625 on: Thursday, June 27, 2024, 15:15:00 »



Guessing it'll be Adams Park.

Franchise i think

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4D
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« Reply #13626 on: Thursday, June 27, 2024, 15:29:53 »

Another ground they won't fill
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horlock07

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« Reply #13627 on: Thursday, June 27, 2024, 15:56:56 »

The need for cash I suppose, rob Peter to pay Paul. It seems not uncommon for clubs to borrow money against future revenue (at a cost).
 

It was basically a short term mortgage secured against a property in that there London, with the lender being a factoring company based in Bath.

P.S I didn't realise that there is a Axis Sports Investment Ltd (which this charge was on) whose accounts incidentally, just for a change, are well overdue, but also Axis Football Investment Ltd whose accounts are also way overdue. He seems to employ god knows how many different accountants in various locations who all seem pretty shoddy with paperwork deadlines! 
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Robinz

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« Reply #13628 on: Thursday, June 27, 2024, 17:06:05 »

Genuine question..
What type of financial lender would do business with a company that seems to only have security on a football  ground owned 50% by others.
The risk factor would be huge and surely that would reflect in the interest rates being charged ?
Surely a race to the bottom of a barrel.the
The joint venture agreement between the Trust and STFC would give some answers re security allowed to be used on the County ground.
  
« Last Edit: Thursday, June 27, 2024, 17:13:05 by Robinz » Logged
ChalkyWhiteIsGod
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« Reply #13629 on: Thursday, June 27, 2024, 17:10:00 »

Franchise i think



Bit far that. I'd have thought Wycombe most likely followed by Northampton maybe.
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horlock07

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« Reply #13630 on: Thursday, June 27, 2024, 17:13:21 »

Genuine question..
What type of financial lender would do business with a company that seems to only have security on a football  ground owned 50% by others.
The risk factor would be huge and surely that would reflect in the interest rates being charged ?
Surely a race to the bottom of a barrel.
 
The loan/charge was secured against a pretty big building in that London which I assume Morfuni owns.
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Robinz

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« Reply #13631 on: Thursday, June 27, 2024, 17:24:58 »

Interesting
If correct, Morfuni has far more energy for financial success than showed by STFC on the field last year.
He is playing for high stakes and must have others bank rolling him ?
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ChalkyWhiteIsGod
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« Reply #13632 on: Thursday, June 27, 2024, 17:42:44 »

Is he starting to manage to get his finances in order? We can only hope.
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RobertT

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« Reply #13633 on: Thursday, June 27, 2024, 18:36:30 »

The loan/charge was secured against a pretty big building in that London which I assume Morfuni owns.
'
I could be wrong, but I thought it was a leased property?
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Uncletrunx

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« Reply #13634 on: Thursday, June 27, 2024, 19:10:44 »

Bit far that. I'd have thought Wycombe most likely followed by Northampton maybe.

Reading?
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