I'm still astounded that almost literally nobody involved has any kind of culpability from this financial malfeasance. DBB, the CFO, Kenwright(obv), moshiri, not a one of them apparently bear any responsibility for the state of us today.
Good Times
Blows My Mind
gwladysnight
Player Valuation: £10m
The thing is from Moshiri buying the club in 2016 to the present day the club has received 24 different commercial loans. Six months after Moshiri bought the club we took out a high-interest loan with Rights and Media against future TV revenue.
To pretend that the club only takes out commercial loans because of the Stadium simply doesn't stand up to the most basic form of scrutiny.
What outlines the absolute stupidity of Moshiri though is the fact that he didn't even try and disguise it. If we had claimed a proportion of the interest on a pro-rata basis then we might have got away with it. To try and claim all of the interest was just farcical.
Every club in the League will have an interest-bearing revolving credit facility with at least one or more financial institutions.
gwladysnight
Player Valuation: £10m
I think it is very telling that BDO were apparently unwilling to sign off the accounts and that Ingles and DBB were unwilling to speak to the Independent Commission.
Where has the talk of an additional 6 point reduction come from ?
Moderatelywarmwater
Player Valuation: £10m
So this stadium interest loan thing….
its about 2 million quid.
as I understand it, the stadium loan at this point was considered (by the independent panel) an interest free loan from Moshiri and therefore it was wrong to try to try to claim money against it for PSR requirements.
Moshiri tried to claim that the R&M and Metro bank loans were defacto loans for the stadium and that the club wouldnt have had these loans of it weren’t for the stadium as he’d just have paid them off as he had with other loans.
The panel however, decided that due to the paperwork for both R&M and Metro bank loans not mentioning the stadium and that there was nothing to say that Moshiri hadn’t just made up that he’d have paid the loan off, then it couldn’t be in anyway certain the loan was for the stadium.
It seems that the club provided misleading information to the PL which is why initially they thought the stadium loan interest would be accepted.
is that a fair summary of the situation?
its about 2 million quid.
as I understand it, the stadium loan at this point was considered (by the independent panel) an interest free loan from Moshiri and therefore it was wrong to try to try to claim money against it for PSR requirements.
Moshiri tried to claim that the R&M and Metro bank loans were defacto loans for the stadium and that the club wouldnt have had these loans of it weren’t for the stadium as he’d just have paid them off as he had with other loans.
The panel however, decided that due to the paperwork for both R&M and Metro bank loans not mentioning the stadium and that there was nothing to say that Moshiri hadn’t just made up that he’d have paid the loan off, then it couldn’t be in anyway certain the loan was for the stadium.
It seems that the club provided misleading information to the PL which is why initially they thought the stadium loan interest would be accepted.
is that a fair summary of the situation?
HalfTimeSayers
Player Valuation: £25m
Fiduciary duties of directors:
- to act within the powers prescribed in the company’s constitution;
- to act in a manner that is most likely to promote the success of the company;
- to exercise reasonable care, skill and diligence when carrying out their duties;
- to refuse benefits from third parties;
- to avoid conflicts of interest;
- to exercise independent judgement; and
- to declare any interest in a proposed transaction or arrangement that the company intends to enter into.
Where a director is found to be in breach of his or her fiduciary duties, the following claims can be brought by the company involved in the dispute:
- Restitution of profits. Where the company has suffered loss as a result of a director’s misconduct, a court may order any personal profit made by the director in connection with the conduct to be relinquished to the company.
- Restoration of property. If an erring director has taken hold of any property belonging to the company, the company may seek restoration of that property.
- Injunctive relief. A company may also bring a claim against a director to prevent them from carrying out a breach or continuing to breach their duties, known as an injunction.
- Rescission of a contract. If a director signs a contract that is contrary to the company’s intentions, this can be reversed.
- Damages. Damages may be payable to a company where it has suffered loss as the result of a director’s negligent infringement of his or her duties.
Not a chance in hell in reality, not just here but any most situations. But it is bizarre how directors in all companies are allowed to make all sort of mess and their only punishment is usually a massive payoff and a 1 year non-compete clause.
Runub
Player Valuation: £50m
Probably give us an additional bonus deduction for getting the treble up
The Nature Boy
Player Valuation: £950k
Any truth in this or….?
Blue83
Player Valuation: £20m
From the sounds of it, half of the league is going to get done next year
How can they predict that when we have till June 30th to get rid of players we could raise 200mil if we wanted
No, not a single bit.
The Nature Boy
Player Valuation: £950k
Well then, from everything I’m reading on here, I can’t see how we expect to get f-all back from an appeal…
