Everton change bridging loan from Barclays to company in BVI

[Neiler]

Well at least you're not arguing that it isn't Earl now (which would have been ridiculous to continue with). He (or the feller he's acting as proxy for) have loaned the club monies secured against the tv revenue. That's all. Safe as houses for the near future as the club would get parachute payments anyway in the highly unlikely event of being relegated. The sum of £1.3M is being taken by this company for the *massive risk* involved.

Probably the easiest money ever earned by a *custodian* of a football club...and just for looking after the overall value of their own asset.

Now that's what I call a neat trick. Money goes to money is the old saying, I believe.

Still, I'm sure yopu'll find a way to excuse this type of behaviour.

I think youve gotten the worng end of the stick here compleatly mate, this is an annual loan the club take out every year, as Matt says its a bridgeing loan and is paid back throughout the year - infact i think you posted a very similar thread this time last year.

I think you misunderstand whats happening here, yes there is a change in the structure of the loan and from i can see its larger then last year - which is a worry. The change as it appears to me is that Everton seem to be have been unable to raise the captail without being gaurentted by a director, it seems like Earl has underwritten it on behalf of the club. I think your barking up the wrong tree with him borrowing money and leveargeing the club, i dont think any interest will end up in his pocket, hes just gaurenteed the loan.

The smokeing gun your looking for here is the that the loan is higher then in previous years, the fact the club as a buissness isnt able to take out the loan by itsself due to security and gaurentees and the fact that the loan becuase higher will of course come with a higher rate of interest due to the princiapal but also because of the financial climate around the world. Worryingly because this is all heaped on to the 24 odd million deeemed "opperating costs" in serviceing. Its not going into Earls backpocket as you suggest, infact if anythig and after what i just said this doesnt really make sense he given the club a dig out here - which is change of tactic from his previously stated intention.

 

[jimbo2011]

Get Willis on the board FFS!

Do you really think you can stop us Mr.Cowboy?
Well,Yippee ki-yay, mother****er!

 

[davek]

I think youve gotten the worng end of the stick here compleatly mate, this is an annual loan the club take out every year, as Matt says its a bridgeing loan and is paid back throughout the year - infact i think you posted a very similar thread this time last year.

I think you misunderstand whats happening here, yes there is a change in the structure of the loan and from i can see its larger then last year - which is a worry. The change as it appears to me is that Everton seem to be have been unable to raise the captail without being gaurentted by a director, it seems like Earl has underwritten it on behalf of the club. I think your barking up the wrong tree with him borrowing money and leveargeing the club, i dont think any interest will end up in his pocket, hes just gaurenteed the loan.

The smokeing gun your looking for here is the that the loan is higher then in previous years, the fact the club as a buissness isnt able to take out the loan by itsself due to security and gaurentees and the fact that the loan becuase higher will of course come with a higher rate of interest due to the princiapal but also because of the financial climate around the world. Worryingly because this is all heaped on to the 24 odd million deeemed "opperating costs" in serviceing. Its not going into Earls backpocket as you suggest, infact if anythig and after what i just said this doesnt really make sense he given the club a dig out here - which is change of tactic from his previously stated intention.

No mate, go back to post 10 of this thread. I fully agree there with Atrottel that that's what this is (a bridging loan) after misunderstanding initially. The issue has moved on from that to one where were discussing the morality of a club director charging a 10% rate of interest on that £13M loan.

You see, we've had a situation this week where the ethics of club supporters apparently taping and publishing a private conversation with the chairman has been castigated by every Tom, [Poor language removed] and Deggsy. But I'd leave it to you and others to come to your own conclusion whether taking £1.3M out of Everton FC per annum is not a bigger disgrace.

 

[jimbo2011]

No mate, go back to post 10 of this thread. I fully agree there with Atrottel that that's what this is (a bridging loan) after misunderstanding initially. The issue has moved on from that to one where were discussing the morality of a club director charging a 10% rate of interest on that £13M loan.

You see, we've had a situation this week where the ethics of club supporters apparently taping and publishing a private conversation with the chairman has been castigated by every Tom, [Poor language removed] and Deggsy. But I'd leave it to you and others to come to your own conclusion whether taking £1.3M out of Everton FC per annum is not a bigger disgrace.

And...they didn't tape or record the meeting in any way, shape or form. Don't buy the spin.

 

[Matt Damon]

GOT NEWS ALERT!

No mate, go back to post 10 of this thread. I fully agree there with Atrottel that that's what this is (a bridging loan) after misunderstanding initially. The issue has moved on from that to one where were discussing the morality of a club director charging a 10% rate of interest on that £13M loan.

You see, we've had a situation this week where the ethics of club supporters apparently taping and publishing a private conversation with the chairman has been castigated by every Tom, [Poor language removed] and Deggsy. But I'd leave it to you and others to come to your own conclusion whether taking £1.3M out of Everton FC per annum is not a bigger disgrace.

GOT NEWS ALERT!

Dave K's backtracking on his initial assertion and is now claiming its a Bridging loan

not a new Mortgage as he initially asserted.

 

[Goat]

That's fine mate. I know your position now. You feel it's right to slag off Randy Lerner's family trust for extracting interest payments on loans, but you think it's ok when one of our directors does the same.

Understood.

Game
Set
Match

 

[Matt Damon]

Game
Set
Match

Yeah really is. Backtracking from him all over the shop!

 

[Goat]

At least he admits his mistakes.

And at least he only cares about Evertons problems.

Daves 20 times the man you can dream of being.

 

[Matt Damon]

At least he admits his mistakes.

And at least he only cares about Evertons problems.

Daves 20 times the man you can dream of being.

 

[Neiler]

No mate, go back to post 10 of this thread. I fully agree there with Atrottel that that's what this is (a bridging loan) after misunderstanding initially. The issue has moved on from that to one where were discussing the morality of a club director charging a 10% rate of interest on that £13M loan.

You see, we've had a situation this week where the ethics of club supporters apparently taping and publishing a private conversation with the chairman has been castigated by every Tom, [Poor language removed] and Deggsy. But I'd leave it to you and others to come to your own conclusion whether taking £1.3M out of Everton FC per annum is not a bigger disgrace.

So your allegation mate, is that Earl is taking the 1.3mill out of the club and pocketing it privately. What im saying is he has gaurenteed the loan on behlaf and Everton pay the loan back the princpal and interest - which go to the lending institution.

If you can prove otherwise - youve won me over - if i thought that money was going out of the club and being pocketed be a director for a profit or leveraged - then i would be total agreement with you - but i think your wrong here.

 

[Woolly Blue]

That's just the way it is.

Why does every board thread turn into Damon vs Davek slanging match with a bit of Villa as a template.

Its so boring.

[video=youtube;D1NAGhiVqdg]http://www.youtube.com/watch?v=D1NAGhiVqdg[/video]

 

[sharron]

Is it bad that i dont give a s*** about other clubs and only worry about us? Someone tell me how much we owe hmrc? And can we pay it?

 

[Waddy]

I dont really agree with the **** people like Green get to be honest. I doubt very much he gives a **** about Everton FC, I doubt hes a supporter anyway. He is a rich man, and a fantastic business man so I am sorry, when Kenwright or whoever asked him for money, he said yes but here are the conditions. Like any money lending company. Kenwright or whoever could have said no thanks.
It isnt Greens fault. He is probably a director of the club because of the loan and when its paid off he will probably go too.
Its business.
The club is still at fault for needing to borrow money from private investors which means the banks have well and truly shut up shop.

 

[Chang Elephant]

Neiler

Earl has not guaranteed the loan for the club....he has (probably) provided the loan to the club as (probably) one of the invisible owners of the Virgin Islands entity....Vibrac. For the one year loan Vibrac (Earl) takes 10% interest.....£1.3M.

Whatever Damon Buffet has to say on the subject won't change the fact that yet again we're borrowing in advance against income not yet received.

 

[nesky]

For what it's worth and to prepare for the next paragraph, I work in the investment industry and have access to a lot of feedback from banks and wealthy people.

There is a global economic crisis on the way the like of which humanity has never witnessed and it will change the way of life for most people forever. The banks know about it and so do the super rich, governments, big corporations, etc., and accordingly are strategically positioning themselves frantically to survive it as best they can. One of the priority measures being taken is decoupling from debt and naturally, banks don't want to be saddled with any debt that they perceive as risky. Everton, unlike Liverpool and Man Utd, do not have a vast global fanbase aka dependable income stream and so, in my view, EFC poses a much greater risk than larger clubs, despite the principal it owes being smaller than what the others owe. So that provides, at least in my estimation, some context to Everton's banking woes. That all said, if events go as far south as I fear, even Liverpool and United with their grand fanbases will be sucked into the pit too.