The Everton Board Thread 2015/16 [ Not takeover related ]

[Tchnique]

What if an American like Mark Cuban wanted to buy the club? What if he offered to buy it through an entity/vehicle he owns in the BVI instead of something he owns in the US? Does that make a difference? Or should his money come through a UK-based entity?

I'd kill for Cuban and an investment group to buy the club.

The man wants to win more than anything and I'd rather have that than this band of crooks.

I would also like to see this LA consortium that's been going around (Magic Johnson's group) become interested. Look at the money they've dumped into the LA Dodgers.

 

[hibbo'sclass]

Have attached the company report from Companies House for JG Funding Ltd as of about an hour ago.
Sole Director Jonathon Christopher McMorrow.
JG Funding Limited has 5 charges outstanding, 3 to Mousehole Ltd a BVI corporation dating back to 2011 which was stated in a Guardian article a couple of years ago to be an associate company of JG, and had the same investor as Vibrac (same article).
The 2 new charges are to Kirkton Investments Limited (registration no:012657v on the Isle of Man Companies register) and Carroch Holdings Ltd (registration no:012656v on the Isle of Man Companies register). Both of the Manx entities were incorporated on 5th August 2015 by the fiduciary services arm of a local lawyers called Cain's.
The registered offices for these two entities is Fort Anne in the Isle of Man,post code IM1 5PD. The only public records available for each are the Certificate of Incorporation, the Memorandum of Association and the Articles of Association, these will tell you the square of Jack sh*t!
The Isle of Man as a jurisdiction allows the use of nominee shareholders and Directors (but the fiduciary company must know the identity of the ultimate beneficial owner and declare that they do in the annual return), no accounts are filed with Companies registry, but it is possible they will be filed with the Treasury, Income Tax Division.
I am sceptical that there is anything other than circumstantial evidence and speculation that Philip Green has anything to do with any of the above companies, but will stand corrected if documentation can be provided.
In fact, as the JG Funding Ltd still having charges outstanding to Mousehole would give a gut feeling that this is still the same structure with the same ultimate owner, whoever that may be.
Just looked on both registries so these are the facts as known today.

 

[SerenityNigh]

I'd kill for Cuban and an investment group to buy the club.

The man wants to win more than anything and I'd rather have that than this band of crooks.

I would also like to see this LA consortium that's been going around (Magic Johnson's group) become interested. Look at the money they've dumped into the LA Dodgers.

Could do worse than Magic's group. Amazing to think that they paid $2B for the Dodgers, when Everton's quoted price (if they are actually selling) is somewhere between £125m ($200m) and £200m ($320m). Much harder to make a football club profitable (given the price controls and revenue sharing in MLB), but maybe more potential for ROI if you've got deep pockets.

 

[evo1878]

It's not OK if the shareholder/owner utilises his control of the limited company to direct that company to take loans specifically from another company that he owns and benefits from, to the detriment of fellow shareholders (as in whether the loans are necessary, whether the rate is decent) and uses his control of that company and knowledge of it's income streams to ensure that repayment of the loan is prioritised and cast iron guaranteed.

There will be a reason why ownership is hidden.

I don't disagree with you mate. I'm on record saying it smells but apart from that and possibly evading / avoiding tax which is a reason for secrecy its kenwright and the board who should be scrutinised and asked why they keep repeating this loan. If Philip green is lending them the money then That's his choice. They have to ask for it in the first place. Now as someone else has calculated in the Everton FC - finance thread there should be no need for the loan if we don't buy someone for a lot of money in the next 19 hours. So I think that should be a point of questioning to open up this secrecy i,e why they keep borrowing when they don't need to

 

[Chang Elephant]

its kenwright and the board who should be scrutinised and asked why they keep repeating this loan. If Philip green is lending them the money then That's his choice

Situation changes if Green is effectively the board/part of it

 

[Tchnique]

Could do worse than Magic's group. Amazing to think that they paid $2B for the Dodgers, when Everton's quoted price (if they are actually selling) is somewhere between £125m ($200m) and £200m ($320m). Much harder to make a football club profitable (given the price controls and revenue sharing in MLB), but maybe more potential for ROI if you've got deep pockets.

That group has some deep spenders, especially the Guggenheim group ($240bn). The consortium seems to be the hot item in American sports so that may be the type of owner to purchase the club.

The LAFC group may also be worth watching, but I doubt this possibility as it may be too much with a new franchise with a new stadium needing built.

 

[The Esk]

Situation changes if Green is effectively the board/part of it

There is (to my knowledge) no evidence that Green is managing/part of the Board and acting as a shadow director.

If there is evidence I would like to see it.

 

[bourneblue]

I don't disagree with you mate. I'm on record saying it smells but apart from that and possibly evading / avoiding tax which is a reason for secrecy its kenwright and the board who should be scrutinised and asked why they keep repeating this loan. If Philip green is lending them the money then That's his choice. They have to ask for it in the first place. Now as someone else has calculated in the Everton FC - finance thread there should be no need for the loan if we don't buy someone for a lot of money in the next 19 hours. So I think that should be a point of questioning to open up this secrecy i,e why they keep borrowing when they don't need to

Those loans are bridging loans to take us through the close season when the club has a relatively low income,it is repaid when the first installment of the tv money rolls in,that being August.There's A good few clubs that do this.

 

[Chang Elephant]

There is (to my knowledge) no evidence that Green is managing/part of the Board and acting as a shadow director.

Wyness being summoned to his yacht to be sacked ? Negotiating the Rooney transfer ?

If there is evidence I would like to see it.

So would I

 

[evo1878]

Situation changes if Green is effectively the board/part of it

Asking you politely - How does it change the situation mate?

If he is a board member then it's a director's loan and it needs disclosing in the accounts. But he's not actually a board member so it's not even a related 3rd party loan on the surface. I really used to think there was something wrong with it but apart from the secrecy and the fact money is flowing out of the club without any real explanation or scrutiny there's nothing overtly wrong with anyone lending the club money. If the JG funding interest rate is similar to vibrac loan interest rate then it's not massively uncommercial.

People should instead be questioning the 'other operating costs', the club's lack of commercial ambition and most recently how the hell elstone and co can survive sponsorship deals with Ponzi schemes like Power8

 

[Chang Elephant]

Asking you politely - How does it change the situation mate?

Answering equally politely (?) - it changes the situation if a director (shadow/otherwise) uses that position to benefit from an outside interest to the detriment of fellow shareholders of that limited company. You yourself are questioning the need for these loans.

 

[evo1878]

Those loans are bridging loans to take us through the close season when the club has a relatively low income,it is repaid when the first installment of the tv money rolls in,that being August.There's A good few clubs that do this.

I agree mate. It's a legitimate form of funding but the question is why does the board still need a bridging loan this summer. Even accounting for Rodriguez and Mori transfer fees We should be cash positive or at worst cash neutral working with the known big cash flow items that can be reconciled back to the last accounts. Someone has already done a great job in the finance thread on this subject. It just doesn't make sense why we need any bridging loans unless we are going to buy big in this transfer window.

 

[evo1878]

Answering equally politely (?) - it changes the situation if a director (shadow/otherwise) uses that position to benefit from an outside interest to the detriment of fellow shareholders of that limited company. You yourself are questioning the need for these loans.

Yes if a director (shadow or otherwise) influences Board to detriment of shareholders. Yes that's a problem but Green is not a director or a shadow director unless and until someone can prove otherwise?

Yes I am questioning the need for the JG Funding loan 100%. But no point getting excited about it until this time tomorrow

 

[The Esk]

Wyness being summoned to his yacht to be sacked ? Negotiating the Rooney transfer ?

Allegedly?

 

[bourneblue]

My guess is we have a transfer budget the bulk of which is reserved for that number 10 we desperately need,perhaps (Yarmalenko) if we can't get him this window then january it is.