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

[Chang Elephant]

Yes that's a problem but Green is not a director or a shadow director unless and until someone can prove otherwise?

He may well be a shadow director as we speak irrespective of whether we currently have documents to prove it. You just seemed to be glossing over the potential interest conflict issue if this was the case...as below

But even if Green is a hidden owner which he may well be, it's ok for a shareholder / owner to lend the company money too.

 

[evo1878]

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.

This can be the only rational and possible commercial reason for such a loan. But ok the TV money is now in the season has started the club is cash flow positive so why not avoid the interest rate and repay the loan if we don't need it this transfer window after all? Yes there's an arrangement fee to consider possibly if we want a loan in January but the reality is if you're cash ow positive and you're not borrowing to invest in your business then why borrow at all?

 

[marty mcfly]

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.

We aren't getting him in January. If we really wanted him we would have moved for him earlier. I'm really waiting for the window to end so Yarmolenko himself publishes what offers they have received so we can make a judgement ourselves.

 

[bourneblue]

Allegedly?

Esk my good man I've been hearing all these allegations of wholesale corruption and financial wrong doing for for years.
Lads if you have the evidence as you claim to then go to the relevant authorities and present the evidence to them.
Whilst am all for a debate on this forum, posting those accusations on here isn't going to achieve anything,as indeed it hasn't for the last 8 years or so.

 

[Mutzo Nutzo]

I think people will be shocked by it being brought to light but what did people think was happening? We've been paying interest on the Vibrac loans for ages as can be seen in the accounts and is something other teams have been doing as well. It now seems we've taken a loan from a company owned by Philip Green instead of Vibrac, Bill's borrowed from him before and he's got ties with most of the board. I resent the fact Green is making money off EFC but frankly I thought he has been for years. If you resent that we're paying interest on loans well that is the inevitable reality of EFC under this board. There's nothing criminal about it, what's sickening is that the millionaires on the board would rather pay their chum with the profits of the club than invest their own money. Only difference now is Green is getting it directly because he seems to have offered a better rate than Vibrac.

VIBRAC = Robert Earl / JG Holdings = Philip Green ....so Both Earl and now Green are skimming the cream off our club. No wonder Earl doesn't take a salary - he's quite happy with his interest repayments. Makes sense as to why we can't get an investor. We are simply not for sale as long as the sky money is there Earl will quite happily rob us blind.

 

[magicjuan]

Wouldnt the clubs credit worthiness be more likely to source reputable funding now? Just as competitive a rate?

 

[Foot Long Hot Dog]

Pipe down mate, he understands basic accounting, he's just talking about something that you're unable or unwilling to recognize

What are you giving it? He was talking in riddles and didn't grasp the simple basics of turnover vs profit. Pipe down yerself if you've got nowt constructive to add.

 

[evo1878]

He may well be a shadow director as we speak irrespective of whether we currently have documents to prove it. You just seemed to be glossing over the potential interest conflict issue if this was the case...as below

Anyone who knows me also knows that I am fierce critic of this Board. But you can only argue with the facts that are there. I'm not glossing over anything. What I am saying is that There's actually plenty to be critical about that is backed up by cold hard facts that should be enough to make elstone and co walk (if they were truly accountable) without us having to guess whether Green is a shadow director or not.

 

[Foot Long Hot Dog]

...is this you still in 'neutral' mode?

PMSL.

You're such a [Poor language removed] clown

 

[SerenityNigh]

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

I'm not up-to-date on British financial terms, but as I understand it "booking a charge" is the same as "arranging a loan" or "agreeing to a letter of credit." It's a vehicle through which an entity can borrow money, but it is not itself the borrowing (or drawing down) of these funds.

Any business that expects to receive a significant portion of its turnover in May but has expenses from now until May will book such a charge/loan/LOC to make payments if present cash is less than future expenses, and then will pay off the loan at the end of the term from future proceeds.

It doesn't look to me any more complicated than that; this seems to be a normal business practice. As ESK has suggested, this could be a financing structure to arrange a large transfer (more hopeful than me, I admit), or as I've suggested it's simply a structure to bridge the gap between everyday expenses (for 10 months) and receipt of the PL broadcast funds.

 

[zirc]

Considering the stable income stream of the sky money we oughtn't have to be getting there dodgy loans from strange counterparties. If we have to borrow money, which is not necessarily the case, we should be getting loans with competitive rates from banks.

 

[hibbo'sclass]

VIBRAC = Robert Earl / JG Holdings = Philip Green ....so Both Earl and now Green are skimming the cream off our club. No wonder Earl doesn't take a salary - he's quite happy with his interest repayments. Makes sense as to why we can't get an investor. We are simply not for sale as long as the sky money is there Earl will quite happily rob us blind.

 

[davek]

You're such a [Poor language removed] clown

Mods?

 

[bourneblue]

Wouldnt the clubs credit worthiness be more likely to source reputable funding now? Just as competitive a rate?

We used Barclays for years and that done nothing to quell the multitude of conspiracy theories being posted by the usual suspects. Remember "tick tock tick tock" ?

 

[evo1878]

I'm not up-to-date on British financial terms, but as I understand it "booking a charge" is the same as "arranging a loan" or "agreeing to a letter of credit." It's a vehicle through which an entity can borrow money, but it is not itself the borrowing (or drawing down) of these funds.

Any business that expects to receive a significant portion of its turnover in May but has expenses from now until May will book such a charge/loan/LOC to make payments if present cash is less than future expenses, and then will pay off the loan at the end of the term from future proceeds.

It doesn't look to me any more complicated than that; this seems to be a normal business practice. As ESK has suggested, this could be a financing structure to arrange a large transfer (more hopeful than me, I admit), or as I've suggested it's simply a structure to bridge the gap between everyday expenses (for 10 months) and receipt of the PL broadcast funds.

Exactly my point mate. You have the facility and you draw it down. That's what this JG Funding loan is. So it can only be £10m to invest in a new player. The cash flow works itself out from August to June roughly speaking for a football club like Everton without significant off field commercial activities.