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Who are the Fraine brothers?

Looking back at tweets from everyone on this he’s popped a link to FaxTrust on nearly everyone

It's scandalous that a £80k urgent bill has suddenly been dropped, with the supporters expected to pick up the tab.

Beware those who always blame others for their own mess. First it's the tax man's fault for not granting an extension, then it's sponsors fault for going bust, then it's that mysterious £100k withdrawn at the last minute and we also have the falling crowds even though that should have been expected after bumping up an already expensive admission by over 15%.

IMO the current BOD simply isn't up to the task of running the club and should go. Hopefully there's some folk out there who can step in and do a proper job.

I still think the best option is to bite the bullet and go into administration now. Otherwise we're just kicking the can down the road and all the current bail out is doing is having supporters pay off the tax man who'll most likely make another appearance in a year's time after yet more losses being racked up.

Both of those trains of thoughts could be right.

Specifically on directors wanting their “investment” back, I don’t think anyone invests money into a rugby club expecting a RoI.

This is again why the FaxTrust needs to be clear where the money will be used… player and staff wages or paying directors back

I would have thought they have't a hope of getting their investment back anyway! Just hope the donations aren't used for recouping any investments.

We know them as orox, they both have multiple businesses.

I think Mike is the wealthiest , he was a director at r and r ice cream who was bought out by froneri ice cream where he his a director, not sure if he’s a shareholder or not but doubt it ( might be more tony fax’s’ department with companies house etc )
He also has something to do with worthingshaws ltd and him and Kirsty henshaw ( who was on dragons den ) are both listed as persons with significant control .

Andrew is part of gb total solutions who are based in west vale and may have other small businesses.

I heard they gifted the cost of the kits through their brand orox.

I think but I’m not sure that Ian uttley ( Stagefreight man ) is friends with them through cricketing connections.

Mike isn't a shareholder as Froneri is a wholly owned subsidiary of another UK company which in turn is owned by a parent a Luxembourg company. But interesting nevertheless, Froneri is a huge group covering Europe with the company Mike is a director of having net assets of over £90 million and the UK parent over £2 billion. I'm guessing Mike must be worth a bob or 2!

Yes this was my thoughts, was mike a shareholder at r and r , will he have received monies from that takeover ?

Just been trying to buy a couple of extra tickets on the Panthers website and all the links take you to the discount offer that expired at midnight with no options to buy after midnight at the full price and I was only trying to help out anyway, very frustrating.

Anyway what's interesting / confusing is using this weeks link provided by the club shows you would be buying them from TicketPass.

So the question is are TicketPass still trading, if yes why are we still using them if they've not fulfilled their sponsorship commitments and are in danger of going bust and if there not still trading it makes even less sense.

I have no idea what's going on and can't make sense of any of it, anybody else any idea?

Lead to believe that someones investment is in the shape of a loan which needs the club to stay afloat in it's current form to have any chance of getting it back.

On going into administration with the idea of returning would it required HMRC to approve it having at least received some of the monies owed in the shape of an acceptable offer and can a club just walk away and pop back up soon after?

The Administration route is an option. But it depends on probably two critical things.

a) What percentage of the overall debt is owed to HMRC? To exit administration, a CVA would probably be required where the creditors are offered so many pence in the pound for the debt owed. HMRC always vote against the CVA route. It would also require the agreement of the other creditors. Would they be on board?
b) The club would need to prove that they could afford to meet the CVA obligations as well as the ongoing running costs. When HTAFC came out of administration (and into a CVA) back in 2001, they were repaying £4k a month to the administrators whilst also having the ongoing running costs. A consortium of 10 businessmen each put in £10k.

So its doable, but it all depends on who the creditors are and whether they want to play ball.

Well according to recent posts the HMRC hearing is for this Wednesday.

Multiple theories about going into administration floating round and a equal amount of the pro’s and cons on how it could be good / onboard or bad / off for the creditors.

Heard from two different sources that the idea of a number of people making a monthly contribution towards the running of the club was the start of the problem when some of them stopped doing so early on.

On making monthly payment agreements, our record / reputation of sticking to them is dire at best.

HMRC paid so the big question is what happens next.