FORUMS > The Virtual Terrace > not looking good for Wakey |
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| Staff Pension Fund £424,352
That is a truly shocking amount :yikes: so is the rest tbh, 30k to Dixon how on earth has that mounted up? Circa 3mill in what 5years. Crazy. Tb will be happy he has proof for RFL supporting expansion clubs mind you!
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| Quote: J20 "Staff Pension Fund £424,352
That is a truly shocking amount
If the RFL were hell-bent on bailing out Crusaders come what may, they would have just written off the £700k. It was unsecured anyway. Instead they've now got it secured against the Racecourse Ground and being paid back in regular instalments. Seems like good business TBH.
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| Quote: Kosh "If the RFL were hell-bent on bailing out Crusaders come what may, they would have just written off the £700k. It was unsecured anyway. Instead they've now got it secured against the Racecourse Ground and being paid back in regular instalments. Seems like good business TBH.'"
But if Wrexham fans manage to get stadium transfer to Wrexham Village blocked they have / had nothing?
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| Quote: J20 "Staff Pension Fund £424,352
That is a truly shocking amount
I'll bet a lot of clubs are similar or even worse situations, but there is little or no chance of finding the truth!!!
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| Quote: J20 "But if Wrexham fans manage to get stadium transfer to Wrexham Village blocked they have / had nothing?'"
Doesn't matter. The mortgage is in the name of Wrexham FC who already own the ground, and Wrexham Village own Wrexham FC. It's perfectly legal, watertight, and already lodged with Companies House. What the fans are trying to block only affects whether Wrexham FC remain owners or become tenants. It has no effect on the deal with the RFL whatsoever.
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| So the new club are already £700k in debt before they're even a month old. Bodes well......
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| Quote: DemonUK "Can't see Leigh Centurions being allowed to use it for security against a 'loan', let alone even thinking of using it.
Moss and Roberts seem to be the two most unpopular men in Wrexham and having read alot of the history and views of very many people which seem to number far more than a minority, their popularity or lack of it seems justified. How different are they to the original owner of Celtic Crusaders?'"
How much does it cost Leigh to rent the stadium given you feel £150k is worthy of comment and given that the asset is owned by the group that own both the RL & FC do you still maintain the asset cannot be used as security for the loan?
With regards to Moss and Roberts the club appears much more professionally run than in 09 whether that says more about Samuels or them being worse I wouldn't know, the difference is that this year all issues will lie at their door with no-one else to blame.
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| Quote: Kosh "Doesn't matter. The mortgage is in the name of Wrexham FC who already own the ground, and Wrexham Village own Wrexham FC. It's perfectly legal, watertight, and already lodged with Companies House. What the fans are trying to block only affects whether Wrexham FC remain owners or become tenants. It has no effect on the deal with the RFL whatsoever.'"
Wrexham Village own Wrexham FC who own ground but Wrexham FC is up for sale. If ownership doesn't cone under Wrexham Village LTD it would be lost with any sale. So Wrexham Village can't keep stadium & sell Football club in the scenario as mentioned!
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Wakefield has put up a FAQ for the share schemeWhat will my money be spent on?
The money will be used to allow the club to continue to trade within its expected cash flow for the foreseeable future. One of the primary purposes for the majority of this money is to settle an outstanding debt with HMRC.'"
Yet only 3 months ago they announced this HMRC debt was cleared:
www.wakefieldwildcats.co.uk/2010 ... -revealed/
Am I missing something here? Is this an additional debt or did the club lie to their fans about the debt being paid to create a 'feel good factor' and sell more Season Tickets?
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Wakefield has put up a FAQ for the share schemeWhat will my money be spent on?
The money will be used to allow the club to continue to trade within its expected cash flow for the foreseeable future. One of the primary purposes for the majority of this money is to settle an outstanding debt with HMRC.'"
Yet only 3 months ago they announced this HMRC debt was cleared:
www.wakefieldwildcats.co.uk/2010 ... -revealed/
Am I missing something here? Is this an additional debt or did the club lie to their fans about the debt being paid to create a 'feel good factor' and sell more Season Tickets?
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| This is EASY to solve
Get Muldaur & Scully to investigate.
Job done!!!
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| Quote: Wadski "Am I missing something here?'"
Unlikely.
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| Quote: Wadski "
Am I missing something here? Is this an additional debt or did the club lie to their fans about the debt being paid to create a 'feel good factor' and sell more Season Tickets?'"
I believe it was paid by Sir Rodney Walker but this has turned out to be a loan.It appears he expected to be reimbursed once the new stadium got the go-ahead but obviously this delay has complicated matters.
It always impresses me how much of their own money these ever so rich individuals put into sports clubs while those with considrably lesser finances put in a massive percentage of their disposable cash.
Still it's mildly amusing to learn about the debts amassed in North Wales and the Wrexham area by the rich individuals taking Crusaders in and out of administration.Equally amusing are the gullible people who believe these ever so rich individuals.
I think the Wakefield fans are waiting to establish the provenance of the latest debt to HMRC given as they have recently made last minute payments to stave off winding-up petitions
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| Quote: Inflatable_Armadillo "I don't have any 'vested interest' as this term does have a strict legal definition (despite 'the' Cas Forum members speculating that I must do) but I do have a strong interest... and I think that is what you mean!
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| Quote: Wadski "Wakefield has put up a FAQ for the share scheme:
Good grief, will this club ever get a grip with their finances. How many times have the taxman chased them for money? It is no wonder the RFL refused them a loan.
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| Quote: saintkevin "Good grief, will this club ever get a grip with their finances. How many times have the taxman chased them for money? It is no wonder the RFL refused them a loan.'"
Eh?
[iIn order to obtain a loan you must first prove that you don't need it.[/i
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