Brendan Flood says goodbye

[Altobelli]

Alto did he not inject money (he didn’t have?) into the club in 2009 that led to our promotion, but would have put us at risk of administration had we failed to get up?

How did he take money out as the accounts seemed to say no directors took fees or dividends.

When his company (I think it was called Modus or something like that) went bust he still owed Alied Irish Bank about £6 Million plus other additions, he could not pay it, so BFC in their wisdom or not, paid the debt, you will not see anything in Burnley's accounts about the matter as things like that have a habit of disappearing (I can confirm that by attending AGM's) not just BFC but all Football Club accounts are unlike proper buisness accounts where things can be hidden easier.

The thing I did find strange was that the board at the time said Flood would no longer be on the Board because of his bad dealings with his own company, yet a few years later, hey presto he's back on the board

[oldcolner]

Alto did he not inject money (he didn’t have?) into the club in 2009 that led to our promotion, but would have put us at risk of administration had we failed to get up?

How did he take money out as the accounts seemed to say no directors took fees or dividends.

When his company (I think it was called Modus or something like that) went bust he still owed Alied Irish Bank about £6 Million plus other additions, he could not pay it, so BFC in their wisdom or not, paid the debt, you will not see anything in Burnley's accounts about the matter as things like that have a habit of disappearing (I can confirm that by attending AGM's) not just BFC but all Football Club accounts are unlike proper buisness accounts where things can be hidden easier.

The thing I did find strange was that the board at the time said Flood would no longer be on the Board because of his bad dealings with his own company, yet a few years later, hey presto he's back on the board

Think he was only away for 9 months or so. Didn’t he loan Burnley money though and the club had to pay it back quick.

[Altobelli]

All I know is what I have put above Colner, I know he purchased a few players with his poor joke of every time I purchase a player I have to buy the wife a diamond ring, whether he put the money into the Club for the signings as loans or out of his own pocket (which sounds iffy but I could believe it) I don't know, but in the end it cost BFC more than his so called help.

[oldcolner]

Alto did he not inject money (he didn’t have?) into the club in 2009 that led to our promotion, but would have put us at risk of administration had we failed to get up?

How did he take money out as the accounts seemed to say no directors took fees or dividends.

All I know is what I have put above Colner, I know he purchased a few players with his poor joke of every time I purchase a player I have to buy the wife a diamond ring, whether he put the money into the Club for the signings as loans or out of his own pocket (which sounds iffy but I could believe it) I don't know, but in the end it cost BFC more than his so called help.

You are right Alto

Been looking at annual accounts for Burnley Football and Athletic Club

In 2008 accounts he loaned £2.68m repayable on demand for £157 k interest - (5.8%) repayment was deferred for one year. That’s £2.84m some additional interest may be added. Other directors added smaller amounts.

In 2009 accounts say Modus was repaid £3.246m
Kilby and Griffiths loaned an additional £250k each that year probably to cover the difference.

Kilby got £297k in interest for his loan of £1.75m 17%
Griffiths £71k for £1m 7%
Garlick loaned £100k and got 10k interest 10%

Some magnificent returns there!! Maybe they felt in retrospect that Flood was due a similar rate to Kilby!

[Supersub6]

You are right Alto

Been looking at annual accounts for Burnley Football and Athletic Club

In 2008 accounts he loaned £2.68m repayable on demand for £157 k interest - (5.8%) repayment was deferred for one year. That’s £2.84m some additional interest may be added. Other directors added smaller amounts.

In 2009 accounts say Modus was repaid £3.246m
Kirkby and Griffiths loaned an additional £250k each that year probably to cover the difference.

Kirkby got £297k in interest for his loan of £1.75m 17%
Griffiths £71k for £1m 7%
Garlick loaned £100k and got 10k interest 10%

Some magnificent returns there!! Maybe they felt in retrospect that Flood was due a similar rate to Kirkby!

Rates are only relevant if they could have borrowed the money from financial institutions at a better rate. The bottom line is that they couldn't and the only way forward was for directors to loan the money at the rates agreed. Such is the world of high finance.
One director who was repaid his loan never thought that he would see his money again, hence the reason why loans were repaid when we were first promoted.

[oldcolner]

Rates are only relevant if they could have borrowed the money from financial institutions at a better rate. The bottom line is that they couldn't and the only way forward was for directors to loan the money at the rates agreed. Such is the world of high finance.
One director who was repaid his loan never thought that he would see his money again, hence the reason why loans were repaid when we were first promoted.

Interesting super. Flood was lucky to get repaid then!

[sinkov]

You are right Alto

Been looking at annual accounts for Burnley Football and Athletic Club

In 2008 accounts he loaned £2.68m repayable on demand for £157 k interest - (5.8%) repayment was deferred for one year. That’s £2.84m some additional interest may be added. Other directors added smaller amounts.

In 2009 accounts say Modus was repaid £3.246m
Kilby and Griffiths loaned an additional £250k each that year probably to cover the difference.

Kilby got £297k in interest for his loan of £1.75m 17%
Griffiths £71k for £1m 7%
Garlick loaned £100k and got 10k interest 10%

Some magnificent returns there!! Maybe they felt in retrospect that Flood was due a similar rate to Kilby!

We were certainly deep in the mire back then in the Play-Off season, Dave Thomas wrote in 'Entertainment, Heroes and Villains'

'At the time of the Southampton game on 25th April few people knew just how close to real financial difficulty the club was. The true state of the finances was kept in-house. Towards the end of April the transfer embargo was still in place and the club would have struggled to pay the wages without yet another injection of Director's money. Four of them stepped forward Barry Kilby, Ray Griffiths, John Sullivan and Mike Garlick."

At the time I knew the son of one of those directors quite well, and he told me that that the situation was so dire in April that his dad, and the others, had been paying player's wages straight out of their own pockets.

[1959_60]

Yes, you have to question how the club got in that position in the first place?

Thank God for Owen Coyle

[sinkov]

Yes, you have to question how the club got in that position in the first place?

Thank God for Owen Coyle

And Mike Dean.

[1959_60]

And Mike Dean.

Indeed Sir!