Conway & Chien Lee have left the building

[animallittle3]

There's very little doubt in my mind that the music playing in the background drove Thursday's events .

Money money money , must be funny in a rich man's world .

Nobody but nobody including Ponty will convince me the ST takeup so far of 2300 as opposed to the 7k at this stage last season was simply brushed aside .

Nobody will convince me that less than 6k in the home areas of Oakwell for the last few home games didn't have an impact and led to the boardroom coup .

I'd bet a year's salary that if ST takeup was in line with last season's figures Lee , Conway and Hung would still be directors today .

Nobody will convince me that the strength of fans anger shown on various social media platforms didn't also have an impact .

I'm confident enough having read all the social media platforms that Ponty holds a minority opinion despite his claims within his circle of friends and associates , which in reality could be less than five people for all I know .

Minority opinions don't drive the change we saw on Thursday afternoon , that I do know .

Money money money , it's a rich man's world , aye but only when they have people who continue to hand over their money to them that is .

And nobody liked other peoples money more than Conway .

That tap was turned off , the rest as they say is history .

[animallittle3]

Av read at least four different versions by different BBS experts on the present Board/ Ownership situation so clearly no one really knows but I am increasingly optimistic the Conway era is coming to an end.
I am drawn towards the explanation posted by Jay on BBS though that might be because it is easy to understand.

If anyone has the IT skills and time to post it on here it does make interesting reading. Thank you in advance. The thread is called "A synopsis in laymans terms" Post 1

There's also significant evidence discovered by Jay that Conway , Lee and Hung haven't the wealth that has been publicised .

Lee appears to have a number of shell companies with no business taking place and no employees .

These shell companies appear to be simply PO boxes and not even actual offices .

This would tie in with the shareholders we don't know about but fronted by PMG and Chien Lee .

In other words they have possibly used other peoples money with the majority of their football club purchases .

The money that was made at OGC Nice around €40m was possibly paid out to invisible shareholders who put the money up to purchase the club initially .

Lee and PMG would have collected a percentage of that but not the whole lot I'd imagine .

That one went well for them , not good for OGC Nice mind but none the less for them personally money was made and the scheme successful .

Clearly with that on their cv other investors were confident enough to hand over further money when they were sniffing around this club and possibly their other ventures in Europe .

Except it's gone massively downhill this season not only here but at a number of their other clubs .

The mask seems to be slipping and I think we are very fortunate to have got rid of them from the decision making .

I'll be even happier when they are aren't fronting any invisible shareholders what so ever .

[POGGYWELL]

From BBS “synopsis in laymans terms" Post 1 by J.

There's all sorts of stuff about what has happened with the board restructure in dozens of different threads. I sent this to a friend as a distillation of it all. There are many on here with a far better understanding of finance and business than I, but hopefully this gives a readable and penetrable summary:

Barnsley FC is owned by BFC Investment Company Limited. This has a share value of £10 million and was owned by: (Approximately)
Chien Lee: £3 million 30%
PMG Investments: £2.5 million 25%
Neerav Parekh: £2.5 million 25%
Cryne Family: 20%

PMG Investments has lots of individual private investors, a few of which may be Paul Conway, Lee Dickson and Grace Hung, but not necessarily and if they do own any of those shares, it’s a small minority.

Conway acted as a representative of PMG Investments.

There was a 4-year deal that Chien Lee and Paul Conway, as representative of PMG Investments, would run Barnsley FC on behalf of BFC Investment Company Limited. When this deal was made, they had 55%, the majority of shares, between them.

4 years have elapsed. Private Investors in PMG Investments were no longer happy with the way Paul Conway conducted his business. They individually registered their interest in BFC Investment Company Ltd and brought in Julie Ann Quay to represent them, outing Conway, Hung and Dickson as their representatives in the process.

They were no longer happy with Chien Lee either, neither were the Cryne family or Nareev Parekh.

Quay (representing the private investors), The Crynes and Parekh sided together, representing 70% of the shares of BFC Investment company.

They voted Chien Lee (and the PMG lot) off the board of BFC and voted in Quay and Jean Cryne to the BFC board.

The BFC Board is now Quay, Jean Cryne, James Cryne, Parekh and then a couple of employee directors: Khaled (CEO), and Rob Zuk (Finance director).

So, we’ve got two of the Cryne family (Barnsley fans), 2 employees (one a definite Barnsley fan and another who appears to genuinely like the place), Parekh who seems to have fallen in love with Barnsley since getting involved, and an investment group who are not Barnsley fans, but could see Chien Lee and Paul Conway for the chancers they are and are obviously much happier to align themselves to Barnsley fans.

Conway is gone. He’s not coming back; he has little or no financial interest in Barnsley and he’s not welcome.

Chien Lee is a minority shareholder, albeit a large minority, in the parent company but he has no power whatsoever to do anything at all.

And there we are. Will things improve? We don’t know, but we’re in a hell of a lot better position today than we were yesterday.
Jay, Yesterday at 10:19 AM #1

[SBRed48]

Thank you Poggy.

It is the clearest explanation I have read so far. Assuming it is correct.

[POGGYWELL]

Easy read that one which clearly gives us some optimism.

Jury still out for me and I will not being renewing my season tickets which was clearly based on the West Stand fiasco and the ground sharing media publicity.

Once a Red always a Red - In the armchair for now !

[SBRed48]

My decision to renew will be based on--
1 Official confirmation of the facts before,during or after the Press Conference on May 27th.

2 Spectemur agendo---- judge us by our actions, as on BFC badge

[animallittle3]

I'm holding fire too .

As SB says Spectemur Agendo .

[EthelRed]

It leads me to question why the majority shareholders appointed a non footballing clown as CEO and let him direct recruitment and produce the public statements he did. Not to mention the departure of experienced staff from all areas of the club, groundsman, multiple managers, senior coaching staff, CEO, physio, analysts, youth coaches Et al. No wonder the season was a disaster and the club is on its knees

I’m hoping for better times but my opinion is still open.

[animallittle3]

I think it's worth mentioning because it's only just occured to me this morning .

Due to Thursday's events we no longer have sister clubs across Europe .

The entire focus of the new and reconstructed board is purely Barnsley Football Club and nobody else .

[Acido]

Of course you welcome Ponty's posts Nudger, you were posting that same pro-Conway & co rubbish on here up until this season.
Then you finally came to your senses and changed your mind, after the Khaled discussion.

It speaks volumes dun't it that the new 'owner' or whatever his role is, says results must become the main objective again now. Showing clearly that Conway & co din't give a toss, and they were only here for your money.
Who else as a co-owner would verbally dump all over a 5th place Play off season, and criticize it ?. 😡