Worry not - Mike's coming back...

[The Bedlington Terrier]

Another of those pesky "clauses" to potentially come back and bite us on the arse...

https://www.dailymail.co.uk/sport/fo...relegated.html

[sinkov]

I noticed that in the Mail this morning BT, intriguingly it doesn't say what the set price is that allows Garlick to buy the club back in the event of relegation.

It's almost as big a can of worms is this, as the Covid regs scam currently being perpetrated on us.

[kritichris]

If that's the case I'm surprised ALK/Pace haven't done more to keep us up. Tripps on £100k and Wood £85k, no wonder they went there.

[sinkov]

If that's the case I'm surprised ALK/Pace haven't done more to keep us up.

Indeed Chris, but perversely it almost seems like ALK actually want us to be relegated, they are not acting like owners desperate to stay in the PL, and in one of Pace's early interviews, he actually said he was quite relaxed about us playing in the Championship. It's all very odd, something doesn't add up, which is why I mentioned the can of worms.

[Swissclaret]

I noticed that in the Mail this morning BT, intriguingly it doesn't say what the set price is that allows Garlick to buy the club back in the event of relegation.

It's almost as big a can of worms is this, as the Covid regs scam currently being perpetrated on us.

As it was a leveraged buy out, ALK has invested little, if any, of its own money. The purchase price is being paid out of the “profits” going forwards, if the reports were accurate.

It is rumoured that Garlick took £80 million out of the kitty, leaving ALK to pay £120 million. A year in the PL plus parachute payments will go a long way to covering that.

However, Garlick may be able to buy back for £50 million. Meaning he will have made £30 million on the deal and ALK will have made £50 million. Garlick will also have BFC, whatever that may be worth.

[sinkov]

As it was a leveraged buy out, ALK has invested little, if any, of its own money. The purchase price is being paid out of the “profits” going forwards, if the reports were accurate.

It is rumoured that Garlick took £80 million out of the kitty, leaving ALK to pay £120 million. A year in the PL plus parachute payments will go a long way to covering that.

However, Garlick may be able to buy back for £50 million. Meaning he will have made £30 million on the deal and ALK will have made £50 million. Garlick will also have BFC, whatever that may be worth.

Sounds feasible Swiss, Garlick is happy, ALK are happy, I'm happy because I'd rather we were playing in the Championship than the PL, but the many thousands of fans who want to see their team, Burnley, playing in the PL won't be happy. But who cares about them, when there's money to be made, they don't count.

[alfinyalcabo]

Alto will be turning in his grave. He hated Garlic.😪

[The Bedlington Terrier]

I've researched this and it is only enforceable if ALK default on the payments too and therefore it's not 100% dependant on us being relegated.

[Supersub6]

I've researched this and it is only enforceable if ALK default on the payments too and therefore it's not 100% dependant on us being relegated.

Correct, BT, that was always the case and was made quite clear when ALK took over.
Talking about finances, although we do not rely on revenue from attendances, we have only played 4 home league matches since 2 October. That is 15 weeks and not good for revenue because even the two cup games will not have brought a lot of money in.
The only good thing about those 4 PL matches is that we won one and drew three, having lost two of the three previous PL matches.

[WillPark]

Yeah... but back then we hadn’t lost our faith, our best striker and our second best striker... and our best cb still thought highly of himself and his future ... there is a time for everything and when you run a club without any focus on improving an aging squad. Well there you have it...