Reply With QuoteI'm left wondering if this EFL investigation is linked to this shenanigan with everyone likely to be under suspicion .
Hall Of Fame
This is often trotted out as something "the new board" have done. Unfortunately the truth is going under the radar.
The following is based upon posts by a qualified accountant on BBS called Archerfield who has looked carefully at Barnsley FC published Club Accounts.
Fans will recall that four Share Rights Issues have been made over the last twelve months totalling £6.6 million. These have been bought up, as is their "right", in proportion to shares already owned. ( Parekh 36%, Lee 31%, Crynes 20%, Conway/ Hung 7%, Edmonds Hedge Fund represented by Edmond's wife JAQ 6%).
I had worked on the assumption that all the £6.6 worth of share money had been used to cover deficits. Archerfield has made it clear, however, on looking at the accounts, that just over £3 million of this money has been deferred, set aside, to buy the remaining amount owed to the Crynes for the purchase of the club.
Fans may remember the Crynes reduced the purchase price of the club down to a bargain £3.5 million and the first instalment of this, £750K, was paid, not from Director's pockets, but from BFC Club Accounts as a "Director's Bonus" they awarded themselves.
So, at least Lee, Conway/ Hung, Parekh, Edmonds (JAQ) have used their own money to finally purchase the club, though the money may have not yet been received by the Crynes, it is there in the Accounts ready to be paid.
So now Lee, Conway and Hung at least have finally bought and paid for their share the club and are now in a position, legally, to sell their share, maybe to Parekh ?
The new Board have not "invested" £6 million of their own money into the club. The share of the remaining part of the £6 mill worth of shares after the purchase amount has been deferred, is again split according to existing share holdings eg Lee has paid 31% of it.
Hall Of Fame
I'm left wondering if this EFL investigation is linked to this shenanigan with everyone likely to be under suspicion .
Hall Of Fame
Can’t say that I understand all the shenanigans at the club SB.
Because I don’t.
What I understand is that Lee / Conway came in with a fanfare of ‘not going crazy’ but building the club steadily.
Then it came apparent that what they actually intended was to make the club self financing i.e. relying on money generated by the club and not putting any money in of their own.
As I’ve said to one of my Leeds United supporting mates - Americans see sport differently - sport being more of a money making exercise over there - and Leeds may come to regret the American takeover.
It also came as a surprise to me during the hiring of Collins that the Rowdies couldn’t be promoted to the league above because they weren't wealthy enough.
I think what we have now regarding the present leadership is more in line with what supporters genuinely believe when it comes to the ownership of an English club.
That is to say they will put their own money in if and when required.
I don’t know the ins and outs of it - but it looks to me like Lee / Conway left the club in such a financial mess - that the new leadership has had to put a fair chunk of their own money in just to keep the club afloat - and that’s before they can even start to think about moving the club forward.
Hall Of Fame
Did you read SB's post YN ?Originally Posted by Young_Nudger
Hall Of Fame
Your still pedalling that line about the new board investing loads of money Nudge, even when presented with the facts as published on the financial markets, not rumours made up by me.
--£3 million of the £6million goes to the Crynes, not the club, as the remainder of the purchase price of the club
-- if/ when Lee/ Conway sell their takeover share plus extra shares they bought under the Share Rights Issues the money will go into their pockets, not the clubs. I have been banging on about buying shares not being the same as donating money to the club, this illustrates what I mean.
If you wish to put your hands over your ears and go "La, La, La" that is your business but the facts will not change. Parekh/ Edmonds(JAQ) bought shares, not donations to the club from their own pockets never to be seen again. There is a huge difference.
Last edited by SBRed48; 23-07-2023 at 06:44 PM.
Hall Of Fame
So then Animal and SB - the new leadership HAS NOT spent any of their own money to keep the club afloat ???
Hall Of Fame
Nope .
Hall Of Fame
Oh right.
Let’s hope those from the BBS and other quarters that regularly dip in here see that reply - as your answer is definitely a question for the directors to be grilled on at the next supporters meeting.
Hall Of Fame
Good Luck with that one YN 💰💰
Hall Of Fame
BTW - if the directors start laughing at my question then I’ll have to admit to them that is was Animal off TykesMad that asked me to ask the question 😄
Animal made me do it.
Last edited by Young_Nudger; 23-07-2023 at 09:01 PM.
Posting Permissions