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Post by CountyGroundHotel on Feb 11, 2015 14:06:05 GMT
At least it has cleared up some myths. 1) the directors are in for the long run and may not want their money back ~ GD has just dispelled that one resigning and getting some of his money back. Who's next? 2) that only the bank loan and Deltavon were repaid by the MSP loan ~ the club admit they are borrowing to fund cashflow as well. 3) The UWE and Sainsbury will see us debt free ~ our debt has increased and continues to do so. Cashflow is not being met thus debt wiill continue to increase and will need to be met somehow. I sincerely hope and pray that by the next financial year end we will have a positive court outcome and be starting the UWE.... GD probably learned that from Kevin Spencer
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brizzle
Lindsay Parsons
No Buy . . . No Sell!
Joined: May 2014
Posts: 4,293
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Post by brizzle on Feb 11, 2015 14:14:15 GMT
The Sheikhs who read Gulf Weekly will cover it... Oh yes The Sheiks, things are moving so rapidly that I'd completely forgotten about them. I just fret that they will not pass the rigorous scrutiny test. Seriously though, has there been any news on new investors recently? I seem to remember the Chairman saying that there were one or two in the pipeline a while ago.
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Post by Somerset Blue on Feb 11, 2015 15:19:59 GMT
We will go into Administration ... I have no doubt about that ... its just when !
The whole worry I have is that a mystery buyer steps in and buys the club for £1... our awful board are at least relived of their duties.
The mystery buyer turns out to be Mr Lansdown and we cease to exist .... a death by a thousand cuts death !!
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Post by fanatical on Feb 11, 2015 15:52:27 GMT
So if Sainsbury's won we remain massively in debt but still have the Memorial Ground; whereas; if we won the debts could be paid off, but we'll be homeless and there will be large shortfall on the funding for the UWE? but there would be plenty of investors wanting in on the deal - debt free club with pp for a new stadium and associated assets
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Post by droitwichgas on Feb 11, 2015 16:11:00 GMT
pp for a staduim we can't afford to build/unlikely to ever fill in the Conference if we did is hardly worth alot?
Talking of the shieks does anybody else think it was odd the journalist who wrote the article appeared on the Rovers forums for just a week then disappeared, did Sainsbury's Qatar shareholders call in a favour from him to make NH look a complete fool/show he was short of funding for the UWE before their court case?
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Post by bluebeard on Feb 11, 2015 16:12:05 GMT
We will go into Administration ... I have no doubt about that ... its just when ! The whole worry I have is that a mystery buyer steps in and buys the club for £1... our awful board are at least relived of their duties. The mystery buyer turns out to be Mr Lansdown and we cease to exist .... a death by a thousand cuts death !! As a group, BRFC has an asset worth between £20m (current value?) and £30m (Sainsburys contract) with external debt of £2.6m. There is a substantial balance sheet surplus and recent refinancing means that the club can probably meet its liabilities as they fall due for the foreseeable future. However, IF we receive nothing from Sainsbury's and the directors will not / cannot collectively cover whatever repayments have been agreed with MSP, there could well be a problem. Administration is one option of course, but a sale of the Mem to someone else is another. This would ensure best price is achieved leaving Rovers as cash rich tenants of Bath, Cheltenham or whoever. Given there is likely to be a funding gap if UWE does proceed, I think the best outcome now would be compensation. If Sainsburys are paying a £10m premium for the site, they may see this as an acceptable figure for settlement. Which would leave Rovers as cash rich owners of the Mem. IMHO administration will only occur if the loan terms are breached and MSP are not prepared to wait for their money. As a forced sale would realise less value I think it's quite unlikely that the directors would allow the loan terms to be breached.
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Post by gasheadnaboo on Feb 11, 2015 16:31:15 GMT
So if Sainsbury's won we remain massively in debt but still have the Memorial Ground; whereas; if we won the debts could be paid off, but we'll be homeless and there will be large shortfall on the funding for the UWE? but there would be plenty of investors wanting in on the deal - debt free club with pp for a new stadium and associated assets Phew, glad that's settled then.
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Alveston Gas
Brucie Bannister
Once a Gashead always a Gashead
Joined: June 2014
Posts: 746
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Post by Alveston Gas on Feb 11, 2015 16:41:51 GMT
We will go into Administration ... I have no doubt about that ... its just when ! The whole worry I have is that a mystery buyer steps in and buys the club for £1... our awful board are at least relived of their duties. The mystery buyer turns out to be Mr Lansdown and we cease to exist .... a death by a thousand cuts death !! Cobblers - you obviously don't know much about Steve Lansdown - that's not the way he operates. If he could own 2 clubs he would already have us in the Bristol Sports "Club" as he cant he just isn't interested in us.
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dagnogo
Joined: June 2014
Posts: 872
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Post by dagnogo on Feb 11, 2015 17:18:18 GMT
Lansdown cannot own two clubs.
Classless man that he is, I wouldn't put it past him to offer a peppercorn sum for the Mem if we went into administration though.
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Post by Somerset Blue on Feb 11, 2015 17:21:03 GMT
We will go into Administration ... I have no doubt about that ... its just when ! The whole worry I have is that a mystery buyer steps in and buys the club for £1... our awful board are at least relived of their duties. The mystery buyer turns out to be Mr Lansdown and we cease to exist .... a death by a thousand cuts death !! Cobblers - you obviously don't know much about Steve Lansdown - that's not the way he operates. If he could own 2 clubs he would already have us in the Bristol Sports "Club" as he cant he just isn't interested in us.
Sometimes its really difficult to find the strength to reply .... but on this occasion ...
Where do I say he runs us as a club ..... ? He wouldn't and I haven't suggested it
I suggest he would sell us off piece by piece and get great delight in doing it..... i'm not sure the pieces would amount to much which is sad in itself.
Thank you for your insight though on the way Steve Lansdown operates .... and indeed his inner thought process. Good to know that there is a Gas head so close to him, we may need you one day.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 11, 2015 17:28:27 GMT
Lansdown cannot own two clubs. Classless man that he is, I wouldn't put it past him to offer a peppercorn sum for the Mem if we went into administration though. as ive said before, ive met him twice and found him sound
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Cheshiregas
Global Moderator
Joined: May 2014
Posts: 2,165
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Post by Cheshiregas on Feb 11, 2015 17:38:57 GMT
At least it has cleared up some myths. 1) the directors are in for the long run and may not want their money back ~ GD has just dispelled that one resigning and getting some of his money back. Who's next? 2) that only the bank loan and Deltavon were repaid by the MSP loan ~ the club admit they are borrowing to fund cashflow as well. 3) The UWE and Sainsbury will see us debt free ~ our debt has increased and continues to do so. Cashflow is not being met thus debt wiill continue to increase and will need to be met somehow. I sincerely hope and pray that by the next financial year end we will have a positive court outcome and be starting the UWE.... GD probably learned that from Kevin Spencer Lost me there I am afraid CGH, did KS demand some money back then?
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faggotygas
Byron Anthony
Joined: May 2014
Posts: 1,862
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Post by faggotygas on Feb 11, 2015 18:09:59 GMT
The accounts for the club for the last financial year upto June 2014 state we have loaned £2.6m to cover operating costs , Approx £1m to Barclays, £200K to GD's company This tells me only one thing - the directors are not prepared to fund the big operating shortfall each year Also states that the cost of the UWE Project to date is just short of £1m - a lot less than i thought Also states player sales are £400k As these are accounts upto June of last year do they include any money from the Lambert Add ons as his deal went through in the summer i believe ?? So the big question is how are we going to pay the £2.6m back on that loan if we continue to hemorrhage money at this rate, bearing in mind the total club debt is now near £6m Comments please ! Loaned to <> borrowed from. Wish we had the spare money to fund Barclays...
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dagnogo
Joined: June 2014
Posts: 872
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Post by dagnogo on Feb 11, 2015 19:23:42 GMT
Lansdown cannot own two clubs. Classless man that he is, I wouldn't put it past him to offer a peppercorn sum for the Mem if we went into administration though. as ive said before, ive met him twice and found him sound I'm sure he's a nice person. But I find tax avoidance and franchising sports teams classless. But he's got every right to do it if he wants to.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 11, 2015 19:34:21 GMT
tax avoidance - so what, every self employed person does that
franchise ?, lost me there
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dagnogo
Joined: June 2014
Posts: 872
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Post by dagnogo on Feb 11, 2015 19:38:01 GMT
tax avoidance - so what, every self employed person does that franchise ?, lost me there Not to the tune of millions of quid they don't. Let's agree to disagree on that one. Franchising - Bristol Rugby playing in red at AG, abandoning their history. All this "Bristol Sport" "Making Bristol proud" bulls**t.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 11, 2015 19:51:15 GMT
tax avoidance - so what, every self employed person does that franchise ?, lost me there Not to the tune of millions of quid they don't. Let's agree to disagree on that one. Can you knock up a quick list of local businessmen who create more regional employment and whose organisations contribute more to the local economy? Of course, if you can provide evidence that he's done something illegal with his accounts, I'm sure HMRC would love to hear from you.
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Post by Topper Gas on Feb 11, 2015 20:32:00 GMT
Surely he's avoiding tax by becoming a tax exile, although he's clearly doing nothing illegal.
Although what's he got to do with our loan/financial problems?
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dagnogo
Joined: June 2014
Posts: 872
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Post by dagnogo on Feb 11, 2015 20:34:38 GMT
Not to the tune of millions of quid they don't. Let's agree to disagree on that one. Can you knock up a quick list of local businessmen who create more regional employment and whose organisations contribute more to the local economy? Of course, if you can provide evidence that he's done something illegal with his accounts, I'm sure HMRC would love to hear from you. Show me the post where I made accusations of illegality? I said I find avoiding tax that you can easily afford to pay classless. Don't care if you employ 1 person or 1000, it doesn't excuse you from paying your share - although living in Guernsey does, perversely. You're free to disagree but don't put words in my mouth.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 11, 2015 20:40:39 GMT
Can you knock up a quick list of local businessmen who create more regional employment and whose organisations contribute more to the local economy? Of course, if you can provide evidence that he's done something illegal with his accounts, I'm sure HMRC would love to hear from you. Show me the post where I made accusations of illegality? I said I find avoiding tax that you can easily afford to pay classless. Don't care if you employ 1 person or 1000, it doesn't excuse you from paying your share - although living in Guernsey does, perversely. You're free to disagree but don't put words in my mouth. So, we agree, he has acted, as far as we know, 100% lawfully, but you don't think he 'pays his share'. Well, if we had more people making the same contribution locally then Bristol would be a wealthier and more vibrant place. Have you ever written to HMRC asking to pay more than you are required to?
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