Like you I borrowed a large amount for my business, because we were still relatively new I personally had to guarantee the loan. What this means for those not aware is that my business did not have enough assets to cover the risk, so if my business defaulted I personally would be accountable for the debt(my house etc). It’s quite common in business and in this case it looks like a Bank Account is standing guarantor, which in turn would suggest either a director or another company has stood as guarantor. Could be wrong but that’s how it reads to me.
That’s the market they work in though pal. They’re not there to be famous, they’re there to make money. Plenty of info though - Pacific Media do a lot of film releases from China. Some local stuff and some international stuff. Skyscraper with Dwayne Johnson was Chinese funded and I think they had something to do with that - but can’t find a link. http://www.pacificmedia.cn/ Good piece here in Conway - gives a lot of info on him > https://www.businessinsider.com/paul-conway-china-hedge-fund-2013-6?r=US&IR=T
Description by Bloomberg: Ompany Overview Pacific Media Group Ltd. is engaged in the finance, sale, distribution, and strategic development of content and media rights for Asian markets. The company focuses on film, TV, online, and gaming content; and provides a solution to Western content owners seeking distribution in Asian markets, such as China, as well as partners with Asian content owners and distributors, media companies, and investors to invest in and acquire intellectual property. Pacific Media Group Ltd. is based in Beijing, China.
Rangers borrowed a load of cash based on future season ticket sales and money from future participation in the champions league. Worked out really well.........
It could be a short term facility to even out cash flow- like we know Moore is going in 2 weeks meanwhile we need 2 million now to buy his replacement.
I just think we need to accept our owners aren’t here for the romance of owning a football club they are just looking to make a profit and then they will move onto the next vehicle.
For a bit of clarity from publicly available material; The debenture is secured on Barnsley Football club 2002, there is no personal director guarantee in place. As at the last set of accounts the assets of BFC 2002 were £9.5m, (fixed assets £4.8m, cash and debtors of £9.5m and creditors of £4.7m). Plenty of equity in the business at the last set of accounts to borrow against.
It’s secured against a specific (non disclosed account) according to Companies House, so presumably it is the account for these?
The reference to accounts is accounts operated by BFC 2002, there are no other parties referenced in the floating charge. The real interest will be in the size of the facility and what necessitated the implementation.
Reinforces the fact that they ain’t going to invest a penny of their money and are only going to take profits out of the club. I ask again: why on Earth do we need them? If they will contribute nothing but take what they can, we would have a brighter future without.
I'd say, or hope, that the higher we are in the league structure the more money they can take out. Selling players who've performed well in the second tier will make them far more than those who have done so in the third. I don't see a problem with that. At the minute I don't actually see where they are taking money out. Eventually they will though. However, they're not saints or philanthropists. What's the alternative? A sugar daddy who will throw untold millions at us? We've never found one yet despite searching high and low. Fan ownership? God forbid. We may not love being used as an investment vehicle but we're going to have to suck it up. I guess you could also make the comparison with the prestige companies in every single market sector. Banks, shops, hotels, manufacturers. Ferrari, they make superb cars that are the envy of millions but the company is designed to make a profit for its owners. Anyway, I'm as usual trying to see the positive with my fingers firmly crossed.
We have a Toby tyke outfit. It's been through the ringer a few times, but should raise ten bob a t least if sold. In all seriousness I wouldn't be surprised if the Cryne half of the ground isn't signed up as security for a working capital facility for day to day running, and personal guarantees given by all of the directors, maybe backed with charges on property too.
It was questioned at the last Trust meeting. It was a short term facility to cover transfer deals, if required