Oakwell Holdings Ltd

Discussion in 'Bulletin Board' started by lk311, Oct 12, 2019 at 11:17 AM.

  1. lk3

    lk311 Well-Known Member

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    Does anyone know what the connection to the club these are?
    If I’ve read it right it seems they are a part owner, with James & Jean Cryne and Robert Zuk as directors, but a Solicitor is listed as significant share holder.
    It also looks like they took £2 million out the club and have gone from Trading almost nothing each year to having circa £7 million in the bank.
    I’m guessing it’s related to the buy out?
     
  2. Dub-Tyke

    Dub-Tyke Well-Known Member

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    No, not at all new. Formed 2004.

    It’s Cryne’s shareholding of Oakwell. James, Jean and Rob are directors.

    The other shareholding is obviously BMBC.

    The Solicitors you see are historic and not current.
     
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  3. lk3

    lk311 Well-Known Member

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    Thanks, Companies house is still listing the Solicitor as having significant control(75% or more) and took over from Patrick in July 2016, knew it wasn’t new but the money going is.
     
  4. Dan

    DannyWilsonLovechild Well-Known Member

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    Could the solicitor be holding a stake in trust?
     
  5. Gally

    Gally Administrator Staff Member Admin

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    Shares held in trust I believe
     
  6. Dub-Tyke

    Dub-Tyke Well-Known Member

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  7. DEE

    DEETEE Well-Known Member

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    Old supporters trust Q&a answered that.

    Cryne put them into trust to ensure the future of the ground was secure. It was about same he was looking at potential prison..
     
  8. Dub-Tyke

    Dub-Tyke Well-Known Member

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    This company is the holding company I.e the Trust.
     
  9. lk3

    lk311 Well-Known Member

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  10. lk3

    lk311 Well-Known Member

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    Thanks, guessed that’s what it was, but wasn’t sure
     
  11. DEE

    DEETEE Well-Known Member

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    No Cryne put his shares of the holding company into trust.
     
  12. Dub-Tyke

    Dub-Tyke Well-Known Member

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    I’m of the belief that since Patrick passed away, all shares are under the holding company, which is owned by Jean, James and Rob. They may have been in a trust, but that no longer would be a requirement. The other 50% obviously with BMBC.

    The holding company do not own, say, 30%, with 20% in a trust.
     
  13. Red

    Red Rain Well-Known Member

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    This is the position before Patrick Cryne sold the Club.


    The company that runs the club is called Barnsley Football Club (2002) Ltd. It runs the club but it does not own the Land and Buildings used by the club. The Land and Building are owned by Oakwell Community Assets Ltd. That company was owned jointly by Barnsley MBC and Patrick Cryne and the club paid £150k per annum to use the facilities owned by Oakwell Community Assets. Barnsley Football Club (2002) Ltd was owned 100% by Oakwell Holdings Ltd, a company that was in turn owned 100% by Patrick Cryne.


    After Partick Cryne sold the club.


    I believe that Oakwell Community Assets Ltd continues to be owned by Bansley MBC and the Cryne Family, but that company now only has Barnsley MBC councillors as directors.

    I thought that Oakwell Holdings had sold 100% of the shares in Barnsley Football Club (2002) Ltd to BFC Investment Company Ltd, a company registered in Hong Kong, and that Chien Lee, Paul Conway, Dickson Kong Lee, Grace Hung, Neerav Parekh, James Cryne and possibly Billy Beane held shares in BFC Investment Company. It looks from like I was wrong.

    The latest accounts of Oakwell Holdings Ltd may be summarised as follows (apologies for formatting which is not under my control):

    Fixed Assets

    Investments £2.0m

    Current Assets

    Debtor due after more than 1 year £3.0m
    Debtor due after 1 year £1.0m
    Cash at Bank £7.4m
    Total Current Assets £11.4m

    Creditor £6.4m

    Net Current Assets £5.0m

    Net Assets £7.0m

    Capital and Reserves

    Share Capital £0.5m
    Profit and Loss Account £6.5m

    £7.0m


    It looks like what might have happened is this:


    Oakwell holdings sold 100% of the club to BFC Investment Company Ltd for £10m, but then Oakwell Holdings bought back 20% for £2m (see Investment), and this is James Cryne's 20% investment in the club via BFC Investment Company Ltd. BFC Investment Company did not pay for the club totally up front. It looks as though it paid £6m and got £2m of that back for James Cryne's investment. The rest of it is being paid off at the rate of £1m per year (see creditors). Oakwell Holdings Ltd holds a bank balance of £7.4m. This is where my numbers do not quite fit because surely that should be the sum of the cash already received (£6m) less the £2m paid for James Cryne's shares (i.e. £4m). There is definately something wrong with my sums. Perhaps others can make the numbers fit.
     
    Last edited: Oct 13, 2019 at 8:12 AM
  14. Gally

    Gally Administrator Staff Member Admin

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    Certainly think the club itself was held in a Trust during his court case/illness etc. Not sure what changed when especially regarding the sale of the club,.


     
  15. Red

    Red Rain Well-Known Member

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  16. Red

    Red Rain Well-Known Member

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    Sorry, that is how it should have looked.
     
  17. Dan

    DannyWilsonLovechild Well-Known Member

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    A general point that a shareholder, director and trustee are all very different things.
     

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