Court Case / Move from Oakwell - Further BFCST Update

Thought you were more of a stockings than tights man, Lil.

 

Oh I definitely am, old mate. But the green tights go well with my Lincoln Green outfit!

 

The worrying issue here that I've not seen mentioned is that the majority owners of the club at one stage stood to lose £6million if the club performed successfully on the pitch (Championship status).

So there actually is something in the old 'they dunt wunt to gu up' gripe and that league position is not a priority for them.

 

‘Probably not enforceable’ or ‘Unlikely to be enforced’ wouldn’t pass any risk assessment. Surely you’d want absolute confirmation that it couldn’t be enforced.

 

Yer daft bugger!

 

The Sterling Consortium loan. The settlement was £5.25m, with Cryne telling the story that £7,000 interest was added for a single weekend, when he had to repay on the Monday rather than the previous Friday.

 

Not sure I agree with this. We’re constantly told that promotion is worth around 6 million so that’s probably how they came to that figure in the first place.

That type of negotiation seems fairly normal to me. They bought the club when we were at risk of relegation, therefore, the value was probably reduced slightly. The Cryne’s accepted the offer and, given the circumstances, added the condition just in case.

 

I remember the Chesterfield game and Georgi Hristov scoring. England came back to win 2.1 though in the 2nd half

 

The stadium situation is very much like what a lot of businesses out in the real world face.

Renting a large warehouse on a repair lease which costs a lot of money to maintain each year on top of the rent. Eventually, they start to see as time goes on, it’s probably better to buy somewhere new and with better potential themselves, and take a long term finance deal out on it.

The club are probably using this idea to help reduce the rent etc on the ground.

The size and age of Oakwell can easily swallow £400k a year of repairs and maintenance. It’s massive when you include all the actual land and training infrastructure. Plus all the years of neglect after the John Dennis era.

Anyone who can’t believe that the stadium can swallow up that amount, on top of the £350k rent per year is blind to modern day costs. And it’s always a sticking point investing money into new facilities that are not owned by the investor.

I believe the club and Cryne’s initially paid £1.5m for Oakwell (can’t remember if that was the total or £1.5m each). At £350k a year therefore, both parties have made back their money and have profited from it. The club’s request therefore in my eyes, is reasonable.

No matter who the owners are, the ongoing costs of Oakwell were always going to be an issue as it gets older and older........

 

As long as you don't wear green tights with your pink leotard mate. Never mix colours, lol

 

I'd never do that. The green tights would stop me looking butch and macho when I wear my pink leotard!

 

Good, lol

Can't believe we've dragged such a serious thread down to our level in such a short space of time

 

Either way it was agreed and hasnt been paid, that much we do know.

 

But he would have been solely responsible surely in the same way our present owners are?

 

It's a gift!
I'm very grateful to Gally & Loko for their work on this situation and I certainly trust them to keep up the pressure on the club for the fans to be informed and updated.

 

Not sure whether it's a misunderstanding in what you've written, or just the way this is phrased, but the £6-7m additional income earned from promotion goes to the football club limited company, whereas the £6m additional contribution is funded by the 80% ownership directly. The parties involved are different for each, so avoiding paying one isn't directly comparable to not receiving the other.

It's also worth pointing out that no-one invested as much of their own funds into the club, and subsequently wrote off those debts, as Patrick Cryne. Ultimately, without checking the historic figures of loans and amounts written off, I'm not sure that he/the family ultimately profited from it when the sale income is taken into account.

 

No wonder they fell out with Stendel!!

 

As am I.

 

This is the most balanced post I’ve read on here and I agree with everything you’ve said.

 

We all know the cost of relegation to the football club. The Investment vehicle are personally liable for the £6million, not BFC. Hence the fact they renegotiated it with the Crynes who are partners in BFC.