I've been looking into the available information a little further this afternoon, and there are a few useful sources of information, most published and discussed previously, but perhaps usefully summarised again here, given the content of this thread. https://www.barnsleyfc.co.uk/news/2020/august/club-statement/ This is the statement dated 18/08/20 made by the club with regard to the legal dispute. It includes the following wording "Since investing in the Club in 2017, the new investors have not withdrawn £1 from the Club and received no compensation as Board members. The Club want to reassure our supporters that we will fight this litigation and continue to grow the Club in a proper way." https://bfcst.co.uk/bfc-courtcase-move-update/ This is the Supporters Trust update dated 16/09/20 which covers general background around the dispute. It does clarify that the amount of £2.75m in dispute with the Cryne family was an amount payable upon retaining Championship status under Jose Morais or winning promotion at the first attempt (which we did under Stendel). The initial figure was £6m, which was negotiated down to £3.5m close to the end of the promotion season, payable regardless of whether we were promoted or not. Only the first installment of £750k was paid, reducing the balance outstanding down to £2.75m (the amount in dispute). The latest published accounts for BFC discussed in this thread are for the year ended 31/05/20, and reflect the £750k payment to Oakwell Holdings within them, paid from the operating funds of the football club and subsequently written off as an expense. Based on this we can conclude the following, none of which has been fully clear (at least to me) in the earlier discussion in the thread: - The £750k payment referred to in the accounts, on behalf of BFC Investments, is very obviously the £750k initial installment on the negotiated £3.5m payment related to promotion under Stendel. - Conway's statement that the new investors had not withdrawn £1 from the Club was made 2.5 months after the end of the above accounting period. - The only way in which Conway's statement could not be viewed as demonstrably untrue is if you are willing to accept that making a payment on behalf of the investment company and then writing off any possibility of this money being repaid to BFC is somehow different to physically withdrawing the cash from BFC's books (e.g. in the form of a dividend).
That's really quite grim. I had it in my mind that Conways comments were before the payment had gone through the club instead of his investment vehicles, so it was a case that he was aware he couldn't say that anymore given £750k had gone from the clubs coffers. That he was still saying they'd not taken anything AFTER the £750k.... well, I'll let others come to their own conclusions as to what words they wish to describe the situation and the people behind it.
This post spells out everything I want to scream to every Reds fan, with all the evidence and sources there. Thank you.
This thread should be pinned, unbelievable work from some very knowledgeable people who have the best interest of the fans and the club at heart, well done everyone for a reasoned and logical discussion.
This bloke is still looking for a club....very nice guy and shrewd business man anyone? https://en.m.wikipedia.org/wiki/Huw_Jenkins_(Welsh_businessman)
I don't see how it would be any worse, particularly if James Cryne stays on with his knowledge of BFC.
Pinned or binned? Only the parties involved ie the 80% and the 20% know the facts. Every single comment from us on here is pure speculation at best and think we have to remember that. Is there an actual hearing date for court action or has it been withdrawn?
I don't think every comment on this thread is pure speculation at all. Plenty of facts supported by evidence. The accounts are available for all to see.
Presumably, profit is subject to Corporation Tax. But there may also have been something in the sale agreement prohibiting the funding of the acquisition from the football club’s P&L. I guess we’ll have to wait for the court case to find out.