Who would buy BFC.....

What about the 20 per cent. If they sell their 80 per cent and move on. We're still hamstrung with the Cryne's in tow.

 

I think them retaining the 20% is likely to be integral to a positive deal going forward.

 

According to their accounts, PC and Barnsley Council each paid in £2m in share capital. However, the cost of land and buildings was £5,238,445, so the rest must have been financed through credit.

 

Won't the deal have to be mutually beneficial? It will have to be someone content to buy them out too or work with them. Also it will be someone content to buy the ground and land of the Cryne's and the Council.

 

Could the £1238445 have been put up by a third party?

 

Personally, I'd look to buy the 80%, or even encourage the Cryne family to increase their stakeholding.

I'd also look to buy into OCAL and try and collaborate in a way that the 3 parties can put into the ground development while still protecting the ground for the future and preventing it being used for quick profit by chancers.

 

Too many Chef's spoil the broth. I'd like the whole lot sold in good faith to people who can take it forward.

 

Originally, there were 2 loans of about £700k each. One was from Barnsley MBC, and the other is described as a Directors loan (presumably Patrick Cryne).

 

As long as they don't lose any money that's all they have to do as regards obligation to council tax payerd.

 

The problem was ITV digital, John Dennis and the board were given assurances by the Football League that the money would be forthcoming and so accumulated a large overdraft. When ITV Digital went bust, ITV ( Granada & Central TV) showed it was nothing to do with them as it was a separate company to them. Barnsley went in to administration as it had run out of money in September 2002 and had £3M debts. At the same time SUFC had debts of £9M and SWFC had debts of £12M( and climbing) but no administration for them probably because they are both massive!! The football league obviously did not do a due diligance and showed no duty of care to one of their members who they had advised that the deal with ITV Digital was secured.

 

I used to think that too. But I'd suggest that diversity of thought and idea, if they all share the same goal is a much more powerful thing than one individual. I'd also argue that a multiple holding allows for more investment thats not reliant on one individual (for capital improvements), plus, they have an incentive to be proactive because they have an active stake in it.

If you look at the 80% holding, it's made up of multiple ownership anyway (which we're not party to how its made up or how it's funded).

 

I knew the account manager for SWFC at Co-op bank. I think the debts reached £23m before they asked SWFC to be more proactive in dealing with their debt.

 

They own 20% of the shares of BFC Investments Limited (i.e. the Hong Kong company) which owns 100% of the share capital of Barnsley Football Club Limited.

In terms of selling the club, someone would be buying all the shares from a single shareholder, i.e. the Investment Company.

 

I think these numbers are a bit of a guess but quite a way off in totality for clubs like Barnsley and Luton.

I know the salary details in the accounts are audited and will include non-playing staff so they do overstate playing staff but not by a factor of 100%.

 

Does Doyle own the mineral rights?

 

Ivr said it once, I'll say it again. Barnsley is an established Championship club and it's run to make profit, as well as growing talent and selling for big profit, as opposed to many, many clubs at this level. I don't buy all this "no one will buy BFC" shtick.

 

My recollection is that Milan Mandaric then got the Co-op to accept £7m for what they were owed. Canny!

 

Exactly.