A synopsis in layman's terms

Private Investors in PMG Investments were no longer happy with the way Paul Conway conducted his business.

It's your disparaging description of his atire that did it.

 

They're out there, mainly on Facebook, but they are out there

 

sounds like they've all got their cards on the table and the Crynes, Parekh and JAQ all had pocket Colchester stubs. Conway, hung and Chien all folded at that point.

 

That explanation from Jay makes far more sense than the official release by the club, and if so could be a positive step. Guess it all depends on what changes the board make going forward especially in recruitment.

So, if they go get Nigel Clough in, I may part with money for a season ticket. If it's another unheard of u12's manager, I'd be concerned.

Thinking back, although unheard of Stendel really sold his brand of football with so much enthusiasm it was easy to get on board with, same with Val to some extent because of the passion. From there it went downhill for me. So that's why I'd favour a return to an experienced manager with knowledge of League 1 / Championship. Hence my choice of Clough.

 

Thankyou. Jay. The future seems a lot brighter now.

 

I don't wish to come over as a bit of a knob, but some of the comments on FB are so stupid that I worry about the intelligence of a fair portion of our club's supporters!

 

Excellent summary @Jay
The only point (question) I’d add is whether a deal has been brokered to clear the debt to the Cryne family by effectively handing them back that in shares.

It could explain why they now get 2 seats on the board?

 

Wonder if Jean was the one that posted that letter to your mams.

 

Excellent post Jay!

a few questions -

The private investors in the PMG group - how do they benefit financially from being investors?

What is the relationship between the PMG group and the BFC Board - who has most 'power?'

 

There is no benefit at the moment financially for the private investors. If we become a successful club, they may be able to sell their shares for more than they bought them. If we become a Premier League club that will be for significantly more than they bought them. At the moment they wouldn't get a fraction back of their initial investment as we're worth nothing. They do have a representative on the BFC board so if they're interested in football they're involved, but that's it.

There is no such thing as the PMG group any more with regard to Barnsley FC. The private investors were, presumably, tempted into this venture of buying European football clubs by Paul Conway and Grace Hung, who represented their interests. These investors no longer want anyone from PMG to represent them. They have chosen a representative of their own - Julie Ann Quay. PMG have no relationship with BFC at all anymore. Zilch. They have no influence at all. Paul Conway and Grace Hung may have a few shares, but not nearly enough to have any influence in any way. They could sell those shares now and lose just about all their initial investment. Or hold on to them in the hope we'll become successful. But even if they do, they don't own enough to make any life changing profit. They're gone.

 

Thanks Jay.