[Official Site] CLUB STATEMENT

Good news. Don’t think it’s materially changed much but takes away the terrible optics of a court case.

 

Good news, but I can't help wondering how much money has been spent on lawyers by both parties.

 

On the face of it - less money for transfers but no more owners suing each other. Probably makes it easier to sell? Maybe this is what was needed for the secret take over we've heard whispers about?

 

Got to be a positive to not have a boardroom legal battle going on.

 

I was thinking the same thing @Old Goat. And if memory serves me right, the concern for most fans was the where the money to pay the Cryne's was coming from for future payments too i.e. will it be paid by the club or by the owners company. Unless I'm missing something there's no clarity on that and it's therefore my outstanding concern.

 

I posted a while back that the injection of the £4.3m looked like a settlement amount.

Deducting the initial £1m an extra £3.3m was going in to the club. I can imagine a deal whereby the 80% holders agree to fund £2.75m (the outstanding payments) if the Cryne family inject £550k but the total amount comes back to the Crynes when affordable.

The money is injected in to the club and now becomes a soft loan from a 20% shareholder. In the short term it provides liquidity to meet the cash shortfall.

 

So is the ground still owned 50% by the council and 50% by oakwell holdings?

 

Yes this has no bearing on the ground ownership. The case was about the deferred payment amounts of £2.75m outstanding to Oakwell Holdings as part of the original purchase of the club by BFC Investments.

 

Why concerned. They've settled out of court. Pretty sure it'll have been sorted. Why worry. I don't.

 

I'm not actually worrying about it . But...... I (and quite a few others I believe) felt that it was wrong if the owners were taking the funds to purchase the club our of club funds i.e. indirectly you and I and the thousands of other fans were effectively buying the club for them and I recollect that was why the #notapennymore movement started. The board ay have changed but if that remains the approach then I'd be against it.

 

But they've injected another £3m to (or is it £3.5m) to keep the ball rolling so to speak till january. on top of the £1m. As they said they would. At the beginning of the season.
Forget that last bit I deleted if read. it was a 2+2=5
Brainfeck.

 

This is positive imho. The biggest thing is that it clearly shows that Neerav, JAQ and the Crynes can work together to resolve knotty matters.

The statement is light of the source of the payments from August 2023 though and I suspect/presume (may be wrong) that these payments will come from the football club (ie yours and my money) in the same way as the £750k.

However, given that the owners have recently put in £1m and have agreed a further £3.2m to go in to keep us afloat right now, this effectively turns the majority of the new equity into a loan to be cleared by paying the other owners' debt for the ground purchase option to the Crynes, downtrack.

(The payment amounts are hopefully flexible depending on which division we are in in August 2023!)

 

Great news imo .
Not sure who owed what ,where ,when or how long for but it’s a step into further harmony alongside the feel good factor on the pitch .
Just glad we’re out of that threatening litigation stuff every time Conway opened his gob when someone even looked at him funny .
Onwards and upwards the fog has lifted imo now all we need to do is get back where we belong in the Championship challenging for the greed league

 

It’s got to be good news that there’s more harmony surrounding the Club off the field. It allows us to concentrate a bit more about what’s going on on the field.

 

Great news!
I did wonder where the money had suddenly appeared from, with the new £3.2 million payment.
Made up with this news.

 

It had dragged on a long time.

I guess it must be one of the things JAQ was referring when she said if people knew what they had inherited.

Although, they didn't actually inherit anything, their representative and chien instigated it eyes wide open.

 

Great news that this court case won’t be hanging over us. Maybe another step towards getting Chien and Conway to sell their share of the club too.

So, do we think this could be linked to the extra 3 million the board recently put in?

Numbers wise, I had found that amount surprising. We were told an £8m drop in income from relegation, and we’d sold Morris, Woodrow, Brittain and Helik with lots of others leaving on free transfers. Surely we shouldn’t still have at £4m+ shortfall?

So maybe some part of this has gone towards the settlement?

 

"All parties are delighted that all matters related to the court case are now resolved."

No they're not. We can divide the 'parties' in two. As such, 50% of these 'parties' are a hell of a long way from being delighted, but at least this way they don't have to pay the court costs on top of the moneys they actually owe.
The other 50% aren't necessarily delighted either, they were always going to win the court case, and should have been paid years ago, but this ensures they're going to be paid, it's just going to be delayed, so I reckon we can temper delighted down to satisfied.

Are we at home on Setdi? I'm going to go a to f***ing football game. Bye, bye billionaires.