The Option To Buy Oakwell - Summary

Discussion in 'Bulletin Board' started by Dub-Tyke, Aug 18, 2020.

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  1. Red

    Reds Fan Well-Known Member

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    It was edited. The full quote was “James Cryne is a a genius, he managed to hide some fine print in the contract to sell the club and has f****d us right over” ;)
     
    Reds Fan, Aug 18, 2020
    #21
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  2. Gud

    GudjonFan Well-Known Member

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    BFC investments owns 80% of BFC as i understanding things.

    The other 20% interest is retained by The Cryne Family.
     
    GudjonFan, Aug 18, 2020
    #22
  3. SuperTyke

    SuperTyke Well-Known Member

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    While Chien Lee knows what about football?
     
    SuperTyke, Aug 18, 2020
    #23
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  4. SuperTyke

    SuperTyke Well-Known Member

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    From the club statement::
    "BFC Investment Company Ltd was created to hold 100% of Barnsley Football Club"
     
    SuperTyke, Aug 18, 2020
    #24
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  5. Gud

    GudjonFan Well-Known Member

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    Yep, I read that too. I don’t think that is particularly clear, since it doesn’t explain James Cryne’s 20% share.
     
    GudjonFan, Aug 18, 2020
    #25
  6. Red

    Reds Fan Well-Known Member

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    he picked up a lot from his brother sammy
     
    Reds Fan, Aug 18, 2020
    #26
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  7. wak

    wakeyred Well-Known Member

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    Thanks, that really made me laugh!!
     
    wakeyred, Aug 18, 2020
    #27
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  8. SuperTyke

    SuperTyke Well-Known Member

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    Everything I've read about him and his business dealings suggests he lives in such a fictional world I think his dad is Stan Lee.
     
    SuperTyke, Aug 18, 2020
    #28
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  9. Red

    Reds Fan Well-Known Member

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    you’ve got to or you’d cry....
     
    Reds Fan, Aug 18, 2020
    #29
  10. dod

    dodgey defence Well-Known Member

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    Chien is a business man who invests in opportunities and presumably he saw BFC as a way to make money in some form or other, doubt very much he chooses which players we sign.
     
    dodgey defence, Aug 18, 2020
    #30
  11. Gud

    GudjonFan Well-Known Member

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    There’s this too: https://www.barnsleyfc.co.uk/company-details/

    That does seem to be in line with the club statement. I must say that my assumption was that James Cryne’s 20% was held via a separate company, but it seems from this he is also part of BFC Investments.
     
    GudjonFan, Aug 18, 2020
    #31
  12. Jimmy viz

    Jimmy viz Well-Known Member

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    If Cryne Jnr did set up the algorithm he’s made us a fortune in the last few years.
     
    Jimmy viz, Aug 18, 2020
    #32
  13. Gally

    Gally Administrator Staff Member Admin

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    @Redrain gave us a very useful summary last year:

    This is the position before Patrick Cryne sold the Club.


    The company that runs the club is called Barnsley Football Club (2002) Ltd. It runs the club but it does not own the Land and Buildings used by the club. The Land and Building are owned by Oakwell Community Assets Ltd. That company was owned jointly by Barnsley MBC and Patrick Cryne and the club paid £150k per annum to use the facilities owned by Oakwell Community Assets. Barnsley Football Club (2002) Ltd was owned 100% by Oakwell Holdings Ltd, a company that was in turn owned 100% by Patrick Cryne.


    After Partick Cryne sold the club.


    I believe that Oakwell Community Assets Ltd continues to be owned by Bansley MBC and the Cryne Family, but that company now only has Barnsley MBC councillors as directors.

    I thought that Oakwell Holdings had sold 100% of the shares in Barnsley Football Club (2002) Ltd to BFC Investment Company Ltd, a company registered in Hong Kong, and that Chien Lee, Paul Conway, Dickson Kong Lee, Grace Hung, Neerav Parekh, James Cryne and possibly Billy Beane held shares in BFC Investment Company. It looks from like I was wrong.

    The latest accounts of Oakwell Holdings Ltd may be summarised as follows (apologies for formatting which is not under my control):

    Fixed Assets

    Investments £2.0m

    Current Assets

    Debtor due after more than 1 year £3.0m
    Debtor due after 1 year £1.0m
    Cash at Bank £7.4m
    Total Current Assets £11.4m

    Creditor £6.4m

    Net Current Assets £5.0m

    Net Assets £7.0m

    Capital and Reserves

    Share Capital £0.5m
    Profit and Loss Account £6.5m

    £7.0m


    It looks like what might have happened is this:


    Oakwell holdings sold 100% of the club to BFC Investment Company Ltd for £10m, but then Oakwell Holdings bought back 20% for £2m (see Investment), and this is James Cryne's 20% investment in the club via BFC Investment Company Ltd. BFC Investment Company did not pay for the club totally up front. It looks as though it paid £6m and got £2m of that back for James Cryne's investment. The rest of it is being paid off at the rate of £1m per year (see creditors). Oakwell Holdings Ltd holds a bank balance of £7.4m. This is where my numbers do not quite fit because surely that should be the sum of the cash already received (£6m) less the £2m paid for James Cryne's shares (i.e. £4m). There is definately something wrong with my sums. Perhaps others can make the numbers fit.
     
    Gally, Aug 18, 2020
    #33
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  14. nezbfc

    nezbfc Well-Known Member

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    If I get chance I will draw an org.chart.

    A pic will explain it all whereas words can very easily be lost.

    Cant do it on my phone
     
    nezbfc, Aug 18, 2020
    #34
  15. Red

    Redsnut Well-Known Member

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    He’s not involved with the plan to identify which players to buy_
    Although doesn’t,t sound like cryne is now thank god,he only got involved with the club because his father was ill.
     
    Redsnut, Aug 19, 2020
    #35
  16. Red

    Red CB Well-Known Member

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    That is a rather sweeping statement about an individual, unless of course you know him personally .
     
    Red CB, Aug 19, 2020
    #36
  17. lk3

    lk311 Well-Known Member

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    .
     
    lk311, Aug 19, 2020
    #37
  18. Ton

    Tonjytyke Well-Known Member

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    My wife says I’m a clever ****, but I don’t think it’s meant as a compliment
     
    Tonjytyke, Aug 19, 2020
    #38
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  19. blivy

    blivy Well-Known Member

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    The Crynes held their stake in Barnsley Football Club through Oakwell Holdings, which was previously a 100% shareholder of Barnsley Football Club.

    The Crynes will still hold their stake in Barnsley Football Club through Oakwell Holdings, but Oakwell holdings will instead hold 20% of BFC Investments, which now holds 100% of Barnsley Football Club.

    All it means is that Oakwell Holding’s shareholding will have been rolled up into BFC Investments, which is a common way to structure acquisitions.

    Cryne
    I 100%
    Oakwell Holdings —————Consortium
    I 20% —————————— I 80%
    BFC Investments (HK)
    I 100%
    Barnsley Football Club
     
    blivy, Aug 19, 2020
    #39
  20. higgybaby

    higgybaby Well-Known Member

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    If it is the council that has 1st refusal on the sale of the stadium and they are refusing to play ball with the current owners, then what is their game?
     
    higgybaby, Aug 19, 2020
    #40
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