Granite wrote: ↑Mon Jun 03, 2024 3:49 pm
As for administration, the proof will be in the pudding when it comes to Mosh finding cash for the this month’s supposed £20m running cost payment.
I don't think there's any chance we go into administration. There has been a lot of stuff in the media recently about the cashflow situation not being so dire because we're getting a fresh load of TV money, season ticket sales and then a sale like Onana fairly imminent.
And then in the fairly near future, it feels like we'll have new owners.
That he's been able to attract 200m of someone else's dough over the last few months and not had to spend any of his own, seems a small win for him.
Administration isn't completely out of the question, and we're probably closer than most. The club won't have wanted the vultures circling, and seem to have made it pretty clear to certain parts of the media that they're none to happy with the 'fire sale' narrative.
Cods wrote: ↑Tue Jun 04, 2024 3:32 am
That he's been able to attract 200m of someone else's dough over the last few months and not had to spend any of his own, seems a small win for him.
Administration isn't completely out of the question, and we're probably closer than most. The club won't have wanted the vultures circling, and seem to have made it pretty clear to certain parts of the media that they're none to happy with the 'fire sale' narrative.
Yeah, that was said on talk sport yesterday by Sam Materface and the Peterborough chairman yesterday.
Gary1878 wrote: ↑Tue Jun 04, 2024 10:56 am
Accountancy can be really complicated and so if you don't fully understand it, you can easily get things wrong.
Personally, I hate it. I know as much as required for my job and that's it for me!
I would have thought that the Esk should know that Bluesky capital is Moshiri and that it is effectively equity.
Doesn’t support his doom and everything is fucked narrative though
Cereal Killer wrote: ↑Tue Jun 04, 2024 11:02 am
Doesn’t support his doom and everything is fucked narrative though
No it doesn't.
The actual reality is that we have now received merit payments from the PL, and so cashflow won't be an issue over the first half of next season.
We may want to sell in the window to reduce the wage bill and/or cover the latter half of the year. But by that time, we may have well been taken over.
It’s all semantics. That £450m is actual debt, but it’s owed to Moshiri who has always been expected to waive it. Not sure there’s anything legally binding to it though.
Brighton are £400m in debt to their owner Tony Bloom who’s never going to call it in.
It can get messy though. I remember the Huddersfield owner having a couple of hundred mill tied up in the club. A change of personal/business circumstances and he needed it. Yoinked it from the club and consequently put the club on its arse and pocketed all the premier league money they got.
brap2 wrote: ↑Tue Jun 04, 2024 12:32 pm
Seems quite mad to me that 450m of our 'billion in debt' is not debt at all, surely that changes things drastically?
Maybe there is more to this 'esk says mad stuff' after all.
and him sreaming up about why John Texter would buy Everton when he runs a great club like Crystal Palace - and he haven't heard one word as to why he would do that..... Allthough Texter has said from day one, that he want's to control a club - something he can't do at Palace......
Granite wrote:It’s all semantics. That £450m is actual debt, but it’s owed to Moshiri who has always been expected to waive it. Not sure there’s anything legally binding to it though.
Brighton are £400m in debt to their owner Tony Bloom who’s never going to call it in.
It can get messy though. I remember the Huddersfield owner having a couple of hundred mill tied up in the club. A change of personal/business circumstances and he needed it. Yoinked it from the club and consequently put the club on its arse and pocketed all the premier league money they got.
There are tests in accountancy legislation about what should be classified as debt vs equity and it seems like that fails it as there is no defined payment date for the debt so it can sit there indefinitely.
In reality it’s equity for Moshiri that will need to be paid by whoever buys the club
The £450m does present itself far more like equity, as there is no maturity date and no cost. It is effectively zero coupon perpetual debt with no call date.
You would have to be privy to the covenants of the debt though to see what rights either party have for Moshiri to be able to call in that debt.
Bloomberg report ingvtgat A-cap (777main backers) are making a proposal to moshiri that will see them refinance debt and take a “non controlling” equity share. It’s behind a paywall so i don’t know full details. I’d assume though that with 777 going under they will moving to take control of that loan and it revert it to equity as was the plan with 777. Might be able to refinance the other loans but only any point if they are going to give favourable rates. Would lend some credibility to the textor rumours if they are basically stepping in for now.
