Bury Fc

[Byways1]

Bury well and truly fecked sadly.

Yes sadly I agree with you 100%, come on Disoriented jump on a train to them and give the owner a lambasting, it really would be a shame to loose them.

Just been looking at Bury’s accounts.
Who the hell buys a business that regular loses 2.7m per year?
They appear to own their own ground (value 5.8m) but that is worthless without planning permission.

[Byways1]

Apparently he paid £1 for the club.

[slacker]

It’s quite amazing that the last FL club to fold was Maidstone way back in ‘92 (the same year as Aldershot went kapput), although a number of former League clubs have folded after dropping to non-league. They had sold their ground, bought and played at Dartford but then loaned against that asset to cover their operating loss shortfall as they tried to compete as they moved up from non-league.

With the previous Bury owner also taking out similar loans secured against Gigg Lane from a dodgy firm that subsequently went bust after the FCA removed their licence to trade, the sh!t was always going to hit the fan at some point. The current owner - a property speculator as it happens, which raises suspicions about his intentions - didn’t do his due diligence properly, so he says, and was “surprised” buying Bury for a quid didn’t come with strings and loans attached. He can’t even afford to cover the current operating losses and pay wages, let alone deal with the historical debt, and can’t use the stadium asset against which to lend more or give him wiggle room. Quite similar to the old Maidstone situation, really.

Unless he sells up and walks away right now it will be curtains - and a phoenix club will have to start again somewhere down the pyramid.

[Byways1]

It’s quite amazing that the last FL club to fold was Maidstone way back in ‘92 (the same year as Aldershot went kapput), although a number of former League clubs have folded after dropping to non-league. They had sold their ground, bought and played at Dartford but then loaned against that asset to cover their operating loss shortfall as they tried to compete as they moved up from non-league.

With the previous Bury owner also taking out similar loans secured against Gigg Lane from a dodgy firm that subsequently went bust after the FCA removed their licence to trade, the sh!t was always going to hit the fan at some point. The current owner - a property speculator as it happens, which raises suspicions about his intentions - didn’t do his due diligence properly, so he says, and was “surprised” buying Bury for a quid didn’t come with strings and loans attached. He can’t even afford to cover the current operating losses and pay wages, let alone deal with the historical debt, and can’t use the stadium asset against which to lend more or give him wiggle room. Quite similar to the old Maidstone situation, really.

Unless he sells up and walks away right now it will be curtains - and a phoenix club will have to start again somewhere down the pyramid.

Apparently James there is a company set up on the 16th of July 2019 called RCR holdings and is registered in the name of the owners son in law?
On the 18th July this company was owed 7.1 m by Bury fc.
Any views on this?

[Byways1]

The previous owner loaned the club 1m secured on Gigg lane with interest payments of 138% PA.

[point nine one eight]

It’s quite amazing that the last FL club to fold was Maidstone way back in ‘92 (the same year as Aldershot went kapput), although a number of former League clubs have folded after dropping to non-league. They had sold their ground, bought and played at Dartford but then loaned against that asset to cover their operating loss shortfall as they tried to compete as they moved up from non-league.

With the previous Bury owner also taking out similar loans secured against Gigg Lane from a dodgy firm that subsequently went bust after the FCA removed their licence to trade, the sh!t was always going to hit the fan at some point. The current owner - a property speculator as it happens, which raises suspicions about his intentions - didn’t do his due diligence properly, so he says, and was “surprised” buying Bury for a quid didn’t come with strings and loans attached. He can’t even afford to cover the current operating losses and pay wages, let alone deal with the historical debt, and can’t use the stadium asset against which to lend more or give him wiggle room. Quite similar to the old Maidstone situation, really.

Unless he sells up and walks away right now it will be curtains - and a phoenix club will have to start again somewhere down the pyramid.

Have Aldershot gone bust twice then. Remember them going bust during a season but wasn't that during the 60's

[Rich Tea Wellin]

Bury well and truly fecked sadly.

Yes sadly I agree with you 100%, come on Disoriented jump on a train to them and give the owner a lambasting, it really would be a shame to loose them.

Who the hell buys a business that regular loses 2.7m per year?

Nigel and Kent?

[Byways1]

Yes sadly I agree with you 100%, come on Disoriented jump on a train to them and give the owner a lambasting, it really would be a shame to loose them.

Who the hell buys a business that regular loses 2.7m per year?

Nigel and Kent?

[tuffers#1]

https://www.google.com/amp/s/www.telegr ... -like/amp/

Looking bleaker than ever for this poor mob

[RedDwarf 1881]

https://www.google.com/amp/s/www.telegr ... -like/amp/

Looking bleaker than ever for this poor mob

The thing is though City and United could save Bury at the drop of a hat . The disparity in wealth between top and bottom clubs is now astronomical.

[Rich Tea Wellin]

They could but they can't and shouldn't give money to Steve Dale, and unless he sells up, there's nothing anyone can do.

its ridiculous. No doubt its so he can sell the ground off for real estate.

[RientO]

Was reading that if Bury are kicked out on Friday, League One will continue with 23 clubs and only 3 relegated with four promoted.
This being the case I suspect only one club will be relegated from League Two.
Of course, Bolton may also suffer a similar fate.

https://www.lincolnshirelive.co.uk/spor ... ry-3232007

[Long slender neck]

So has Dale bought them for a £1 with no intention of settling any of the debts? And they've previously taken out a massive loan against the ground? So surely he wouldnt get that?

[Lovejoy]

Bury: English Football League could grant Shakers extra 48 hours to avoid expulsion.

https://www.bbc.co.uk/sport/football/49438243

[Bergen]

Lets hope so. There is also a good update from Bury Times.

https://www.burytimes.co.uk/sport/17854 ... -survival/

[DEFCON 1]

Yes sadly I agree with you 100%, come on Disoriented jump on a train to them and give the owner a lambasting, it really would be a shame to loose them.

Who the hell buys a business that regular loses 2.7m per year?

Nigel and Kent?

Bang on the nail.

[o-no]

It’s quite amazing that the last FL club to fold was Maidstone way back in ‘92 (the same year as Aldershot went kapput), although a number of former League clubs have folded after dropping to non-league. They had sold their ground, bought and played at Dartford but then loaned against that asset to cover their operating loss shortfall as they tried to compete as they moved up from non-league.

With the previous Bury owner also taking out similar loans secured against Gigg Lane from a dodgy firm that subsequently went bust after the FCA removed their licence to trade, the sh!t was always going to hit the fan at some point. The current owner - a property speculator as it happens, which raises suspicions about his intentions - didn’t do his due diligence properly, so he says, and was “surprised” buying Bury for a quid didn’t come with strings and loans attached. He can’t even afford to cover the current operating losses and pay wages, let alone deal with the historical debt, and can’t use the stadium asset against which to lend more or give him wiggle room. Quite similar to the old Maidstone situation, really.

Unless he sells up and walks away right now it will be curtains - and a phoenix club will have to start again somewhere down the pyramid.

Apparently James there is a company set up on the 16th of July 2019 called RCR holdings and is registered in the name of the owners son in law?
On the 18th July this company was owed 7.1 m by Bury fc.
Any views on this?

Maybe that would put them at the top of the pile when any assets, I guess the ground, are flogged off - thereby keeping it in the family. The new owner is a "property developer" by trade. You'd have to wonder if this 7.1m doesn't really exist as a debt then surely that's some sort of fraud?

[Max B Gold]

It’s quite amazing that the last FL club to fold was Maidstone way back in ‘92 (the same year as Aldershot went kapput), although a number of former League clubs have folded after dropping to non-league. They had sold their ground, bought and played at Dartford but then loaned against that asset to cover their operating loss shortfall as they tried to compete as they moved up from non-league.

With the previous Bury owner also taking out similar loans secured against Gigg Lane from a dodgy firm that subsequently went bust after the FCA removed their licence to trade, the sh!t was always going to hit the fan at some point. The current owner - a property speculator as it happens, which raises suspicions about his intentions - didn’t do his due diligence properly, so he says, and was “surprised” buying Bury for a quid didn’t come with strings and loans attached. He can’t even afford to cover the current operating losses and pay wages, let alone deal with the historical debt, and can’t use the stadium asset against which to lend more or give him wiggle room. Quite similar to the old Maidstone situation, really.

Unless he sells up and walks away right now it will be curtains - and a phoenix club will have to start again somewhere down the pyramid.

Apparently James there is a company set up on the 16th of July 2019 called RCR holdings and is registered in the name of the owners son in law?
On the 18th July this company was owed 7.1 m by Bury fc.
Any views on this?

Maybe that would put them at the top of the pile when any assets, I guess the ground, are flogged off - thereby keeping it in the family. The new owner is a "property developer" by trade. You'd have to wonder if this 7.1m doesn't really exist as a debt then surely that's some sort of fraud?

I'm thinking the company who made the loan against the ground and went bust that Slack"""yy mentions above will have a floating and fixed charge over the assets.

[Byways1]

They could but they can't and shouldn't give money to Steve Dale, and unless he sells up, there's nothing anyone can do.

its ridiculous. No doubt its so he can sell the ground off for real estate.

Only if he gets planning permission.

[Byways1]

Apparently James there is a company set up on the 16th of July 2019 called RCR holdings and is registered in the name of the owners son in law?
On the 18th July this company was owed 7.1 m by Bury fc.
Any views on this?

Maybe that would put them at the top of the pile when any assets, I guess the ground, are flogged off - thereby keeping it in the family. The new owner is a "property developer" by trade. You'd have to wonder if this 7.1m doesn't really exist as a debt then surely that's some sort of fraud?

I'm thinking the company who made the loan against the ground and went bust that Slack"""yy mentions above will have a floating and fixed charge over the assets.

You mean the ridiculous 138%PA. loan Max?

[Rich Tea Wellin]

They could but they can't and shouldn't give money to Steve Dale, and unless he sells up, there's nothing anyone can do.

its ridiculous. No doubt its so he can sell the ground off for real estate.

Only if he gets planning permission.

Rich people and wankers always find a way.

[BIGRON]

I wish Bury all the luck in the world today .....been there done it got the Tshirt

[Long slender neck]

Cant they be compulsory purchased or something?

[Rich Tea Wellin]

Cant they be compulsory purchased or something?

At the end of the day, they are a business. If a majority shareholder and owner wants to run a company into the ground, I dont think theres a lot anyone can do

[Max B Gold]

Maybe that would put them at the top of the pile when any assets, I guess the ground, are flogged off - thereby keeping it in the family. The new owner is a "property developer" by trade. You'd have to wonder if this 7.1m doesn't really exist as a debt then surely that's some sort of fraud?

I'm thinking the company who made the loan against the ground and went bust that Slack"""yy mentions above will have a floating and fixed charge over the assets.

You mean the ridiculous 138%PA. loan Max?

I don't know the terms of the loan only that it's bound to be secured against the company assets. If I could be bothered I would check Burys accounts on Companies House site and see if any charges are registered.

At least the interest rate is better than a payday loan. Usury is morally unacceptable in my book anyway.