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Just been looking at Bury’s accounts.point nine one eight wrote: ↑Sat Aug 17, 2019 1:17 amYes 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.
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?slacker wrote: ↑Sat Aug 17, 2019 10:32 am 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'sslacker wrote: ↑Sat Aug 17, 2019 10:32 am 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.
Nigel and Kent?Byways1 wrote: ↑Sat Aug 17, 2019 10:25 amWho the hell buys a business that regular loses 2.7m per year?point nine one eight wrote: ↑Sat Aug 17, 2019 1:17 amYes 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.
Apple Wumble wrote: ↑Sat Aug 17, 2019 7:53 pmNigel and Kent?Byways1 wrote: ↑Sat Aug 17, 2019 10:25 amWho the hell buys a business that regular loses 2.7m per year?point nine one eight wrote: ↑Sat Aug 17, 2019 1:17 am
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.
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.tuffers#1 wrote: ↑Wed Aug 21, 2019 8:29 pm https://www.google.com/amp/s/www.telegr ... -like/amp/
Looking bleaker than ever for this poor mob
Bang on the nail.Apple Wumble wrote: ↑Sat Aug 17, 2019 7:53 pmNigel and Kent?Byways1 wrote: ↑Sat Aug 17, 2019 10:25 amWho the hell buys a business that regular loses 2.7m per year?point nine one eight wrote: ↑Sat Aug 17, 2019 1:17 am
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.
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?Byways1 wrote: ↑Sat Aug 17, 2019 11:19 amApparently 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?slacker wrote: ↑Sat Aug 17, 2019 10:32 am 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.
On the 18th July this company was owed 7.1 m by Bury fc.
Any views on this?
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.o-no wrote: ↑Thu Aug 22, 2019 9:31 pmMaybe 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?Byways1 wrote: ↑Sat Aug 17, 2019 11:19 amApparently 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?slacker wrote: ↑Sat Aug 17, 2019 10:32 am 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.
On the 18th July this company was owed 7.1 m by Bury fc.
Any views on this?
Only if he gets planning permission.Apple Wumble wrote: ↑Wed Aug 21, 2019 9:22 pm 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.
You mean the ridiculous 138%PA. loan Max?Max B Gold wrote: ↑Thu Aug 22, 2019 9:45 pmI'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.o-no wrote: ↑Thu Aug 22, 2019 9:31 pmMaybe 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?
Rich people and wankers always find a way.Byways1 wrote: ↑Fri Aug 23, 2019 8:18 amOnly if he gets planning permission.Apple Wumble wrote: ↑Wed Aug 21, 2019 9:22 pm 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.
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 doPrestige Worldwide wrote: ↑Fri Aug 23, 2019 11:08 am Cant they be compulsory purchased or something?
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.Byways1 wrote: ↑Fri Aug 23, 2019 8:24 amYou mean the ridiculous 138%PA. loan Max?Max B Gold wrote: ↑Thu Aug 22, 2019 9:45 pmI'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.o-no wrote: ↑Thu Aug 22, 2019 9:31 pm
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?