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Winding up Petition was a ‘tactical move’ by Flowers
at 15:11:27

According to Companies House it's 1.5m and the deal was done with KB before GFH Capital took over.

It was basically mortgaging the income stream for Corporate Hospitality.

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You’re not sacked any more!
at 15:51:00

From what I can determine, LUFC have to make a payment of c.4m to Ken Bates in February and Sport Capital have an amount of c.6m that they will want repaid with the failure of their bid.

There also appears to a monthly deficit of c.1m which will need to be resolved.

GFH also appear to have a cash flow issue at the present time, so the sale of 75% to Cellino does appear to be a bit of a 'firesale'.

There's also the potential of a court case settlement with Ken Bates regarding his dismissal as LUFC president.

There's a lot going on here that will probably never be made public, but it's definitely a mess.

If Cellino were to fail the FL 'tests' , then LUFC will need to find c.12m in the next month.

I think LUFC need a Cellino to 'do an Abramovich' and have sufficient capital to settle all the outstanding issues and buy back Elland Road / Thorp Arch

In addition, IF promotion is attained within the next couple of years there's another c.5m that will have to be paid as part of the last exit from Administration fiasco.

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You’re not sacked any more!
at 12:13:35

My interpretation of events

Cellino expected paperwork to go through a lot quicker than it has and from what he has said, he's "pissed off " about this. That's probably because he wanted to get the 4 / 5 loan deals from Italy & France that he had lined up into the squad before the transfer window deadline.

Having only managed to get 1 deal done though, there's nothing more that can be done this season with foreign imports as the Emergency Loan Window doesn't allow International players.

To 'placate' the fans, he's simply made a quick U-turn and will no doubt look to terminate the services of BMD at the end of the season if he doesn't achieve promotion.

Cellino - I couldn't fire BMD
GFH Capital - We didn't fire BMD

So did Chris Farnell, (Senior Partner at IPS Law) just decide to fire BMD on a whim?

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