| Hashtag (whatever that means) obsessed - They're at it again!! 20:14 - Aug 26 with 4418 views | BigDaveMyCock |
I'm sure some are already aware of this but for those of you who aren't.
I've been informed that Bury have recently borrowed £1 million from a firm called Goldmann and Sons at a rate of 7.5% per month (I'm reliably informed that this equates to more than our monthly gate receipts). The loan has been secured by yet another charge on Gigg.
Even more bizarre is that Goldmann Sons are frighteningly similar to Cash4Assets. Registered as dormant company, formed recently and there is no sign of them anywhere on the net.
They have one director, a 29 year old woman called Miss Jodie Lee, who previously was a director of a now dissolved firm called Updale (seriously!!). Anyway, this is the firm that has loaned Bury £1 million.
I make that £1.6 million they've borrowed in the last 3 months off two companies that you can't contact.
It looks very, very, very odd. [Post edited 26 Aug 2014 21:25]
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| Hashtag (whatever that means) obsessed - They're at it again!! on 20:45 - Aug 26 with 4313 views | dale_spotland |
But as long as Ryan Lowe is scoring they won't care. |  |
| Days like this one weren't supposed to happen to Rochdale. |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 20:48 - Aug 26 with 4301 views | Daley_Lama |
This new company was set up by a Director called Dennis Richards before it was changed to Miss Lees
Dennis Richards was a director of Cash4You in 2011 which I think was the original company that loaned Bury money a few months ago.
http://companycheck.co.uk/director/917881848
Are they doing the credit card shuffle with 28 days notice/ |  |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 21:05 - Aug 26 with 4232 views | libertinedreamer |
Jodie lee is Denis daughter....its all very bizarre.
Add to that, that our chairman wasnt happy with 3200 gates and wants to 'get the gates back up' and it becomes worrying...
Interest at 75k a month :-/ | | | |
| Hashtag (whatever that means) obsessed - They're at it again!! on 21:24 - Aug 26 with 4165 views | BigDaveMyCock |
| Hashtag (whatever that means) obsessed - They're at it again!! on 20:48 - Aug 26 by Daley_Lama |
This new company was set up by a Director called Dennis Richards before it was changed to Miss Lees
Dennis Richards was a director of Cash4You in 2011 which I think was the original company that loaned Bury money a few months ago.
http://companycheck.co.uk/director/917881848
Are they doing the credit card shuffle with 28 days notice/ |
Interesting to see if it emerges that there is a link between him and Day or anyone else on the Bury board.
The previous charges for the loans (even the one that dates back to when the glorious revolution began in 2013) are not registered as 'satisfied'. There is no indication that they are borrowing to pay off the other. They appear to be just borrowing. Maybe not so much a credit card shuffle but a maxing out of all of them. | |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 06:58 - Aug 27 with 3901 views | ColDale |
I really don't have a clue what to make of it.
Maybe Day is some sort of naive Knighton character and he's doing all of this with the best intentions to transform Bury into a Championsip team. But taken at face value, a club at our level who needs to take out a loan that requires £75,000 a month simply to pay the interest alone (and that will rise month by month) will not survive. That sort of sum is more than their income will be in an average month. That sort of financing can only end in disaster. Even back to back promotions could not lead to a situation where they could afford to pay these loans off.
But the source of these loans begs questions too. Whilst the loan rates would put them in the same bracket as your Wongas and other pay day loan companies, the fact they are dormant companies brings its own set of questions. They've not simply popped along and asked to borrow the money from existing companies. It's been arranged and put through the books of dormant companies and you'd have to assume its no coincidence that the terms of the loans are identical despite it being two separate companies.
Which then begs the question is why is someone somewhere putting money through the books of these dormant companies to loan the money to Bury FC? What are they hiding, because certainly someone is going to some lengths to hide where the money is coming from. Maybe there is a sugar daddy, and this is all being done (and I've no idea how these things work) to either hide it from the tax man or to bypass the FFP rules. In any case, there does not seem to be a legitimate and above board reason for doing so.
Even it was being done simply to mask the identity of a sugar daddy at the top of the tree, there is no way that twelve months on it could be kept secret. The footballing rumour mill, whether that came from a former player, manager or director would have seen to it that a name be released.
So is it all for sinister reasons? Well the £200,000 loan led credence to that. That loan would have provided a monthly income of £5,000 ad infinitum to whoever is pulling the strings, and they would simply collect the ground at the first occasion that the repayment is defaulted on. But then why extend it to put in a £1 million? When you're talking that amount of money, its way beyond someone trying to make a quick buck out of Bury. In many ways, the fact the latest loan is so big can suggest they're not there to be ripped off unless its a SV at Barrow style situation (tho there is nothing to suggest that it is).
But what would be the biggest concern for me is where has the money gone? Flicker has put together a decent squad there and one which should be challenging for the top three. But he's not gone ridiculously silly with his wage bill. He's paying over the top but not incredibly so to the extent that they have had to borrow a sum of money that would have paid our wage bill for 2013-14 in its entirety before any other income is taken into account. It's a squad living beyond their means but not by £1 million.
Sure there'll have been other bits and bobs to pay for like the pitch, but any other proposed work would have been paid on completion and not required a pay day loan in July to see things through.
I obviously need to get more sleep or get back to work asap as spending far too much time thinking about these sort of things, but its frightening to see so many Bury supporters dismiss any concerns from committed Bury supporters as if this is simply how football is run these days because your Premiership teams live in debt. |  | | |
| Hashtag (whatever that means) obsessed - They're at it again!! on 11:08 - Aug 27 with 3714 views | JumeirahDale |
Some serious financial jiggery pokery by the sounds of it. Has all the makings of a tax wheeze by an ultimate beneficial owner from where I'm standing. The identity of the football club is largely irrelevant to these people - Leeds for example have been passed around like this for years.
It wouldn't surprise me in the slightest to hear that ownership of either BFC and/or the stadium has changed hands from one shadowy limited company to another in the next few months (and so on, ad infinitum for the near future). Keep an eye out.
Fit and proper test? What a farce. Thank fook our ownership is relatively well diversified. |  | | |
| Hashtag (whatever that means) obsessed - They're at it again!! on 16:26 - Aug 27 with 3415 views | 442Dale |
There's a Q&A session before their game on Saturday.
With #nards. Maybe he'll know. |  |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 20:33 - Aug 27 with 3178 views | PDIDDY |
| Hashtag (whatever that means) obsessed - They're at it again!! on 16:26 - Aug 27 by 442Dale |
There's a Q&A session before their game on Saturday.
With #nards. Maybe he'll know. |
If anyone attends, 8 turned up for chris brass last week and it was cancelled I hear |  |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 20:41 - Aug 27 with 3159 views | TVOS1907 |
| Hashtag (whatever that means) obsessed - They're at it again!! on 20:33 - Aug 27 by PDIDDY |
If anyone attends, 8 turned up for chris brass last week and it was cancelled I hear |
Bet he was brassed off. |  |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 21:14 - Aug 27 with 3112 views | PDIDDY |
| Hashtag (whatever that means) obsessed - They're at it again!! on 20:41 - Aug 27 by TVOS1907 |
Bet he was brassed off. |
Maybe | |
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| Hashtag (whatever that means) obsessed - They're at it again!! on 22:09 - Aug 27 with 2983 views | nordenblue |
| Hashtag (whatever that means) obsessed - They're at it again!! on 21:14 - Aug 27 by PDIDDY |
Maybe |
Definitely Maybe? | | | |
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