Wages paid late

  • Please bear with us on the new site integration and fixing any known bugs over the coming days. If you can not log in please try resetting your password and check your spam box. If you have tried these steps and are still struggling email [email protected] with your username/registered email address
  • Log in now to remove adverts - no adverts at all to registered members!
originallambrettaman said:
He’s charged with “encouraging individuals to advertise or otherwise promote fixed-odds or joint betting or gambling based on sports events”, not exactly the great train robbery.
Click to expand...
Well let's not go details there, nobody knows what he can be charged against if Erdogan lose power. We already know he was linked two organisation where members are currently behind the bars.

And these were claims of legendary Fenerbahce president: https://www.goal.com/tr/haber/aziz-...ya-flas-yanit-geri-zekali/bltc089abaf016b2795
 
  • Like
Reactions: Howdentiger2
originallambrettaman said:
He’s charged with “encouraging individuals to advertise or otherwise promote fixed-odds or joint betting or gambling based on sports events”, not exactly the great train robbery.
Click to expand...

So he’s charged with a criminal offence in Turkey. Great, thanks. He’s a dodgy ****.
 
HCAFCHangout said:
Correct me if I’m wrong but Tan said this probationary period was for the first 3 years which we have now passed.

Aside from this. PSR isn’t fit for purpose. If we are by definition within the means of being PSR compliant but racking up debt out the wazoo it’s a damnation on the whole process if it’s true. Either that or we’ve tried to game it. Failed horribly and now we are going to potentially suffer regardless
Click to expand...
This is our first year outside it.
 
  • Like
Reactions: HCAFCHangout
gftiger said:
I think you’re misunderstanding my point, which was originally responding to why the EFL would possibly let city get into such a financial hole.

Yes, the club can lose 39m over a three year period without any punishment from the league because they’re okay with it, but that doesn’t mean we can actually afford to lose 39m every three years.

Like you say, those two things are separate. We’ll need the cashflow to pay Acun back, whether or not the league says our losses are fine, which seems to be the real crux of the problem.
Click to expand...

The league required proof of funds though.
 
Whatever the long term repurcusions of this late pament, whether it was a blip or the start of Armageddon.
lets hope the players are not going to use that as an excuse to not give 100% tomorrow and leave everything out on that pitch.
Maybe no wages at all you could understand, but a couple of days late, if any of them phone it in because of that in a game of this magnitude , they are a more spinlesss bunch then suspected.
argue about it in the summer, get your agent to get you out in the summer , but tomorrow just forget about it.
 
  • Like
Reactions: carry_on_the_grudge, TwoWrights, HulltoHellandback and 2 others
SydneyTiger14 said:
The league required proof of funds though.
Click to expand...

I wonder how it would it work with the loans Acun has taken out though? The lender will have looked at whether Acun Medya could pay them back, not Hull City. Then, once he’s transferred the money to city, the EFL would see that they have the money coming into their account for proof of funds – they’re probably not interested in the contractual details of the repayments to Acun?

Like my earlier example, If I took a loan out to pay for a car, the dealership is only going to see that I do have the money, not whether I can afford to pay it back to the original lender at the rate they want me to.

My worry about the money that we owe is that there’s an expectation of Acun deciding to eat a loss at some point, otherwise he might have to asset strip the club to recover the money he owes in a short time frame if he chooses to leave the club.
 
gftiger said:
I wonder how it would it work with the loans Acun has taken out though? The lender will have looked at whether Acun Medya could pay them back, not Hull City. Then, once he’s transferred the money to city, the EFL would see that they have the money coming into their account for proof of funds – they’re probably not interested in the contractual details of the repayments to Acun?

Like my earlier example, If I took a loan out to pay for a car, the dealership is only going to see that I do have the money, not whether I can afford to pay it back to the original lender at the rate they want me to.

My worry about the money that we owe is that there’s an expectation of Acun deciding to eat a loss at some point, otherwise he might have to asset strip the club to recover the money he owes in a short time frame if he chooses to leave the club.
Click to expand...

I guess my thinking (understanding) of how things worked for the first three years is they needed to show the EFL the business plan and source of funds to fund the club over those three years. Now perhaps that involved showing them debt facilities etc. but I'm sure the EFL scrutinised all contracts of players we were signing and had to sign off on them (Tan said as much). We have subsequent to those three years sold Philogene and Greaves (along with Tufan, Allsop, etc. less materially), and the players we've brought in would have installments due over the next however many years. I just can't get my head around the EFL scrutinising us and signing off on decisions for 3 years then letting the training wheels off so to speak and everything going to **** the instant they do.
 
  • Like
Reactions: Gone For A Walk and gftiger
SydneyTiger14 said:
I guess my thinking (understanding) of how things worked for the first three years is they needed to show the EFL the business plan and source of funds to fund the club over those three years. Now perhaps that involved showing them debt facilities etc. but I'm sure the EFL scrutinised all contracts of players we were signing and had to sign off on them (Tan said as much). We have subsequent to those three years sold Philogene and Greaves (along with Tufan, Allsop, etc. less materially), and the players we've brought in would have installments due over the next however many years. I just can't get my head around the EFL scrutinising us and signing off on decisions for 3 years then letting the training wheels off so to speak and everything going to **** the instant they do.
Click to expand...

It's all hypothetical (potentially), Acun could (not saying he will) convert the debt (in whole or part) the club has to Acun Medya into equity thereby reducing the debt and associated interest payments. He certainly has some big decisions ahead of him over the coming days and weeks.
 
  • Like
Reactions: SydneyTiger14
cheshireles said:
It's all hypothetical (potentially), Acun could (not saying he will) convert the debt (in whole or part) the club has to Acun Medya into equity thereby reducing the debt and associated interest payments. He certainly has some big decisions ahead of him over the coming days and weeks.
Click to expand...

Well yes he could to help the club but he personally would then have to pay the debt off to the bank he borrowed from and I just don't think he has the finances to do that.
 
SydneyTiger14 said:
I guess my thinking (understanding) of how things worked for the first three years is they needed to show the EFL the business plan and source of funds to fund the club over those three years. Now perhaps that involved showing them debt facilities etc. but I'm sure the EFL scrutinised all contracts of players we were signing and had to sign off on them (Tan said as much). We have subsequent to those three years sold Philogene and Greaves (along with Tufan, Allsop, etc. less materially), and the players we've brought in would have installments due over the next however many years. I just can't get my head around the EFL scrutinising us and signing off on decisions for 3 years then letting the training wheels off so to speak and everything going to **** the instant they do.
Click to expand...
This plus the financial position in the last published accounts is exactly why I asked several times if any of our ITK posters could at least give us an idea of what has happened for us to be financially crippled but haven’t had an answer so far.
 
  • Like
Reactions: PLT and SydneyTiger14
cheshireles said:
It's all hypothetical (potentially), Acun could (not saying he will) convert the debt (in whole or part) the club has to Acun Medya into equity thereby reducing the debt and associated interest payments. He certainly has some big decisions ahead of him over the coming days and weeks.
Click to expand...
Converting the debt to equity would certainly make the balance sheet position stronger and it would demonstrate a commitment to the club by Acun.
 
  • Like
Reactions: SydneyTiger14
SydneyTiger14 said:
Well yes he could to help the club but he personally would then have to pay the debt off to the bank he borrowed from and I just don't think he has the finances to do that.
Click to expand...

Possibly, I haven't a clue about what securities and/or PG Acun has put on the table on behalf of Acun Medya to it's bankers and funders.
 
  • Like
Reactions: SydneyTiger14
EricCartman said:
This plus the financial position in the last published accounts is exactly why I asked several times if any of our ITK posters could at least give us an idea of what has happened for us to be financially crippled but haven’t had an answer so far.
Click to expand...

Because only Acun knows the precise details of his financing arrangements and he doesn't post on here.
 
  • Like
Reactions: SydneyTiger14
You must log in or register to reply here.
Top Bottom
Back