Will Tan Stay ?
- Thread starter Ffsdon'tpassittohim
- Start date
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Dai
I'm a bit confused. What debts hasn't VT paid?
Have I missed petitions by HMRC or other creditors or haven't the players/club staff been paid lately?
The problem is that VT has paid them out of his own or his companies' pockets so the money is owed to him as loans.
Yes there is a concern that he has not yet turned a large amount of that into shares - something we would all like to see him do - but other than normal monthly accounts there have been no concerns over unpaid bills.
Dai - you said you deal in facts. Looks like that is another one you got wrong.
I'm a bit confused. What debts hasn't VT paid?
Have I missed petitions by HMRC or other creditors or haven't the players/club staff been paid lately?
The problem is that VT has paid them out of his own or his companies' pockets so the money is owed to him as loans.
Yes there is a concern that he has not yet turned a large amount of that into shares - something we would all like to see him do - but other than normal monthly accounts there have been no concerns over unpaid bills.
Dai - you said you deal in facts. Looks like that is another one you got wrong.
I'm hoping that Tan will stick around as the entertainment value is top draw, as is his waistline!.....................
Wrong.
According to CCFC accounts to 31st May 2013:
"Durin the period the group received loans from certain of its shareholders, these being Tan Sri DatoSen Vincent Tan Chee Yioun and Tan U-Juin.....
The key terms of each of the loans are:
- interest accrues on the balance outstanding at an annual rate of 7%
-
-
- The total interest due to 31 May 2013 .... was waived in September 2013"
Yes, it is possible that, given the performance this year, VT may decide to waive the interest again, but that is by no means cetain. Particularly when there is a big wedge of cash in the form of parachute payments coming to the club.
Dai, how many times do I have to tell you to jog on son shine?
Your presence is as annoying as Dragon Born on helium, now **** off.
Sorry matey - wrong again.
The statement from the club actually said:
"In a scheduled Board meeting, the Board of Directors of Cardiff City Football Club met yesterday, 14th October 2013....
The following resolutions were made:-
...
2. Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free."
Nothing there about the existing loans being converted to interest free
Ok, my basic understanding of the whole thing is...
You had debts, Tan had money. tan buys club.
Tan uses his money and pays the debts.
He hasn't written the debts off, he's just transferred the money he spent on your debts so you owe him instead (and isn't charging you interest on either the new loans or the ones he made or whatever).
You are just as in debt now as before, but it's to Tan and not people who are gonna come knocking...
...unless Tan walks.
Now I genuinely think that's what's happened. I could be wrong and would be happy to admit it, but that is my understanding so far.
This leaves me with a coupla questions:
If he walks, are you really in the ****? (Without a super rich buyer)
If he went (and you were in an interim board situation like we were 11 years ago), would you change the shirt and badge back?
If he went and there was no buyer, but he was happy to set up a reasonable repayment plan, is the club solvent enough to pay the running costs of the club or would you start racking up debts?
You had debts, Tan had money. tan buys club.
Tan uses his money and pays the debts.
He hasn't written the debts off, he's just transferred the money he spent on your debts so you owe him instead (and isn't charging you interest on either the new loans or the ones he made or whatever).
You are just as in debt now as before, but it's to Tan and not people who are gonna come knocking...
...unless Tan walks.
Now I genuinely think that's what's happened. I could be wrong and would be happy to admit it, but that is my understanding so far.
This leaves me with a coupla questions:
If he walks, are you really in the ****? (Without a super rich buyer)
If he went (and you were in an interim board situation like we were 11 years ago), would you change the shirt and badge back?
If he went and there was no buyer, but he was happy to set up a reasonable repayment plan, is the club solvent enough to pay the running costs of the club or would you start racking up debts?
Fair questions Shaper. In my view: -
1. Yes.
2. Probably or for anyone taking over from VT to change both would be a big win with the fans from day 1.
3. We would have financial problems unless a new wealthy owner was found fairly quickly. The £60m Prem tv money (which others have said is ring circled and can't be used to pay off loans - I don't know) will bolster cash flow for a while but not indefinitely.
However, I think VT capitalised around £30m of his loans about a year or so ago when other shareholders were bought out - I could be wrong. If correct then he has a permanent stake in the club already which means he would leave more than pocket money if he walked, unless he found a buyer for those shares.
The next set of annual accounts should confirm that one way or the other.
1. Yes.
2. Probably or for anyone taking over from VT to change both would be a big win with the fans from day 1.
3. We would have financial problems unless a new wealthy owner was found fairly quickly. The £60m Prem tv money (which others have said is ring circled and can't be used to pay off loans - I don't know) will bolster cash flow for a while but not indefinitely.
However, I think VT capitalised around £30m of his loans about a year or so ago when other shareholders were bought out - I could be wrong. If correct then he has a permanent stake in the club already which means he would leave more than pocket money if he walked, unless he found a buyer for those shares.
The next set of annual accounts should confirm that one way or the other.
at the end.
Tan knows so little about football that he is likely to sell the saleable players in order to offset his losses while at the same time expect promotion. I hope Tan stays as we need him financially but there are a lot of decent sides in the Championship so next season will be challenging and promotion unlikely.
Tan is a control freak I wouldn't wish on an teams fans .All he has done from day one is seperate fans into camps an tell one set they can leave if they don't like his way while the other set blindly follow the Malaysian " Pied Piper " . Relegation's only consolation is Tan will show his true colors this summer with regards to his plans to stay or leave . For the sake of football in general I hope the door hits him on the way out the football league door .
Tan has got cardiff where he wants them, He holds all the cards and i think he may give another season a try as he know he has the money from parachute payments that he can pocket anyway. All that has happened is the £150 million debt has been put on hold and until tan turns that debt into personal shares then cardiff will be in crises should tan leave. Tan wont make any money but he can leave the debt behind and walk away and put it down as not working out for him.....He needs to convert his loan to the club guys or your up the creek without a paddle...