There are now some fairly sensible responses to the 200% article (though my response didn't get past the moderator!)
I don't know. I don't count the purchase or a working capital loan as the sort of cash injection we need (and certainly nothing like the amount he claims to have put in). The repayment terms are just that - terms.
This is where I take issue. He HAS put in £3.5m as an interest free loan, which he cannot practically take back until we are 'out of the woods'. Why don't you count this? Because it's not in the form of share capital? As an accountant (which I am) i would never advise a client to put money into a company as share capital unless there were a pressing need to do so (if the bank demanded it, for example). Why? Because it would be fiscally stupid. For example - He puts £5m into the club as share capital. He then takes £150k a year as salary, on which he pays £60k in tax and £16 k in NI, and the club pays £18k in NI on top. OR he puts in £5m as a loan and takes £150 k for annual living expenses as a repayment of loan - tax and NI = NIL. As for the bonds, he HAS paid the first installment (£1m) and the second installment is held on account by solicitors (£1.5m). This might effectively be part of the price of buying the club, but it IS reducing the amount that the club owes to third parties and therefore improving the financial viability of the club. At the end of the bond repayment schedule we will be effectively debt free apart from to Bazini himself. Sorry to bang on about this stuff, and to sound patronising, but I do get the feeling that a lot of people don't really get it.
Not at all. It's good to have a reasoned conversation about it. I actually agree with some of what you say. From his point of view I agree it makes sense for HIM to put in money in the form of a working capital loan. (I realise it's interest free but then the loan the Salad Brothers made to the club was interest free and that didn't stop them from threatening to put the club into administration so doesn't count for much in and of itself). However, that's an advantage to him. It doesn't add up to the amount of money he claims to have put in nor whether he borrowed that money and what any such borrowing is secured against. As for the bonds, I don't count it because it is only money that BAZ has put in to the extent that he keeps up with repayments. There is a long way to with that and my concern is where is that money going to come from.
Thanks Harrow nice to have another money man on here to explain a few things to the rest of us! So how much are we in debt? , how many money has to made up by player sales in january and the summer? also considering we are still a loss making business so the debt is rising! Can we ever get to self sustainability whilst avoiding relegation and more importantly administration?
NW, with regard to your comment about Camelot Inns in the match thread, have had a little look for them, and found 2 but very little info on either. The first one is based in Hitchin; http://www.192.com/atoz/business/hi...fd01339d342a513507e0b03e1fba60e2f9b563c/comp/ And another based in Bucks; http://company-director-check.co.uk/director/904287335 Although these last indicates they are linked and have moved head ofice a couple of times; http://www.cdrex.com/camelot-inns-taverns-limited-1151647.html http://wck2.companieshouse.gov.uk/8c5a025fdf3d2a9bba03f2882ef9b33e/wcprodorder?ft=1 Sounds not so good... the guy has had one dissolved, one liquidated, and is now the Director of 2 more pub companies. Sounds like he'd be in good company with Bas!
Is the refurb being done with club money , Baz`s money or another fronting company? IMO this is getting a little suss! can one of our accountant types put my mind at rest here!
You are right harrow, it was a pub in Bucks and if I searched the computer long enough I could give you which one.
Jeez, if he can't run a pub what hope does he have of running a football club. Anyone in a position to confirm whether Baz was in the Directors Box last night? Someone mentioned that he was but I would have thought his illness would have prevented that.....
Anyone know anything more about the Yellow and Red Lion Co. Ltd. Registered recently, is it a company of Baz? The registered address in Harrow is actually on the premises of something called "The Tanning Shop" . It would appear that there have been a number of these shops around, most of them have ceased trading without filing accounts, which sounds familiar. It could be of course that the shop just happens to be below some offices which have the same address.
88-98 College Road is an office block. Charterhouse Accountants are in there, probably just the registered office. You will probably find dozens of companies registered there.
Thought that would be the case harrow, but why didn't he use the same outfit who set up WFC Ltd for him?
