I'm pretty sure that some debt was written off at the time of the financial restructuring when GFC bought the ground back, but can't recall the exact details. One day I might get round to a proper analysis of the financial statements of all the associated companies for the past few years, but that isn't going to be in the near future. If speculative memory is permitted I have a feeling our debt actually reached about £13.5m at one stage, but until I can check the numbers I have nothing to justify that.
brb I understand what toxic means ( I used to work for a bank ) I understand why a bank might accept some return of a debt, rather than nothing - but I seriously doubt that any debt that concerns any football club will receive any sympathy from any of the banks - they will see what is perceived by many of us - that there is a certain 'greed' associated with football and will expect clubs to cut players extortionate wages to meet the demands of a clubs' debt. I've been saying that I do not believe that a HUGE debt exists that will NOT have a disastrous impact on the future ( or lack of it ) for GFC if Mr.Scally reaches a position where he can no longer fund his lifestyle on the income that the Club generates -- and I believe, especially with all the 'twisted' information available regarding who owes what to whom, that Mr.S is a shrewd enough businessman ( who really hasn't put that much personal money into the club ) to have structured this 'enigma of a debt', to come out of it smelling of roses - whilst the Club is thrown onto the dung heap....... I hope to live long enough to be wrong!
Alwaysright...i think you might misunderstand...im not talking from the club or ps perspective...so no sympathy involved. I mean purely from the banks situation...there maybe good reasons they may wish to clear client debt from books under certain conditions.
They won't be able to afford it - after being 'found out' with their 4pm 'fix' ( see BBC News & £ 2 Billion in fines for 'fiddling'. ) I am aware that there can be certain 'incentives' for debt to be written off - perhaps my cynical head tells me that it won't be any of our - GFC debt (fingers crossed) Do you know when the JPT draw will be made ? ( we'll probably get Bristol City again )http://www.bbc.co.uk/news/business-30017465
Just received some professional advice: If GFC had given any guarantee against a 3rd party loan (as would be in the case of Priestfield Developments) that would have to be recorded with Companies House. A brief check would appear to show that no charges at all are registered, so there would not even appear to be any guarantees in place to cover the loan from 3 Directors. And just to make the plot more interesting it would appear that PS's shares in GFC are not held by GFC Holdings but in a nominee company called Quilter Nominees Ltd. Maybe just for tax purposes, or maybe not.... What fun I could have with an afternoon and access to specialist websites. Probably wouldn't solve any problems but it would be fascinating to see what comes out.
Tim - you've got too much time on your hands - I must tell your daughter she's not causing you enough worry - an unexpected grand child should help. Thanks for your investigation - perhaps you're right - Perhaps Mr.Scally might be given the Chancellor's job and wave his magic wand at all this austerity we've been experiencing.
Unfortunately not enough time - and don't start giving her ideas! However this morning I have had some time on a website my colleague advised me of yesterday. As advised above the majority shareholding of GFC (89.09%) is held by a company caller Quilter Nominees Ltd. which appears to be a non-trading company with a few investments, although GFC is not listed among them. However Quilter Nominees is a subsidiary of Quilter Cheviot Ltd., which is, let's just say, substantial. Its business description is "Investment management services to private clients, charities, companies and institutions in the UK", and its turnover is recorded as Fee and Commission income. Reported turnover in the year to 31/12/13 was £106,831 million - that's £106,831 million received in fees and commission. So you can imagine the value of the business that they're negotiating. Whether this is of any relevence is not really for me to comment on any further as the lines of speculation open up like the Nile Delta, and it would only be speculation, but I hope some of you have fun talking about it in the pub. What I do find strange is that although the site I've used (which I'm satisfied is reliable) shows 89.09% of GFC owned by Quilter Nominees, the accounts of GFC Holdings state that 75% of GFC is owned by GFC Holdings. Now, those accounts were as at 31st May 2013, and it may be that changes have occurred since, and I haven't got access to historic information on shareholdings, but the restructuring was done in the year ended 31st May 2013. We'll see what is said in 2014 accounts, which I would expect to see in February, although very possibly before, and then we'll open up this can of worms again.
brb thank you for the above link. I had actually seen it a couple of days ago - during my research within this discussion. I feel that I've not been totally fair to Mr.Scally. I would like to take this opportunity for a 'public' apology to him ..................... but you just know it is going to be a 'reserved' apology ! I had previously stated that Mr.Scally, alone, would retain benefit status if 'the debt' was recalled. As it stands, there appears that two other shareholders will be equally compensated if it all goes wrong. I still maintain that I would doubt that a debt of many millions of £££ will / has, simply vanished and won't return to haunt us ( a bit like the McCammon affair ), sometime in the future My 'reservation' on my apology, is that, whether it be Mr.Scally alone, or with two other majority shareholders, Scally is likely to be able to walk away without being adversely financially affected by any collapse of GFC ( caused by the recall of THE DEBT ) - and his £ 1 investment will turn out to be the shrewdest piece of business anyone could make. I do not care if Mr.Scally's trio make a fortune out of the Club any time in the future - it is the 'future' of the club about which I am concerned. You, and more so Tim, might come up with theories regarding the ( I described it as an enigma ), debt and conjecture that some or all of it has vanished /been written off etc. Conjecture is not fact. I would like to hear from Mr.Scally and his trio, that at NO time EVER can the debt ( in the original size of over £10M, £12M, £15M or whatever, WONT be the liability of GFC to the detriment of its' future. This is my fear. I am desperate to be wrong - just for once !
