Pity if true , not for him he'll survive but all the staff now looking for a job in a deceasing job market ,not that it was big to start with, Hows about a hand out Drakeford you quivering quim
INVESTMENT !!!! Dont trust any of the bloody sods. Their investment goes in to their bloody pockets. ......... How do you think they have made their money up to now ? Would not be surprised if they con the trust as well.
If the BBC is correct in that these monies are loans rather than share capital, then I suspect that these loans are convertible into shares at a valuation that has been agreed already. For example, if the Club/Company is now worth only £40m, and the new guy has the opportunity to convert and acquire 5% of the share capital, then he would have to ‘invest’ ie loan £2m. If one of the trigger points is promotion to the PL, then I suspect that whilst the value of the club/company could then be c£100m - he would still only ‘pay’ (ie convert his pre-existing loan of) £2m. Effectively paying £2m for something then worth c£5m... Clearly, the Trust would / should have the opportunity to buy at the same time - 21% of £40m - to avoid dilution. If the Club/Company ‘tanks’ - then he could still recall his loan....
“The Trust notes the Club statement released yesterday evening regarding potential investment in our football club, and the appointment of Jake Silverstein as a director of our club. The Trust look forward to meeting with him and discussing all things Swansea City. Last week, our Supporter Director attended a club board meeting, at which the sole topic related to the prospect of a specific amount of funds being made available to the club. While the club statement refers to investment, we should note that the proposal referred to a loan to the football club, which could potentially be converted into shares at a future date, at the discretion of Mr Silverstein. This conversion option will also apply to monies introduced by any of the current shareholders. The Trust would like to put on record that we were not consulted on yesterday’s public statement and we had not been informed by the majority owners that any agreement had been reached. Our most recent information was that discussions were still being continued. It is disappointing that it seems an agreement has been finalised without any discussion with our representatives. From the Trust’s perspective, we have repeatedly noted the financial challenges the club is likely to face in the coming months. Investment into the club would be beneficial. However, what would be equally beneficial would be meaningful engagement between the respective shareholding groups – engagement before director appointments are made, engagement before public statements are made and, critically, engagement to resolve the legal issues that exist between our respective groups. The Swans Trust exists to represent the interests of our members and the Swans fans overall. One of our key aims is to secure our football club for future generations, so we cannot be against genuine investment in our football club. However, we cannot accept any act that seeks to devalue the stake that Swans fans have in our football club. With that in mind, we have initiated contact with the majority owners so we can discuss this issue, and the other issues between us, with the aim of finding a solution that works in the interests of the club and the fans overall.“ Swansea City Supporters Trust 8th August 2020
The Trust Statement implies that they will not have the right to buy shares (at the same value) - so they stand to be diluted, as would Morgan and Huw
No change there then, disappointingly but not unexpected. I'll leave it up to the more financially astute of you to read between the lines and hypothesise and keep me clued up!
Anyone thought about the collapse of gate receipts, and the effect this has on our fragile club finances?
Agreed Phil - a ‘big hole’ to fill! They’ve had next year’s season ticket money from many of us - they would not want to repay that. So I guess more ‘free’ Swans TV for us and I guess selling ‘attendance via Swans TV’ to non-season ticket holders.