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Post by gashead987 on Jun 23, 2017 20:41:58 GMT
To put a more positive slant on the position, maybe the loan which was theoretically repayable "within one year" which in these situations is often on demand, had been re-written as a long term loan, so as to enable easier raising of long term-funding for the UWE? If this is the case, sensible for Dwane Sports to take security on their long term funding. We'll find out when the next accounts are submitted to Co's House.
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Post by swissgas on Jun 23, 2017 20:47:51 GMT
Well the money for 10 new players, DC's truly massive new salary, and all the other things we don't know about yet have come from somewhere. BRFC 1883 don't make profits to fund all this. So our modestly rich owners lend it to the club, and have the Mem as a fallback if it all goes wrong. Much better than a Wonga loan, and no need to be concerned, imo. If it all goes wrong, then we will be shafted, but at least Dwane Sports want to get us our new stadium. Some outside creditors would have no interest at all in that. As to who Dwane Sports have borrowed it from, then the most likely answer is the family bank, but it might be Cash U Like for all I know. But at 30th June 2016 £7.2 million had already been spent and given another twelve months of losses the credit line could be up to £9 million by now. The "family bank" is actually 70% owned by others who will expect a commercial return so if it has provided the loan then Rovers will be liable for the interest payments which may be upwards of £500K per year.
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Post by aghast on Jun 23, 2017 20:53:21 GMT
Well the money for 10 new players, DC's truly massive new salary, and all the other things we don't know about yet have come from somewhere. BRFC 1883 don't make profits to fund all this. So our modestly rich owners lend it to the club, and have the Mem as a fallback if it all goes wrong. Much better than a Wonga loan, and no need to be concerned, imo. If it all goes wrong, then we will be shafted, but at least Dwane Sports want to get us our new stadium. Some outside creditors would have no interest at all in that. As to who Dwane Sports have borrowed it from, then the most likely answer is the family bank, but it might be Cash U Like for all I know. But at 30th June 2016 £7.2 million had already been spent and given another twelve months of losses the credit line could be up to £9 million by now. The "family bank" is actually 70% owned by others who will expect a commercial return so if it has provided the loan then Rovers will be liable for the interest payments which may be upwards of £500K per year. Has anyone told DC all this?
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Post by Deleted on Jun 23, 2017 21:00:44 GMT
I am off to OTIB for a more balanced view
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Post by gashead987 on Jun 23, 2017 21:05:45 GMT
The loan to Rovers has been made by Dwane Sports (a related party to Rovers - apologies if this is getting a bit technical), and there is no note within the 2016 accounts stating that interst has been charged or is accruing, and this should be there if this is the case, so the "family bank" are not due interest from Rovers
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Post by abbeygas on Jun 23, 2017 21:07:43 GMT
I am off to OTIB for a more balanced view Not sure you will find a more balanced view over there but you will find the source of how this thread got started.
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Post by Antonio Fargas on Jun 23, 2017 21:16:39 GMT
Unless your owners get cold feet. Yeah, but that applies to all teams and owners. The real question is, do you trust our owners? If you don't, then whatever financial arrangement they have, it doesn't really matter coz they're gonna shaft us and we're gonna be f**ked. Or if you do trust them, then whatever financial arrangements they have, it doesn't really matter coz they won't shaft us.
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Post by Gasref95 on Jun 23, 2017 21:29:51 GMT
In simple terms this is a £10m loan from Dwayne Sports to Bristol Rovers Ltd, and in the result of default of the loan (whatever the terms are) or liquidation by BRFC the fixed charge essentially means that the ground cannot be touched/sold to pay off any creditors. Likewise the fixed charge allows Dwayne Sports to seize the ground from BRFC Ltd to repay its liability. Hope that helps?
Hopefully they have done this to ringfence the value of the Mem against the cost of the impending UWE Development!
We can only hope!
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Post by Dirt Dogg on Jun 23, 2017 21:35:53 GMT
Let me just grab my tin foil hat and hop over to the David Icke forums
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Post by Deleted on Jun 23, 2017 21:36:18 GMT
Steve lansdown and the ex bolton chairman are 2 examples of owners that simply wrote off massive debt owed to them by their clubs,i wonder if there will come a time when our owner will have to do that? Will he do that if its essential?
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Post by oldgas on Jun 23, 2017 21:38:22 GMT
When Higgs and the clowns left we owed about £10m. The new board paid it off on the basis that its repaid when we sell the mem simples. Just a shame they are stating Dwayne sports Are based on jersey as we lose the moral high ground some what with the red noncesTurd, it becomes apparent the Sh1!heads are totally obsessed with Rovers, several of the more intelligent swap It's not the same thing at all! The rosy cheeked Lady Garden, aka Saint Sir Steve, the Duke of Guernsey, deliberately moved his domicile to the Channel Islands with the express intent of avoiding paying as much UK income tax as possible. After all, the poor chap is only worth about £1 billion, we can't expect the poor dear to do the same as everyone else and pay his rightful dues, taxes are only for the poor, not the mega rich. As a result of his disgraceful tax dodging, he has limited access to the UK and can only spend so many days per year here. Dwane Sports is an entirely different entity, as are the AlQuadi family. They are Jordanian citizens and pay their taxes to the Jordanian government. They are therefore free to come and go in this country as they please, and no doubt have the necessary visas so to do. Dwain Sports is no doubt an entirely loss making enterprise, and would therefore incur no tax liabilities if based in the UK. Reading the mammoth Gas thread on One Turd it becomes apparent the Sh1!heads are totally obsessed with Rovers. Some of the swamp-dwellers are even stalking the Al Quadi family, carrying out Companies House checks on everything Rovers related. They really are showing signs of mental breakdown. They should chill and concent ate on their own club. And what's their continued obsession with Tampax? He's gone. He used you to progress to the next level. He's going to play in the Prem. YOU MEAN NOTHING TO HIM! PS. I seem to remember that one of the conditions set by UWE before they entered into a contract to build the stadium was that Rovers put the Mem up as collateral, to insure they wouldn't lose out if for some reason the project failed. Perhaps this charge has been laid to facilitate that.
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Post by gashead987 on Jun 23, 2017 21:42:36 GMT
Sorry to be pedantic, but in the event of a liquidation of BRFC, the Mem would be seized by a Liquidator and sold, it just means that the proceeds would go to Dwane Sports. If this were to ever happen, there would be severe implications with regard to our league status,by which time Dwane Sports may well have lost interest anyway!
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Post by abbeygas on Jun 23, 2017 21:53:13 GMT
You got to laugh all this because pirate was bored and had a cheeky look on otib to find out what they were obsessing about today.
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pirate
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Post by pirate on Jun 23, 2017 22:06:27 GMT
You got to laugh all this because pirate was bored and had a cheeky look on otib to find out what they were obsessing about today. Believe me, I don't look at OTIB. I was looking at a few clubs on Companies House and found that while looking at our page and wanted to understand what it all means and see what other gasheads think.
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Post by abbeygas on Jun 23, 2017 22:40:55 GMT
You should try it pirate I have been on otib the past couple of days and there is more rovers related news than on gaschat at the moment. They're insecurity has led to them looking for the slightest bit of news that might undermine Wael and cast some doubt on uwe going ahead. It's like they are worried about something but they can't be because they all say they are not 😅
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Post by Deleted on Jun 23, 2017 22:58:27 GMT
Looks to me like this is a credit facility allowing Dwane Sports to put up to £10m into the playing side of the club. I'm assuming this because the Men and the Colony are separate entities. If our break even figure last year was more than the capacity of the Mem, and this year stands to be much higher, then we need the owners to invest. Which is what they're doing. Right?
I'm not worried about them losing interest. They can't invest in the Colony and the new stadium without investing in the playing side to keep up. We've seen where that gets you and we could now be playing Conference football at the UWE. We now have an under 23 setup with it's own manager and coaches. Back in the early 2000s we didn't have the budget for that kind of set up for the first team as I remember us making assistant managers redundant. All the Al Qadi investment is pointing to growing the club in the long term and not making a quick buck and legging it.
If there is one person with inside knowledge I would choose to ask if this is all for real it would be Darrell Clarke. He's answered that already by signing a 5 year deal.
City fans are sh*tting themselves we're growing faster than they are and are trying to convince themselves we'll b*gger off again. Gasheads, myself included, will never believe anything until we see it. Until then all the evidence points to Al Qadi's being a dream come true for this club. I'm sure they have accountants smarter than I'll ever be advising them how to finance that
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Post by RetroGamer on Jun 23, 2017 23:02:46 GMT
Could it be a financial fair play workaround?
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Post by yatetown85 on Jun 23, 2017 23:10:07 GMT
So basically, everyone is having their say on it, all saying the same thing, even trying to dumb it down so us normal folk can process it, yet really, nobody really knows, or actually gives a f**k?
Close the thread, anchor it, let's move on! 😁💪🏽
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Post by oldgas on Jun 24, 2017 8:38:36 GMT
Looks to me like this is a credit facility allowing Dwane Sports to put up to £10m into the playing side of the club. I'm assuming this because the Men and the Colony are separate entities. If our break even figure last year was more than the capacity of the Mem, and this year stands to be much higher, then we need the owners to invest. Which is what they're doing. Right? I'm not worried about them losing interest. They can't invest in the Colony and the new stadium without investing in the playing side to keep up. We've seen where that gets you and we could now be playing Conference football at the UWE. We now have an under 23 setup with it's own manager and coaches. Back in the early 2000s we didn't have the budget for that kind of set up for the first team as I remember us making assistant managers redundant. All the Al Qadi investment is pointing to growing the club in the long term and not making a quick buck and legging it. If there is one person with inside knowledge I would choose to ask if this is all for real it would be Darrell Clarke. He's answered that already by signing a 5 year deal. City fans are sh*tting themselves we're growing faster than they are and are trying to convince themselves we'll b*gger off again. Gasheads, myself included, will never believe anything until we see it. Until then all the evidence points to Al Qadi's being a dream come true for this club. I'm sure they have accountants smarter than I'll ever be advising them how to finance that This. Also, if you're Russian and as rich as Wael's mate Roman, any chance of investing, ooh, say £100 million in the club?
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Post by poorblue on Jun 24, 2017 8:58:07 GMT
I'm a Gashead not an accountant. I'm not ITK. The Al Qadi own BRFC they also own Dywanne Sport I understand. So the £10m loan against the mem is the left hand giving it to the right hand? My thoughts are as follows and many pessimists might like it and more optimists will think otherwise. The mem was set up as security against UWE failing during construction phase. If this £10 loan is not related to this then other arrangements may or may not have been agreed. It also suggests that if not related then perhaps in the medium to long term the mem is going nowhere. Unless of course plan B to rebuild it is on the cards. The £10m could be used to fund or part fund the following. Players, training ground or UWE. Highly unlikely to pay off any debts as debts don't incur tax whereas profits do. Amounts of between £100m - £800m have been quoted as what some clubs are paying for training grounds. Hamer is quoted as saying the training ground will be complete for preseason training next season (no mention of landing lights) the extent and quality within the above figures have yet to be disclosed. BRFC were looking at CAT 2 Academy status facilities not the Bristol Rugby 4 pitches and beer bar after match buildings. If I recall UWE as a total package was £80m at signing date. Must be £100m at any proposed construction date. (have I seen the figure somewhere else?) Where does the £10m fit into all this. Seems small money to me if all the things our dreams are made of come true. Mr Al Qadi some time ago on YouTube expressed disappointment at how long things took to come to fruition in the UK. As UWE came as a bolt out of the blue to most fans (thanks Mr Higgs, up yours Higgs haters) perhaps I can dream ever bigger and Mr Al Qadi has an even bigger better plan up his sleeve, hence the delays? Goodnight Irene i'll see you in my dreams. And when I wake up it will all be true UTG
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