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Post by Severncider on Jul 25, 2016 17:10:37 GMT
Has he Steve? Could he prove to the UWE legal advisors that he can deposit £30m (or whatever the build & buy cost is) in an account that can be used solely for building a stadium at UWE? Perhaps he can, perhaps he can't I don't know but if you know he can perhaps you could share you're evidence. Well he cleared the clubs debts and bought the club easy enough. He has brought in experts on acquisition and on building stadiums, that won't be working for free. His family's company was part of a group that bought out HSBC banks in Jordan for £1.2 billion, they have bought other companies so they have experience in finding investment. So I think it's safe to assume they can find investment for Uwe, if they couldn't, they wouldn't have bought us. I would image that all that money is on Dwayne Sports books, not BRFC.
I would hazard a guess that all those debts will be cleared with the proceeds of the sale of The Mem.
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Post by aghast on Jul 25, 2016 17:12:48 GMT
I think as soon as the UWE governors sign off the agreed deal it will be full steam ahead 2 I doubt we'll hear any news soon, as a lot of people are away from Universities at the moment, it being summer and all. There's nobody there to make a decision. I don't believe that for a minute. Universities don't return until September or even October, but the business continues to run. I can't see UWE saying to Wael that they can't start to make a decision until the end of September.
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Post by Deleted on Jul 25, 2016 17:28:59 GMT
2 I doubt we'll hear any news soon, as a lot of people are away from Universities at the moment, it being summer and all. There's nobody there to make a decision. I don't believe that for a minute. Universities don't return until September or even October, but the business continues to run. I can't see UWE saying to Wael that they can't start to make a decision until the end of September. I presumed that post was a joke, but you never know I guess...
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Post by swissgas on Jul 25, 2016 17:43:37 GMT
Well he cleared the clubs debts and bought the club easy enough. He has brought in experts on acquisition and on building stadiums, that won't be working for free. His family's company was part of a group that bought out HSBC banks in Jordan for £1.2 billion, they have bought other companies so they have experience in finding investment. So I think it's safe to assume they can find investment for Uwe, if they couldn't, they wouldn't have bought us. I would image that all that money is on Dwayne Sports books, not BRFC.
I would hazard a guess that all those debts will be cleared with the proceeds of the sale of The Mem.
But does that mean Wael didn't use his own money to buy the club and pay off the MSP loan ? That effectively the club's own money (cash value of the Mem) was used ?
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Post by Topper Gas on Jul 25, 2016 18:09:10 GMT
Well he cleared the clubs debts and bought the club easy enough. He has brought in experts on acquisition and on building stadiums, that won't be working for free. His family's company was part of a group that bought out HSBC banks in Jordan for £1.2 billion, they have bought other companies so they have experience in finding investment. So I think it's safe to assume they can find investment for Uwe, if they couldn't, they wouldn't have bought us. I would image that all that money is on Dwayne Sports books, not BRFC.
I would hazard a guess that all those debts will be cleared with the proceeds of the sale of The Mem.
Unless you have inside knowledge that's just a wide guess, Wael quite clearly said the loan had been paid off and the debts cleared if he's simply transferred the debt from BRFC1883 to it's new parent company, Dwayne Sport, then he's basically lying as the debts are still there, perhaps I'm wrong but he doesn't seem a liar to me.
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Post by cradengas on Jul 25, 2016 18:18:03 GMT
I would image that all that money is on Dwayne Sports books, not BRFC.
I would hazard a guess that all those debts will be cleared with the proceeds of the sale of The Mem.
Unless you have inside knowledge that's just a wide guess, Wael quite clearly said the loan had been paid off and the debts cleared if he's simply transferred the debt from BRFC1883 to it's new parent company, Dwayne Sport, then he's basically lying as the debts are still there, perhaps I'm wrong but he doesn't seem a liar to me. On companies house the debt is listed as settled which means it is paid off
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Post by aghast on Jul 25, 2016 20:02:24 GMT
Unless you have inside knowledge that's just a wide guess, Wael quite clearly said the loan had been paid off and the debts cleared if he's simply transferred the debt from BRFC1883 to it's new parent company, Dwayne Sport, then he's basically lying as the debts are still there, perhaps I'm wrong but he doesn't seem a liar to me. On companies house the debt is listed as settled which means it is paid off The debt has been settled with the lender, as no doubt the legal fees will be or have been. So we're externally debt-free, but the money used to pay off these loans and fees has, I assume, been paid by the directors of Dwayne Sport, so we still have a liability on the balance sheet equating to the loans from directors. Unless The Al-Qadi family have gifted Dwayne Sport the money, which I doubt.
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Post by cradengas on Jul 25, 2016 21:12:40 GMT
On companies house the debt is listed as settled which means it is paid off The debt has been settled with the lender, as no doubt the legal fees will be or have been. So we're externally debt-free, but the money used to pay off these loans and fees has, I assume, been paid by the directors of Dwayne Sport, so we still have a liability on the balance sheet equating to the loans from directors. Unless The Al-Qadi family have gifted Dwayne Sport the money, which I doubt. Ah sorry I guess I was being a bit dense and didn't think of it like that
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Post by justin blue on Jul 25, 2016 21:41:00 GMT
The debt has been settled with the lender, as no doubt the legal fees will be or have been. So we're externally debt-free, but the money used to pay off these loans and fees has, I assume, been paid by the directors of Dwayne Sport, so we still have a liability on the balance sheet equating to the loans from directors. Unless The Al-Qadi family have gifted Dwayne Sport the money, which I doubt. Ah sorry I guess I was being a bit dense and didn't think of it like that Don't put yourself down, these guys may know no more than you. This is just their oppinion.
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Post by Topper Gas on Jul 25, 2016 21:49:03 GMT
On companies house the debt is listed as settled which means it is paid off The debt has been settled with the lender, as no doubt the legal fees will be or have been. So we're externally debt-free, but the money used to pay off these loans and fees has, I assume, been paid by the directors of Dwayne Sport, so we still have a liability on the balance sheet equating to the loans from directors. Unless The Al-Qadi family have gifted Dwayne Sport the money, which I doubt. That's one big assumption w/o a shred of any evidence to back it up, we've always been told the loans been paid off not just some clever accounting has taken place were the debts simply transferred to Dwayne Sports.
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Post by rovers5charlton5 on Jul 26, 2016 6:22:30 GMT
I don't believe that for a minute. Universities don't return until September or even October, but the business continues to run. I can't see UWE saying to Wael that they can't start to make a decision until the end of September. I presumed that post was a joke, but you never know I guess... Seriously, with senior university staff taking time off at this time of year, I really doubt enough of the senior decision makers will be around to hold a meeting to decide this now.
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Post by Deleted on Jul 26, 2016 6:51:23 GMT
I presumed that post was a joke, but you never know I guess... Seriously, with senior university staff taking time off at this time of year, I really doubt enough of the senior decision makers will be around to hold a meeting to decide this now. Do "senior university staff", whatever they are, only kick around during term time then? The place is alive with contractors 52 weeks of the year. If there are meetings required which are of this magnitude, involving multi million pound investment to your institution, you would think those meetings would take place regardless. The more likely scenario is that there is a financial gap somewhere imo. Money talks and if it was there, the diggers would be in.
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Post by Deleted on Jul 26, 2016 6:56:19 GMT
Maybe UWE haven't got a meeting room with sat link?
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Post by zulugas on Jul 26, 2016 7:17:07 GMT
Both my wife and one of my daughters work in finance positions at Bristol university and I can assure you they don't take any break over the summer (other than the standard annual leave like everyone else). Universities are multi million pound businesses these days and run on the same basis as any other business. I am sure that at UWE a project this size will have their full attention no matter what time of year it is.
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Post by countygroundhotel on Jul 26, 2016 7:19:23 GMT
The debt has been settled with the lender, as no doubt the legal fees will be or have been. So we're externally debt-free, but the money used to pay off these loans and fees has, I assume, been paid by the directors of Dwayne Sport, so we still have a liability on the balance sheet equating to the loans from directors. Unless The Al-Qadi family have gifted Dwayne Sport the money, which I doubt. That's one big assumption w/o a shred of any evidence to back it up, we've always been told the loans been paid off not just some clever accounting has taken place were the debts simply transferred to Dwayne Sports. Try not to think about it Topper it might hurt your head. But as you've said you don't know how this transaction has been accounted for so you've chosen to assume they had a bit of cash lying around that they had no better use of. Now I'd do them the good service of assuming they are highly intelligent people and undoubtedly they'll have a plan to recoup their investment, if things go well that I guess is to sell the club for more than they paid or by taking dividends, or consultancy fees or charging finance fees or a combination of all of those. Now if it doesn't go well and we don't even get to the UWE how would they recover their investment? Go on you have a think about it. The next accounts will make very interesting reading and I'll be very surprised, but pleasantly surprised, if they don't show a big loss like normal(and I expect the following accounts to as well) and if they don't show a big loan due to Dwayne Sports or some other company owned by Wael.
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Post by garystash on Jul 26, 2016 7:20:28 GMT
Can anyone remember the reason why the car park build must be started by October this year?
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Post by Henbury Gas on Jul 26, 2016 7:56:29 GMT
All the major decisions are made by the UWE Chancellery & Trustee's and its my understanding they have meetings every 3 months BUT they can call extra meetings if required.
One problem could be the Trustee's oversee what the land could be used for and if they feel its not in the University's best "educational" interests, they may approve the deal.
I Understand this is why Sir Nick had to build in all those extra use bits like running track & scholarships in the original deal....
Just MY thoughts and No concrete evidence that this is the case with the current offer
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Post by Langford Gas on Jul 26, 2016 8:16:37 GMT
The last I heard was that pre the announcement that fizzled out the two negotiating parties had reached an agreement which had to be sanctioned by the govenors, apparently there is some dissent in their ranks. How accurate this is I don't know but it was told to me by some in UWE.
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Post by gregsy on Jul 26, 2016 8:24:46 GMT
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Post by Finnish Gas on Jul 26, 2016 8:35:41 GMT
All the major decisions are made by the UWE Chancellery & Trustee's and its my understanding they have meetings every 3 months BUT they can call extra meetings if required. One problem could be the Trustee's oversee what the land could be used for and if they feel its not in the University's best "educational" interests, they may approve the deal. I Understand this is why Sir Nick had to build in all those extra use bits like running track & scholarships in the original deal.... Just MY thoughts and No concrete evidence that this is the case with the current offer I would have thought that the Board of Governors are making the major decisions Henbury. Example below: Minutes of the Board of Governors meeting held on Monday 23 November 2015.G15.11.23.1 UWE Stadium Sub-Group Members were notified of the requirement to establish a small group of Governors to consider/monitor developments as they unfolded in relation to the Stadium matter. Members noted that the Group would not have decision-making authority and that in the event of a decision being necessary, an emergency meeting of the full Board of Governors would be convened. ACTION: Members wishing to express an interest in joining the Group were requested to contact the Deputy Clerk. www1.uwe.ac.uk/about/corporateinformation/structureandgovernance/governanceandmanagement/boardofgovernors/minutes.aspx
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