ALK Capital or Farnell/Elkashashy takeover

[aggi]

$100m ?

That was my first instinct when I saw it. It's not quite there but pretty close.

[Chester Perry]

$100m ?

the GBP value for October 6 2023 is some way out (over £2m)

[NewClaret]

So is this an additional ~£80m to the £88m? Or £80m of the £88m redeployed to buy a share in VSL?

I am totally lost now. Which I suppose is the point.

[Chester Perry]

So is this an additional ~£80m to the £88m? Or £80m of the £88m redeployed to buy a share in VSL?

I am totally lost now. Which I suppose is the point.

We do not know - but the thought of ALK/VSL channelling almost £168m in to UK business seems too astonishing to comprehend

[NewClaret]

We do not know - but the thought of ALK/VSL channelling almost £168m in to UK business seems too astonishing to comprehend

Agree with that!

[Rodleydave]

Chester emailed you

[aggi]

the GBP value for October 6 2023 is some way out (over £2m)

It could reflect an earlier transaction date (sometime in September for instance) or just be entirely unrelated.

[ClaretTony]

May I comment on just these little bits, Pete?

BFC announced Vlad Torgovnik as a new member of the board of directors on 2nd August - and, since confirmed with paperwork submitted to Companies House in September.

It's interesting but the board of directors section of the official site has recently been updated, primarily to remove Mike Garlick and John B, but Vlad Torgovnik has not been added. The list of directors in the match programme however does now include him with Stuart Hunt now the club president too.

[Chester Perry]

very interesting Confirmation Statement for Burnley FC Holdings Limited at Companies House posted tonight
https://find-and-update.company-informa ... ng-history

Calder Vale Holdings shareholding reduced by 4,806 on June 26 2023 - now at 101,302

Velocity Capital (UK) Holdings Ltd (formed in April this year) hold 9,019 shares

CJA NYC Element LLC - which appears to be owned by Vladimir Torgovnik https://opengovny.com/corporation/5049636 - owns 6,128 shares

Mike Garlick's final holding of 6,727 was sold off on June 29th 2023 (just ahead of his board exit) as were the 3,615 shares still belonging to John Banaszkiewicz


Clive Holt (419)
Terence Crabb (418)
Barry Kilby (32)
Brian Nelson (419)
Brendan Flood (418)

all still retain their shares that are bound by a ringfence purchase agreement with ALK/VSL that expires in October 2024

[Chester Perry]

very interesting Confirmation Statement for Burnley FC Holdings Limited at Companies House posted tonight
https://find-and-update.company-informa ... ng-history

Calder Vale Holdings shareholding reduced by 4,806 on June 26 2023 - now at 101,302

Velocity Capital (UK) Holdings Ltd (formed in April this year) hold 9,019 shares

CJA NYC Element LLC - which appears to be owned by Vladimir Torgovnik https://opengovny.com/corporation/5049636 - owns 6,128 shares

Mike Garlick's final holding of 6,727 was sold off on June 29th 2023 (just ahead of his board exit) as were the 3,615 shares still belonging to John Banaszkiewicz


Clive Holt (419)
Terence Crabb (418)
Barry Kilby (32)
Brian Nelson (419)
Brendan Flood (418)

all still retain their shares that are bound by a ringfence purchase agreement with ALK/VSL that expires in October 2024

The fact that Vladimir Torgovnik is such an real outsider in the ownership model is a twist I, and probably most did not see coming - quite fascinating in its own way

There is also the question of how Velocity Capital paid for the shares it did not get from Calder Vale

[Chester Perry]

CJA NYC Element LLC - which appears to be owned by Vladimir Torgovnik https://opengovny.com/corporation/5049636 - owns 6,128 shares

For those wondering about Vladimir Torgovnik's wealth (this is no great indicator, just an interesting aside) the address given above for CJA NYC Element LLC (registered in Delaware) is a domestic address - the supertall condo building at 157 West 57th Street New York - 57th street below Central Park (which this is) is known as Billionaires row for the price of the apartments on there which have been built in the last 10-15 years

[roperclaret]

The fact that Vladimir Torgovnik is such an real outsider in the ownership model is a twist I, and probably most did not see coming - quite fascinating in its own way

There is also the question of how Velocity Capital paid for the shares it did not get from Calder Vale

Would that be the Watt money seeing as their investment was announced on the first of May?

[jedi_master]

Other people that live at that property (One57 - which has the two most expensive property sales in Manhattan history according to Wikipedia at 91.5m and 100m) include Sheikh Hamad Bin Jassim Bin Jabar Al Thani (AKA the President of Qatar) as well as…Michael Dell.

[gandhisflipflop]

Other people that live at that property (One57 - which has the two most expensive property sales in Manhattan history according to Wikipedia at 91.5m and 100m) include Sheikh Hamad Bin Jassim Bin Jabar Al Thani (AKA the President of Qatar) as well as…Michael Dell.

The same bloke who has just pulled out of a deal for Man Utd? That’s surely just a coincidence

[jedi_master]

The same bloke who has just pulled out of a deal for Man Utd? That’s surely just a coincidence

Yes I’m sure it’s coincidence! It does show the circles this guy perhaps moves in though.

[Chester Perry]

Would that be the Watt money seeing as their investment was announced on the first of May?

It is more the fact that there is no record of Velocity Capital ever having the funds to pay for the shares

as for your guess about the Watt family investment monies

Velocity Capital (UK) Holdings Ltd is in receipt of 4,213 shares bought from Mike Garlick and/or John Banaszkiewicz on June 29 2023 - if that was at the takeover deal of £1,652.86 a share - it means £6,963,499.18 was spent on those shares. However the ringfence purchase agreement on these shares came into force at the time of the offer to the small shareholders which was £1,699.00 per share, that price would value the purchase of 4,213 shares at £7,157,187.00 - Both numbers seem bigger than most believe the Watt family has paid for its shares.

Note both Garlick and Banaszkiewicz would be getting all cash for their shares, not a 50:50 cash:club credit

[Chester Perry]

Yes I’m sure it’s coincidence! It does show the circles this guy perhaps moves in though.

Torgovnik's apartment (one of ninety in the building) appears to be no more than a $8m 2 bed pied-a-terre investment property on the 40th floor with obstructed views of Central Park - Sheik Jassim's will be a pied-a-terre also, just bigger with better views

[randomclaret2]

It is more the fact that there is no record of Velocity Capital ever having the funds to pay for the shares

as for your guess about the Watt family investment monies

Velocity Capital (UK) Holdings Ltd is in receipt of 4,213 shares bought from Mike Garlick and/or John Banaszkiewicz on June 29 2023 - if that was at the takeover deal of £1,652.86 a share - it means £6,963,499.18 was spent on those shares. However the ringfence purchase agreement on these shares came into force at the time of the offer to the small shareholders which was £1,699.00 per share, that price would value the purchase of 4,213 shares at £7,157,187.00 - Both numbers seem bigger than most believe the Watt family has paid for its shares.

Note both Garlick and Banaszkiewicz would be getting all cash for their shares, not a 50:50 cash:club credit

So no chance of Mr Garlick looking for £3m worth of stuff in the club shop anytime soon ?

[Chester Perry]

So no chance of Mr Garlick looking for £3m worth of stuff in the club shop anytime soon ?

It is not what legacy fans really do is it?

[claretonthecoast1882]

Didn't expect this to convert to an episode of through the keyhole

[Chester Perry]

Didn't expect this to convert to an episode of through the keyhole

and it shouldn't

[Quickenthetempo]

So no chance of Mr Garlick looking for £3m worth of stuff in the club shop anytime soon ?

He would get 3 of last seasons shirts and a coffee mug for that amount.

[NewClaret]

So no chance of Mr Garlick looking for £3m worth of stuff in the club shop anytime soon ?

He’d be waiting for the kit sale, knowing him.

[aggi]

very interesting Confirmation Statement for Burnley FC Holdings Limited at Companies House posted tonight
https://find-and-update.company-informa ... ng-history

Calder Vale Holdings shareholding reduced by 4,806 on June 26 2023 - now at 101,302

Velocity Capital (UK) Holdings Ltd (formed in April this year) hold 9,019 shares

CJA NYC Element LLC - which appears to be owned by Vladimir Torgovnik https://opengovny.com/corporation/5049636 - owns 6,128 shares

Mike Garlick's final holding of 6,727 was sold off on June 29th 2023 (just ahead of his board exit) as were the 3,615 shares still belonging to John Banaszkiewicz


Clive Holt (419)
Terence Crabb (418)
Barry Kilby (32)
Brian Nelson (419)
Brendan Flood (418)

all still retain their shares that are bound by a ringfence purchase agreement with ALK/VSL that expires in October 2024

The shareholdings in Excel (with a comparison to 2022) for anyone who is interested, I find that Companies House format very annoying.

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Agreed that the Torgovnik one is a bit of a surprise. Partly that it's at that level rather than higher up and partly that it was original shares rather than new investment (guess that ~ 6k shares is something like £10m).

I wonder what the transfer from Calder Vale is about.

[Socrates]

The shareholdings in Excel (with a comparison to 2022) for anyone who is interested, I find that Companies House format very annoying.

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Agreed that the Torgovnik one is a bit of a surprise. Partly that it's at that level rather than higher up and partly that it was original shares rather than new investment (guess that ~ 6k shares is something like £10m).

I wonder what the transfer from Calder Vale is about.

Number 210.

[Bordeauxclaret]

Curious affair.

[ClaretPete001]

Is this the same Vladimir Torgovnik who is a Computer Scientist working as a Chief Tech Officer for an investment company?

[Paul Waine]

Is this the same Vladimir Torgovnik who is a Computer Scientist working as a Chief Tech Officer for an investment company?

He's the new director, Pete. Chief Information Officer of Millenium. It won't be anyone else of the same name (unless he's clever enough to have created an avatar).

[Paul Waine]

very interesting Confirmation Statement for Burnley FC Holdings Limited at Companies House posted tonight
https://find-and-update.company-informa ... ng-history

Calder Vale Holdings shareholding reduced by 4,806 on June 26 2023 - now at 101,302

Velocity Capital (UK) Holdings Ltd (formed in April this year) hold 9,019 shares

CJA NYC Element LLC - which appears to be owned by Vladimir Torgovnik https://opengovny.com/corporation/5049636 - owns 6,128 shares

The fact that Vladimir Torgovnik is such an real outsider in the ownership model is a twist I, and probably most did not see coming - quite fascinating in its own way

There is also the question of how Velocity Capital paid for the shares it did not get from Calder Vale

Excellent research, CP.

I didn't see the BFCHL shareholder structure being split out from Calder Vale.

[Chester Perry]

The shareholdings in Excel (with a comparison to 2022) for anyone who is interested, I find that Companies House format very annoying.

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Agreed that the Torgovnik one is a bit of a surprise. Partly that it's at that level rather than higher up and partly that it was original shares rather than new investment (guess that ~ 6k shares is something like £10m).

I wonder what the transfer from Calder Vale is about.

Thanks for the spreadsheet

it seems that some people have been trading/transferring shares amongst themselves and not with ALK/VSL - which is something the owners said they would allow, though they have never opened the trading platform for it

ALK/VSL now hold 110,321 of the 122,478 shares in Burnley FC Holdings Limited or 90.04% of the total shareholding - The Company Details page on the club website is still stuck in September 2021 and does not reflect this information which has changed twice now since then - Technically a breach of EFL and Premier League rules, not that anybody seems to care

https://www.burnleyfootballclub.com/leg ... ny-details

[Chester Perry]

An updated view of Burnley FC's Ownership structure as I now understand it following yesterday's Confirmation Statement from Burnley FC Holdings Limited

ALK Known Ownership Structure v 9.png (59.92 KiB) Viewed 6722 times

[ClaretPete001]

He's the new director, Pete. Chief Information Officer of Millenium. It won't be anyone else of the same name (unless he's clever enough to have created an avatar).

One would think a Computer Scientist could make an avatar but the point was that the facts that we know and are on the public record seem more reliable as to who and what he is than conjecture about a New York condo.

I would suspect that he is a Non-exec director appointed to the board for his experience in developing innovative tech than the 100s of millions he has in the bank but again I don't know one way or t'other.

[bfc8]

Thanks for the spreadsheet

it seems that some people have been trading/transferring shares amongst themselves and not with ALK/VSL - which is something the owners said they would allow, though they have never opened the trading platform for it

ALK/VSL now hold 110,321 of the 122,478 shares in Burnley FC Holdings Limited or 90.04% of the total shareholding - The Company Details page on the club website is still stuck in September 2021 and does not reflect this information which has changed twice now since then - Technically a breach of EFL and Premier League rules, not that anybody seems to care

https://www.burnleyfootballclub.com/leg ... ny-details

90.04% over the magic 90% so could buy out the remaining shares to 100% if they wish.

[IanMcL]

So no chance of Mr Garlick looking for £3m worth of stuff in the club shop anytime soon ?

He could get a new top, socks and slippers for that - all with his name on!

[IanMcL]

The shareholdings in Excel (with a comparison to 2022) for anyone who is interested, I find that Companies House format very annoying.

https://docs.google.com/spreadsheets/d/ ... sp=sharing

Agreed that the Torgovnik one is a bit of a surprise. Partly that it's at that level rather than higher up and partly that it was original shares rather than new investment (guess that ~ 6k shares is something like £10m).

I wonder what the transfer from Calder Vale is about.

Not just me left as a shareholder then!

Some shares owned by lots of families. Good to see.

[BleedingClaret]

An updated view of Burnley FC's Ownership structure as I now understand it following yesterday's Confirmation Statement from Burnley FC Holdings Limited


ALK Known Ownership Structure v 9.png

It’s too complex for me all this

But I do feel sure, regardless of the time frame and of success or otherwise in the meantime that when they do actually exit we’ll have £0 in the bank.
I just hope that we still have the ground

[gandhisflipflop]

It’s too complex for me all this

But I do feel sure, regardless of the time frame and of success or otherwise in the meantime that when they do actually exit we’ll have £0 in the bank.
I just hope that we still have the ground

I’ve read some guff this weekend but this is right up there.

[BleedingClaret]

I’ve read some guff this weekend but this is right up there.

We’ll I’m admitting that I don’t understand all of this accounts related information

A select few do (Many others pretend to, probably more Guff from them than me - but maybe not today)

My gut feeling is that they’ll skim off all the cash they can

And loans are more likely to be secured against Turf moor and Gawthorpe than Pace’s house

Only time will tell

[summitclaret]

It’s too complex for me all this

But I do feel sure, regardless of the time frame and of success or otherwise in the meantime that when they do actually exit we’ll have £0 in the bank.
I just hope that we still have the ground

Atm nothing could be a good outcome. It's the potential debt level that needs watching.

[Big Vinny K]

We’ll I’m admitting that I don’t understand all of this accounts related information

A select few do (Many others pretend to, probably more Guff from them than me - but maybe not today)

My gut feeling is that they’ll skim off all the cash they can

And loans are more likely to be secured against Turf moor and Gawthorpe than Pace’s house

Only time will tell

How do you believe they will “skim off the cash” ?

If what you actually mean is that the owners of the club will want to make some money out of buying Burnley then you are very probably correct. It’s exactly what the last owners did and what happens at most clubs that aren’t owned by billionaires as some kind of play thing.

There won’t be any “skimming” involved though I don’t think - it will be by the normal ways…..directors remuneration ; dividends ; or by selling the club at a profit. You won’t see Alan at Barclays withdrawing a big bag of cash.

[BleedingClaret]

How do you believe they will “skim off the cash” ?

If what you actually mean is that the owners of the club will want to make some money out of buying Burnley then you are very probably correct. It’s exactly what the last owners did and what happens at most clubs that aren’t owned by billionaires as some kind of play thing.

There won’t be any “skimming” involved though I don’t think - it will be by the normal ways…..directors remuneration ; dividends ; or by selling the club at a profit. You won’t see Alan at Barclays withdrawing a big bag of cash.

Happy to be corrected
If it’s not true
That the last owners basically did a deal where the £80 million in the bank was used as showing existing capital for the new owners to secure a loan of a of a similar size and more, needed because they weren’t cash or asset rich, to buy the club
The loan is likely secured against collateral in this case property Turf moor & Gawthorpe
More to the point didn’t that £80 then basically go to the previous owners?

And I’m still annoyed about the drum, fans to blame email and the rubbish I watched at Brentford so I’m venting

[Big Vinny K]

Happy to be corrected
If it’s not true
That the last owners basically did a deal where the £80 million in the bank was used as showing existing capital for the new owners to secure a loan of a of a similar size and more, needed because they weren’t cash or asset rich, to buy the club
The loan is likely secured against collateral in this case property Turf moor & Gawthorpe
More to the point didn’t that £80 then basically go to the previous owners?

Where to start ?!!!!

[BleedingClaret]

Where to start ?!!!!

Here maybe

Bloomberg reported last month that the total first payment to Garlick, Banaszkiewicz and their fellow sellers was £102m, and if three further instalments are not paid, there is a mechanism by which ALK's shares in the club go back to the outgoing shareholders.2 Feb 2021
https://www.theguardian.com › feb
Burnley's US takeover has left club £90m worse off and loaded with debt

[Chester Perry]

Here maybe

Bloomberg reported last month that the total first payment to Garlick, Banaszkiewicz and their fellow sellers was £102m, and if three further instalments are not paid, there is a mechanism by which ALK's shares in the club go back to the outgoing shareholders.2 Feb 2021
https://www.theguardian.com › feb
Burnley's US takeover has left club £90m worse off and loaded with debt

That Bloomberg article is a very old one I think

FWIW - the initial £170m transaction (as reported up this thread) was all paid up on June 7 2023, by the end of that month both Mike G and John B had sold their remaining shares to ALK/VSL who also sanctioned (under the terms of their ringfence agreement) the share purchase made by Vladimir Torgovnik

[Big Vinny K]

Here maybe

Bloomberg reported last month that the total first payment to Garlick, Banaszkiewicz and their fellow sellers was £102m, and if three further instalments are not paid, there is a mechanism by which ALK's shares in the club go back to the outgoing shareholders.2 Feb 2021
https://www.theguardian.com › feb
Burnley's US takeover has left club £90m worse off and loaded with debt

Is this all news to you ?
We’ve know this for a long time.

There’s nothing any of us can do about how 2 parties structure the sale and purchase of the club.

Cash in the bank is part of the assets of any business.

[BleedingClaret]

That Bloomberg article is a very old one I think

FWIW - the initial £170m transaction (as reported up this thread) was all paid up on June 7 2023, by the end of that month both Mike G and John B had sold their remaining shares to ALK/VSL who also sanctioned (under the terms of their ringfence agreement) a the share purchase made by Vladimir Torgovnik

Hi Chester

Yes I know it is

And I am partly just venting because of recent performances the drum and fan email things

I’ll bow to your knowledge

But just like Man U where I believe the glaziers put up £250 million to then secure greater loans and Utd have since paid over 2billion in interest but I believe the Glaziers have taken out huge sums of money
In this case the £80 mil was in place of ALK Pace having little cash or security so that they could secure a big loan
The money in the bank then went to the previous owners under a different guise than a dividend
And now at Man U Sir Jim can pay 1.5 Billion effectively to the Glaziers for a share of their shares but all the current debt is on Man Utd’s back
Which is why they want to keep control not sell up as it’s a constant cash cow
If I’m way off then sorry
But I’d this basically where we’re heading
Cos Sir Jim and the Sheik would both pay multi billions to secure control of Man U and pay off the debts and then have further money to invest and at Utd they could likely recoup their investment over the future years

If Burnley are in the championship or below and the Prem money has gone who would do this and are our loans secure on land and property?

[ClaretPete001]

That Bloomberg article is a very old one I think

FWIW - the initial £170m transaction (as reported up this thread) was all paid up on June 7 2023, by the end of that month both Mike G and John B had sold their remaining shares to ALK/VSL who also sanctioned (under the terms of their ringfence agreement) the share purchase made by Vladimir Torgovnik

"FWIW - the initial £170m transaction (as reported up this thread) was all paid up on June 7 2023" - is that actually true CP?

Haven't we borrowed from other lenders and also against future incomes?

In other words, if someone inferred from the above that ALK have paid off £170 million quid's worth of debt from the balance sheet would that be true?

Do we know Vladimir Torgovnik has purchased those shares or that his is the name on the document from Companies House?

[Chester Perry]

Hi Chester

Yes I know it is

And I am partly just venting because of recent performances the drum and fan email things

I’ll bow to your knowledge

But just like Man U where I believe the glaziers put up £250 million to then secure greater loans and Utd have since paid over 2billion in interest but I believe the Glaziers have taken out huge sums of money
In this case the £80 mil was in place of ALK Pace having little cash or security so that they could secure a big loan
The money in the bank then went to the previous owners under a different guise than a dividend
And now at Man U Sir Jim can pay 1.5 Billion effectively to the Glaziers for a share of their shares but all the current debt is on Man Utd’s back
Which is why they want to keep control not sell up as it’s a constant cash cow
If I’m way off then sorry
But I’d this basically where we’re heading
Cos Sir Jim and the Sheik would both pay multi billions to secure control of Man U and pay off the debts and then have further money to invest and at Utd they could likely recoup their investment over the future years

If Burnley are in the championship or below and the Prem money has gone who would do this and are our loans secure on land and property?

The club has a factored loan with Maquarie covering portions (not all) of the the guaranteed income for this and the next two seasons - the next two seasons will be based on parachute payments not full Premier League earnings, e should note the club had a similar deal with Barclays following the first Dyche promotion. Those payments from the premier League provide the security for the loan,

In early summer 2023 there was a separate credit agreement with Maquarie for which Turf Moor and Gawthorpe were stated as security, but the charge was against Burnley Football and Athletic Club which leases those properties from Longside Properties Limited. The sum the agreement was for remains unknown though it feels more like an overdraft facility than an actual loan - Macquarie could now be the club's bankers.

The last club accounts state that In November 2022 the Burnley Football and Athletic Club borrowed over £39m from a domestic source to buy its way out of the agreement with MSD UK Holdings Ltd - the new loan was much cheaper to cover interest wise - MtB suggested that by the end of the season the loan had been reduced to £33m i.e. there had been a capital sum pay down. There is no record of any club asset being used as security for this loan.

In terms of loans held by the club it appears it has more than enough assets to cover their settlement should things go badly wrong

Perhaps more of a focus is that the last accounts show that Calder Vale Holdings owed the club £114.8m - recently £88m was placed into a reserve account at Calder Vale Holdings - should that money be used to repay the club then the whole financial situation should be much improved for the club. Of course it may not be used for such purposes, but it does show that the ownership group have recently been able to attract substantial funds into their organisation, a marked step forward from the early days in their reign in the club

[ClaretPete001]

Hi Chester

Yes I know it is

And I am partly just venting because of recent performances the drum and fan email things

I’ll bow to your knowledge

But just like Man U where I believe the glaziers put up £250 million to then secure greater loans and Utd have since paid over 2billion in interest but I believe the Glaziers have taken out huge sums of money
In this case the £80 mil was in place of ALK Pace having little cash or security so that they could secure a big loan
The money in the bank then went to the previous owners under a different guise than a dividend
And now at Man U Sir Jim can pay 1.5 Billion effectively to the Glaziers for a share of their shares but all the current debt is on Man Utd’s back
Which is why they want to keep control not sell up as it’s a constant cash cow
If I’m way off then sorry
But I’d this basically where we’re heading
Cos Sir Jim and the Sheik would both pay multi billions to secure control of Man U and pay off the debts and then have further money to invest and at Utd they could likely recoup their investment over the future years

If Burnley are in the championship or below and the Prem money has gone who would do this and are our loans secure on land and property?

This is the substance of the debate on this thread. There is a lot of conjecture, some fantastic research and a lot of knowledge but at this point I don't think anyone knows the intentions of ALK or the current state of the finances of the group.

The more we learn the less we seem to know.

[Chester Perry]

This is the substance of the debate on this thread. There is a lot of conjecture, some fantastic research and a lot of knowledge but at this point I don't think anyone knows the intentions of ALK or the current state of the finances of the group.

The more we learn the less we seem to know.

Isn't that where true wisdom lies

We are actually getting to the stage where we are beginning to know what it is that we don't know about all of this saga