Alan Pace

[KRBFC]

If we sold Cornet for £17.5m, it doesn’t necessarily mean we have to accelerate the payments does it?

Just further debt

[Nori1958]

Someone will need to clarify, but I think the Wood deal just requires NUFC to pay Macquarie directly? But as stated, not really something I want us to be doing but the only way I can see is repaying the debt now.

Most clubs do it, as was explained when it became public knowledge

[Chester Perry]

He’s talking about the ‘rumours’ posted on here recently that the 65m loan ‘immediate repayment’ taken from the accounts has been renegotiated with a 12 month deferral.

not heard anything but nothing is impossible - but would likely require some form of payment to facilitate though - how many would see that as kicking the can down the road though

[BabylonClaret]

No one in the club thought we needed those players so how Dyche doesn’t take the blame is strange to say the least but yet you want to blame Pace?

Most fans knew where to strengthen the team so why didn’t Dyche or Pace , odd all round.

Cornet and Collins good signings can’t rebuild the entire team in 3 windows .

Well it's pace who bought Cornet and Weghorst not Dyche. Cornet really wasn't what we needed. Yep he's scored some decent goals but actually we've needed more than that and we didn't need a left sided plater. We've spent most of the season trying to shoehorn him in as a forward

[claretspice]

He's always said there's stuff behind the accounts we can't see. We'll, now he owes us all an explanation of his plans and how they are funded. Because I'd he stays as quiet in the next month as he has in the weeks since the accounts were released, the willingness of fans to believe in the club under his stewardship is going to be sorely tested.

Of course, its not really about words at all - its about actions. Those since he took control, overall, do nothing to shift the sense of unease about his ability to stewardship the club effectively, but we're about to learn a lot more about him, and a lot more about the deal Garlick and John B signed up to. All of their reputations are very much on the line.

[NewClaret]

Lovely, so we’re storing up a problem, which presumably piles more pressure on achieving promotion, next season?

Right, so, we owe £65m. Let’s just stick to that sum because we don’t know what “significant” means. And let’s assume the £12.5m from the Wood sale went towards paying off Dyche, otherwise it might’ve gone to reducing debt already.

Let’s assume we get offered £40m for Pope, £17.5m for Max & £20m for Dwight. We factor the future fees, pay off the debt (+Max’s o/s sums) and we’re debt free. Plus we have the £50m or so left in the bank (assuming that’s not reduced). Assuming we then cut our wage bill in line with our income, there’s no storage of any problem.

I’m not saying I like any of this by the way. It’s an outrageous position to be in from where we were. As it happens, I have heard the debt has already been reduced but I don’t know if that’s true.

[Chester Perry]

If we sold Cornet for £17.5m, it doesn’t necessarily mean we have to accelerate the payments does it?

can do - depends on the contract and the payment profile on the Cornet sale

west Ham had to borrow money from MSD to pay off the Sebastien Haller transfer (though that included a significant loss on the original deal

[Vino blanco]

Mr Pace’s biggest mistake was giving Dyche a new four year contract. No business man in his right mind would make such a ridiculous decision.

[Chester Perry]

Someone will need to clarify, but I think the Wood deal just requires NUFC to pay Macquarie directly? But as stated, not really something I want us to be doing but the only way I can see is repaying the debt now.

payment goes through transfer clearing and they pay Macquarie

[jedi_master]

The relegation is a great many peoples ‘fault’ (The players have been absolute gash to a man, bar about 4 of them, Sean Dyche hugely underachieved this season, VAR has not been kind to us ever and likewise neither have referees and the media) rather than one individual. The problem is whilst Pace didn’t ‘cause’ the relegation (per se), he will oversee and be responsible for the upheaval we are about to embark on.

He is responsible for making Sean Dyche one of the best paid managers in this league on a four year deal, then sacking him a couple of months later and being liable for the staggering cost that will entail. A sacking he made far too late in the day to get us over the line, even if he actually had an immediate plan to replace him in place.

He is responsible for ‘buying’ our club using none of his own money. He effectively purchased Burnley Football Club in the same manner Gloria from Number 9 on that council estate ‘bought’ a top of the range 4K TV from Brighthouse. We have a £65m loan to pay off, a ‘significant proportion’ of which is payable right NOW due to relegation.

He is responsible for ensuring that the sales we are about to have to make of Nick Pope, Maxwel Cornet, Dwight McNeil (maybe more) will be used to pay debt off rather than to allow us to re-invest in our team and attempt to bounce back at the first attempt.

He is responsible for (apparently) our clubs Academy being downgraded, if it happens as reported. Something he used as a reason for ‘purchasing’ the club a mere 18 months ago. Bizarre.

He is responsible for attracting investment and has seemingly failed to do so bar a nebulous agreement with an NFL player that I doubt we’ll ever hear of again. He spent (I think it was quoted as) £2.5m on LED advertising hoardings to cover every inch of the ground that seem to barely have advertising on them (bar the usual names who have advertised at Burnley for years), instead just saying ‘Come on you Clarets’ etc to fill up space. Will they even be in use in the Championship?

People are either so laser-focused on the fact he sacked Sean Dyche (a man they seem to detest, despite what he achieved. Amazing!) so will overlook all of the absolute **** that Pace has dumped on our club, or are genuinely unaware of these issue due to not researching things sufficiently.

[NewClaret]

can do - depends on the contract and the payment profile on the Cornet sale

west Ham had to borrow money from MSD to pay off the Sebastien Haller transfer (though that included a significant loss on the original deal

I think the point is we don’t know the terms CP. We might get a flat £17.5m this summer in full and continue to pay off Cornet’s fee on the drip (which presuming it doesn’t attract interest is probably a good thing).

[taio]

Right, so, we owe £65m. Let’s just stick to that sum because we don’t know what “significant” means. And let’s assume the £12.5m from the Wood sale went towards paying off Dyche, otherwise it might’ve gone to reducing debt already.

Let’s assume we get offered £40m for Pope, £17.5m for Max & £20m for Dwight. We factor the future fees, pay off the debt (+Max’s o/s sums) and we’re debt free. Plus we have the £50m or so left in the bank (assuming that’s not reduced). Assuming we then cut our wage bill in line with our income, there’s no storage of any problem.

I’m not saying I like any of this by the way. It’s an outrageous position to be in from where we were. As it happens, I have heard the debt has already been reduced but I don’t know if that’s true.

We won't get £77.5m for Pope, Cornet and McNeil and I wouldn't be assuming we have £50m in the bank.

[Chester Perry]

Right, so, we owe £65m. Let’s just stick to that sum because we don’t know what “significant” means. And let’s assume the £12.5m from the Wood sale went towards paying off Dyche, otherwise it might’ve gone to reducing debt already.

Let’s assume we get offered £40m for Pope, £17.5m for Max & £20m for Dwight. We factor the future fees, pay off the debt (+Max’s o/s sums) and we’re debt free. Plus we have the £50m or so left in the bank (assuming that’s not reduced). Assuming we then cut our wage bill in line with our income, there’s no storage of any problem.

I’m not saying I like any of this by the way. It’s an outrageous position to be in from where we were. As it happens, I have heard the debt has already been reduced but I don’t know if that’s true.

we cannot assume that an early payment of the debt is just the principal sum - MSD have highlighted in their Accounting policies (not the same as Loan Agreements I know) that there are penalties attached to early repayments which amount to all the outstanding interest payment value

[BurnleyFC]

The relegation is a great many peoples ‘fault’ (The players have been absolute gash to a man, bar about 4 of them, Sean Dyche hugely underachieved this season, VAR has not been kind to us ever and likewise neither have referees and the media) rather than one individual. The problem is whilst Pace didn’t ‘cause’ the relegation (per se), he will oversee and be responsible for the upheaval we are about to embark on.

He is responsible for making Sean Dyche one of the best paid managers in this league on a four year deal, then sacking him a couple of months later and being liable for the staggering cost that will entail. A sacking he made far too late in the day to get us over the line, even if he actually had an immediate plan to replace him in place.

He is responsible for ‘buying’ our club using none of his own money. He effectively purchased Burnley Football Club in the same manner Gloria from Number 9 on that council estate ‘bought’ a top of the range 4K TV from Brighthouse. We have a £65m loan to pay off, a ‘significant proportion’ of which is payable right NOW due to relegation.

He is responsible for ensuring that the sales we are about to have to make of Nick Pope, Maxwel Cornet, Dwight McNeil (maybe more) will be used to pay debt off rather than to allow us to re-invest in our team and attempt to bounce back at the first attempt.

He is responsible for (apparently) our clubs Academy being downgraded, if it happens as reported. Something he used as a reason for ‘purchasing’ the club a mere 18 months ago. Bizarre.

He is responsible for attracting investment and has seemingly failed to do so bar a nebulous agreement with an NFL player that I doubt we’ll ever hear of again. He spent (I think it was quoted as) £2.5m on LED advertising hoardings to cover every inch of the ground that seem to barely have advertising on them (bar the usual names who have advertised at Burnley for years), instead just saying ‘Come on you Clarets’ etc to fill up space. Will they even be in use in the Championship?

People are either so laser-focused on the fact he sacked Sean Dyche (a man they seem to detest, despite what he achieved. Amazing!) so will overlook all of the absolute **** that Pace has dumped on our club, or are genuinely unaware of these issue due to not researching things sufficiently.

Whilst I agree with this sentiment, I highly doubt Sean Dyche was even in the top 10 in regards to salary.

[ClaretPete001]

Right, so, we owe £65m. Let’s just stick to that sum because we don’t know what “significant” means. And let’s assume the £12.5m from the Wood sale went towards paying off Dyche, otherwise it might’ve gone to reducing debt already.

Let’s assume we get offered £40m for Pope, £17.5m for Max & £20m for Dwight. We factor the future fees, pay off the debt (+Max’s o/s sums) and we’re debt free. Plus we have the £50m or so left in the bank (assuming that’s not reduced). Assuming we then cut our wage bill in line with our income, there’s no storage of any problem.

I’m not saying I like any of this by the way. It’s an outrageous position to be in from where we were. As it happens, I have heard the debt has already been reduced but I don’t know if that’s true.

We may not have £50million in the bank as far as I understand that is a trenche of broadcast money required to pay future wages.

We are going to lose £50 million of broadcast revenue so the relegation clauses in players contracts would have to halve the wage bill.

I doubt we would get £80 million for Pope, Cornet and Mc Neil but if that is used to pay off the MSD loan how would we fund new players?

And pay the £68 million to the former owners.

And how would we cover the loss £20 - £30 million broadcast revenue in year 2

Or the £40 million loss of broadcast revenue in year 3.

This is not quite as simple as you wish to believe unless, of course, we are immediately promoted back to the PL.

[Stevie Morgan]

not heard anything but nothing is impossible - but would likely require some form of payment to facilitate though - how many would see that as kicking the can down the road though

An all in gamble to get back up? And if we don't we're buggered?

[NewClaret]

We won't get £77.5m for Pope, Cornet and McNeil and I wouldn't be assuming we have £50m in the bank.

On the transfer fees, let’s see, I’m not going to argue with you.

On the cash in the bank, typically we’ve had more each set of accounts than people predicted, peaking at £80m. It wouldn’t shock me if that sat higher than the £50m (or the same) now.

[Newcastleclaret93]

We won't get £77.5m for Pope, Cornet and McNeil and I wouldn't be assuming we have £50m in the bank.

I agree with all of this.

Absolutely no chance we get 77.5m for them. More like 50m if we are lucky.

[jedi_master]

Whilst I agree with this sentiment, I highly doubt Sean Dyche was even in the top 10 in regards to salary.

Whatever it was, it won’t have come cheap to us. As in - I would bet the Wood fee (sans cost of Weghorst) just about covers it. Maybe.

[Newcastleclaret93]

Whatever it was, it won’t have come cheap to us. As in - I would bet the Wood fee (sans cost of Weghorst) just about covers it. Maybe.

Pretty sure Talksport had Dyche in the top 8 in the league when he signed his new contract.

[NewClaret]

I agree with all of this.

Absolutely no chance we get 77.5m for them. More like 50m if we are lucky.

So you think we’d only get £32.5m for Pope and McNeil?? Maxwel won’t be sold below his release clause.

[Stevie Morgan]

Mr Pace’s biggest mistake was giving Dyche a new four year contract. No business man in his right mind would make such a ridiculous decision.

And what if that was the only way to get Dyche to sign and Pace refused? How would that have been received?

[ClaretPete001]

On the transfer fees, let’s see, I’m not going to argue with you.

On the cash in the bank, typically we’ve had more each set of accounts than people predicted, peaking at £80m. It wouldn’t shock me if that sat higher than the £50m (or the same) now.

Why would anyone pay a half to a million quid to a finance company to bring forward Woods money if we had cash in the bank?

The £50 million is likely broadcast revenue to pay the bills until the next trench later in the year. It won't be cash reserves.

[Steddyman]

It's a mechanism meaning we owe money so is debt. Slippery slope.

Because all businesses operate with cash and no debt, right?

[taio]

Because all businesses operate with cash and no debt, right?

Nope.

[lrac]

In my honest opinion it isn't pace to blame .it is the lack of investment in previous seasons .

[Superjohnnyfrancis]

The relegation is a great many peoples ‘fault’ (The players have been absolute gash to a man, bar about 4 of them, Sean Dyche hugely underachieved this season, VAR has not been kind to us ever and likewise neither have referees and the media) rather than one individual. The problem is whilst Pace didn’t ‘cause’ the relegation (per se), he will oversee and be responsible for the upheaval we are about to embark on.

He is responsible for making Sean Dyche one of the best paid managers in this league on a four year deal, then sacking him a couple of months later and being liable for the staggering cost that will entail. A sacking he made far too late in the day to get us over the line, even if he actually had an immediate plan to replace him in place.

He is responsible for ‘buying’ our club using none of his own money. He effectively purchased Burnley Football Club in the same manner Gloria from Number 9 on that council estate ‘bought’ a top of the range 4K TV from Brighthouse. We have a £65m loan to pay off, a ‘significant proportion’ of which is payable right NOW due to relegation.

He is responsible for ensuring that the sales we are about to have to make of Nick Pope, Maxwel Cornet, Dwight McNeil (maybe more) will be used to pay debt off rather than to allow us to re-invest in our team and attempt to bounce back at the first attempt.

He is responsible for (apparently) our clubs Academy being downgraded, if it happens as reported. Something he used as a reason for ‘purchasing’ the club a mere 18 months ago. Bizarre.

He is responsible for attracting investment and has seemingly failed to do so bar a nebulous agreement with an NFL player that I doubt we’ll ever hear of again. He spent (I think it was quoted as) £2.5m on LED advertising hoardings to cover every inch of the ground that seem to barely have advertising on them (bar the usual names who have advertised at Burnley for years), instead just saying ‘Come on you Clarets’ etc to fill up space. Will they even be in use in the Championship?

People are either so laser-focused on the fact he sacked Sean Dyche (a man they seem to detest, despite what he achieved. Amazing!) so will overlook all of the absolute **** that Pace has dumped on our club, or are genuinely unaware of these issue due to not researching things sufficiently.

You have made some good points here but let’s not forget the absolute retarded five year old kick it up in the air hoofball we have been playing for good knows how many years.

All the criticism coming to the main protagonists of this story will be handed out in appropriate measure. Pace is just the fall guy for an absolute clusterfuck that he has got himself into. I’ll agree he has a massive job on his hands now.

[ksrclaret]

Relegation will likely be catastrophic for the club.

Garlick takes huge blame for pretending he supported the club and wanted to safeguard it's future, only to sell up in a leveraged takeover that has put the long term future at risk. Will never forgive him for that.

God knows why Pace wants to run the club, because he can probably, but it ain't going to end well.

[Newcastleclaret93]

In my honest opinion it isn't pace to blame .it is the lack of investment in previous seasons .

It’s just rubbish though, he had three full windows and we had a net spend of 5m across those windows. It’s actually worse than under Garlicks tenureship.

[NewClaret]

We may not have £50million in the bank as far as I understand that is a trenche of broadcast money required to pay future wages.

We are going to lose £50 million of broadcast revenue so the relegation clauses in players contracts would have to halve the wage bill.

I doubt we would get £80 million for Pope, Cornet and Mc Neil but if that is used to pay off the MSD loan how would we fund new players?

And pay the £68 million to the former owners.

And how would we cover the loss £20 - £30 million broadcast revenue in year 2

Or the £40 million loss of broadcast revenue in year 3.

This is not quite as simple as you wish to believe unless, of course, we are immediately promoted back to the PL.

I’m not at all suggesting it’s easy by the way.

The £50m did include a down payment of TV money. There will have been further TV money received since. To what extent that has been spent is unknown, save to say cash has grown at each set of accounts in the previous 3-4 years so it is not unthinkable it has again in this period.

Wage bill reduction should be quite simple with the clauses Garlick sensibly inserted. And assuming Pace did the same with more recent signings. Plus 10 of our highest paid will be OOC. In a small squad, that in and of itself could halve it, although I’d hope we’d keep a few.

I am not sure about the remaining payments but reports suggest that Garlick will retake ownership of the club in relegation circumstances, so they may not be due at all.

[jojomk1]

And what if that was the only way to get Dyche to sign and Pace refused? How would that have been received?

Dyche still had another season after this on his original contract

Madness to offer him another deal this season

[taio]

In my honest opinion it isn't pace to blame .it is the lack of investment in previous seasons .

Do you not realise the significant lack of investment in the transfer window prior to Pace acquiring the club was because Pace needed the cash as part of how his takeover had to be structured?

[gawthorpe_view]

I have a funny feeling that Pace is going to make John Bond look like Captain Popular

It's looking like Dave Thomas will have to do follow up to 'A Director's Tale', which I've almost finished reading.

[Stevie Morgan]

Dyche still had another season after this on his original contract

Madness to offer him another deal this season

He was our biggest asset and they went all in to safeguard him. Not sure the extent of downturn in his management this season could have been forseen. A mistake perhaps but let's not over egg it.

[Steve-Harpers-perm]

It’s just rubbish though, he had three full windows and we had a net spend of 5m across those windows. It’s actually worse than under Garlicks tenureship.

Yeh if only Pace had continued to sign the calibre of players like Dale Stephens. The rot set in a long time before Pace arrived.

[NewClaret]

Why would anyone pay a half to a million quid to a finance company to bring forward Woods money if we had cash in the bank?

The £50 million is likely broadcast revenue to pay the bills until the next trench later in the year. It won't be cash reserves.

Possibly because he wanted it in the event of relegation given the repayment clause?

How much of that £50m was the first tranche of TV money for that season? And when was the second due? And how do you explain cash growing y-o-y? (up until the former owners running off with £37m of it - had they not done it would have grown in the COVID season also).

[ClaretTony]

Someone will need to clarify, but I think the Wood deal just requires NUFC to pay Macquarie directly? But as stated, not really something I want us to be doing but the only way I can see is repaying the debt now.

That's what was published

[ClaretTony]

In my honest opinion it isn't pace to blame .it is the lack of investment in previous seasons .

which was to build up the reserves to allow the takeover to happen

[RVclaret]

which was to build up the reserves to allow the takeover to happen

Which is on Garlick

[jurek]

We might get 20-25m for Pope but doubt very much we'd get much more than 10m for McNeil.
His value has decreased significantly this season.
I think we might find it difficult off loading more than 2 players for any significant amount.
Albeit we could lose a few more who are past their sell by date off the wage bill.

I just hope that we can get a young progressive and dynamic young manager in
who will relish rebuilding the team and has an eye for bringing in and developing young talent.
But that could take time, at least a couple of seasons, possibly longer.

[NewClaret]

Dyche still had another season after this on his original contract

Madness to offer him another deal this season

Easy to say in hindsight. I seem to remember unanimous elation when he signed a deal. I myself was delighted, but can’t say I was so pleased as the season progressed.

[ksrclaret]

To be honest, it makes me sick to the stomach to think of how Garlick and Pace cooked up and engineered this takeover.

And for what?

[ClaretTony]

Which is on Garlick

Absolutely, and I think he was selecting a lot of the players too which I suspect has continued.

[Chester Perry]

It's looking like Dave Thomas will have to do follow up to 'A Director's Tale', which I've almost finished reading.

he has already said he is working with an ex director on one

[Newcastleclaret93]

Easy to say in hindsight. I seem to remember unanimous elation when he signed a deal. I myself was delighted, but can’t say I was so pleased as the season progressed.

I think your memory is slightly wrong, it was even highlighted at the time how poor the reaction was. The clubs post got poor reactions and the post on this board only ended up with a few hundred reactions.

[Stevie Morgan]

Absolutely, and I think he was selecting a lot of the players too which I suspect has continued.

Transfers or team selections?

[RVclaret]

I think your memory is slightly wrong, it was even highlighted at the time how poor the reaction was. The clubs post got poor reactions and the post on this board only ended up with a few hundred reactions.

Not sure on this. I seem to recall elation in the main from most posters on here.

[ClaretTony]

Transfers or team selections?

Signings but that's what happens at a lot of clubs now.

[levraiclaret]

Bet the Ranch, lost, exiting times, but not in a good way.

[Stevie Morgan]

Signings but that's what happens at a lot of clubs now.

It's no wonder Dyche fell out with him though. Garlick has a lot to answer for.