Sorry 45%. That 5% will help pay off a part of the yearly interest owed on the original deal (8m a year I believe?) We can sell all the players possible of bringing in a fee and it will just about cover the Approximate 80m hole that will be created by a 45% drop in tv revenue AND a estimated 30m loan repayment.RVclaret wrote: ↑Tue May 24, 2022 9:58 am45% lower*
It's clear in the accounts that there is an awareness between the two parties that player trading has been used to forecast means of paying off that installment. I'd imagine over the next month we will have a lot of interest in several players and we will be ready to sell.
Alan….? Alan….? Are you there, Alan?
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Re: Alan….? Alan….? Are you there, Alan?
Re: Alan….? Alan….? Are you there, Alan?
You're forgetting the significant relegation wage cuts in contracts and the fact we pay large bonus' on staying up (makes up the total salary expense you see in our accounts) - something we won't be doing this year. Other clubs such as Bournemouth, West Brom and Norwich had 50% wage cuts in their players / staff contracts according to their accounts, I'd imagine ours will be similar.Sleeping Cat wrote: ↑Tue May 24, 2022 11:01 amSorry 45%. That 5% will help pay off a part of the yearly interest owed on the original deal (8m a year I believe?) We can sell all the players possible of bringing in a fee and it will just about cover the Approximate 80m hole that will be created by a 45% drop in tv revenue AND a estimated 30m loan repayment.
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Re: Alan….? Alan….? Are you there, Alan?
Yes to an extent, mainly because we're brassic and can't afford to fund replacements, I'm not against retaining an experienced core of players, but beyond Cork who apparently triggered an extension automatically, and Ben Mee I'd have been happy for the rest to go, Pieters might have been useful to retain on a 12 month contract due to his versatility, but he's seemingly off, Jay's 2 year contract surprised me I have to say based on his recent output, and growing injury issues, however it's fine clearing the decks if we recruit decent replacements, and that's where the concerns hang.
It's treading a fine balance between retaining our steady older guys who know their way around the Championship, and what it takes to gain promotion, while at the same time introducing a younger more exciting element.
But given that AP is handing out these extensions, I for one sense we're heading down the coaching route, rather than appointing a manager who oversees every aspect of the club as SD did.
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Re: Alan….? Alan….? Are you there, Alan?
It's basic employment law (and I don't see why SD should be subject to anything different by being a football club manager....he's still an employee).
I've even been on the end of a compromise agreement myself. I had an annual rolling contract and when I was 'let go' I was offered 6 months salary (and I could get another job the next day) or I could sit at home and not do anything (not even look for other employment) until the end of my contract.
Although the timescales and cash are going to be somewhat different to my paltry situation/arrangements the process will be the same.
SD (and his employment lawyer) will have agreed a package with BFC - and I'm guessing a year's salary as he had 3 years left on his contract, apparently - and he could walk away and find another job, immediately. His alternative is to, literally, sit there doing nothing for the duration of his contract and continue to be paid. Most normal human beings would hate to do that and would want to get on with their life (esp if you had, in SD's case, I would imagine, the odd million or two, or three in the bank anyhow from a compromise agreement as an alternative).
I still say I would be utterly amazed if SD received anything like £20m......much more likely he'll have got something up to £5m (is my best guess, for what that's worth)
I've even been on the end of a compromise agreement myself. I had an annual rolling contract and when I was 'let go' I was offered 6 months salary (and I could get another job the next day) or I could sit at home and not do anything (not even look for other employment) until the end of my contract.
Although the timescales and cash are going to be somewhat different to my paltry situation/arrangements the process will be the same.
SD (and his employment lawyer) will have agreed a package with BFC - and I'm guessing a year's salary as he had 3 years left on his contract, apparently - and he could walk away and find another job, immediately. His alternative is to, literally, sit there doing nothing for the duration of his contract and continue to be paid. Most normal human beings would hate to do that and would want to get on with their life (esp if you had, in SD's case, I would imagine, the odd million or two, or three in the bank anyhow from a compromise agreement as an alternative).
I still say I would be utterly amazed if SD received anything like £20m......much more likely he'll have got something up to £5m (is my best guess, for what that's worth)
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Re: Alan….? Alan….? Are you there, Alan?
Yes, the wage bill will have to be reduced accordingly due to the significant drop in income. That is one of the outcomes of having such a drop in finances.RVclaret wrote: ↑Tue May 24, 2022 11:11 amYou're forgetting the significant relegation wage cuts in contracts and the fact we pay large bonus' on staying up (makes up the total salary expense you see in our accounts) - something we won't be doing this year. Other clubs such as Bournemouth, West Brom and Norwich had 50% wage cuts in their players / staff contracts according to their accounts, I'd imagine ours will be similar.
Re: Alan….? Alan….? Are you there, Alan?
Has anybody seen any statements from Norwich or Watford's owners regarding clubs finances after relegation?
Don't ever remember Garlick giving said statements either
Don't ever remember Garlick giving said statements either
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Re: Alan….? Alan….? Are you there, Alan?
Nope, never happened before.
After Fulham were relegated last time, their owner issued a waffling statement about how sorry he was to the fans for the club being relegated but that's about it.
I don't recall ever seeing fans of other relegated clubs demanding to see the club's financial records either, maybe it's just something that some entitled Burnley fans demand.
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Re: Alan….? Alan….? Are you there, Alan?
Maybe the fans still think the club can be saved from it's financial mess at this time? So are still trying.GodIsADeeJay81 wrote: ↑Wed May 25, 2022 8:30 amNope, never happened before.
After Fulham were relegated last time, their owner issued a waffling statement about how sorry he was to the fans for the club being relegated but that's about it.
I don't recall ever seeing fans of other relegated clubs demanding to see the club's financial records either, maybe it's just something that some entitled Burnley fans demand.
Ask any Blackburn fans or other clubs fans in huge debts and they will shrug it off, change the subject. They know there's nothing they can do.
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Re: Alan….? Alan….? Are you there, Alan?
What exactly can the average Burnley fan do, please enlighten me?Quickenthetempo wrote: ↑Wed May 25, 2022 8:42 amMaybe the fans still think the club can be saved from it's financial mess at this time? So are still trying.
Ask any Blackburn fans or other clubs fans in huge debts and they will shrug it off, change the subject. They know there's nothing they can do.
Protests and pleading to the local MP won't do much, we've seen that down the road.
Maybe a dossier of stuff that never sees the light of day, just like that lot down the road
There is nothing the average fan can do, no laws have been broken, everything is legally sound and there's no blood on anyone's hands as was claimed in Sunday.
The owners are under no obligation to go into detail about their plans for the club moving forwards, they can trot out the usual platitudes but that's all you're ever really going to get, just like fans get at other clubs.
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Re: Alan….? Alan….? Are you there, Alan?
Well, we're onto four pages. The real question is, is Alan here? Or is he there?
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Re: Alan….? Alan….? Are you there, Alan?
williamjblazkowicz wrote: ↑Wed May 25, 2022 9:06 amWell, we're onto four pages. The real question is, is Alan here? Or is he there?
Alan's every f****ng where nananana
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Re: Alan….? Alan….? Are you there, Alan?
Who knows? I've never really gone down a protesting route.GodIsADeeJay81 wrote: ↑Wed May 25, 2022 9:02 amWhat exactly can the average Burnley fan do, please enlighten me?
Protests and pleading to the local MP won't do much, we've seen that down the road.
Maybe a dossier of stuff that never sees the light of day, just like that lot down the road
There is nothing the average fan can do, no laws have been broken, everything is legally sound and there's no blood on anyone's hands as was claimed in Sunday.
The owners are under no obligation to go into detail about their plans for the club moving forwards, they can trot out the usual platitudes but that's all you're ever really going to get, just like fans get at other clubs.
Alan Pace certainly likes the limelight and wants people and the media saying nice things about him though. Pressure that way might keep him honest.
The Venkys were always likely to be a tougher opponent. They slaughter millions of chickens every day for their business so will suffer bad press and animal rights protests regular. But they still crack on with their business.
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Re: Alan….? Alan….? Are you there, Alan?
Keep him honest?Quickenthetempo wrote: ↑Wed May 25, 2022 9:18 amWho knows? I've never really gone down a protesting route.
Alan Pace certainly likes the limelight and wants people and the media saying nice things about him though. Pressure that way might keep him honest.
The Venkys were always likely to be a tougher opponent. They slaughter millions of chickens every day for their business so will suffer bad press and animal rights protests regular. But they still crack on with their business.
Let me know when he's being dishonest first.
Re: Alan….? Alan….? Are you there, Alan?
I can only assume this comment is tongue in cheek and flown over my head but Pace has clearly lied through his teeth since minuite one. These comments from him when he took over have aged like dog s****GodIsADeeJay81 wrote: ↑Wed May 25, 2022 9:27 amKeep him honest?
Let me know when he's being dishonest first.
"I don't mean to be over-dramatic on it because I can't explain it but if you knew you would be 'oh my goodness, this is incredible'," he said upon taking over.
"Hopefully someday people will look back and think it was pretty incredible.
"As a supporter, if they understood it the way I understand it, then I would be like 'good on them, they have done a great thing for this club'."
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Re: Alan….? Alan….? Are you there, Alan?
Let’s not forget his comments about extra cash being available for transfersboyyanno wrote: ↑Wed May 25, 2022 2:39 pmI can only assume this comment is tongue in cheek and flown over my head but Pace has clearly lied through his teeth since minuite one. These comments from him when he took over have aged like dog s****
"I don't mean to be over-dramatic on it because I can't explain it but if you knew you would be 'oh my goodness, this is incredible'," he said upon taking over.
"Hopefully someday people will look back and think it was pretty incredible.
"As a supporter, if they understood it the way I understand it, then I would be like 'good on them, they have done a great thing for this club'."
Re: Alan….? Alan….? Are you there, Alan?
Can you provide the exact quote from this?Newcastleclaret93 wrote: ↑Wed May 25, 2022 2:45 pmLet’s not forget his comments about extra cash being available for transfers
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Re: Alan….? Alan….? Are you there, Alan?
So comments that have aged poorly are now being used as "evidence" he's been dishonest?boyyanno wrote: ↑Wed May 25, 2022 2:39 pmI can only assume this comment is tongue in cheek and flown over my head but Pace has clearly lied through his teeth since minuite one. These comments from him when he took over have aged like dog s****
"I don't mean to be over-dramatic on it because I can't explain it but if you knew you would be 'oh my goodness, this is incredible'," he said upon taking over.
"Hopefully someday people will look back and think it was pretty incredible.
"As a supporter, if they understood it the way I understand it, then I would be like 'good on them, they have done a great thing for this club'."
Ok then
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Re: Alan….? Alan….? Are you there, Alan?
The only thing I've found on regards to transfers is from an interview with the Lancs Telegraph
Will much change budget-wise or will it be a case of things moving more swiftly?
"I would have liked to have more time to give you a different answer but the prudence here is being able to move swiftly and support what needs to be done rather than the size of the chequebook."
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Re: Alan….? Alan….? Are you there, Alan?
A few of his quotes are across these articles.
https://www.dailymail.co.uk/sport/footb ... mands.html
https://www.thetimes.co.uk/article/sean ... -w25vtlhzg
We then went and had a net spend of 5m over 3 transfer windows.
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Re: Alan….? Alan….? Are you there, Alan?
So neither of those support your previous claim.Newcastleclaret93 wrote: ↑Wed May 25, 2022 3:01 pmA few of his quotes are across these articles.
https://www.dailymail.co.uk/sport/footb ... mands.html
https://www.thetimes.co.uk/article/sean ... -w25vtlhzg
We then went and had a net spend of 5m over 3 transfer windows.
In that first window the club tried to sign Collins and ended up going back for him in the Summer window.
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Re: Alan….? Alan….? Are you there, Alan?
Does that change the fact we had a net spend of 5m over three transfer windows? With the oldest squad in the leagueGodIsADeeJay81 wrote: ↑Wed May 25, 2022 3:02 pmSo neither of those support your previous claim.
In that first window the club tried to sign Collins and ended up going back for him in the Summer window.
Re: Alan….? Alan….? Are you there, Alan?
No, I meant what i said. You see the bit where Pace says that Supporters would be saying "Good on them, they have done a great thing for this club".GodIsADeeJay81 wrote: ↑Wed May 25, 2022 2:54 pmSo comments that have aged poorly are now being used as "evidence" he's been dishonest?
Ok then
The details of the takeover have emerged and yet I don't see anyone saying that do you?
It's okay though, Alan Pace has always been honest, what about when he said we would spend money and then didn't? Being completely honest then was he?
It's literally in print the things he has said that have not happened, that doesn't happen if you're being honest. Ignore them if you want, but you literally make yourself look like a fool.
On another side though, you're the guy that used to be a Liverpool fan or something aren't you? Real football fans don't change their clubs
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Re: Alan….? Alan….? Are you there, Alan?
If we'd had a net spend of £5 million, lowered the age of the squad and stayed up would you still have an issue with a low net spend?Newcastleclaret93 wrote: ↑Wed May 25, 2022 3:03 pmDoes that change the fact we had a net spend of 5m over three transfer windows? With the oldest squad in the league
No is the answer.
We signed some younger players, but it was always going to need several years to bring it down gradually
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Re: Alan….? Alan….? Are you there, Alan?
There's no certainty yet that it will have to be repaid, at least, not all of it. Parachute payment will probably cover most of it, so I can't see a 'Firesale' being needed.ChristheViking wrote: ↑Mon May 23, 2022 6:13 pmSo I guess you don't have an alternate answer to how this 65m is going to be repaid then other than a firesale.
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Re: Alan….? Alan….? Are you there, Alan?
Ah yes the Liverpool reference when you spout utter garbage and you're trying to deflect the attention away from your tripe.boyyanno wrote: ↑Wed May 25, 2022 3:05 pmNo, I meant what i said. You see the bit where Pace says that Supporters would be saying "Good on them, they have done a great thing for this club".
The details of the takeover have emerged and yet I don't see anyone saying that do you?
It's okay though, Alan Pace has always been honest, what about when he said we would spend money and then didn't? Being completely honest then was he?
It's literally in print the things he has said that have not happened, that doesn't happen if you're being honest. Ignore them if you want, but you literally make yourself look like a fool.
On another side though, you're the guy that used to be a Liverpool fan or something aren't you? Real football fans don't change their clubs
Your issue is you've no patience, the club needed overhauling along with the squad.
You seem to think that's an instant fix when the reality is it isn't.
All that does is show your complete and utter lack of understanding of how things work.
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Re: Alan….? Alan….? Are you there, Alan?
These were the items Pace mentioned in his welcome interview on clarets player.GodIsADeeJay81 wrote: ↑Wed May 25, 2022 3:09 pmIf we'd had a net spend of £5 million, lowered the age of the squad and stayed up would you still have an issue with a low net spend?
No is the answer.
We signed some younger players, but it was always going to need several years to bring it down gradually
How many do you think ended up being true (not a lie).
- wants Sean to be manager for the long term.
- funds will be available for transfers, faster
- Sean will not be "frustrated".
- Potential to look overseas for signings if they are right.
- Promise of better communication from club.
- Has ideas to improve the club including the ground - will take time to put these in place.
- Wants to improve the fan experience.
- Looking to expand the intake and quality in the academy
Re: Alan….? Alan….? Are you there, Alan?
I've quoted Pace so if there's garbage then it's what he said.GodIsADeeJay81 wrote: ↑Wed May 25, 2022 3:11 pmAh yes the Liverpool reference when you spout utter garbage and you're trying to deflect the attention away from your tripe.
Your issue is you've no patience, the club needed overhauling along with the squad.
You seem to think that's an instant fix when the reality is it isn't.
All that does is show your complete and utter lack of understanding of how things work.
You could also add him saying that it's affordable for the club, no risk etc etc. All lies mate.
If it's not show me a scrap of evidence to suggest it isn't?
The evidence is there to say it is, just look at the accounts.
If you can't show me a single scrap of evidence to suggest he's been honest then you're the one pedalling tripe mate.
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Re: Alan….? Alan….? Are you there, Alan?
Answered.Newcastleclaret93 wrote: ↑Wed May 25, 2022 3:12 pmThese were the items Pace mentioned in his welcome interview on clarets player.
How many do you think ended up being true (not a lie).
- wants Sean to be manager for the long term - things change, results business and we weren't getting the results, some fans wanted Dyche gone and have done for years.
- funds will be available for transfers, faster - they found the funds quick enough for Collins and Cornet
- Sean will not be "frustrated" - I don't know if Dyche was.
- Potential to look overseas for signings if they are right - done
- Promise of better communication from club - he hasn't been shy when it comes to media and twitter, but you don't like what he's saying or don't feel it's enough
- Has ideas to improve the club including the ground - will take time to put these in place - been doing
- Wants to improve the fan experience - needs more work
- Looking to expand the intake and quality in the academy - need to find out reason for downgrade but he is right
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Re: Alan….? Alan….? Are you there, Alan?
You're just spouting tripe, no real substance to your claims about dishonesty etc.boyyanno wrote: ↑Wed May 25, 2022 3:15 pmI've quoted Pace so if there's garbage then it's what he said.
You could also add him saying that it's affordable for the club, no risk etc etc. All lies mate.
If it's not show me a scrap of evidence to suggest it isn't?
The evidence is there to say it is, just look at the accounts.
If you can't show me a single scrap of evidence to suggest he's been honest then you're the one pedalling tripe mate.
I'll just assume you're not worth chatting with anymore based on this.
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Re: Alan….? Alan….? Are you there, Alan?
Aren't the parachute payments supposed to be to cover wages?, and other clubs who've spent their parachute money on repaying debt (Sunderland for one) have ended up in an even bigger financial mess when their parachute payments run out, also worth remembering the parachute payments now only last 2 years, so it's fine using those to service the debts for 2 years, but unless we get back to the PL in that period, we face real hardship when the parachute payments cease, especially if we still have a fairly large wage bill.Gordaleman wrote: ↑Wed May 25, 2022 3:11 pmThere's no certainty yet that it will have to be repaid, at least, not all of it. Parachute payment will probably cover most of it, so I can't see a 'Firesale' being needed.
Generally for a relegated PL club the best time to mount a promotion campaign is the 1-2 years following relegation, but if we squander our precious parachute money on paying Garlick, then our chances of a top flight return are greatly reduced.
Re: Alan….? Alan….? Are you there, Alan?
Poster can't answer simple questions so decides not to respond. Surprise surprise.GodIsADeeJay81 wrote: ↑Wed May 25, 2022 3:19 pmYou're just spouting tripe, no real substance to your claims about dishonesty etc.
I'll just assume you're not worth chatting with anymore based on this.
There's plenty of substance to my claims, iv'e just said, look at the accounts and tell me that the way the takeover has happened falls in line with these comments from Pace:
"The loans for this transaction are absolutely reasonable and in line with what can be supported by this club"
"I don't mean to be over-dramatic on it because I can't explain it but if you knew you would be 'oh my goodness, this is incredible'," he said upon taking over.
"Hopefully someday people will look back and think it was pretty incredible.
"As a supporter, if they understood it the way I understand it, then I would be like 'good on them, they have done a great thing for this club'."
There you go, obviously you won't struggle to prove me wrong if these comments are all true.....................
Oh and please use factual evidence like I have, not just your silly opinion
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Re: Alan….? Alan….? Are you there, Alan?
I don't think this is anything to do with paying Garlick, unless Garlick is part of MSD now.tiger76 wrote: ↑Wed May 25, 2022 3:20 pmAren't the parachute payments supposed to be to cover wages?, and other clubs who've spent their parachute money on repaying debt (Sunderland for one) have ended up in an even bigger financial mess when their parachute payments run out, also worth remembering the parachute payments now only last 2 years, so it's fine using those to service the debts for 2 years, but unless we get back to the PL in that period, we face real hardship when the parachute payments cease, especially if we still have a fairly large wage bill.
Generally for a relegated PL club the best time to mount a promotion campaign is the 1-2 years following relegation, but if we squander our precious parachute money on paying Garlick, then our chances of a top flight return are greatly reduced.
Also, parachute payments can be used by the club how they see fit, and as we will be losing at least ten players during the close season, wages will be a lot less. Yes, we have to bring new players in, but they will be on lower wages than the existing players, as will the new manager compared to Sean.
We will likely sell at least two decent players, so we will have that money as well, to replenish the squad.
I don't think things are half as bad as some on here are making out.
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Re: Alan….? Alan….? Are you there, Alan?
Yes I agree the wage bill will be trimmed, and TBH that's no bad thing.Gordaleman wrote: ↑Wed May 25, 2022 3:32 pmI don't think this is anything to do with paying Garlick, unless Garlick is part of MSD now.
Also, parachute payments can be used by the club how they see fit, and as we will be losing at least ten players during the close season, wages will be a lot less. Yes, we have to bring new players in, but they will be on lower wages than the existing players, as will the new manager compared to Sean.
We will likely sell at least two decent players, so we will have that money as well, to replenish the squad.
I don't think things are half as bad as some on here are making out.
If only Cornet and Pope leave that generates around £40m, possibly WW might go back to Holland, and we'll be offloading some of the higher earners who are OOC, the key is what quality we can sign to replace them, as we really need to hit the ground running early season.
We'll be fine for the next couple of seasons I think, but ideally we do need to get back to the Prem in that timeframe, otherwise it'll become increasingly difficult for us.
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Re: Alan….? Alan….? Are you there, Alan?
Been as big a critic of Pace as anybody and I think expecting a statement now is daft- we have to sort the manager and contract extensions and anything beyond the already posted "sorry how the season ended, here's hoping for better next year" on the club social media would be a distraction.
People place way too much weight on PR waffle and public statements which cuts both ways- buying fans pints, reports of midnight flights to Zagreb, Twitter Q&As all of that is just fluff. If he was out giving statements now when we still have yet to announce a manager I'd be concerned he's focused on PR over productivity and take the current silence more as a sign the board are busy. As you'd expect them to be.
If we've had the same level of silence in another 3 weeks then that starts to be a red flag but for now I'd be much more concerned by the presence of smoothing-over statements than their absence. The only thing I'd say currently needs addressing clearly is the academy situation and there's people other than Pace who can and should do that.
People place way too much weight on PR waffle and public statements which cuts both ways- buying fans pints, reports of midnight flights to Zagreb, Twitter Q&As all of that is just fluff. If he was out giving statements now when we still have yet to announce a manager I'd be concerned he's focused on PR over productivity and take the current silence more as a sign the board are busy. As you'd expect them to be.
If we've had the same level of silence in another 3 weeks then that starts to be a red flag but for now I'd be much more concerned by the presence of smoothing-over statements than their absence. The only thing I'd say currently needs addressing clearly is the academy situation and there's people other than Pace who can and should do that.
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Re: Alan….? Alan….? Are you there, Alan?
Two immediate items on Alan Pace's "to do" list:
1) Appointing new manager;
2) Everton/Premier League losses discussion.
UTC
1) Appointing new manager;
2) Everton/Premier League losses discussion.
UTC
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Re: Alan….? Alan….? Are you there, Alan?
Hasn’t the Everton thing disappeared of the face of the planet?Paul Waine wrote: ↑Wed May 25, 2022 9:48 pmTwo immediate items on Alan Pace's "to do" list:
1) Appointing new manager;
2) Everton/Premier League losses discussion.
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Re: Alan….? Alan….? Are you there, Alan?
I should imagine Leeds are not quite so enthusiastic about chasing it up anymore.Newcastleclaret93 wrote: ↑Wed May 25, 2022 10:01 pmHasn’t the Everton thing disappeared of the face of the planet?
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Re: Alan….? Alan….? Are you there, Alan?
I thought someone from Leeds was with Pace in a meeting with the PL on Monday?dougcollins wrote: ↑Wed May 25, 2022 10:08 pmI should imagine Leeds are not quite so enthusiastic about chasing it up anymore.
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Re: Alan….? Alan….? Are you there, Alan?
Why do you think that? Leeds will be competing against Everton and the other Premier League teams next season. Isn't it in Leeds interest to make sure PL FFP rules are enforced? I'd imagine both Burnley and Leeds agreed to split the costs of their actions and that they will be jointly tied into the action, just as would have been the case if BFC had finished 17th.dougcollins wrote: ↑Wed May 25, 2022 10:08 pmI should imagine Leeds are not quite so enthusiastic about chasing it up anymore.
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Re: Alan….? Alan….? Are you there, Alan?
Really? So, PL have provided all the documentation that justifies Everton being in compliance with FFP? That was quick, if that is the case.Newcastleclaret93 wrote: ↑Wed May 25, 2022 10:01 pmHasn’t the Everton thing disappeared of the face of the planet?
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Re: Alan….? Alan….? Are you there, Alan?
The Richarlison flair has disappeared
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Re: Alan….? Alan….? Are you there, Alan?
Action?Paul Waine wrote: ↑Wed May 25, 2022 10:46 pmWhy do you think that? Leeds will be competing against Everton and the other Premier League teams next season. Isn't it in Leeds interest to make sure PL FFP rules are enforced? I'd imagine both Burnley and Leeds agreed to split the costs of their actions and that they will be jointly tied into the action, just as would have been the case if BFC had finished 17th.
i'd have rather seen it in the transfer market and on the field of play.
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Re: Alan….? Alan….? Are you there, Alan?
Because it’s been radio silence since the news broke. What are we expecting to get out of it?Paul Waine wrote: ↑Wed May 25, 2022 10:48 pmReally? So, PL have provided all the documentation that justifies Everton being in compliance with FFP? That was quick, if that is the case.
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Re: Alan….? Alan….? Are you there, Alan?
I’d imagine they potentially think there’s a significant compensation claim to be made subject to our legal team having reviewed the associated paperwork.Newcastleclaret93 wrote: ↑Thu May 26, 2022 7:36 amBecause it’s been radio silence since the news broke. What are we expecting to get out of it?
We may succeed, we might not, but when Sheffield Utd agreed a £20m in compensation with West Ham in 2009, it was the culmination of 2 years of legal wrangling.
We won’t be getting weekly updates.
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Re: Alan….? Alan….? Are you there, Alan?
Didn’t even think that was a possibility. This might be a stupid question but wouldn’t any compensation be shared with the other two relegated clubs?agreenwood wrote: ↑Thu May 26, 2022 7:45 amI’d imagine they potentially think there’s a significant compensation claim to be made subject to our legal team having reviewed the associated paperwork.
We may succeed, we might not, but when Sheffield Utd agreed a £20m in compensation with West Ham in 2009, it was the culmination of 2 years of legal wrangling.
We won’t be getting weekly updates.
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Re: Alan….? Alan….? Are you there, Alan?
Not unless Watford and Norwich have brought any action against them too which hasn't been mentioned.
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Re: Alan….? Alan….? Are you there, Alan?
Hard to see what Watford and Norwich's claim would be given they'd have gone down if Everton got 0 points.
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Re: Alan….? Alan….? Are you there, Alan?
I guess I’m one of the fans who really don’t care about the financial situation. There’s nothing I can do about it. I support Burnley FC…..if they end up as “FC Burnley 2025” I’ll still turn up.
I think some fans have had their heads turn by the last 6 years…..we’ve always been up against it financially.
It’s all just numbers to me, if you want financial security go and support Man City…..and that could end badly too!
I think some fans have had their heads turn by the last 6 years…..we’ve always been up against it financially.
It’s all just numbers to me, if you want financial security go and support Man City…..and that could end badly too!
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Re: Alan….? Alan….? Are you there, Alan?
Snippet from the Athletic just now which suggests a few options the board are looking at re. finances:
‘There is a perception among some outside the club that Burnley will be forced to generate whatever funds they can through player sales, but the club are determined not to be lowballed or taken advantage of by clubs trying to sign players for cut-price fees. While there is an acceptance that some players will not want or deserve to play in the Championship, the club still hope to get what they view to be value for their players.
The reason for talk of a “fire sale” is the alarming revelation in Burnley’s latest accounts that a “significant portion” of the £65 million that ALK Capital loaned from MSH Holdings as part of its leveraged buyout of the club in December 2020 would be due for repayment if the club was relegated from the Premier League.
As that came to pass, the feeling is Burnley need to secure a quick return to the Premier League before their finances become more problematic as parachute payments, paid over three years, reduce and eventually cease.
The “significant portion” of the MSD loan will be paid over the next two months with the amount known to only those inside the deal. It is understood that could be paid off via two options: using the parachute payments Burnley will receive, believed to be around £45 million for the first season, or by refinancing the loan, which The Athletic understands the club have been exploring.
One option they have through refinancing would be to borrow further to try and maintain an operational budget similar that in the Premier League, so a fire sale would not be required. However, that means further debt added and if the gamble is unsuccessful — then bringing bigger problems.
However, Burnley could also look to refinance the current loan they have by exploring changes to the terms of the interest rate or repayments, thereby not adding any further significant debt. Should one of those solutions be found then Burnley’s immediate financial situation would not require a sale of their assets. Which is not to say they will retain their best players.’
‘There is a perception among some outside the club that Burnley will be forced to generate whatever funds they can through player sales, but the club are determined not to be lowballed or taken advantage of by clubs trying to sign players for cut-price fees. While there is an acceptance that some players will not want or deserve to play in the Championship, the club still hope to get what they view to be value for their players.
The reason for talk of a “fire sale” is the alarming revelation in Burnley’s latest accounts that a “significant portion” of the £65 million that ALK Capital loaned from MSH Holdings as part of its leveraged buyout of the club in December 2020 would be due for repayment if the club was relegated from the Premier League.
As that came to pass, the feeling is Burnley need to secure a quick return to the Premier League before their finances become more problematic as parachute payments, paid over three years, reduce and eventually cease.
The “significant portion” of the MSD loan will be paid over the next two months with the amount known to only those inside the deal. It is understood that could be paid off via two options: using the parachute payments Burnley will receive, believed to be around £45 million for the first season, or by refinancing the loan, which The Athletic understands the club have been exploring.
One option they have through refinancing would be to borrow further to try and maintain an operational budget similar that in the Premier League, so a fire sale would not be required. However, that means further debt added and if the gamble is unsuccessful — then bringing bigger problems.
However, Burnley could also look to refinance the current loan they have by exploring changes to the terms of the interest rate or repayments, thereby not adding any further significant debt. Should one of those solutions be found then Burnley’s immediate financial situation would not require a sale of their assets. Which is not to say they will retain their best players.’