I don’t have any answers. Why would I? People have been slagging anything the owners have done since day 1. Banging on and on about a debt that, at worst, can be serviced by sale of players or parachute money. We have had 3 transfer windows (one which came days after the chairman arrived) to turn a rapidly sinking ship around. Unfortunately, too much damage was done to avoid the drop before it could be turned around in the PL. I get fans have concerns, but it’s tiresome, repetitive and agenda driven. Just wait and see what happens.KRBFC wrote: ↑Tue May 24, 2022 2:57 pmTime for what? we are thick for not seeing it? enlighten us....
I'm asking the question, you seem to have the answers, so give them to us.
I think saying we'll be in admin before a ball is kicked is ott, I don't think having concerns for the future is a bad thing. Valid concerns.
Money still owed to Garlick
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Re: Money still owed to Garlick
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Re: Money still owed to Garlick
warksclaret wrote: ↑Tue May 24, 2022 2:18 pmI have been told by someone close to a PL cub, that when managers get fired they dont instantly get their contract honoured. HE believes its written into contracts that 6 months is paid fairly instantly as they walk out the door, as its felt they can get a new managers job in that period. Otherwise how much money would people like Merino and Ranieri have earned. May be different at Burnley, depending on the shrewdness of Alan Pace and his legal team
There can't be 1 person with any intelligence thinks that if you sack a manager and he has 4 years left at 5m a year he walks out that day with a 20m payment.
Re: Money still owed to Garlick
I assume he gets paid for the remainder of his contract until he gets a new job? maybe a small lump fee in there.claretonthecoast1882 wrote: ↑Tue May 24, 2022 3:26 pmThere can't be 1 person with any intelligence thinks that if you sack a manager and he has 4 years left at 5m a year he walks out that day with a 20m payment.
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Re: Money still owed to Garlick
Yes I’m aware of the liability and where it lies, probably my poorly worded post. Even though it’s BFC who own the debt (thus ALK have no capital risk, which is wrong) I’m not sure why Garlick would want control back given the level of debt. Its becoming an unserviceable debt unless we’re in the Premier League because the clubs saleable assets are quickly running out. I don’t think I’d want to be in control of a business with a very shaky future…even though he has a hand in that shaky future. Even though liability isn’t on the nabbed directors to pay the debt they still assume some responsibilities and if the company fails it goes against there financial record.dsr wrote: ↑Tue May 24, 2022 3:11 pmSome of your figures have got a bit twisted round.
The £102m is the amount that Alan Pace and his investors owe to Burnley Football Club. They don't have any assets so they can't repay it. Unless we get back into the PL, that money is as good as lost. (It has risen to at least £112m during the past 10 months.) We don't get any interest from Mr Pace for lending him this money.
The £65m is the amount that Burnley FC borrowed to lend to Mr. Pace. This is Burnley FC's liability, just like any bank loan, and it is irrelevant what Pace, Garlick, or any other shareholder does - Burnley FC has to pay this back. We do pay interest, currently about 10% p.a.
The £67m is an estimate. It was said at the time Pace bought the shares that about £50m? £60m? something like that, was still owed by Pace to Garlick and friends, and that amount would be paid later. That's the specific loan this thread is all about. We don't know if Pace still owes it to Garlick, or if some of it has been paid, or if it doesn't now need paying. We were told that part of the share sale was that Garlick would get the shares back if Pace didn't pay the £50-£60m.
If Garlick takes the shares back, he doesn't have to repay the loan himself. He can keep all the money he has got out of the club; that loan is the club's liability, not Garlick's, even if he once again owns the club. The directors and shareholders aren't liable for the club's debts except in very exceptional circumstances - that's limited liability, it's what makes a limited company.
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Re: Money still owed to Garlick
Mourinho is the master. He's earned millions and millions from getting sacked. Spurs paid him more to be Roma's manager than Roma did last season.warksclaret wrote: ↑Tue May 24, 2022 2:18 pmI have been told by someone close to a PL cub, that when managers get fired they dont instantly get their contract honoured. HE believes its written into contracts that 6 months is paid fairly instantly as they walk out the door, as its felt they can get a new managers job in that period. Otherwise how much money would people like Merino and Ranieri have earned. May be different at Burnley, depending on the shrewdness of Alan Pace and his legal team
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Re: Money still owed to Garlick
Surely given the millions our support has made him he would be willing and able to wait for full repayment
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Re: Money still owed to Garlick
If onlyWoodleyclaret wrote: ↑Tue May 24, 2022 5:29 pmSurely given the millions our support has made him he would be willing and able to wait for full repayment
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Re: Money still owed to Garlick
I had a quick Google.quoonbeatz wrote: ↑Tue May 24, 2022 5:25 pmMourinho is the master. He's earned millions and millions from getting sacked. Spurs paid him more to be Roma's manager than Roma did last season.
Estimates are ranging from £78-98 million made as a manager with a large chunk of that from being fired
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Re: Money still owed to Garlick
Wow failure really does payGodIsADeeJay81 wrote: ↑Tue May 24, 2022 5:54 pmI had a quick Google.
Estimates are ranging from £78-98 million made as a manager with a large chunk of that from being fired
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Re: Money still owed to Garlick
Pot and Kettle come to mindgandhisflipflop wrote: ↑Tue May 24, 2022 2:37 pmIf I’m not worried I’m not a fan? Seriously? I think saying we will be in administration before a ball is kicked next season is hyperbole ********. I’m prepared to wait and see what happens before worrying. They need time, but some fans are too thick to see it.
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Re: Money still owed to Garlick
Yet oddly it’s not from winning trophies where he’s made most of his money fromGodIsADeeJay81 wrote: ↑Tue May 24, 2022 8:13 pmHe's in the top 10 managers of all time for trophies won
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Re: Money still owed to Garlick
Don’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
Re: Money still owed to Garlick
and what do ALK intend to pay Garlick with? chocolate buttons?Iloveyoubrady wrote: ↑Tue May 24, 2022 8:23 pmDon’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
they already loaned money from the club to pay Garlick once?
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Re: Money still owed to Garlick
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Re: Money still owed to Garlick
Spot onKRBFC wrote: ↑Tue May 24, 2022 8:41 pmHere's Keiran Mcguire speaking.....
https://twitter.com/BBCLancsSport/statu ... MffXxtuZYQ
Re: Money still owed to Garlick
Don’t think you quite understand what a leverage buyout is .Iloveyoubrady wrote: ↑Tue May 24, 2022 8:23 pmDon’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
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Re: Money still owed to Garlick
Everyone is so bothered because what's going to Garlick should be funding new signings and paying the salaries of our existing squad, that's the very reason clubs are given that money for 2 years to enable them to get their house in order, and if less money is spent on the playing side, then naturally it'll make our chance of a PL return all the harder.Iloveyoubrady wrote: ↑Tue May 24, 2022 8:23 pmDon’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
Re: Money still owed to Garlick
And that is the most common sense contribution I have heard from any source either fan or media, and totally helps me understand the situation not being some finance proffesional.KRBFC wrote: ↑Tue May 24, 2022 8:41 pmHere's Keiran Mcguire speaking.....
https://twitter.com/BBCLancsSport/statu ... MffXxtuZYQ
Re: Money still owed to Garlick
Then please explain how ALK, with next to **** all money, are going to do it?Iloveyoubrady wrote: ↑Tue May 24, 2022 8:23 pmDon’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
Borrow the money off that Gloucestershire couple that won the Euromillions, perhaps?
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Re: Money still owed to Garlick
It does make you question why the Premier League finds any new protective owner/directors fit and proper when they plan to buy a club with the clubs own money, i.e. leveraged buyouts. As Kieran Maguire states there isn’t a leveraged buyout that’s worked.
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Re: Money still owed to Garlick
The last thing I want right now, is Mike garlick anywhere near turf moor in any capacity.
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Re: Money still owed to Garlick
You were worried about being able to find a good stream for championship games the other day
Re: Money still owed to Garlick
Absolutely, we'll be playing in the Championship next season, did I miss something?
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Re: Money still owed to Garlick
Oh dear - isn’t it just best to avoid the threads you find tedious?arise_sir_charge wrote: ↑Tue May 24, 2022 12:05 pmThis forum has become utterly tedious. For that reason, I’m out.
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Re: Money still owed to Garlick
That's b0llocks though aint it? I doubt many on here will attend all 46 games.claretonthecoast1882 wrote: ↑Wed May 25, 2022 5:48 amProbably means that you claim it’s an important part of your life yet you can’t be arsed walking down the road to support your team and would rather watch on illegal streams.
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Re: Money still owed to Garlick
Not really no. If i decided to no longer go to games and offer no support either in person or financial to the club I would feel a bit odd to make demands on the club.
I would wager apart from the local games it will be a very similar set of faces at majority of the away games. Although I do expect there to be a clamour for the loyalty point system to be re-set once some miss out on Blackpool away tickets.
Re: Money still owed to Garlick
So you wont watch a single stream next season? got ya, enjoy attending all 46 games, not everyone can do so.claretonthecoast1882 wrote: ↑Wed May 25, 2022 10:44 amNot really no. If i decided to no longer go to games and offer no support either in person or financial to the club I would feel a bit odd to make demands on the club.
I would wager apart from the local games it will be a very similar set of faces at majority of the away games. Although I do expect there to be a clamour for the loyalty point system to be re-set once some miss out on Blackpool away tickets.
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Re: Money still owed to Garlick
Why is it all 46 games or nothing ?
I imagine I will attend 40 plus I won't be going Ewood if it is still the bus carry on, and neither Swansea or Norwich appeal. If I choose not to go to a game and the game isn't on sky then I won't be watching it no. If i want to watch the game I go to it.
Re: Money still owed to Garlick
Because you were slagging me for asking if games will be streamed next season. I want to watch every single game, I've no idea how many I'll attend.claretonthecoast1882 wrote: ↑Wed May 25, 2022 10:51 amWhy is it all 46 games or nothing ?
I imagine I will attend 40 plus I won't be going Ewood if it is still the bus carry on, and neither Swansea or Norwich appeal. If I choose not to go to a game and the game isn't on sky then I won't be watching it no. If i want to watch the game I go to it.
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Re: Money still owed to Garlick
Fair enough, well I wont be attending all 46 but I'll be watching all 46.claretonthecoast1882 wrote: ↑Wed May 25, 2022 10:56 amI wasn't slagging you off at all, I just explained my stance.