Calvin Plummer
Vital Football Legend
Ben was communications, Jeff was Operations Manager
Bexon is head of operations, Jeff from the little I know did a bit of this and that.
Ben was communications, Jeff was Operations Manager
So the carried over debt of 62m did not exist then?
The accounts posted are completely wrong and you are right.
A) you said made, that implies profit. Glad you're walking back your first bit of bullshit.
B) show them lol show 96m in payments to the Doughty estate. Quite simply no it does not exist, the purchase price was loaded onto the club by Fawaz but everything else was written off.
Bexon is head of operations, Jeff from the little I know did a bit of this and that.
Its not bullshit
You know full well how it works; when a business that is heavily in debt is sold; the purchaser takes on the debt and pays a nominal fee of £1 to satisfy HMRC.
That does not mean that £1 is the sum total paid.
The accounts clearly show 62.9m was carried over in debt; all of that debt was owed to the Doughty Estate and was secured by a charge, which was satisfied on 16th March 2016.
All from a shit transfer policy; great work if you can get it.
The debt was written off lol show the Doughty estate receiving 96m. Not complicated, you made an assertion back it up!
So have you given up on them making 96m from the club? Now it's just a repayment, which didn't happen but hey ho.
The debt was written off lol show the Doughty estate receiving 96m. Not complicated, you made an assertion back it up!
So have you given up on them making 96m from the club? Now it's just a repayment, which didn't happen but hey ho.
In the first set of accounts filed by Fawaz it states:
"NE Doughty and the Estate of NE Doughty (Deceased) have advanced a loan to the Company in the year totalling £7,699,000. The balance outstanding at 31st May 2012 was 85,306,000 of which 11,405,000 was interest incurred but not paid"
"This loan is secured by a debenture over all of the Companies assets"
(85.3m less 11.4m less 7.699m should give you the amount carried over, which is effectively the sale price, less any interest the earned over the next two years)
According to the following years accounts 20m of that debt was paid back.
According to the following years accounts all but 20m had been paid back
The outstanding amount was paid up on 8th March 2016 satisfying the debenture in full.
So, what we have is a set of legal documents stating one thing and you stating another; that means there is only one conclusion we can reach:
All of the people at Companies House have Mental Health issues.
The article below says ND paid £11 million to buy Forest, and had put more than £100 million into the club. Probably not quite right (though it's hard to tell) but ties in with the figures I worked out above. For the Doughty family to have made £96 million, the Hasawi's must have paid them circa £180 million (nearly £200 million according to the BBC). Always thought ND was a decent owner, and we had several decent years under his ownership. Seems rather unfair to his family to say they made a massive profit out of the club if it's not true.
https://www.bbc.co.uk/news/uk-england-nottinghamshire-18017744
Still intrigued how the owners of a club that doesn't own its own ground use "amortisation to line their pockets" too.
It was written off, as I suspected you have 0 evidence otherwise.
If it had been paid it would have been loaded onto the club as debt as the purchase price was.
Now thats repayment in full which didn't happen but it's still not making 96m. If I lend you a tenner and you pay it to me back have I made 10 quid???? Lol
Its all there in the accounts; the debt was rolled over and secured against a debenture in the name of Withers Trust Corporation Limited in its capacity of Executors of the Estate of Nigel Doughty.
Fawaz was not happy with that, he had to borrow more from the Estate.
That was certainly my thought. Not happy to lose Worrall but Duffy is a good and experienced centre back. Can’t see him and McKenna being dominated by anyone.Is Shane Duffy coming to replace Worrall then?
So you think he paid 200m for the club so the estate made 96m, or that he paid 100m assuming you misspoke?
But Fawaz kindly never mentioned it, nor ever loaded the debt onto the club unlike the purchase price.
What a thoroughly nice chap eh?
Looking forward to the accounts to back up this 96m payment lol
Is Shane Duffy coming to replace Worrall then?
There were rumours that Fig wanted to leave in January as well
I'll be gutted to see him go to be honest. We need to be building this team with Joe in it. Due to the ridiculous recruitment a price needs to be paid by the looks of it. Celtic fans say Duffy is awful. Not say Houghton cant get a tune out of him but it's just unsettling the team again at a crucial time. Just when it was starting to look a bit more settled.
If Wozza is sold in this window this greek mob deserve to experience league 1 just for the sheer stupidness of past recruitment and appointing absolute charlatans in roles that wouldn't look out of place during Fawaz's era.
It looks that way.
But why now and not the summer?