It's a mystery to me how these cowboys are not recognised as such by the sellers until way down the line, it was the same with that clown at Derby, & that chap whose name escapes me who reckoned he was buying Man U & was even on the pitch at Old Trafford many years ago.
Perhaps we start a "Vital syndicate" should think we would be able to raise £1 between us & with all the football knowledge displayed on here running a football club would be a piece of cake
Oh sorry I liked this post but I thought it said ruining a football club.
It is being funded by Everton FC; the big problem they have is the people who have borrowed the Club the money to date, have a charge on the Stadium.
We already have a Vital Syndicate - the Vital WhatsApp syndicate
Might be wrong but I thought that the stadium funding was completely independent of Everton FC.
I've seen some typos before but this one is really puzzling.
Must have come from outer space. Not mine.
I do not see how it could be; they claimed the interest on the loan in their accounts
The funding has been provided by a Company called RIGHTS AND MEDIA FUNDING LIMITED - they have a charge (two separate charges) registered against the new ground the old ground and six other properties belonging to the Club.
Not the club itself then as in NFFC as an entity borrowing money for development? Love to know how two blokes have managed to set this up, what about the Everton board of directors and chairman? Or don't they/ didn't they have one?
Apparently they blocked MSP when they tried to take control last season. Now the best solution is for one of them to take control and try to sell the club on. 777 have no charges so they are screwed. Little to no chance of getting their money back…
To be honest I couldn't give a fuck if some bunch of American spivs take a big hit over this, but on the other hand if yet another UK based construction company get burned I will be mortified.
No, the Club have borrowed the money; the Charges are against Club assets.
One of the two is AJ Bell, you may have seen his advert, ring my Bell. An investment company. He is no fool with money and his risk is minimum. His investment is longterm but is guaranteed against property. I imagine he will invest more but at the correct price. Although he is investing in Everton FC it is all underwritten by safer investments. That correct price will be after admin.
The construction Company are probably one of the few creditors who are guaranteed their money if things go tits up - the ground is covered by the charge so there is no way the people owning the charge will watch their investment crash.
In my experience the contractor will have been paid monthly after a valuation of the work in progress, they will therefore always be in arrears as another month's work has always been done before the cheque arrives. All it takes is for the usual " cash flow difficulties" excuse by the client for late payment and that is usually that. Hope it doesn't happen but I've seen it so many times over the years.
There is an article in the athletic that goes into some detail. Apparently the ground construction was at mates rates when first agreed but if the club go into administration the construction company can renegotiate and the price could rise sharply.
