Preston next?

[eghambee]

http://news.bbc.co.uk/sport1/hi/football/teams/p/preston/8683899.stm

 

[wanderer paul]

On Thursday, North End borrowed a further £550,000 from leisure tycoon Trevor Hemmings to "meet the cost of players' wages due this month". The cash injection took Hemmings's investment in the Deepdale club to £13.82m including interest.

it makes you wonder how, some clubs are run, this is probably small fry compared to some clubs.

 

[WisBee]

......................no doubt SAF will come to a part rescue by offering a friendly.........................:shrug:



......................or maybe 'Becks' will hand over a 1750-page book for auctioning....................

 

[westwing]

Blackpool to go up and Preston to get point deduction

 

[GP200]

......................when will these clubs ever learn???????...............

 

[bonafidebee]

Blackpool to go up and Preston to get point deduction

Should they go into administration before the coming season's fixtures are published, I say their point deduction should go against the season just finished. Sheff Weds would then stay up and Preston go down. If they go into admin after this time, hit them with a 30 point deduction and a nice big fine.

 

[Brentford 4 Life]

http://news.bbc.co.uk/sport1/hi/football/teams/p/preston/8717424.stm

 

[markyst]

So the bloke who owns the company that holds the biggest shareholding in the club is holding talks with the club about a takeover by a new company he has formed.

Is he holding talks with himself then?

 

[Brentford 4 Life]

So the bloke who owns the company that holds the biggest shareholding in the club is holding talks with the club about a takeover by a new company he has formed.

Is he holding talks with himself then?

lol Who knows?

 

[hobbsy]

lol Who knows?

Ok from a PNE fan at work, the way I understand it is that of the Company that that owns the majority shareholding of PNE FC, Trevor Hemmings (main creditor) has a share but doesn't have a majority shareholding of.

Therefore despite lending the club circa £13m he does not have controlling interest of the football club. He then chose to force HMRC to issue a winding up order by not funding the latest tax payments. He did ensure that all staff were paid.

He has now made an offer to buy all other shares in the club at a value of 5p each (~300,000 in total). And although not saying so this was basically a "accept my offer or I will call in my debt deal" to the rest of the board.

So in summary Mr Hemmings wants to own and run the club that he has leant ~£13m and he feels the other directors haven't been pulling their weight.

 

[Carri Bee Un]

550k to fund a month of player wages

 

[WisBee]

Ok from a PNE fan at work, the way I understand it is that of the Company that that owns the majority shareholding of PNE FC, Trevor Hemmings (main creditor) has a share but doesn't have a majority shareholding of.

Therefore despite lending the club circa £13m he does not have controlling interest of the football club. He then chose to force HMRC to issue a winding up order by not funding the latest tax payments. He did ensure that all staff were paid.

He has now made an offer to buy all other shares in the club at a value of 5p each (~300,000 in total). And although not saying so this was basically a "accept my offer or I will call in my debt deal" to the rest of the board.

So in summary Mr Hemmings wants to own and run the club that he has leant ~£13m and he feels the other directors haven't been pulling their weight.

.......................hopefully not the sort of situation BFC/Matthew Benham find themselves in a few years down the line...................

 

[Carri Bee Un]

I know you are /:sh*tstirring: but the situation in 5 yrs is that MB will convert his debt to equity (or BU will pay him it all back...) so what we are calling debt now is in fact equity because in all probability he will turn it into equity. He owns the club but can't sell the ground. It still amazes me what a great deal it is for BFC now I think about it.

 

[Brentford 4 Life]

Ok from a PNE fan at work, the way I understand it is that of the Company that that owns the majority shareholding of PNE FC, Trevor Hemmings (main creditor) has a share but doesn't have a majority shareholding of.

Therefore despite lending the club circa £13m he does not have controlling interest of the football club. He then chose to force HMRC to issue a winding up order by not funding the latest tax payments. He did ensure that all staff were paid.

He has now made an offer to buy all other shares in the club at a value of 5p each (~300,000 in total). And although not saying so this was basically a "accept my offer or I will call in my debt deal" to the rest of the board.

So in summary Mr Hemmings wants to own and run the club that he has leant ~£13m and he feels the other directors haven't been pulling their weight.

If it is that black and white it seems reasonable.

 

[TW3Bee]

So the bloke who owns the company that holds the biggest shareholding in the club is holding talks with the club about a takeover by a new company he has formed.

Is he holding talks with himself then?

The first sign of madness, talking to yourself, which is what you must be to get involved in buying a football club.