The Council Loan

[mugger24]

I think the council will remain owners of the ground and land around Vale Park as part of a deal and rent the ground on a peppercorn rent.

 

Ensuring football will be played at VP for years to come

[sbilli]

In 5 years time we play at the Brit. The pipe company is in charge, the council is very happy by the deal of both clubs playing at the same stadium. Old VP have a comunity center and used for pipestoring. Where they give worktraining for disabled.

 

Mo Chaudry never came to an agreement with the city about the council loan.

 

:(

[Burslem Academicals]

So administration doesn't really clear much any of the debts....

the council 1.9 million plus the extra adminstration 600k is 2.5 million and the 300k Miller loan..it's near 3 million.

Then of course on top of the initial 2 million to the council and before the Miller loan the club was said to have about 4 million worth of debt

such that there is a substantial sum needed to achieve a CVA....that could be upwards of half a million.

So once again the club has assets of 3.5 million already twice mortgaged and any new owner buys 3.5 million worth of debt

and a business with an 500k loss every year and all income streams sold off.

It is odd any talk of the club going for 1.2 million like last last time as that was in a higher division with better players* before the ground was mortgaged and income streams sold off.

So Bob the Younger has to go to court inorder to accept an offer which isn't the highest when despite administration and a points deduction most of the debt remains and the club is worth around £1

although somebody might try to get the club on the cheap for 50p.

 

 

*Funny how Bratt immediately set about to asset strip the squad and Foyle made 1.5 million in the transfer market and this time we've made 50k....says it all really.

[cheeky]

So administration doesn't really clear much any of the debts....

the council 1.9 million plus the extra adminstration 600k is 2.5 million and the 300k Miller loan..it's near 3 million.

Then of course on top of the initial 2 million to the council and before the Miller loan the club was said to have about 4 million worth of debtsuch that there is a substantial sum needed to achieve a CVA....that could be upwards of half a million.

So once again the club has assets of 3.5 million already twice mortgaged and any new owner buys 3.5 million worth of debt

and a business with an 500k loss every year and all income streams sold off.

It is odd any talk of the club going for 1.2 million like last last time as that was in a higher division with better players* before the ground was mortgaged and income streams sold off.

So Bob the Younger has to go to court inorder to accept an offer which isn't the highest when despite administration and a points deduction most of the debt remains and the club is worth around £1

although somebody might try to get the club on the cheap for 50p.

 

 

*Funny how Bratt immediately set about to asset strip the squad and Foyle made 1.5 million in the transfer market and this time we've made 50k....says it all really.

 

I thought the £4m was inclusive of the Council loan.

 

The CVA will not include the Council loan as this is agreed with the unsecured creditors. To speculate the sum involved in that is just plain stupid as it is down to what the creditors agree, and that can be anything in the pound.

 

With regards to the income streams being sold off, my understanding is this; the company has been taken into administration, generally, when the business comes out of admin, the assets are transferred to a new company and the old company liquidated. That being the case, the new company will not be bound to the contracts with Azure etc as they were with the now liquidated company. I stand to be corrected however.

[jon_1983]

In 5 years time we play at the Brit. The pipe company is in charge, the council is very happy by the deal of both clubs playing at the same stadium. Old VP have a comunity center and used for pipestoring. Where they give worktraining for disabled.

 

Mo Chaudry never came to an agreement with the city about the council loan.

 

:(

 

Is this a rumour? I haven't heard this one. Sorry if its on another thread.

[Robbie Earle's Perm]

As far as I can understand from reading The Sentinel, the council's £1.8m loan payment remaining is a secured debt.

 

I assume therefore this means anyone taking over the club has to pay off all £1.8m or risk losing Vale Park?

 

Spot on but I would any new owner would negotiate new terms with the council on the repayment.

[Trentham Lakes Valiant]

Is this a rumour? I haven't heard this one. Sorry if its on another thread.

 

More like fantasy

[Bernies quiff]

Let's face it folks the end is coming.

 

Then what are you all going to do?

[ChrisR]

So administration doesn't really clear much any of the debts.....

 

Did you seriously think it did??

[grebovale]

Let's face it folks the end is coming.

 

Then what are you all going to do?

 

THE PUB sounds like a good idea for me .....Or start going down stoke :)

[Marmaduke]

Did you seriously think it did??

 

From a position of ignorance I'd sort of assumed that creditors would be getting a settlement of less than 50p in the pound. Perhaps I've been listening to too many of those "bankrupt" adverts on daytime tv.