Burnley's overdraft

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NL Claret
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Burnley's overdraft

Post by NL Claret » Tue Jul 09, 2019 3:38 pm

Burnley’s overdraft facility with Barclays seems to have ended as the charge over the club assets is satisfied. Burnley so well run that they never seemed to need it anyway as had no external borrowings #twitterclarets

The words of Kieran Maguire.
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dpinsussex
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Re: Burnley's overdraft

Post by dpinsussex » Tue Jul 09, 2019 3:44 pm

They will be paying a fee for having the facility. If you dont use it why pay for it?

Rileybobs
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Re: Burnley's overdraft

Post by Rileybobs » Tue Jul 09, 2019 3:45 pm

dpinsussex wrote:They will be paying a fee for having the facility. If you dont use it why pay for it?
£1.50 per day I think.

dpinsussex
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Re: Burnley's overdraft

Post by dpinsussex » Tue Jul 09, 2019 3:46 pm

Rileybobs wrote:£1.50 per day I think.
Typically 1% of the facilty.

ZizkovClaret
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Re: Burnley's overdraft

Post by ZizkovClaret » Tue Jul 09, 2019 3:47 pm

Rileybobs wrote:£1.50 per day I think.
Can now double the biccy budget with the saving and get proper Jaffa Cakes instead of aldi ones!

Rileybobs
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Re: Burnley's overdraft

Post by Rileybobs » Tue Jul 09, 2019 3:48 pm

ZizkovClaret wrote:Can now double the biccy budget with the saving and get proper Jaffa Cakes instead of aldi ones!
Do Jaffa Cakes come out of the biccy budget?
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aggi
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Re: Burnley's overdraft

Post by aggi » Tue Jul 09, 2019 3:51 pm

Rileybobs wrote:Do Jaffa Cakes come out of the biccy budget?
Nah, officially cakes.

FCBurnley
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Re: Burnley's overdraft

Post by FCBurnley » Tue Jul 09, 2019 3:57 pm

I remember attending a board meeting at Bradford City when one item on the agenda was whether or not biscuits should continued to be provided with the tea in the `vip` lounge at half time during reserve games !!!!

Bosscat
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Re: Burnley's overdraft

Post by Bosscat » Tue Jul 09, 2019 4:02 pm

Twix prices might come down?

Leisure
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Re: Burnley's overdraft

Post by Leisure » Tue Jul 09, 2019 4:04 pm

Bosscat wrote:Twix prices might come down?
Steady on!

ElectroClaret
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Re: Burnley's overdraft

Post by ElectroClaret » Tue Jul 09, 2019 4:04 pm

Does this mean I can now have my 20p back from the David Reeves bucket? 8-)
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Royboyclaret
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Re: Burnley's overdraft

Post by Royboyclaret » Tue Jul 09, 2019 4:16 pm

Quite remarkable how our financial fortunes have turned around in just a few short seasons. Some six years ago we were dependent on loans from various directors, many of whom are still at the Club and revelling at our success whilst now taking a back seat.

Our latest accounts to June '18 reveal Cash at Bank of £34.4 million and that figure will without doubt be higher when the accounts to June '19 are revealed. A very satisfying time to be involved with Burnley Football Club.
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beddie
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Re: Burnley's overdraft

Post by beddie » Tue Jul 09, 2019 4:25 pm

FCBurnley wrote:I remember attending a board meeting at Bradford City when one item on the agenda was whether or not biscuits should continued to be provided with the tea in the `vip` lounge at half time during reserve games !!!!
Presumably that was before Aldi :lol:

Down_Rover
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Re: Burnley's overdraft

Post by Down_Rover » Tue Jul 09, 2019 4:59 pm

Not quite true.

Barclays still have a charge registered.

Why let the facility go, you never know wat opportunity or calamity might mean you need it

South West Claret.
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Re: Burnley's overdraft

Post by South West Claret. » Tue Jul 09, 2019 5:03 pm

How difficult is it to get back then if you were too leave it then?

dpinsussex
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Re: Burnley's overdraft

Post by dpinsussex » Tue Jul 09, 2019 5:05 pm

South West Claret. wrote:How difficult is it to get back then if you were too leave it then?
Depends on your bank and their appetite to support football clubs.

As someone who worked in credit for a major bank the appetite to lend is not great to professional clubs.

FCBurnley
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Re: Burnley's overdraft

Post by FCBurnley » Tue Jul 09, 2019 5:25 pm

beddie wrote:Presumably that was before Aldi :lol:
Late seventies so probably pre supermarkets :lol:

TVC15
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Re: Burnley's overdraft

Post by TVC15 » Tue Jul 09, 2019 6:02 pm

dpinsussex wrote:Depends on your bank and their appetite to support football clubs.

As someone who worked in credit for a major bank the appetite to lend is not great to professional clubs.
I worked for a Bank for years who specialised in the football sector - I worked in that sector and spent years looking after the likes of Celtic, Man City, Liverpool, Chelsea, Leeds, Sheff Wed and many more.
The sector all went very pair shaped and the appetite to risk completely changed post 2007/8 anyway. We had a number of clubs go into administration and with the money we were losing gradually pulled out of the sector when and where we could....often it was not that easy to get out as it was left too late and no other Bank wanted to take over the very generous facilities we had agreed....and that they were struggling to repay !

A lot of the time being in the sector was a big ego trip for the executives - so many of our relationships and facilities were directly as a result of a board member being a big supporter of the team and things just grew from there. We had boxes at many of the grounds and I got sick of taking clients to the likes of City and Liverpool every Saturday - the novelty very soon wore off (though I did get it for me and my mates a few times when they played Burnley !)

Its very different now but I did read recently a couple of the major Banks are developing new propositions for the sector. For a club like Burnley without any lending facilities its more about the transmissions service they need for processing payments etc...and investing funds. They are a huge turnover business with significant deposits and a very attractive customer to have for any Bank at the moment.

NL Claret
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Re: Burnley's overdraft

Post by NL Claret » Tue Jul 09, 2019 8:29 pm

Royboyclaret wrote:Quite remarkable how our financial fortunes have turned around in just a few short seasons. Some six years ago we were dependent on loans from various directors, many of whom are still at the Club and revelling at our success whilst now taking a back seat.

Our latest accounts to June '18 reveal Cash at Bank of £34.4 million and that figure will without doubt be higher when the accounts to June '19 are revealed. A very satisfying time to be involved with Burnley Football Club.
Didn't pay too much attention at the time (there weren't as many social media platforms) to the financial problems of the club in the 00s. Just reading tim Quelch's book and it sounded quite worrying seeing off administration a few times and puts the modern day cash into perspective.

Thank you for sensible reply.

Jimmymaccer
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Re: Burnley's overdraft

Post by Jimmymaccer » Tue Jul 09, 2019 9:26 pm

Any one working in Credit......

First words .......” n, n, n, NO”!

Followed by.....

“no”.

Dazzler
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Re: Burnley's overdraft

Post by Dazzler » Wed Jul 10, 2019 1:27 am

Effing B@ST@RD Barclays......brings back some memories...

I don't think I had any choice at the time when I enrolled has a junior soldier as to which bank my pay would be paid into.
but there is one thing I can clearly remember is being charged £1 to draw my money out from the cashier...£1 in 1980 went an awful lot further than it does now.

Robbing Barclays!

JohnMac
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Re: Burnley's overdraft

Post by JohnMac » Wed Jul 10, 2019 12:23 pm

The Manager of Lloyds Bank Burnley wrote to my Commanding Officer in Germany because whilst on.leave I had the temerity to present a cheque to Dolcis which subsequently 'bounced'.

From memory it was about a fiver for a pair of black brogues and my account only had about two quid in it until an allocation from my pay went in at months end.

I was summoned and treated like an arch villain and the Bank still charged me for my crime.

How times have changed since 1973

JohnMac
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Re: Burnley's overdraft

Post by JohnMac » Wed Jul 10, 2019 12:24 pm

I still have the same account I opened in 1972 :D

LoveCurryPies
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Re: Burnley's overdraft

Post by LoveCurryPies » Wed Jul 10, 2019 12:37 pm

JohnMac wrote:The Manager of Lloyds Bank Burnley wrote to my Commanding Officer in Germany because whilst on.leave I had the temerity to present a cheque to Dolcis which subsequently 'bounced'.

From memory it was about a fiver for a pair of black brogues and my account only had about two quid in it until an allocation from my pay went in at months end.

I was summoned and treated like an arch villain and the Bank still charged me for my crime.

How times have changed since 1973
The manager of Lloyds Bank in Burnley phoned me at my parent's home at the end of my first year at Uni (1979). I was £20 overdrawn. He was bloody rude and didn't give me a chance to explain. Now I had been working in my summer job and about to be paid.

His tone annoyed me so much I asked "What car do you drive? A Jag, a Volvo? Bet it costs £20 to fill the tank". I got paid the next day, paid off the £20 and closed the account, so Lloyds Bank lost bank lost me as a customer for life.

Wonder if it was the same guy JohnMac?

Clarets4me
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Re: Burnley's overdraft

Post by Clarets4me » Wed Jul 10, 2019 1:44 pm

Down_Rover wrote:Not quite true. Barclays still have a charge registered.
Why let the facility go, you never know wat opportunity or calamity might mean you need it
The charge seems to be in place, probably a debenture, makes sense to leave it in place ....

Chester Perry
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Re: Burnley's overdraft

Post by Chester Perry » Wed Jul 10, 2019 2:24 pm

removed wrong thread :oops:
Last edited by Chester Perry on Wed Jul 10, 2019 7:14 pm, edited 1 time in total.

JohnMac
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Re: Burnley's overdraft

Post by JohnMac » Wed Jul 10, 2019 7:02 pm

LoveCurryPies wrote:Wonder if it was the same guy JohnMac?
The letter he wrote was downright rude, insulting and humiliating so quite possibly.

Bank Managers I imagine in those days, were right little Hitlers!

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