ALK Capital or Farnell/Elkashashy takeover

[aggi]

Is the late filing likely to become a problem?

It's unlikely but it is getting stranger, and slightly more concerning.

Technically if the strike-off did happen then it would end with the football club being owned by the Crown.

That's incredibly unlikely though and probably the worst case scenario is that there is some issue with either the directors or funds which are serious enough to man that the business can no longer carry on operating as it has and it would need new owners.

Realistically I'd say that is also very unlikely. The company structure is of course somewhat opaque but there are enough people involved with traceable track records that some kind of serious fraud or similar seems very unlikely.

More likely it's a technical error that isn't being dealt with well and I wouldn't be particularly surprised if the new strike-off notice isn't related to an MP making an inquiry that CP referred to a few posts back.

[Eyesofblue2]

Problematic or not, it's not a good look if they're looking to attract serious investment into the club. Or would a big investor not be unduly concerned about these late filings ?

[NewClaret]

Technically if the strike-off did happen then it would end with the football club being owned by the Crown.

At least we’d be back under fan ownership in that scenario

[Chester Perry]

Problematic or not, it's not a good look if they're looking to attract serious investment into the club. Or would a big investor not be unduly concerned about these late filings ?

I would assume a big investor would have access to the books, the late filings per se would be unlikely to deter many, if any unless they were public about their investment and had an image to manage

On the subject of investors, still believe that we do not know the names of at least half of the investors in the ownership group judging by this photo of the directors box at the Cardiff game - we have Mr and Mrs Pace, Mr and Mrs Watt, Mr and Mrs Checketts along with COO Mark Thompson behind Pace

https://twitter.com/AlanPaceBFC/status/ ... 7880572931

[Spike]

Only investors get hats apparently

[Nonayforever]

I know a couple on the front row

[Ightenhill_Claret]

Looks like we might have a new Chief Financial Officer -

CFO tweet.png (21.73 KiB) Viewed 2984 times

[LlandennyClaret]

Looks like we might have a new Chief Financial Officer -CFO tweet.png

Wasn't he charged with GBH a while back? ....

[FeedTheArf]

Looks like we might have a new Chief Financial Officer -CFO tweet.png

The same Everton who have breached FFP and under investigation for their finances? Sterling appointment!

[Quickenthetempo]

It's unlikely but it is getting stranger, and slightly more concerning.

Technically if the strike-off did happen then it would end with the football club being owned by the Crown.

That's incredibly unlikely though and probably the worst case scenario is that there is some issue with either the directors or funds which are serious enough to man that the business can no longer carry on operating as it has and it would need new owners.

Realistically I'd say that is also very unlikely. The company structure is of course somewhat opaque but there are enough people involved with traceable track records that some kind of serious fraud or similar seems very unlikely.

More likely it's a technical error that isn't being dealt with well and I wouldn't be particularly surprised if the new strike-off notice isn't related to an MP making an inquiry that CP referred to a few posts back.

Are they quite lax about it in the USA? Could that be a reason for this not bothered attitude to filling in accounts?

[Chester Perry]

Some background on our new CFO Alexander - Sasha - Ryazantsev

http://www.futbolgrad.com/alexander-ryazantsev-everton/

[Chester Perry]

The same Everton who have breached FFP and under investigation for their finances? Sterling appointment!

he had left by then

[Rodleydave]

Is murky a fair word to describe all this?

[Chester Perry]

Are they quite lax about it in the USA? Could that be a reason for this not bothered attitude to filling in accounts?

ALK Capital LLC and Velocity Sports Partners LLC do not file consolidated accounts as they are partnerships - the club's last accounts made that explicit statement in relation to ALK Capital LLC

it undoubtedly makes things more complex for the reporting in the UK but it is something the directors should have been aware of and prepared for, particularly as it is the same 3 directors right down the group hierarchy

[Chester Perry]

Is murky a fair word to describe all this?

Only in terms of opacity, it still feels hugely unlikely to be anything seriously untoward

[aggi]

Are they quite lax about it in the USA? Could that be a reason for this not bothered attitude to filling in accounts?

It varies state by state, there's no overarching authority like Companies House. They're finance people though, I'm sure they are aware of the importance of filing accounts (even if the evidence doesn't seem to bear this out).

[ClaretTony]

Was with Everton from 2016 to 2021, went in as an associate of Moshiri.

[aggi]

ALK Capital LLC and Velocity Sports Partners LLC do not file consolidated accounts as they are partnerships - the club's last accounts made that explicit statement in relation to ALK Capital LLC

it undoubtedly makes things more complex for the reporting in the UK but it is something the directors should have been aware of and prepared for, particularly as it is the same 3 directors right down the group hierarchy

Generally LLCs would file Annual Reports still. Although I have a suspicion this may not apply to Delaware and instead you just pay a lump sum each year.

[gawthorpe_view]

Is murky a fair word to describe all this?

I'd say it was nebulous.

[Rodleydave]

good one Gawthorpe... any advance on nebulous...

[randomclaret2]

Former CFO at Everton joining the club

[randomclaret2]

Missed this on ALK thread...apologies...

[Cirrus_Minor]

Former CFO at Everton joining the club

Let's hope he is good at ensuring audits are completed on time.

[Juan Tanamera]

The same Everton who have breached FFP and under investigation for their finances? Sterling appointment!

My thoughts exactly, when I read that.

[quoonbeatz]

I would assume a big investor would have access to the books, the late filings per se would be unlikely to deter many, if any unless they were public about their investment and had an image to manage

On the subject of investors, still believe that we do not know the names of at least half of the investors in the ownership group judging by this photo of the directors box at the Cardiff game - we have Mr and Mrs Pace, Mr and Mrs Watt, Mr and Mrs Checketts along with COO Mark Thompson behind Pace

https://twitter.com/AlanPaceBFC/status/ ... 7880572931

Salt Bae on the back row

[Chester Perry]

With all this talk of Sasha Ryazantsev becoming CFO does anyone know what is happening with Finance Director Ian Hargreaves - who has been with the club almost 16 years.

[Vegas Claret]

With all this talk of Sasha Ryazantsev becoming CFO does anyone know what is happening with Finance Director Ian Hargreaves - who has been with the club almost 16 years.

no but I wonder how many skeletons Ryazatsev will reveal from Everton's cupboard should we (and others) pursue our claim against Everton

[ClaretTony]

With all this talk of Sasha Ryazantsev becoming CFO does anyone know what is happening with Finance Director Ian Hargreaves - who has been with the club almost 16 years.

I first came across Ian in the summer of 2008 so that's 15 years ago.

[NewClaret]

no but I wonder how many skeletons Ryazatsev will reveal from Everton's cupboard should we (and others) pursue our claim against Everton

This could prove an absolute masterstroke if Everton are found guilty of financial misconduct.

[daveisaclaret]

Anyone who thinks we've hired the ex-Everton CFO to get access to Everton's financial secrets that we will use against them is nothing short of a fantasist, sorry.

[aggi]

With all this talk of Sasha Ryazantsev becoming CFO does anyone know what is happening with Finance Director Ian Hargreaves - who has been with the club almost 16 years.

I have no idea specifically but it isn't unusual for companies to have both. FD is more focused on actual finances, budgeting, reporting, etc whereas CFO is more long-term planning, big picture, investment (inwards and outwards), strategy, etc

[Chester Perry]

I have no idea specifically but it isn't unusual for companies to have both. FD is more focused on actual finances, budgeting, reporting, etc whereas CFO is more long-term planning, big picture, investment (inwards and outwards), strategy, etc

I have a possible/probable answer, apparently mentioned in his tweets (which I cannot access as non user - thanks Elon), nothing questionable or untoward on anyone's part, a personal issue and I wish him all the best

[Vegas Claret]

Anyone who thinks we've hired the ex-Everton CFO to get access to Everton's financial secrets that we will use against them is nothing short of a fantasist, sorry.

tongue firmly pressed in cheek, I figured everyone would have picked up on that

[ClaretPete001]

Hmm given Sasha Ryazantsev's connections it's perhaps somewhat of an unsurprising appointment.

I go back to the 3 fundamental issues, which is whether ALK have sufficient capital to do what they want to do, whether the club can generate enough surplus revenue to invest in external projects and whether there is enough equity in the club to be able to hawk it around the oligarchs and the global billionaires....!

I mean Moshiri spent more than the value of the club in the initial years at Everton and ended up with Sean Dyche rescuing their bacon, Mc Neil winning an award and Tarks being the medium spokesman at the club. Somewhat ironic some would say...

The value in the deal is really in the money that came out of the clubs bank accounts the best bet would be just to flip it but I guess they can wait awhile at the roulette wheel.

Anyway Shasha welcome to the club it will be interesting to see what you can do..... Interesting times..!

[Chester Perry]

We know Mike Garlick took ownership of a club in Gibraltar last year

https://www.stjosephsfcgib.co.uk/news/b ... -announced

this week he has created a new UK Company called - The Iberian Football Club Limited

https://find-and-update.company-informa ... ng-history

is he going to create a new group of clubs or is this just related to the above acquisition of St Joseph's FC

[123EasyasBFC]

We know Mike Garlick took ownership of a club in Gibraltar last year

https://www.stjosephsfcgib.co.uk/news/b ... -announced

this week he has created a new UK Company called - The Iberian Football Club Limited

https://find-and-update.company-informa ... ng-history

is he going to create a new group of clubs or is this just related to the above acquisition of St Joseph's FC

Thanks for the update, Chester I would like to apologise to you if you thought over the last few weeks that I have been trolling you, that was never the intention and not something I want to be associated with.

Thanks for your continued updates and once again I apologise

[Chester Perry]

We know Mike Garlick took ownership of a club in Gibraltar last year

https://www.stjosephsfcgib.co.uk/news/b ... -announced

this week he has created a new UK Company called - The Iberian Football Club Limited

https://find-and-update.company-informa ... ng-history

is he going to create a new group of clubs or is this just related to the above acquisition of St Joseph's FC

That should be The Iberian Football Company Limited

[Chester Perry]

So, Friday 7 July is now a significant date in the history of ALK/VSL's ownership of Burnley FC - it was the date that they paid the final instalment on the initial takeover agreement - The shareholders have received their £170m

My source is impeccable re this confirmation

I don't know if this instalment was paid from ALK/VSL funds - which is the hope - or as the result of another related company loan (we know the club has taken on extra credit recently along with advancing TV monies)

There is still the ringfence agreement which is in place until October 2024 for the outstanding shares from those sellers.

It is unclear at this stage whether Mike Garlick and particularly John Banaszkiewicz will remain as directors

[NewClaret]

I don't know if this instalment was paid from ALK/VSL funds - which is the hope - or as the result of another related company loan (we know the club has taken on extra credit recently along with advancing TV monies)

I don’t hold out much hope for the former, unfortunately!

[Chester Perry]

I don’t hold out much hope for the former, unfortunately!

That is how they appear to have paid the previous instalment and half of the one before that, that trend has to be considered the favourite

[Nori1958]

So, Friday 7 July is now a significant date in the history of ALK/VSL's ownership of Burnley FC - it was the date that they paid the final instalment on the initial takeover agreement - The shareholders have received their £170m

My source is impeccable re this confirmation

I don't know if this instalment was paid from ALK/VSL funds - which is the hope - or as the result of another related company loan (we know the club has taken on extra credit recently along with advancing TV monies)

There is still the ringfence agreement which is in place until October 2024 for the outstanding shares from those sellers.

It is unclear at this stage whether Mike Garlick and particularly John Banaszkiewicz will remain as directors

If this is big news it might need a separate thread?
Not everyone reads this one nowadays

[Chester Perry]

If this is big news it might need a separate thread?
Not everyone reads this one nowadays

that's down to choice and for most people the takeover completed on December 30 2020

- this is just about the money to the selling shareholders

[roperclaret]

How much was the draw down facility with Macquarie?

[Chester Perry]

How much was the draw down facility with Macquarie?

we don't know

[roperclaret]

Chester, I’m assuming that this years money will be circa £150 mill all in. How much can we expect to borrow against the ground etc?

[bfcjg]

I would assume yet again we will need Premier league money coming in on a regular basis going forward in the short term be that parachute payments/promotions etc coupled with playet sales to keep the wolf from the door ?

[Big Vinny K]

Chester, I’m assuming that this years money will be circa £150 mill all in. How much can we expect to borrow against the ground etc?

The facility they offer is more like invoice discounting rather than a commercial mortgage.
You are basically getting an advance based on guaranteed future PL revenues and being charged for this.
They may take a charge on the ground but the amount of the facility is nothing to do with the valuation of the ground - all about the PL monies

[roperclaret]

The facility they offer is more like invoice discounting rather than a commercial mortgage.
You are basically getting an advance based on guaranteed future PL revenues and being charged for this.
They may take a charge on the ground but the amount of the facility is nothing to do with the valuation of the ground - all about the PL monies

Right, so taking into account probable promotion bonuses, and the money already spent and committed on transfers, then I can’t see how the £170 mill paid for shares can all have come out of club funds. This suggests at least some additional investment or the owners finally dipping into their own pockets

[aggi]

Chester, I’m assuming that this years money will be circa £150 mill all in. How much can we expect to borrow against the ground etc?

There is a reasonable chance (although may not be correct at all) that there are really two things going on:

A loan against the ground, etc (possibly to refinance the MSD loan).
A drawdown facility on the TV money to give early access to working capital.

[ClaretPete001]

There is a reasonable chance (although may not be correct at all) that there are really two things going on:

A loan against the ground, etc (possibly to refinance the MSD loan).
A drawdown facility on the TV money to give early access to working capital.

Or if you wanted to push it even further; three things:

1. A new loan to pay off MSD/ the former owners (take your pick) for the bridging loan
2. A drawdown facility to:

a) pay off the former Directors deferred payments
b) fund the up front portions of a summer spend

3. Use the profits from the first couple of seasons in the PL (reduced wages based upon Championship contracts) to fund the higher costs in the PL

The ultimate aim I guess is to get into Yr 3 of a PL campaign with the bulk of the current squad and summer signings with a view to a repeat of the process in Year 4 as the PL contracts start to eat into profits.

Or something like that......