Money still owed to Garlick

This Forum is the main messageboard to discuss all things Claret and Blue and beyond
gandhisflipflop
Posts: 5500
Joined: Thu Jan 21, 2016 8:05 pm
Been Liked: 2317 times
Has Liked: 1399 times
Location: Costa del Padihamos beach.

Re: Money still owed to Garlick

Post by gandhisflipflop » Tue May 24, 2022 3:15 pm

KRBFC wrote:
Tue May 24, 2022 2:57 pm
Time for what? we are thick for not seeing it? enlighten us....

I'm asking the question, you seem to have the answers, so give them to us.

I think saying we'll be in admin before a ball is kicked is ott, I don't think having concerns for the future is a bad thing. Valid concerns.
I don’t have any answers. Why would I? People have been slagging anything the owners have done since day 1. Banging on and on about a debt that, at worst, can be serviced by sale of players or parachute money. We have had 3 transfer windows (one which came days after the chairman arrived) to turn a rapidly sinking ship around. Unfortunately, too much damage was done to avoid the drop before it could be turned around in the PL. I get fans have concerns, but it’s tiresome, repetitive and agenda driven. Just wait and see what happens.
These 2 users liked this post: Somethingfishy bobinho

claretonthecoast1882
Posts: 10088
Joined: Mon Apr 09, 2018 1:59 pm
Been Liked: 4161 times
Has Liked: 57 times

Re: Money still owed to Garlick

Post by claretonthecoast1882 » Tue May 24, 2022 3:26 pm

warksclaret wrote:
Tue May 24, 2022 2:18 pm
I have been told by someone close to a PL cub, that when managers get fired they dont instantly get their contract honoured. HE believes its written into contracts that 6 months is paid fairly instantly as they walk out the door, as its felt they can get a new managers job in that period. Otherwise how much money would people like Merino and Ranieri have earned. May be different at Burnley, depending on the shrewdness of Alan Pace and his legal team

There can't be 1 person with any intelligence thinks that if you sack a manager and he has 4 years left at 5m a year he walks out that day with a 20m payment.

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Tue May 24, 2022 3:29 pm

claretonthecoast1882 wrote:
Tue May 24, 2022 3:26 pm
There can't be 1 person with any intelligence thinks that if you sack a manager and he has 4 years left at 5m a year he walks out that day with a 20m payment.
I assume he gets paid for the remainder of his contract until he gets a new job? maybe a small lump fee in there.

bf2k
Posts: 1435
Joined: Tue Jan 26, 2016 8:52 pm
Been Liked: 336 times
Has Liked: 1516 times
Location: Burnley

Re: Money still owed to Garlick

Post by bf2k » Tue May 24, 2022 5:07 pm

dsr wrote:
Tue May 24, 2022 3:11 pm
Some of your figures have got a bit twisted round.

The £102m is the amount that Alan Pace and his investors owe to Burnley Football Club. They don't have any assets so they can't repay it. Unless we get back into the PL, that money is as good as lost. (It has risen to at least £112m during the past 10 months.) We don't get any interest from Mr Pace for lending him this money.

The £65m is the amount that Burnley FC borrowed to lend to Mr. Pace. This is Burnley FC's liability, just like any bank loan, and it is irrelevant what Pace, Garlick, or any other shareholder does - Burnley FC has to pay this back. We do pay interest, currently about 10% p.a.

The £67m is an estimate. It was said at the time Pace bought the shares that about £50m? £60m? something like that, was still owed by Pace to Garlick and friends, and that amount would be paid later. That's the specific loan this thread is all about. We don't know if Pace still owes it to Garlick, or if some of it has been paid, or if it doesn't now need paying. We were told that part of the share sale was that Garlick would get the shares back if Pace didn't pay the £50-£60m.

If Garlick takes the shares back, he doesn't have to repay the loan himself. He can keep all the money he has got out of the club; that loan is the club's liability, not Garlick's, even if he once again owns the club. The directors and shareholders aren't liable for the club's debts except in very exceptional circumstances - that's limited liability, it's what makes a limited company.
Yes I’m aware of the liability and where it lies, probably my poorly worded post. Even though it’s BFC who own the debt (thus ALK have no capital risk, which is wrong) I’m not sure why Garlick would want control back given the level of debt. Its becoming an unserviceable debt unless we’re in the Premier League because the clubs saleable assets are quickly running out. I don’t think I’d want to be in control of a business with a very shaky future…even though he has a hand in that shaky future. Even though liability isn’t on the nabbed directors to pay the debt they still assume some responsibilities and if the company fails it goes against there financial record.
This user liked this post: dsr

quoonbeatz
Posts: 4491
Joined: Mon Jan 04, 2016 11:03 am
Been Liked: 2562 times
Has Liked: 757 times

Re: Money still owed to Garlick

Post by quoonbeatz » Tue May 24, 2022 5:25 pm

warksclaret wrote:
Tue May 24, 2022 2:18 pm
I have been told by someone close to a PL cub, that when managers get fired they dont instantly get their contract honoured. HE believes its written into contracts that 6 months is paid fairly instantly as they walk out the door, as its felt they can get a new managers job in that period. Otherwise how much money would people like Merino and Ranieri have earned. May be different at Burnley, depending on the shrewdness of Alan Pace and his legal team
Mourinho is the master. He's earned millions and millions from getting sacked. Spurs paid him more to be Roma's manager than Roma did last season.

Woodleyclaret
Posts: 6889
Joined: Fri Jan 22, 2016 4:25 pm
Been Liked: 1468 times
Has Liked: 1839 times

Re: Money still owed to Garlick

Post by Woodleyclaret » Tue May 24, 2022 5:29 pm

Surely given the millions our support has made him he would be willing and able to wait for full repayment

Burnley1989
Posts: 7346
Joined: Sun Apr 08, 2018 2:19 am
Been Liked: 2275 times
Has Liked: 2154 times

Re: Money still owed to Garlick

Post by Burnley1989 » Tue May 24, 2022 5:35 pm

Woodleyclaret wrote:
Tue May 24, 2022 5:29 pm
Surely given the millions our support has made him he would be willing and able to wait for full repayment
:lol: If only

GodIsADeeJay81
Posts: 14566
Joined: Thu Feb 01, 2018 9:55 am
Been Liked: 3435 times
Has Liked: 6339 times

Re: Money still owed to Garlick

Post by GodIsADeeJay81 » Tue May 24, 2022 5:54 pm

quoonbeatz wrote:
Tue May 24, 2022 5:25 pm
Mourinho is the master. He's earned millions and millions from getting sacked. Spurs paid him more to be Roma's manager than Roma did last season.
I had a quick Google.
Estimates are ranging from £78-98 million made as a manager with a large chunk of that from being fired :shock:

bf2k
Posts: 1435
Joined: Tue Jan 26, 2016 8:52 pm
Been Liked: 336 times
Has Liked: 1516 times
Location: Burnley

Re: Money still owed to Garlick

Post by bf2k » Tue May 24, 2022 8:07 pm

GodIsADeeJay81 wrote:
Tue May 24, 2022 5:54 pm
I had a quick Google.
Estimates are ranging from £78-98 million made as a manager with a large chunk of that from being fired :shock:
Wow failure really does pay

GodIsADeeJay81
Posts: 14566
Joined: Thu Feb 01, 2018 9:55 am
Been Liked: 3435 times
Has Liked: 6339 times

Re: Money still owed to Garlick

Post by GodIsADeeJay81 » Tue May 24, 2022 8:13 pm

bf2k wrote:
Tue May 24, 2022 8:07 pm
Wow failure really does pay
He's in the top 10 managers of all time for trophies won :lol:

joey13
Posts: 7501
Joined: Thu Jan 21, 2016 12:39 pm
Been Liked: 1767 times
Has Liked: 1230 times

Re: Money still owed to Garlick

Post by joey13 » Tue May 24, 2022 8:17 pm

gandhisflipflop wrote:
Tue May 24, 2022 2:37 pm
If I’m not worried I’m not a fan? Seriously? I think saying we will be in administration before a ball is kicked next season is hyperbole ********. I’m prepared to wait and see what happens before worrying. They need time, but some fans are too thick to see it.
Pot and Kettle come to mind :roll:

bf2k
Posts: 1435
Joined: Tue Jan 26, 2016 8:52 pm
Been Liked: 336 times
Has Liked: 1516 times
Location: Burnley

Re: Money still owed to Garlick

Post by bf2k » Tue May 24, 2022 8:17 pm

GodIsADeeJay81 wrote:
Tue May 24, 2022 8:13 pm
He's in the top 10 managers of all time for trophies won :lol:
Yet oddly it’s not from winning trophies where he’s made most of his money from :?:

Iloveyoubrady
Posts: 1845
Joined: Sun Sep 24, 2017 11:30 am
Been Liked: 296 times
Has Liked: 28 times

Re: Money still owed to Garlick

Post by Iloveyoubrady » Tue May 24, 2022 8:23 pm

Don’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Tue May 24, 2022 8:27 pm

Iloveyoubrady wrote:
Tue May 24, 2022 8:23 pm
Don’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
and what do ALK intend to pay Garlick with? chocolate buttons?

they already loaned money from the club to pay Garlick once?
These 3 users liked this post: dsr tiger76 bf2k

gandhisflipflop
Posts: 5500
Joined: Thu Jan 21, 2016 8:05 pm
Been Liked: 2317 times
Has Liked: 1399 times
Location: Costa del Padihamos beach.

Re: Money still owed to Garlick

Post by gandhisflipflop » Tue May 24, 2022 8:31 pm

joey13 wrote:
Tue May 24, 2022 8:17 pm
Pot and Kettle come to mind :roll:
:roll:

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Tue May 24, 2022 8:41 pm

Here's Keiran Mcguire speaking.....

https://twitter.com/BBCLancsSport/statu ... MffXxtuZYQ
This user liked this post: joey13

joey13
Posts: 7501
Joined: Thu Jan 21, 2016 12:39 pm
Been Liked: 1767 times
Has Liked: 1230 times

Re: Money still owed to Garlick

Post by joey13 » Tue May 24, 2022 8:44 pm

KRBFC wrote:
Tue May 24, 2022 8:41 pm
Here's Keiran Mcguire speaking.....

https://twitter.com/BBCLancsSport/statu ... MffXxtuZYQ
Spot on

joey13
Posts: 7501
Joined: Thu Jan 21, 2016 12:39 pm
Been Liked: 1767 times
Has Liked: 1230 times

Re: Money still owed to Garlick

Post by joey13 » Tue May 24, 2022 8:54 pm

Iloveyoubrady wrote:
Tue May 24, 2022 8:23 pm
Don’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
Don’t think you quite understand what a leverage buyout is .

NewClaret
Posts: 13225
Joined: Tue Dec 31, 2019 9:51 am
Been Liked: 3037 times
Has Liked: 3759 times

Re: Money still owed to Garlick

Post by NewClaret » Tue May 24, 2022 9:18 pm

joey13 wrote:
Tue May 24, 2022 8:44 pm
Spot on
Cannot argue with any of that.

tiger76
Posts: 25697
Joined: Sat Jun 24, 2017 9:43 pm
Been Liked: 4644 times
Has Liked: 9849 times
Location: Glasgow

Re: Money still owed to Garlick

Post by tiger76 » Tue May 24, 2022 9:23 pm

Iloveyoubrady wrote:
Tue May 24, 2022 8:23 pm
Don’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
Everyone is so bothered because what's going to Garlick should be funding new signings and paying the salaries of our existing squad, that's the very reason clubs are given that money for 2 years to enable them to get their house in order, and if less money is spent on the playing side, then naturally it'll make our chance of a PL return all the harder.

ClaretAL
Posts: 2565
Joined: Fri Jan 22, 2016 7:39 pm
Been Liked: 1044 times
Has Liked: 815 times

Re: Money still owed to Garlick

Post by ClaretAL » Tue May 24, 2022 9:33 pm

KRBFC wrote:
Tue May 24, 2022 8:41 pm
Here's Keiran Mcguire speaking.....

https://twitter.com/BBCLancsSport/statu ... MffXxtuZYQ
And that is the most common sense contribution I have heard from any source either fan or media, and totally helps me understand the situation not being some finance proffesional.

BurnleyFC
Posts: 5058
Joined: Thu Jan 21, 2016 11:51 am
Been Liked: 1596 times
Has Liked: 888 times

Re: Money still owed to Garlick

Post by BurnleyFC » Tue May 24, 2022 9:45 pm

Iloveyoubrady wrote:
Tue May 24, 2022 8:23 pm
Don’t quite know why everyone is so bothered about garlick payments. The club is not paying him, ALK are. Burnley Football Club are not buying Burnley football club, that is both stupid and completely illegal.
Then please explain how ALK, with next to **** all money, are going to do it?

Borrow the money off that Gloucestershire couple that won the Euromillions, perhaps?
This user liked this post: bf2k

bf2k
Posts: 1435
Joined: Tue Jan 26, 2016 8:52 pm
Been Liked: 336 times
Has Liked: 1516 times
Location: Burnley

Re: Money still owed to Garlick

Post by bf2k » Tue May 24, 2022 9:48 pm

ClaretAL wrote:
Tue May 24, 2022 9:33 pm
And that is the most common sense contribution I have heard from any source either fan or media, and totally helps me understand the situation not being some finance proffesional.
It does make you question why the Premier League finds any new protective owner/directors fit and proper when they plan to buy a club with the clubs own money, i.e. leveraged buyouts. As Kieran Maguire states there isn’t a leveraged buyout that’s worked.

bobinho
Posts: 9248
Joined: Fri Jan 22, 2016 7:48 pm
Been Liked: 4070 times
Has Liked: 6538 times
Location: Burnley

Re: Money still owed to Garlick

Post by bobinho » Tue May 24, 2022 9:55 pm

The last thing I want right now, is Mike garlick anywhere near turf moor in any capacity.
This user liked this post: Wokingclaret

Damo
Posts: 4504
Joined: Sun Jan 24, 2016 12:04 pm
Been Liked: 1777 times
Has Liked: 2761 times

Re: Money still owed to Garlick

Post by Damo » Tue May 24, 2022 10:13 pm

KRBFC wrote:
Tue May 24, 2022 12:10 pm
Serious questions and cause for concern, fans have a right to be worried right now. You may think it's tedious but Burnley's an important part of people's lives, maybe not yours.
You were worried about being able to find a good stream for championship games the other day

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Tue May 24, 2022 10:23 pm

Damo wrote:
Tue May 24, 2022 10:13 pm
You were worried about being able to find a good stream for championship games the other day
Absolutely, we'll be playing in the Championship next season, did I miss something?
This user liked this post: bf2k

ClaretTony
Posts: 67429
Joined: Thu Dec 24, 2015 3:07 pm
Been Liked: 32238 times
Has Liked: 5255 times
Location: Burnley
Contact:

Re: Money still owed to Garlick

Post by ClaretTony » Wed May 25, 2022 12:08 am

arise_sir_charge wrote:
Tue May 24, 2022 12:05 pm
This forum has become utterly tedious. For that reason, I’m out.
Oh dear - isn’t it just best to avoid the threads you find tedious?

claretonthecoast1882
Posts: 10088
Joined: Mon Apr 09, 2018 1:59 pm
Been Liked: 4161 times
Has Liked: 57 times

Re: Money still owed to Garlick

Post by claretonthecoast1882 » Wed May 25, 2022 5:48 am

KRBFC wrote:
Tue May 24, 2022 10:23 pm
Absolutely, we'll be playing in the Championship next season, did I miss something?
Probably means that you claim it’s an important part of your life yet you can’t be arsed walking down the road to support your team and would rather watch on illegal streams.

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Wed May 25, 2022 10:37 am

claretonthecoast1882 wrote:
Wed May 25, 2022 5:48 am
Probably means that you claim it’s an important part of your life yet you can’t be arsed walking down the road to support your team and would rather watch on illegal streams.
That's b0llocks though aint it? I doubt many on here will attend all 46 games.

claretonthecoast1882
Posts: 10088
Joined: Mon Apr 09, 2018 1:59 pm
Been Liked: 4161 times
Has Liked: 57 times

Re: Money still owed to Garlick

Post by claretonthecoast1882 » Wed May 25, 2022 10:44 am

KRBFC wrote:
Wed May 25, 2022 10:37 am
That's b0llocks though aint it? I doubt many on here will attend all 46 games.

Not really no. If i decided to no longer go to games and offer no support either in person or financial to the club I would feel a bit odd to make demands on the club.

I would wager apart from the local games it will be a very similar set of faces at majority of the away games. Although I do expect there to be a clamour for the loyalty point system to be re-set once some miss out on Blackpool away tickets.

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Wed May 25, 2022 10:48 am

claretonthecoast1882 wrote:
Wed May 25, 2022 10:44 am
Not really no. If i decided to no longer go to games and offer no support either in person or financial to the club I would feel a bit odd to make demands on the club.

I would wager apart from the local games it will be a very similar set of faces at majority of the away games. Although I do expect there to be a clamour for the loyalty point system to be re-set once some miss out on Blackpool away tickets.
So you wont watch a single stream next season? got ya, enjoy attending all 46 games, not everyone can do so.

claretonthecoast1882
Posts: 10088
Joined: Mon Apr 09, 2018 1:59 pm
Been Liked: 4161 times
Has Liked: 57 times

Re: Money still owed to Garlick

Post by claretonthecoast1882 » Wed May 25, 2022 10:51 am

KRBFC wrote:
Wed May 25, 2022 10:48 am
So you wont watch a single stream next season? got ya, enjoy attending all 46 games, not everyone can do so.
Why is it all 46 games or nothing ?

I imagine I will attend 40 plus I won't be going Ewood if it is still the bus carry on, and neither Swansea or Norwich appeal. If I choose not to go to a game and the game isn't on sky then I won't be watching it no. If i want to watch the game I go to it.

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Wed May 25, 2022 10:55 am

claretonthecoast1882 wrote:
Wed May 25, 2022 10:51 am
Why is it all 46 games or nothing ?

I imagine I will attend 40 plus I won't be going Ewood if it is still the bus carry on, and neither Swansea or Norwich appeal. If I choose not to go to a game and the game isn't on sky then I won't be watching it no. If i want to watch the game I go to it.
Because you were slagging me for asking if games will be streamed next season. I want to watch every single game, I've no idea how many I'll attend.

claretonthecoast1882
Posts: 10088
Joined: Mon Apr 09, 2018 1:59 pm
Been Liked: 4161 times
Has Liked: 57 times

Re: Money still owed to Garlick

Post by claretonthecoast1882 » Wed May 25, 2022 10:56 am

KRBFC wrote:
Wed May 25, 2022 10:55 am
Because you were slagging me for asking if games will be streamed next season. I want to watch every single game, I've no idea how many I'll attend.
I wasn't slagging you off at all, I just explained my stance.

KRBFC
Posts: 18018
Joined: Thu Jan 21, 2016 10:18 am
Been Liked: 3784 times
Has Liked: 1071 times

Re: Money still owed to Garlick

Post by KRBFC » Wed May 25, 2022 10:57 am

claretonthecoast1882 wrote:
Wed May 25, 2022 10:56 am
I wasn't slagging you off at all, I just explained my stance.
Fair enough, well I wont be attending all 46 but I'll be watching all 46.

Post Reply