Paul Waine wrote: ↑Mon Mar 04, 2024 11:25 am
Hi Pete, you are misrepresenting Alan Pace's positions at Citibank, "Global Head of..." is a lot more accurate that "divisional Director." Of course, his strategy with ALK Capital and Velocity Sports Partners is to create the opportunity for a number of people to take a stake in Burnley Football Club.
Football has become much more expensive over the years. Although Mike Garlick and John B (and the other directors) sold their shares for £180 million, I don't think any of them paid more than £10 million for their shares when they bought into the club. It's reasonable that, as an individual, Alan Pace has invested more than £10 million of his own money, alongside, bringing in the other ALK Capital leadership group plus Velocity Sports Partnership. Vlad Torgovik, the new director who joined the club last summer has 5% of the shares. It's not unreasonable to think that he also has bought those shares for £10 million, depending on where BFC was valued in summer 2023.
Hi Paul, I think it tends to be a matter of opinion. My point is really there is little evidence to suggest where AP gets his money from other than conjecture. It's not like the Glazers or most of the other PL owners.
I'm reliably informed by the t'internet Alan Pace was global head of securities services sales. I mean the global becomes somewhat superfluous if the bank is global and it is. As far as I understand it Securities Services is one division of CitiBank and therefore referring to him as a divisional director is probably more accurate than a Global Head of 'whatever'. I guess it's a matter of opinion.
The point is there is little evidence of the kind of money that can spend 10s of millions on buying a club. I don't doubt he has more money than me and most, if not all, on here.
You do go through quite some contortions to defend Alan Pace but you seem to be forgetting Mike Garlick bought a club entering it's third year in the Championship whereas Alan Pace bought one with a number of seasons in the PL behind it. Consequently, he bought a club valued at £200 million and Mike Garlick didn't.
All the rest of it is conjecture, we don't know what AP put into the deal, or what Vlad Torgovik paid or indeed who funded the £68 million to the former owners or the 'bridging loan' to pay off the initial loan MSD. My point has always been look at the common sense business realities and what is known and perhaps rely less on conjecture.