Mike Garlick

[DCWat]

Been plenty of times this season, but yes I’m glad I gave up my season ticket. I won’t be getting a season ticket next year either.

Why pay hard earned money to watch the worst football in country.

You don’t help to endear yourself with statements like that. I can guarantee you that there will be far worse football on show at many a ground.

Where I do have some sympathy with your viewpoint is that although we have played a certain way, which has brought about some greats seasons and performances, it’s not the most entertaining football.

When we start mouthing up losses and draws with limited wins, the less attractive style soon becomes a focal point for criticism. We’re suffering because we are less effective at it than we were, it’s why for me, the rinse and repeat performance against Brentford was so massively frustrating.

[Rileybobs]

If we had spent money on players, then the value of the club the day before the sale would have been no different. That's not the issue at all.

The point about people who don't like the way it was done is that the day after the sale, the club was worth £100m less than it had been and £100m that had been generated out of club profits (or could have been borrowed on the strength of future profits) and could have been used for club benefit, was sitting instead in Garlick's (and john B's) bank accounts. Garlick could equally have taken out £10m salary for each of 10 years with the same effect on BFC.

There's no need for snide remarks like the last sentence.

How is that a snide remark? KRBFC proves in his post above that some people wanted to have their cake and eat it. The same people who were calling for Garlick out are now criticising who he sold the club to, despite him seemingly having only two suitors. And I’m pretty sure those same people would still be calling for Garlick out if he owned the club now.

[NRC]

Is the payout to small shareholders contingent on collective confidentiality, and/or an amount withheld in escrow or something? Nonsense if this is anywhere near the case. How are they enforcing confidentiality?

[Rileybobs]

There were plenty of 'Garlick In' mob

Absolutely.

[Newcastleclaret93]

You don’t help to endear yourself with statements like that. I can guarantee you that there will be far worse football on show at many a ground.

Where I do have some sympathy with your viewpoint is that although we have played a certain way, which has brought about some greats seasons and performances, it’s not the most entertaining football.

When we start mouthing up losses and draws with limited wins, the less attractive style soon becomes a focal point for criticism. We’re suffering because we are less effective at it than we were, it’s why for me, the rinse and repeat performance against Brentford was so massively frustrating.

There very well might be a worst team but as I said earlier over the last 18 months we have had less wins and less points than any other team in the football league. In terms of entertainment I believe that is a personal opinion, I have struggled to find Dyches football entertaining for a long time.

I might not have put it across very well but DC can you honestly say you have enjoyed the football over the last 18 months? And was it worth what you have spent

[Rileybobs]

There very well might be a worst team but as I said earlier over the last 18 months we have had less wins and less points than any other team in the football league. In terms of entertainment I believe that is a personal opinion, I have struggled to find Dyches football entertaining for a long time.

I might not have put it across very well but DC can you honestly say you have enjoyed the football over the last 18 months? And was it worth what you have spent

Whilst you’re entitled to withdraw your support when the chips are down, it’s extremely fickle. There are lots of peaks and troughs as a football fan, and for the majority of the 30+ years I’ve been watching Burnley there’s been a hell of a lot more peaks - when we qualified for Europe we were only going to ever go in one direction unfortunately.

It might help if you actually put our current situation into context rather than resorting to unnecessary hyperbole.

[KRBFC]

How is that a snide remark? KRBFC proves in his post above that some people wanted to have their cake and eat it. The same people who were calling for Garlick out are now criticising who he sold the club to, despite him seemingly having only two suitors. And I’m pretty sure those same people would still be calling for Garlick out if he owned the club now.

To be fair though, I think every fan had a right to be damn frustrated with our last 2 transfer windows under Garlick, look at where it's left us, many of us saw this coming and of course, non of us wanted relegation. I want to see an ATTEMPT at progression (I can accept failure), just give me some hope. We've been absolutely shite for nigh on 2 years due to Garlick's reluctance to spend money that was available, nobody wanted him to take out loans or spend out of his own pocket, the cash was in the club already.

Let me add, prior to Garlick's final few windows, I was happy with the backing he gave Dyche. I was shocked (and delighted) when we signed Brady in January, Gray after relegation etc. The only time I felt he under backed Dyche was after the first promotion when we signed crap like Reid, Juke, Sordell and Taylor, that season we went down with a whimper too, because we didn't address central midfield. Ultimately though, his frugal approach worked and we bounced back.

People are criticising the financial model behind the sale he agreed to, a model that could potentially financially f**k us long term and the fact we've now found out, the reason he didn't spend and enhance the team (the reason fans were angry with him) was likely so ALK could pay him with the clubs money.

[KRBFC]

There very well might be a worst team but as I said earlier over the last 18 months we have had less wins and less points than any other team in the football league. In terms of entertainment I believe that is a personal opinion, I have struggled to find Dyches football entertaining for a long time.

I might not have put it across very well but DC can you honestly say you have enjoyed the football over the last 18 months? And was it worth what you have spent

It's been a hell of a lot better than under Cotterill anyway and I sat through every game of that, I don't think supporting YOUR football team will ever be 100% enjoyment, it's just not the way football is unless you're Man City and winning every game. It felt like a chore watching us under Laws, aside from the PNE and Spurs home games.

[Newcastleclaret93]

Whilst you’re entitled to withdraw your support when the chips are down, it’s extremely fickle. There are lots of peaks and troughs as a football fan, and for the majority of the 30+ years I’ve been watching Burnley there’s been a hell of a lot more peaks - when we qualified for Europe we were only going to ever go in one direction unfortunately.

It might help if you actually put our current situation into context rather than resorting to unnecessary hyperbole.

What is hyperbole? I just stated facts, and my personal opinion.

[DCWat]

There very well might be a worst team but as I said earlier over the last 18 months we have had less wins and less points than any other team in the football league. In terms of entertainment I believe that is a personal opinion, I have struggled to find Dyches football entertaining for a long time.

I might not have put it across very well but DC can you honestly say you have enjoyed the football over the last 18 months? And was it worth what you have spent

No, it’s not been great. I have though seen much, much worse from plenty of Burnley sides down the years.

Each to their own in terms of paying to watch or not but my opinion of being a supporter is being there through thick and thin. It’s partly what differentiates a fan and a supporter.

[dsr]

How is that a snide remark? KRBFC proves in his post above that some people wanted to have their cake and eat it. The same people who were calling for Garlick out are now criticising who he sold the club to, despite him seemingly having only two suitors. And I’m pretty sure those same people would still be calling for Garlick out if he owned the club now.

"Snide" means mocking or derogatory in an indirect way. (Source: Oxford Languages website.) the term "Garlick out mob" is mocking and derogatory, hence snide.

Aside from that, you still haven't grasped the issue that people are concerned with. When Garlick left, he took £100m of club funds with him. That wasn't part of what people were hoping for.

[Newcastleclaret93]

No, it’s not been great. I have though seen much, much worse from plenty of Burnley sides down the years.

Each to their own in terms of paying to watch or not but my opinion of being a supporter is being there through thick and thin. It’s partly what differentiates a fan and a supporter.

Fair enough, I can’t justify the expense of a season ticket when I don’t enjoy the experience.

Much rather just pick the games that I want to go to.

[GodIsADeeJay81]

"Snide" means mocking or derogatory in an indirect way. (Source: Oxford Languages website.) the term "Garlick out mob" is mocking and derogatory, hence snide.

Aside from that, you still haven't grasped the issue that people are concerned with. When Garlick left, he took £100m of club funds with him. That wasn't part of what people were hoping for.

He hasn't taken £100 million of club funds with him, that's been explained on here.

[fidelcastro]

Fair enough, I can’t justify the expense of a season ticket when I don’t enjoy the experience.

Much rather just pick the games that I want to go to.

No, you'd much rather sneer from the sidelines.

[IanMcL]

Where did the money go then? Plughole marked Garlick?

[Jakubclaret]

Manager capability far bigger factor than money. Those clubs have consistently spent huge sums of money before and after Ferguson retired.

If that’s the case why did some clubs increase their spending during & after (post more importantly) SAF managerial reign whilst remaining with the same managers? The teams mentioned have always spent money that’s not in dispute the money spent in comparison to man United overall spend wasn’t in parity.

[Newcastleclaret93]

No, you'd much rather sneer from the sidelines.

If you only value fans opinions that have season tickets this board would be none existent

[fidelcastro]

If you only value fans opinions that have season tickets this board would be none existent

I don't, but a bit of realism wouldn't go amiss from time to time.

If I'd stopped going to the extent that you have, and for the reasons that you say you have, then I wouldn't bother commenting, as my actions would speak far louder than any whinging and whining on a football forum.

[Jakubclaret]

Whilst you’re entitled to withdraw your support when the chips are down, it’s extremely fickle. There are lots of peaks and troughs as a football fan, and for the majority of the 30+ years I’ve been watching Burnley there’s been a hell of a lot more peaks - when we qualified for Europe we were only going to ever go in one direction unfortunately.

It might help if you actually put our current situation into context rather than resorting to unnecessary hyperbole.

Or perhaps some people have incredibly difficult jobs & on a Saturday afternoon sat down thinking about Monday to Friday maybe the efforts they see they’d like identical efforts to match what their jobs entail, bearing in mind on a quality to quality basis with the opposition, sweat on the jersey would make the most mild mannered fan over the moon. My reasons for not attending are completely different away from the results but I can understand the other absentees.

[Chester Perry]

Aside from that, you still haven't grasped the issue that people are concerned with. When Garlick left, he took £100m of club funds with him. That wasn't part of what people were hoping for.

That is a bit disingenuous - Garlick stands to be paid almost £100m for his complete shareholding if the plan holds together - saying all of that is club funds/funded is a far reach. What about the £90m that the other Sellers may get in total or indeed the (up to) £12.875m to the small shareholders who/what is funding that.

I have no doubt the club will be contributing to the cost of all this share buying (and paying interest to MSD) and that could yet amount to over £130m in the worst case scenario, that sees VSL successful in completing the payments for all the shares and repaying their loans to MSD and the club.

The thing is that has not yet happened and is not scheduled to do so until late December 2025/January 2026. There are more twists and turns which will no doubt unfold and some that may see elements of that share buying never happen, and even the repurchasing of shares (though I suspect that will be in VSL not specifically the club, primarily as a result of the 'buyback' agreement which seems limited in size).

[fidelcastro]

Or perhaps some people have incredibly difficult jobs & on a Saturday afternoon sat down thinking about Monday to Friday maybe the efforts they see they’d like identical efforts to match what their jobs entail, bearing in mind on a quality to quality basis with the opposition, sweat on the jersey would make the most mild mannered fan over the moon. My reasons for not attending are completely different away from the results but I can understand the other absentees.

As bad as we've been at times this season, I've seen no evidence of players not trying. It's a very easy thing to throw out when results are going badly.

[Milltown1882]

I don't, but a bit of realism wouldn't go amiss from time to time.

If I'd stopped going to the extent that you have, and for the reasons that you say you have, then I wouldn't bother commenting, as my actions would speak far louder than any whinging and whining on a football forum.

Cost adds up to attend. Newcastle probably has the same situation as me. Going to a game is anything from £70-100 on the train plus match ticket then food and drink etc - midweek game you can throw a hotel cost on top of that. When we serve up the absolute dross we do on a weekly basis it becomes significantly less appealing. Not every Burnley fans got a BB10 postcode.

[Jakubclaret]

As bad as we've been at times this season, I've seen no evidence of players not trying. It's a very easy thing to throw out when results are going badly.

Well some people are clearly seeing different things judging from the posts on the threads on the MB. Lennon wouldn’t be ducking on the ericsson cross if he was trying as a eg or people not tracking back or stopping on opposing counters everything smacks of I can’t be arsed.

[dsr]

Where did the money go then? Plughole marked Garlick?

I don't think GiaDJ is disputing that the club funds went to Garlick. His point in the past has repeatedly been that although Garlick as recipient of the funds agreed the deal on one side, and Garlick as company director of BFC agreed the deal on the other side, it was actually Pace who pressed the button that transferred the funds.

[fidelcastro]

Well some people are clearly seeing different things judging from the posts on the threads on the MB. Lennon wouldn’t be ducking on the ericsson cross if he was trying as a eg or people not tracking back or stopping on opposing counters everything smacks of I can’t be arsed.

Everything?

[Newcastleclaret93]

Cost adds up to attend. Newcastle probably has the same situation as me. Going to a game is anything from £70-100 on the train plus match ticket then food and drink etc - midweek game you can throw a hotel cost on top of that. When we serve up the absolute dross we do on a weekly basis it becomes significantly less appealing. Not every Burnley fans got a BB10 postcode.

Yep when I get the train down it costs £70 return. Add in the ticket etc… a match day costs more than £100 each time.

[Hipper]

Garlick and Pace have both done brilliantly out of this deal. The actual football club, not so much.

This is all about looking at football clubs, companies - as money making entities.

I read about Boeing and the disaster that is the Boeing 737 Max. Such a company has two approaches to its business. Firstly, it can do what it knows best, design and manufacture a good safe aircraft and then sell it, and if they really are good and there's a demand, they will make money. That's what it did until recently and was successful. Alternatively it could look at itself as solely a money making company that just happens to make aircraft. This way is also a bit more short term. That's what led to the 737 Max.

It seems there was a move that went too far towards money making/cost cutting and now they've got themselves in a pickle.

ALK are here not for the good of football in Burnley, which the previous incumbents have been (we like to think) but to make money. Our only hope is that in order to make this money they will give us a good football club.

[GodIsADeeJay81]

I don't think GiaDJ is disputing that the club funds went to Garlick. His point in the past has repeatedly been that although Garlick as recipient of the funds agreed the deal on one side, and Garlick as company director of BFC agreed the deal on the other side, it was actually Pace who pressed the button that transferred the funds.

Chester explained my point, but yes also what you've said is correct.

[JR1882]

Has it taken this long for people to wake up to this?? Garlics sale of this club is a moral crime against the club, it’s fans, it’s place in the community and it’s history.

There was a load of money in the bank. We should have used that to improve the squad. Instead, it’s now in Mikes bank. Not only has he underinvested for years, but he then found a way to make that money his own. It’s dodgy at best, and morally bankrupt at worst.

And because there were so many fans who wanted him gone, and were happy to clap any new owner in, he’s got away with it, took all our money and ran, and now look at the mess.

No problem with ALK by the way. If you want to buy something, you get the best deal you can, can’t blame them for that and I think they have done lots of good so far, despite the worrying concern they have no actual money of their own.

I lay much of the blame at his door. The rest belongs to Dyche for refusing to play anything else than this awful 442, despite the fact it’s nearly April and we have won 3 games.

[aggi]

If we had spent money on players, then the value of the club the day before the sale would have been no different. That's not the issue at all.

The point about people who don't like the way it was done is that the day after the sale, the club was worth £100m less than it had been and £100m that had been generated out of club profits (or could have been borrowed on the strength of future profits) and could have been used for club benefit, was sitting instead in Garlick's (and john B's) bank accounts. Garlick could equally have taken out £10m salary for each of 10 years with the same effect on BFC.

There's no need for snide remarks like the last sentence.

Just to clarify for the non accountants, this the day after the sale, the club was worth £100m less than it had been isn't true.

I'm pretty sure dsr knows that.

[Longtimeclaret]

The bottom line is that Garlick saw an opportunity to make a ridiculous sum of money at the Clubs expense.He chose not to release appropriate investment in at least 2 transfer windows , and the results are now evident

[IanMcL]

Has it taken this long for people to wake up to this?? Garlics sale of this club is a moral crime against the club, it’s fans, it’s place in the community and it’s history.

There was a load of money in the bank. We should have used that to improve the squad. Instead, it’s now in Mikes bank. Not only has he underinvested for years, but he then found a way to make that money his own. It’s dodgy at best, and morally bankrupt at worst.

And because there were so many fans who wanted him gone, and were happy to clap any new owner in, he’s got away with it, took all our money and ran, and now look at the mess.

No problem with ALK by the way. If you want to buy something, you get the best deal you can, can’t blame them for that and I think they have done lots of good so far, despite the worrying concern they have no actual money of their own.

Agreed.

[Leisure]

Fair enough, I can’t justify the expense of a season ticket when I don’t enjoy the experience.

Much rather just pick the games that I want to go to.

But still with no guarantee that you'll enjoy the experience!

[IanMcL]

Why is "Let me buy you a drink" Garlick still welcome, when he has ducked every penny out of a healthy club?
Even Vampires don't like him, evidently!

[Leisure]

Well some people are clearly seeing different things judging from the posts on the threads on the MB. Lennon wouldn’t be ducking on the ericsson cross if he was trying as a eg or people not tracking back or stopping on opposing counters everything smacks of I can’t be arsed.

That's complete rubbish!

[Leisure]

Yep when I get the train down it costs £70 return. Add in the ticket etc… a match day costs more than £100 each time.

Move to Burnley.

[boatshed bill]

Why is "Let me buy you a drink" Garlick still welcome, when he has ducked every penny out of a healthy club?
Even Vampires don't like him, evidently!

Mike Garlick put his money in. Made a profit on his shares.
Look at the over-all improvements during his tenure.
We may well have grossed a billion quid since he took over.
If he's come out with a shedload of money then best of luck to him.

[Leisure]

ALK are here not for the good of football in Burnley, which the previous incumbents have been (we like to think) but to make money.

Think they're going to be disappointed then

[dsr]

Just to clarify for the non accountants, this the day after the sale, the club was worth £100m less than it had been isn't true.

I'm pretty sure dsr knows that.

Are you suggesting that the reduction in value was less than £100m, or that the reduction in value was zero? If the former, then you're quibbling about details. It may be £80m less, it may be £110m less, it's thereabouts.

But if the latter, then I think you're purely looking at the balance sheet historic cost, and the historic cost balance sheet is a poor way of assessing the worth of the company. On the balance sheet, £50m cash is worth the same as £50m debt owed by a shell company with no profitable assets. In market value terms, it clearly isn't.

And on the balance sheet, being liable to pay a £60m loan is of the same value as not being liable. But in real life, it is. Take a mortgage example - if your neighbour was on beam ends and had no cash assets, you could agree to guarantee his mortgage if he couldn't pay it back. Your personal balance sheet would be no different, but you would certainly be worse off, not only for the potential liability but also for the reduced potential in borrowing money yourself.

[IanMcL]

Mike Garlick :
If he's come out with a shedload of money then best of luck to him.

A profit on his risk, when selling his shares is one thing, to actually empty everything the club had (which was substantial) and enforce a mega debt on the club, at the same time, for entirely personal gain, is reprehensible.

He spouted for years, how important the club is to the town. Well your pal just placed one of the two on its uppers, to simply fill his own pockets. Thus placing the other under strain.

He appears to be cash rich and morally bankrupt.

[boatshed bill]

A profit on his risk, when selling his shares is one thing, to actually empty everything the club had (which was substantial) and enforce a mega debt on the club, at the same time, for entirely personal gain, is reprehensible.

He spouted for years, how important the club is to the town. Well your pal just placed one of the two on its uppers, to simply fill his own pockets. Thus placing the other under strain.

He appears to be cash rich and morally bankrupt.

First: he's not my pal, I've never met him.
2nd: you seem to be more informed about the contents of his pockets than most of us, would you care to put a figure on it?

[ClaretPete001]

First: he's not my pal, I've never met him.
2nd: you seem to be more informed about the contents of his pockets than most of us, would you care to put a figure on it?

The actual figure going in MGs pocket is unknown; however, it's been widely reported that the club was valued at £200 million and the actual sale was around £178 million.

£60 million has been borrowed from MSD - an American finance company and a further £68 million is owed to the former owners at some point in the future. A further £50 million is floating around somewhere and ALK are talking about purchasing the rest.

So, compare the figures above with this: (1) if the club does not get back into the Premiership within three years its turnover will be less than £20 million

Yes - that's TWENTY because the vast bulk of its current £134 million turnover is Premiership broadcasting money, which is lost within 3 years.

Yes, that's right a business was valued at £200 million based on revenue of £134 million, of which £113 million was Premiership TV money.

Absolutely bonkers .....!

I can see no other reason for the deal and how it has been structured other than to get as much money our of the club as possible. The safeguards in place are not safeguards they are in fact a reflection of the reality that ALK could not afford the business and the value placed on it was extremely risky for any potential purchases outside of the normal billionaire who buys football clubs.

[taio]

The actual figure going in MGs pocket is unknown; however, it's been widely reported that the club was valued at £200 million and the actual sale was around £178 million.

£60 million has been borrowed from MSD - an American finance company and a further £68 million is owed to the former owners at some point in the future. A further £50 million is floating around somewhere and ALK are talking about purchasing the rest.

So, compare the figures above with this: (1) if the club does not get back into the Premiership within three years its turnover will be less than £20 million

Yes - that's TWENTY because the vast bulk of its current £134 million turnover is Premiership broadcasting money, which is lost within 3 years.

Yes, that's right a business was valued at £200 million based on revenue of £134 million, of which £113 million was Premiership TV money.

Absolutely bonkers .....!

I can see no other reason for the deal and how it has been structured other than to get as much money our of the club as possible. The safeguards in place are not safeguards they are in fact a reflection of the reality that ALK could not afford the business and the value placed on it was extremely risky for any potential purchases outside of the normal billionaire who buys football clubs.

A deal predicated on us staying in the Premier League or quickly returning to the PL in the event of relegation. A difficult one for fans to accept given that realistically most supporters recognised that relegation was only a matter of time. As you say absolutely bonkers.

[ksrclaret]

I’m no financial expert, but reading the comments by those who clearly are sickens me to my stomach.

And to think Mike Garlick used to say such things as “I’ll only ever have the best interests of the club at heart”.

[DCWat]

If it’s exciting to see our club entering a precarious financial position, these are indeed, exciting times.

I’d guess that for the rest, these are very worrying times. Being in a position where a secure future is dependent upon attaining promotion quickly, is a recipe for disaster.

Even if we didn’t need a huge overhaul of the squad, there are no guarantees of a quick return to the premier league.

We’d have been far better to invest sensibly over the last few years, but many were accused of wanting us to ‘bet the ranch’.

The urgency of a return to the premier league may now result in further debt being piled up in an attempt to achieve promotion. This for me is far more like betting the ranch.

[taio]

If it’s exciting to see our club entering a precarious financial position, these are indeed, exciting times.

I’d guess that for the rest, these are very worrying times. Being in a position where a secure future is dependent upon attaining promotion quickly, is a recipe for disaster.

Even if we didn’t need a huge overhaul of the squad, there are no guarantees of a quick return to the premier league.

We’d have been far better to invest sensibly over the last few years, but many were accused of wanting us to ‘bet the ranch’.

The urgency of a return to the premier league may now result in further debt being piled up in an attempt to achieve promotion. This for me is far more like betting the ranch.

Going down with an ageing squad would be a huge risk.

Borrowing more money if relegated would be another huge risk and so very difficult to secure - if it materialised it would be on unfavourable terms I suppose.

[KRBFC]

If it’s exciting to see our club entering a precarious financial position, these are indeed, exciting times.

I’d guess that for the rest, these are very worrying times. Being in a position where a secure future is dependent upon attaining promotion quickly, is a recipe for disaster.

Even if we didn’t need a huge overhaul of the squad, there are no guarantees of a quick return to the premier league.

We’d have been far better to invest sensibly over the last few years, but many were accused of wanting us to ‘bet the ranch’.

The urgency of a return to the premier league may now result in further debt being piled up in an attempt to achieve promotion. This for me is far more like betting the ranch.

Most fans were strongly against loaning any kind of money to fund transfers (myself included). Absolutely incredible we've forked out £170m for new owners and we're probably paying them a hefty wage too.

We could've used the £50m from the club and £60m from MSD to buy Diogo Jota, Luis Diaz and Danny Ings. We'd have been financially better off because we wouldn't owe £58m to Garlick, just £60m to MSD.

[Chester Perry]

We could've used the £50m from the club and £60m from MSD

I suspect that VSL borrowed less than half that amount from the club and I know they have declared the intention in writing to pay it back - I also suspect that is what the share flip that @TariqPanja tweeted about in Feb 2021 was intending to raise money for - a quick payback intention that failed on execution of finding a new investor.

I actually now also think there was more money borrowed from MSD and the interest rate is less than people currently believe.

[KRBFC]

I suspect that VSL borrowed less than half that amount from the club and I know they have declared the intention to pay it back - I also suspect that is what the share flip that @TariqPanja tweeted about in Feb 2021 was intending to raise money for - a quick payback intention that failed on execution of finding a new investor.

I actually now also think there was more money borrowed from MSD and the interest rate is less than people currently believe.

Any ideas where the money comes from to buy shares from the fans? and how much impact is hundreds of fans now spending ''club credit'' likely to have on our future income figures?

[RVclaret]

I suspect that VSL borrowed less than half that amount from the club and I know they have declared the intention in writing to pay it back - I also suspect that is what the share flip that @TariqPanja tweeted about in Feb 2021 was intending to raise money for - a quick payback intention that failed on execution of finding a new investor.

I actually now also think there was more money borrowed from MSD and the interest rate is less than people currently believe.

Chester would you expect the loan details to be online Burnley FC’s upcoming accounts?