ALK Capital or Farnell/Elkashashy takeover

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 8:45 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 8:39 pm
Interesting post from Tariq Panja:

Interesting talk today about owners of newly acquired Premier League scrabbling around to raise £30m (by trying to sell equity stake at far higher valuation). Cash needed to repay debt owed to previous owner. Crazy business

All points to Burnley.
is anyone surprised?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Vegas Claret » Mon Feb 01, 2021 8:48 pm

who is Tariq Panja ?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by texasbrit » Mon Feb 01, 2021 8:49 pm

the end of the season will be the tell tale, AKA asset stripping or massive investment

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by aggi » Mon Feb 01, 2021 8:50 pm

Vegas Claret wrote:
Mon Feb 01, 2021 8:48 pm
who is Tariq Panja ?
Sports reporter for the New York Times https://www.nytimes.com/by/tariq-panja

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 8:51 pm

Vegas Claret wrote:
Mon Feb 01, 2021 8:48 pm
who is Tariq Panja ?
really Vegas you read the MMT thread often enough - an extremely highly regarded Bristish based sports journalist who writes for the New York Times

https://twitter.com/tariqpanja/status/1 ... 4518034435

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Newcastleclaret93 » Mon Feb 01, 2021 8:52 pm

Everything is looking like ALK are going to screw over the club.

Hope I am wrong

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ksrclaret » Mon Feb 01, 2021 8:54 pm

Garlick and the directors only ever had the best interests of the club at heart.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 8:56 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 8:52 pm
Everything is looking like ALK are going to screw over the club.

Hope I am wrong
This is actually part of the logic used in the takeover and the stage payments for shares, it was inevitable that they would look to flip some shares at a profit to meet those costs

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Reecey1987 » Mon Feb 01, 2021 8:56 pm

nyclaret wrote:
Mon Feb 01, 2021 8:44 pm
Fasten your seat belts...
Exciting times

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Newcastleclaret93 » Mon Feb 01, 2021 8:58 pm

Chester Perry wrote:
Mon Feb 01, 2021 8:56 pm
This is actually part of the logic used in the takeover and the stage payments for shares, it was inevitable that they would look to flip some shares at a profit to meet those costs
Chester you obviously have a much better understanding than I.

Surely this is very concerning? No investment in the transfer window and the owners are trying to flip shares so they can afford to pay off Garlick?

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Re: ALK CAPITAL BUYS BURNLEY WITH AGGRESSIVE DEBT STRUCTURE, DOUBTS EXIST ABOUT THEIR ABILITY TO SERVICE LOANS

Post by Tall Paul » Mon Feb 01, 2021 9:02 pm

aggi wrote:
Mon Feb 01, 2021 8:35 pm
What has been a bit lost is that the club, as a company, can't just give that money away to the previous directors to pay for shares. If the club's bank balance (and I'm not convinced there was a £50m bank balance to be used) was used/is to be used to fund the purchase then there must be a matching transaction. Possibly a loan to somewhere else within the group for instance which means the club is theoretically owed the cash. The money can't just disappear, there needs to be a matching transaction somewhere.
Yes, this is what I'm getting at.

Either the club is still worth what it was before the sale or it was devalued somewhere during the transaction, which would mean a distribution of profits has been made somewhere.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 9:03 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 8:58 pm
Chester you obviously have a much better understanding than I.

Surely this is very concerning? No investment in the transfer window and the owners are trying to flip shares so they can afford to pay off Garlick?
I predicted this in a long article I have done for the London Clarets.

At the end of the day, they have no money themselves, they know they are on the limit with credit and the ability to service it, they themselves have said they have a tight schedule to make the next payments, it must always have been the plan to bring in new money, ideally at a profit - I suspect Checketts and Parra being announced so early was to make the club more attractive to American investors, they are well regarded in PE over there.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by aggi » Mon Feb 01, 2021 9:03 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 8:58 pm
Chester you obviously have a much better understanding than I.

Surely this is very concerning? No investment in the transfer window and the owners are trying to flip shares so they can afford to pay off Garlick?
It could be concerning, it could be the business plan from day one.

Buy the club and then bring in other investors in return for equity. Maybe they were already identified and this is just following through with that, possibly testing the market for a current valuation.

Like a lot of the other stuff out there, it might be bad but it might be something that has been planned, costed, etc.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Vegas Claret » Mon Feb 01, 2021 9:05 pm

Chester Perry wrote:
Mon Feb 01, 2021 8:51 pm
really Vegas you read the MMT thread often enough - an extremely highly regarded Bristish based sports journalist who writes for the New York Times

https://twitter.com/tariqpanja/status/1 ... 4518034435
It's 13:04 here, I'm working and not concentrating much on either that or the transfer window :lol:

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Re: ALK CAPITAL BUYS BURNLEY WITH AGGRESSIVE DEBT STRUCTURE, DOUBTS EXIST ABOUT THEIR ABILITY TO SERVICE LOANS

Post by aggi » Mon Feb 01, 2021 9:05 pm

Tall Paul wrote:
Mon Feb 01, 2021 9:02 pm
Yes, this is what I'm getting at.

Either the club is still worth what it was before the sale or it was devalued somewhere during the transaction, which would mean a distribution of profits has been made somewhere.
Yes, I think if you're not too familiar with the rules it's easy to miss the point that you can't just do whatever you want with the club's money, even if you do own it.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by randomclaret2 » Mon Feb 01, 2021 9:06 pm

I have to say Mr Garlick isnt coming out of all this covered in glory

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Newcastleclaret93 » Mon Feb 01, 2021 9:09 pm

Chester Perry wrote:
Mon Feb 01, 2021 9:03 pm
I predicted this in a long article I have done for the London Clarets.

At the end of the day, they have no money themselves, they know they are on the limit with credit and the ability to service it, they themselves have said they have a tight schedule to make the next payments, it must always have been the plan to bring in new money, ideally at a profit - I suspect Checketts and Parra being announced so early was to make the club more attractive to American investors, they are well regarded in PE over there.
Chester could share the report on here? Would be interested in reading it.

In your opinion is this something to be concerned about.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 9:10 pm

randomclaret2 wrote:
Mon Feb 01, 2021 9:06 pm
I have to say Mr Garlick isnt coming out of all this covered in glory
Why, because most on this board have being saying he was before the sale? no matter what he did there were plenty of haters out there and a lot wanted rid just to make Dyche happy - whether that was what Dyche wanted or not

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by dandeclaret » Mon Feb 01, 2021 9:11 pm

Either Pace and Partners have done something historically to annoy sections of the American press, which is quite possible and could be the press responding to things they didn’t like which the group did for the good of their businesses etc, or there’s an increasing amount of smoke.....

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Re: ALK CAPITAL BUYS BURNLEY WITH AGGRESSIVE DEBT STRUCTURE, DOUBTS EXIST ABOUT THEIR ABILITY TO SERVICE LOANS

Post by paulatky » Mon Feb 01, 2021 9:13 pm

aggi wrote:
Mon Feb 01, 2021 9:05 pm
Yes, I think if you're not too familiar with the rules it's easy to miss the point that you can't just do whatever you want with the club's money, even if you do own it.
If the £50m had been an overdraft ALK would have been responsible for that in the same way they are responsible for the £50m in cash

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 9:13 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 9:09 pm
Chester could share the report on here? Would be interested in reading it.

In your opinion is this something to be concerned about.
like I said it is very long and belongs to the London clarets magazine - 'something to write home about' - I am sure they would sell you a copy - in normal times it was on sale at pubs before matches

https://www.londonclarets.org.uk/

I will say that there is really only a sentence or two about the share flip to fund the staged payments
Last edited by Chester Perry on Mon Feb 01, 2021 9:16 pm, edited 2 times in total.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by nyclaret » Mon Feb 01, 2021 9:14 pm

Is it too soon to form an FC Burnley phoenix club?
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ksrclaret » Mon Feb 01, 2021 9:14 pm

Chester Perry wrote:
Mon Feb 01, 2021 9:10 pm
Why, because most on this board have being saying he was before the sale? no matter what he did there were plenty of haters out there and a lot wanted rid just to make Dyche happy - whether that was what Dyche wanted or not
We were told by people on here that Dyche and Garlick had an irreparably broken relationship, and that the reason we didn't sign anyone (other than Stephens) in the summer was because the two of them wouldn't communicate.

I don't know if Garlick going has made Dyche happy, but it has certainly made some creditors very happy.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Newcastleclaret93 » Mon Feb 01, 2021 9:17 pm

Chester Perry wrote:
Mon Feb 01, 2021 9:13 pm
like I said it is very long and belongs to the London clarets magazine - 'something to write home about' - I am sure they would sell you a copy - in normal times it was on sale at pubs before matches

https://www.londonclarets.org.uk/

I will say that there is really only a sentence or two about the share flip to fund the staged payments
Thank you

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Newcastleclaret93 » Mon Feb 01, 2021 9:18 pm

It looks like it is true.

Boden has confirmed “ALK have said No Comment”

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by fatboy47 » Mon Feb 01, 2021 9:18 pm

Theres precious little to like about this buyout.

But I take heart from the fact that none of our crown jewels have been plundered in this window.

I'll settle for that, and keep my fingers crossed that Dyches seeming equanimity doesn't stem from him having quietly decided it doesn't matter because he's offski at the first opportunity.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by randomclaret2 » Mon Feb 01, 2021 9:20 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 9:18 pm
It looks like it is true.

Boden has confirmed “ALK have said No Comment”
Oh dear, this isnt great ...

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 9:22 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 9:17 pm
Thank you
I know there are a few posters on here have read it, being London Clarets, so I would suggest you wait to see if they think it was worth the read before you think about spending some money

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Grumps » Mon Feb 01, 2021 9:26 pm

Shame those who were intent on stopping Farnell, didn't look as deep into alk, if this is true

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by BurnleyFC » Mon Feb 01, 2021 9:27 pm

Maybe ALK could flog a few shares to Mo and Chris?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by kentonclaret » Mon Feb 01, 2021 9:28 pm

In just 5/6 weeks "exciting times" have been replaced by "worrying times" :cry:

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by SGr » Mon Feb 01, 2021 9:28 pm

Grumps wrote:
Mon Feb 01, 2021 9:26 pm
Shame those who were intent on stopping Farnell, didn't look as deep into alk, if this is true
“Stopping” like that could ever have happened.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by DomBFC1882 » Mon Feb 01, 2021 9:31 pm

GET OUT OF OUR CLUB




😁😁😁

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 9:33 pm

aggi wrote:
Mon Feb 01, 2021 9:03 pm
It could be concerning, it could be the business plan from day one.

Buy the club and then bring in other investors in return for equity. Maybe they were already identified and this is just following through with that, possibly testing the market for a current valuation.

Like a lot of the other stuff out there, it might be bad but it might be something that has been planned, costed, etc.
I wonder if anyone else thinks like us that this was part of the plan - not sure it is the clever stuff that Pace was talking about in is first presser

I don't see it as being anything particularly more risky than what we have been settled with on the intial takeover, in fact it can be seen as a positive that they are not looking to saddle more debt on the club, particularly if the profit was sunk back into the club in a venture capital type scenario, though there is no indication that is the plan

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Devils_Advocate » Mon Feb 01, 2021 9:34 pm

Could this be linked to the large short position ALK have taken in GameStop?
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by BedfordsDad » Mon Feb 01, 2021 9:37 pm

Chester Perry wrote:
Mon Feb 01, 2021 9:22 pm
I know there are a few posters on here have read it, being London Clarets, so I would suggest you wait to see if they think it was worth the read before you think about spending some money
A comprehensive and clear article on this sorry story under the title of "Please drive carefully". Other contributors have provided their own take on the situation expressing similar concerns. Always a high quality magazine and an excellent read.
Last edited by BedfordsDad on Mon Feb 01, 2021 9:56 pm, edited 1 time in total.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Vegas Claret » Mon Feb 01, 2021 9:42 pm

Devils_Advocate wrote:
Mon Feb 01, 2021 9:34 pm
Could this be linked to the large short position ALK have taken in GameStop?
without doubt my favourite poster on here :lol:

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Bigvince » Mon Feb 01, 2021 9:51 pm

I hope we don’t end up outside Bury fc with collection buckets! This is quite concerning!

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Stan Tastic » Mon Feb 01, 2021 9:52 pm

Newcastleclaret93 wrote:
Mon Feb 01, 2021 8:39 pm
Interesting post from Tariq Panja:

Interesting talk today about owners of newly acquired Premier League scrabbling around to raise £30m (by trying to sell equity stake at far higher valuation). Cash needed to repay debt owed to previous owner. Crazy business

All points to Burnley.
Just two posts before yours.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by CrosspoolClarets » Mon Feb 01, 2021 9:54 pm

With Wall Street bankers in charge there was always going to be some dynamics to the shareholdings that are different to what we are used to. At this point I continue to give them the benefit of the doubt, but as I stated on the transfers thread, it is concerning we haven’t done any business given how important it is for new owners to make a good first impression (with the caveat that January is often a month for panic buys that we often do well to avoid).

A broader shareholding could be argued to mean more skills, more advice, better performance. I’m assuming this equity would be of such a level that the buyer would have some skin in the game and would not want to be totally silent (e.g. perhaps sitting on the board).

So it could be a good thing.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Vegas Claret » Mon Feb 01, 2021 9:55 pm

wonder if they are trying to raise that cash to buy the Italian team ?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ŽižkovClaret » Mon Feb 01, 2021 9:55 pm

CrosspoolClarets wrote:
Mon Feb 01, 2021 9:54 pm
With Wall Street bankers in charge there was always going to be some dynamics to the shareholdings that are different to what we are used to. At this point I continue to give them the benefit of the doubt, but as I stated on the transfers thread, it is concerning we haven’t done any business given how important it is for new owners to make a good first impression (with the caveat that January is often a month for panic buys that we often do well to avoid).

A broader shareholding could be argued to mean more skills, more advice, better performance. I’m assuming this equity would be of such a level that the buyer would have some skin in the game and would not want to be totally silent (e.g. perhaps sitting on the board).

So it could be a good thing.
I hope you're right, if not, they may regret the living locally idea......

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by JohnMcGreal » Mon Feb 01, 2021 9:59 pm

Chester Perry wrote:
Mon Feb 01, 2021 9:03 pm
I predicted this in a long article I have done for the London Clarets.

At the end of the day, they have no money themselves, they know they are on the limit with credit and the ability to service it, they themselves have said they have a tight schedule to make the next payments, it must always have been the plan to bring in new money, ideally at a profit - I suspect Checketts and Parra being announced so early was to make the club more attractive to American investors, they are well regarded in PE over there.
So if they had to borrow a load of money to buy the club, and now they need to borrow more money just to service the debts (or make the next payments), what exactly is Burnley Football Club getting out of this?

How are these people going to invest in the squad for example, when they can barely afford to meet the costs of actually buying the club to begin with?
Last edited by JohnMcGreal on Mon Feb 01, 2021 10:02 pm, edited 1 time in total.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Papabendi » Mon Feb 01, 2021 10:01 pm

BedfordsDad wrote:
Mon Feb 01, 2021 9:37 pm
A comprehensive and clear article on this sorry story under the title of "Please drive carefully". Other contributors have provided their own take on the situation expressing similar concerns. Always a high quality magazine and an excellent read.
I too have read this and other contributions and enjoyed them. The negative tone across all somewhat surprised me. Over the course of this month I’ve felt my own optimism wane slightly and I’m questioning why, as it has only been one short month. Tonight, I’m not sure what to think.

Couldn’t help think we are loaning a young youth player out to a league 2 club today when ten years ago that club was playing at our level. That is how the wheels turn.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rodleydave » Mon Feb 01, 2021 10:02 pm

Re the London Clarets Mag... it's a superb mag and a superb article by Chester. Subscribe to London Clarets and you get the mag 6 times a year.
An ongoing history of the club and anyone who has the complete collection that goes back years has a superb resource and club history.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Claretnick » Mon Feb 01, 2021 10:02 pm

dandeclaret wrote:
Mon Feb 01, 2021 9:11 pm
Either Pace and Partners have done something historically to annoy sections of the American press, which is quite possible and could be the press responding to things they didn’t like which the group did for the good of their businesses etc, or there’s an increasing amount of smoke.....
Yeah interesting that this journalist made a rather sarcastic tweet on 30 Jan about Pace's recent interview.

'Sounds like another case of “cleverest man in the room”. Time will tell'.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by NewClaret » Mon Feb 01, 2021 10:03 pm

Devils_Advocate wrote:
Mon Feb 01, 2021 9:34 pm
Could this be linked to the large short position ALK have taken in GameStop?
:lol: :lol: :lol:

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Boss Hogg » Mon Feb 01, 2021 10:04 pm

‘You only get one chance to make a good first impression’
Worrying times ( even for Garlick’s pockets by the sound of it)

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Chester Perry » Mon Feb 01, 2021 10:05 pm

CrosspoolClarets wrote:
Mon Feb 01, 2021 9:54 pm
A broader shareholding could be argued to mean more skills, more advice, better performance. I’m assuming this equity would be of such a level that the buyer would have some skin in the game and would not want to be totally silent (e.g. perhaps sitting on the board).

So it could be a good thing.
We certainly have to hope for this, and I would not be too surprised if this was the intention - the only thing I would add is that new investors would also bring their own network of contacts too .

the difficult part is finding the right partners and at this stage so early in the game that may be a little bit more difficult, one thing for sure is that there is no lack of money out there in the Private Equity universe
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NewClaret
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by NewClaret » Mon Feb 01, 2021 10:07 pm

Some **** taking of Paul’s “exciting times” on Twitter. :lol: :lol: :lol:

I might take it off my work emails now Paul... ;)

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