Is Pace on a salary?

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jurek
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Is Pace on a salary?

Post by jurek » Sun May 02, 2021 6:52 pm

Can't recall reading whether he is or not but presume
he must be. Anyone know how much?

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Re: Is Pace on a salary?

Post by bfcjg » Sun May 02, 2021 6:58 pm

Mrs Pace might know.

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Re: Is Pace on a salary?

Post by Steve1956 » Sun May 02, 2021 6:59 pm

Ask Hale...he will know.

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Re: Is Pace on a salary?

Post by Aclaret » Sun May 02, 2021 6:59 pm

I've heard from a mate who's ex girlfriends cousin used to know someone who had a private box at Salt Lake City that, Alan Pace isn't on a Salary, just a free box of twix as a bonus for every point we gain......but he could be wrong.
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Re: Is Pace on a salary?

Post by joey13 » Sun May 02, 2021 7:02 pm

jurek wrote:
Sun May 02, 2021 6:52 pm
Can't recall reading whether he is or not but presume
he must be. Anyone know how much?
I expect we will be told it’s non of our business

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Re: Is Pace on a salary?

Post by KRBFC » Sun May 02, 2021 7:07 pm

The club could've bought Harry Kane and paid him for years with the money used to buy new owners.

We spent £120M of the clubs money on new owners, yet we were scraping the bottom of the barrel in the transfer windows.
Last edited by KRBFC on Sun May 02, 2021 7:10 pm, edited 2 times in total.
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Re: Is Pace on a salary?

Post by claret wizard » Sun May 02, 2021 7:09 pm

It’ll appear in the accounts next year....
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Re: Is Pace on a salary?

Post by ksrclaret » Sun May 02, 2021 7:13 pm

If he is it's not going very far. I lent him a couple of quid for a costa coffee the other day when I happened to be stood behind him after the Tesco big shop.

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Re: Is Pace on a salary?

Post by Volvoclaret » Sun May 02, 2021 7:23 pm

ksrclaret wrote:
Sun May 02, 2021 7:13 pm
If he is it's not going very far. I lent him a couple of quid for a costa coffee the other day when I happened to be stood behind him after the Tesco big shop.
I did the same
Maybe this is his plan to raise cash for transfer

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Re: Is Pace on a salary?

Post by FCBurnley » Sun May 02, 2021 7:36 pm

If he does he will have a Pace lip
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Re: Is Pace on a salary?

Post by randomclaret2 » Sun May 02, 2021 7:53 pm

ksrclaret wrote:
Sun May 02, 2021 7:13 pm
If he is it's not going very far. I lent him a couple of quid for a costa coffee the other day when I happened to be stood behind him after the Tesco big shop.
Im not sure Mr Pace drinks Coffee 😉

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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Sun May 02, 2021 7:57 pm

I'd be more surprised if he wasn't.

Its easier to start with the default position that the new owners and board members will be getting a wage from the club.
That way when the accounts are released, its not such a surprise.

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Re: Is Pace on a salary?

Post by Bordeauxclaret » Sun May 02, 2021 8:06 pm

I’d say almost definitely.

It’s important they earn it.
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Re: Is Pace on a salary?

Post by Joe14 » Sun May 02, 2021 9:00 pm

He’s in £18 per hour with a £2 bonus if we score
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Re: Is Pace on a salary?

Post by tarkys_ears » Sun May 02, 2021 9:18 pm

He'll be on dividends

Probably nowhere close to what Garlick "took" out of the company though

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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Sun May 02, 2021 10:05 pm

tarkys_ears wrote:
Sun May 02, 2021 9:18 pm
He'll be on dividends

Probably nowhere close to what Garlick "took" out of the company though
He didn't take anything out of the company.

He received a fair amount of money for his stake in the business.
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Re: Is Pace on a salary?

Post by jtv » Sun May 02, 2021 10:14 pm

KRBFC wrote:
Sun May 02, 2021 7:07 pm
The club could've bought Harry Kane and paid him for years with the money used to buy new owners.

We spent £120M of the clubs money on new owners, yet we were scraping the bottom of the barrel in the transfer windows.
How many times do you need to repeat this?

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Re: Is Pace on a salary?

Post by Burnleyareback2 » Sun May 02, 2021 10:41 pm

GodIsADeeJay81 wrote:
Sun May 02, 2021 10:05 pm
He didn't take anything out of the company.

He received a fair amount of money for his stake in the business.
After sections of the fan base wanting him out of the club.

He took a risk when he put his money in and got a return years later- I don’t understand why this is an issue for some fans.
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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Sun May 02, 2021 11:02 pm

jtv wrote:
Sun May 02, 2021 10:14 pm
How many times do you need to repeat this?
Until others start to believe his diatribe..

Repeat a lie often enough and others will think its true.
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Re: Is Pace on a salary?

Post by jojomk1 » Sun May 02, 2021 11:08 pm

Pretty sure Mike Garlick was taking a salary when his title changed to "Executive Chairman" last year, and any monies should show in next years accounts if so

Have Pace and his partners relocated to this country without any renumeration - seems unlikely

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Re: Is Pace on a salary?

Post by Rileybobs » Sun May 02, 2021 11:18 pm

jojomk1 wrote:
Sun May 02, 2021 11:08 pm
Pretty sure Mike Garlick was taking a salary when his title changed to "Executive Chairman" last year, and any monies should show in next years accounts if so
How are you pretty sure, out of interest?

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Re: Is Pace on a salary?

Post by NewClaret » Sun May 02, 2021 11:21 pm

On Garlick, pretty sure he did “take out” of the club by using its cash to buy his shares. I think the issue some fans have with that, including myself, is that appears to have been at the expense of investing in the squad. Other than that, I have no issue with his shares increasing in value and earning him a fortune - he’s earned that for sure.

On Pace, I could not care less if he earns a salary or what it is, providing he invests properly in the club both on and off the pitch.

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Re: Is Pace on a salary?

Post by Chester Perry » Sun May 02, 2021 11:21 pm

Stop this nonsense - I have broken my weekend's radio silence to put an end to these blatant untruths. it close to being libellous
KRBFC wrote:
Sun May 02, 2021 7:07 pm
The club could've bought Harry Kane and paid him for years with the money used to buy new owners.

We spent £120M of the clubs money on new owners, yet we were scraping the bottom of the barrel in the transfer windows.
The common story has it that the former directors have been paid £102m so far with a reported £12m+ of that coming from the incoming directors, with circa £60m in loans from MSD and circa £30m in loans from the club
jojomk1 wrote:
Sun May 02, 2021 11:08 pm
Pretty sure Mike Garlick was taking a salary when his title changed to "Executive Chairman" last year, and any monies should show in next years accounts if so

Have Pace and his partners relocated to this country without any renumeration - seems unlikely
Mike Garlick became Executive Chairman in December 2019/January 2020 - The accounts published recently ran from 1st July 2019 until July 31st 2020 - there was no director pay in those accounts, no dividends either
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Re: Is Pace on a salary?

Post by Bin Ont Turf » Sun May 02, 2021 11:34 pm

Joe14 wrote:
Sun May 02, 2021 9:00 pm
He’s in £18 per hour with a £2 bonus if we score
Disgusting!

Minimum wage in this country is £8.91 an hour.

Pace out!

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Re: Is Pace on a salary?

Post by bf2k » Sun May 02, 2021 11:35 pm

Chester Perry wrote:
Sun May 02, 2021 11:21 pm
Stop this nonsense - I have broken my weekend's radio silence to put an end to these blatant untruths. it close to being libellous



The common story has it that the former directors have been paid £102m so far with a reported £12m+ of that coming from the incoming directors, with circa £60m in loans from MSD and circa £30m in loans from the club



Mike Garlick became Executive Chairman in December 2019/January 2020 - The accounts published recently ran from 1st July 2019 until July 31st 2020 - there was no director pay in those accounts, no dividends either
Stop it Chester. Don’t mess with peoples dilutions.

It seems people want the new owners to fail even before they’ve started.

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Re: Is Pace on a salary?

Post by Burnleyareback2 » Sun May 02, 2021 11:39 pm

tarkys_ears wrote:
Sun May 02, 2021 9:18 pm
He'll be on dividends

Probably nowhere close to what Garlick "took" out of the company though
Thought it was pretty clear, maybe i missed something. He agreed to sell for a price to ALK and they paid him. ALK paid him using money from a club that they now own.

Garlick took money out of ALK.

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Re: Is Pace on a salary?

Post by Bin Ont Turf » Sun May 02, 2021 11:40 pm

GodIsADeeJay81 wrote:
Sun May 02, 2021 11:02 pm
Until others start to believe his diatribe..

Repeat a lie often enough and others will think its true.
Needs to stop thinking that Football Manager on the Xbox is real.
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Re: Is Pace on a salary?

Post by HunterST_BFC » Sun May 02, 2021 11:41 pm

He is paid Pacemeal...


.............gets coat.....................sorry.

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Re: Is Pace on a salary?

Post by aggi » Mon May 03, 2021 12:26 am

jojomk1 wrote:
Sun May 02, 2021 11:08 pm
Pretty sure Mike Garlick was taking a salary when his title changed to "Executive Chairman" last year, and any monies should show in next years accounts if so
It was weird how this seemed to be the accepted wisdom. Nothing at the time to suggest it was the case and obviously now it's categorically not true.

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Re: Is Pace on a salary?

Post by dsr » Mon May 03, 2021 12:29 am

Burnleyareback2 wrote:
Sun May 02, 2021 11:39 pm
Thought it was pretty clear, maybe i missed something. He agreed to sell for a price to ALK and they paid him. ALK paid him using money from a club that they now own.

Garlick took money out of ALK.
That's not the point. I think we all accept that the club had a very large pot of cash that could have been used for signing players and is now not available for use for signing players because it is in Mike Garlick's bank account.

And I think we all know that Mike Garlick signed the deal as a director of Burnley FC that the money should leave the club and go to Alan Pace's organisation, and that Mike Garlick signed the deal as shareholder that the money should come into Mike Garlick's account out of Alan Pace's organisation, and that Mike Garlick acting for both sides knew all along that the money in the club account would be transferred into his own account, and he was happy with that.

But GiaDJ's point is that the bank transfer that put the money into Garlick's account was signed by Pace. That is the crucial, and possibly only, relevant factor as far as he is concerned. All the rest is just detail.
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Re: Is Pace on a salary?

Post by Burnleyareback2 » Mon May 03, 2021 1:03 am

dsr wrote:
Mon May 03, 2021 12:29 am
That's not the point. I think we all accept that the club had a very large pot of cash that could have been used for signing players and is now not available for use for signing players because it is in Mike Garlick's bank account.

And I think we all know that Mike Garlick signed the deal as a director of Burnley FC that the money should leave the club and go to Alan Pace's organisation, and that Mike Garlick signed the deal as shareholder that the money should come into Mike Garlick's account out of Alan Pace's organisation, and that Mike Garlick acting for both sides knew all along that the money in the club account would be transferred into his own account, and he was happy with that.

But GiaDJ's point is that the bank transfer that put the money into Garlick's account was signed by Pace. That is the crucial, and possibly only, relevant factor as far as he is concerned. All the rest is just detail.
All important details, including large unrest from a section of fans looking for new ownership.

Can’t be a great feeling after years of sustainability when people want you out.

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Re: Is Pace on a salary?

Post by Newcastleclaret93 » Mon May 03, 2021 6:48 am

GodIsADeeJay81 wrote:
Sun May 02, 2021 11:02 pm
Until others start to believe his diatribe..

Repeat a lie often enough and others will think its true.
How is it a lie? As quite a few posters have alluded to, it is very possible ALK have not put any of there own money into the club.

Whatever the finances show next season, one thing that is certain is ALK has cost this club a substantial amount of money.

His figures might not be 100% accurate (they also could be) but the sentiment is accurate.

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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Mon May 03, 2021 7:17 am

dsr wrote:
Mon May 03, 2021 12:29 am
That's not the point. I think we all accept that the club had a very large pot of cash that could have been used for signing players and is now not available for use for signing players because it is in Mike Garlick's bank account.

And I think we all know that Mike Garlick signed the deal as a director of Burnley FC that the money should leave the club and go to Alan Pace's organisation, and that Mike Garlick signed the deal as shareholder that the money should come into Mike Garlick's account out of Alan Pace's organisation, and that Mike Garlick acting for both sides knew all along that the money in the club account would be transferred into his own account, and he was happy with that.

But GiaDJ's point is that the bank transfer that put the money into Garlick's account was signed by Pace. That is the crucial, and possibly only, relevant factor as far as he is concerned. All the rest is just detail.
Legally that is the crucial point.
I'm not the one sat here stating Garlick used the club as a piggy bank, intentionally stopped the club spending on players and took money directly out of the club for his own personal gain, because that's libellous and quite frankly stupid.

Nor am I sat here throwing out figures that are false, because personally I'd rather wait for the accounts to be released but Chester has also given a better break down of the numbers and who's paid what.

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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Mon May 03, 2021 7:21 am

Newcastleclaret93 wrote:
Mon May 03, 2021 6:48 am
How is it a lie? As quite a few posters have alluded to, it is very possible ALK have not put any of there own money into the club.

Whatever the finances show next season, one thing that is certain is ALK has cost this club a substantial amount of money.

His figures might not be 100% accurate (they also could be) but the sentiment is accurate.
He knows his figures aren't accurate, but he doesn't care and he's just an idiot throwing numbers out there with zero facts to support it which potentially puts both himself and this forum at risk.

I'm aware you'll support whatever he says over anything I could say, that's been made perfectly clear before when you got more upset over me questioning his intelligence than his original insult aimed at me.

Chester has given a more likely breakdown of the figures, but seemingly you've skimed right past that comment in effort to get outraged at me.

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Re: Is Pace on a salary?

Post by Newcastleclaret93 » Mon May 03, 2021 7:40 am

GodIsADeeJay81 wrote:
Mon May 03, 2021 7:21 am
He knows his figures aren't accurate, but he doesn't care and he's just an idiot throwing numbers out there with zero facts to support it which potentially puts both himself and this forum at risk.

I'm aware you'll support whatever he says over anything I could say, that's been made perfectly clear before when you got more upset over me questioning his intelligence than his original insult aimed at me.

Chester has given a more likely breakdown of the figures, but seemingly you've skimed right past that comment in effort to get outraged at me.
I’m not outraged. Just think it’s a bit of a leap to say it’s a lie.

As Chester has highlighted the takeover has cost the club a minimum of 90m to date. Not exactly miles away from the figures the poster quoted is it.

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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Mon May 03, 2021 8:08 am

Newcastleclaret93 wrote:
Mon May 03, 2021 7:40 am
I’m not outraged. Just think it’s a bit of a leap to say it’s a lie.

As Chester has highlighted the takeover has cost the club a minimum of 90m to date. Not exactly miles away from the figures the poster quoted is it.
Krbfc has claimed its cost the club £120 million, its an outright lie.

You can't, or refuse, to see that so let's just end this chat here, I'd rather spend my time chatting to the pidgeon in the car park next to me.

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Re: Is Pace on a salary?

Post by Newcastleclaret93 » Mon May 03, 2021 8:12 am

GodIsADeeJay81 wrote:
Mon May 03, 2021 8:08 am
Krbfc has claimed its cost the club £120 million, its an outright lie.

You can't, or refuse, to see that so let's just end this chat here, I'd rather spend my time chatting to the pidgeon in the car park next to me.
Do you know for 100% certain that it hasn’t cost the club that much?

Unless you do then you can’t call it a lie.

Have fun in the park.

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Re: Is Pace on a salary?

Post by Burnley1989 » Mon May 03, 2021 11:20 am

:lol: I would think so, that’s how business works

I do wonder the age of posters who ask questions like that
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Re: Is Pace on a salary?

Post by NewClaret » Mon May 03, 2021 12:42 pm

GodIsADeeJay81 wrote:
Mon May 03, 2021 7:17 am
Nor am I sat here throwing out figures that are false, because personally I'd rather wait for the accounts to be released but Chester has also given a better break down of the numbers and who's paid what.
I think that’s the key point in this debate. None of us know the numbers involved and won’t for a while, so pretty pointless taking one view or other until we know. It’ll likely be several years both because of the delays in publishing accounts and because the deal is not yet concluded - we may well need more debt/inter company loans to buy the remaining shares if we can’t secure new investment.

The initial signs don’t look great to be honest, but I still hold out hope that the deal struck will end up being better than feared/reported. Garlick was very vocal about finding the right investors to take the club forward and I can’t imagine that involves saddling the club with huge debt or taking substantial amounts of its cash without plans to replace it somehow.

Plus CT is pretty quiet on the subject which suggests he might know a little bit more about the plans than is available to the wider fanbase.

Either way though, we’ve had a good few years of under investment in playing staff and now have Tarks/Dyche entering the final years of their contracts to top off a threadbare squad, so going back to the OP, whatever salary AP is taking is irrelevant to me - it’s all about what he does to earn it - and boy he’s going to need to earn it over the coming few months.

I see the players busting their balls week in week out on the pitch and my hope is that the folk in the boardroom are working just as hard to take the club forward. If they are that’s all I can ask.

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Re: Is Pace on a salary?

Post by Duffer_ » Mon May 03, 2021 1:49 pm

Burnley1989 wrote:
Mon May 03, 2021 11:20 am
:lol: I would think so, that’s how business works

I do wonder the age of posters who ask questions like that
I assume you have considered the tax implications of salaries versus dividends for director shareholders? The relevant tax rate on dividends and income tax, the impact on corporation tax and national insurance contributions, and factored in that ALK own 84% of equity?

:lol: I would think so, that's how business works.

I do wonder the financial sophistication of posters who are so dismissive of others

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Re: Is Pace on a salary?

Post by Paul Waine » Mon May 03, 2021 2:22 pm

jojomk1 wrote:
Sun May 02, 2021 11:08 pm
Pretty sure Mike Garlick was taking a salary when his title changed to "Executive Chairman" last year, and any monies should show in next years accounts if so

Have Pace and his partners relocated to this country without any renumeration - seems unlikely
Hi jojomk1, the accounts for the 13 months to 31st July 2020 have already been published. We know from these accounts that Mike Garlick has not been paid from the time when he took on the role of "Executive Chairman" for the period up to 31st July 2020. Theoretically, that leaves a 5 months period from 31st July up to the day he stopped being Executive Chairman and agreed the sale of most of his shares. Yes, we will have to wait until the next set of accounts are filed to learn if MG took a salary for this 5 months period.

As for Alan Pace and his ALK Capital colleagues, they've just bought themselves a Premier League football club, valuing that club at £170 million. (Yes, if some of the media reports are accurate, they may have only paid £102 million of that, so far, and maybe they've borrowed some of that £102 million). If I'd spent that sort of money to buy a football club, I'd consider it sufficient reason to want to relocate to be near that football club. Taking a salary would be "neither here nor there" in the big scheme of things: I've bought the club, I want the club to be successful, including both on the field success and financial success: if I don't achieve on the field success, most likely, I also will not achieve financial success.

Just like none of the us who post on this mb, nor any of the other BFC fans, were involved in any decision about whether Mike Garlick should receive a salary or any other financial rewards from the club, so we won't have a role in deciding if the club should pay Alan Pace and his colleagues a salary. I'm sure they can work it out for themselves.

Exciting times.

UTC

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Re: Is Pace on a salary?

Post by dsr » Mon May 03, 2021 2:23 pm

Duffer_ wrote:
Mon May 03, 2021 1:49 pm
I assume you have considered the tax implications of salaries versus dividends for director shareholders? The relevant tax rate on dividends and income tax, the impact on corporation tax and national insurance contributions, and factored in that ALK own 84% of equity?

:lol: I would think so, that's how business works.

I do wonder the financial sophistication of posters who are so dismissive of others
I suspect the UK tax rates are of only marginal significance. The bulk of the money leaving the club will be by way of loan to the parent company ALK capital, which is probably not a tax event at all. What happens to the money when it leaves ALK Capital will be subject to that company's own local tax rules.

Burnley FC won't be paying dividends, I wouldn't have thought, for the same reason that Garlick structured the deal the way he did. Garlick didn't want to share his windfall with the minority shareholders; nor will Pace. However the payouts are structured, they will be all for Pace and ALK, nothing for the other shareholders.

If Pace has made any comment on his intentions for the club cash, I haven't heard it. His statements so far amount to no more than "it'll be all right". But bear in mind that he is an American investor, and Americans invest in sports clubs because they want to make money. This isn't a vanity project or a hobby. Pace wants to make money out of BFC, which he can only do by either selling for more than he bought, or by taking the profits. I suspect the latter. I am willing to listen to him if he ever makes any comments about this matter - he hasn't so far.

Paul Waine
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Re: Is Pace on a salary?

Post by Paul Waine » Mon May 03, 2021 2:57 pm

Newcastleclaret93 wrote:
Mon May 03, 2021 8:12 am
Do you know for 100% certain that it hasn’t cost the club that much?

Unless you do then you can’t call it a lie.

Have fun in the park.
Hi Newcastle, I'm not sure if anyone has answered your question. If the reports in the media are (reasonably) accurate, then, yes, we do know that it hasn't cost the club £120 million for the previous board of directors, led by Mike Garlick to sell the club to Alan Pace and his ALK Capital colleagues.

Let's start with the reports that, so far, ALK have paid £102 million for the shares they've bought, with a further amount not yet paid owed to MG and JB. These further amounts are reported to have been split into 3 instalments and, if not paid, ALK hand the club back to MG and JB. I don't think we've been told what the triggers for the 3 instalments becoming due. I suspect that the first one will become due when BFC finish this season in any position better than 18th.

Then there are reports that ALK have borrowed £60 million from MSD. There's a lot of information that supports these reports, including the charges registered in the club's assets. However, it's not confirmed that the purpose of the loans was to enable ALK to buy the club. Some or all of this money could include funds to add to the squad.

Then there are reports that a large cash balance held on the club's balance sheet at 31st July last year has also been used by ALK to pay part of the £102 million paid, so far. We know that part of the cash was the 2020/21 tv money received by the club in July. We know that this money, if this had been a normal year, would have been used to pay the players and other club staff. As there's been no match day income this season, even more of the tv money would be required to meet all the club's expenses. So, maybe there was some spare that has been able to be part of ALK's cash flow to buy their shares.

Cost of MSD loan, if we assume that all the cost is the responsibility of the club and no one else, lets say £7 million per year (£60 million at 9% interest).

Cost of cash loaned by club to ALK? Let's say £50 million loaned. Let's say worst case ALK do not repay that loan and do not pay interest on that loan, so £50 million. But, if we assume that ALK do repay the loan because the club needs the money for other purposes then the cost of this loan is £ NIL.

We can take our pick. The club is owned by Alan Pace and his ALK colleagues. They need the club to be successful - and, we can assume, therefore, that they want the club to be successful. We also want the club to be successful.

Exciting times.

UTC

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Re: Is Pace on a salary?

Post by BurnleyFC » Mon May 03, 2021 3:11 pm

dsr wrote:
Mon May 03, 2021 12:29 am
That's not the point. I think we all accept that the club had a very large pot of cash that could have been used for signing players and is now not available for use for signing players because it is in Mike Garlick's bank account.

And I think we all know that Mike Garlick signed the deal as a director of Burnley FC that the money should leave the club and go to Alan Pace's organisation, and that Mike Garlick signed the deal as shareholder that the money should come into Mike Garlick's account out of Alan Pace's organisation, and that Mike Garlick acting for both sides knew all along that the money in the club account would be transferred into his own account, and he was happy with that.

But GiaDJ's point is that the bank transfer that put the money into Garlick's account was signed by Pace. That is the crucial, and possibly only, relevant factor as far as he is concerned. All the rest is just detail.
Absolutely correct.

The fact of the matter is that the deal stinks, and doesn’t reflect well on either Garlick or ALK.

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Re: Is Pace on a salary?

Post by Burnley1989 » Mon May 03, 2021 4:06 pm

Duffer_ wrote:
Mon May 03, 2021 1:49 pm
I assume you have considered the tax implications of salaries versus dividends for director shareholders? The relevant tax rate on dividends and income tax, the impact on corporation tax and national insurance contributions, and factored in that ALK own 84% of equity?

:lol: I would think so, that's how business works.

I do wonder the financial sophistication of posters who are so dismissive of others
I don’t need to consider anything, I just know he will be taking a salary, that’s what I said.

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Re: Is Pace on a salary?

Post by IanMcL » Mon May 03, 2021 4:21 pm

GodIsADeeJay81 wrote:
Sun May 02, 2021 10:05 pm
He didn't take anything out of the company.

He received a fair amount of money for his stake in the business.
You can put it any way you like. It still amounts to a huge increment on his stake, funded from club funds.

Just like Glasers!

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Re: Is Pace on a salary?

Post by tim_noone » Mon May 03, 2021 4:25 pm

aggi wrote:
Mon May 03, 2021 12:26 am
It was weird how this seemed to be the accepted wisdom. Nothing at the time to suggest it was the case and obviously now it's categorically not true.
You dont put everything in't shop Window.

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Re: Is Pace on a salary?

Post by dsr » Mon May 03, 2021 4:38 pm

Paul Waine wrote:
Mon May 03, 2021 2:57 pm
Then there are reports that ALK have borrowed £60 million from MSD. There's a lot of information that supports these reports, including the charges registered in the club's assets. However, it's not confirmed that the purpose of the loans was to enable ALK to buy the club. Some or all of this money could include funds to add to the squad.

Then there are reports that a large cash balance held on the club's balance sheet at 31st July last year has also been used by ALK to pay part of the £102 million paid, so far. We know that part of the cash was the 2020/21 tv money received by the club in July. We know that this money, if this had been a normal year, would have been used to pay the players and other club staff. As there's been no match day income this season, even more of the tv money would be required to meet all the club's expenses. So, maybe there was some spare that has been able to be part of ALK's cash flow to buy their shares.

Cost of MSD loan, if we assume that all the cost is the responsibility of the club and no one else, lets say £7 million per year (£60 million at 9% interest).

Cost of cash loaned by club to ALK? Let's say £50 million loaned. Let's say worst case ALK do not repay that loan and do not pay interest on that loan, so £50 million. But, if we assume that ALK do repay the loan because the club needs the money for other purposes then the cost of this loan is £ NIL.
So to sum up:

Before the takeover, the club had £50m in the bank and no liabilities. And no interest to pay next year.

After the takeover, the club has no spare cash and owes £60m, but has the possibility that the owners might have £110m in the bank if they haven't used it to pay Garlick. £7m of next year's income is to pay interest.

Exciting times indeed. It's exciting like driving downhill in the snow on an unfenced road.

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Re: Is Pace on a salary?

Post by GodIsADeeJay81 » Mon May 03, 2021 4:40 pm

IanMcL wrote:
Mon May 03, 2021 4:21 pm
You can put it any way you like. It still amounts to a huge increment on his stake, funded from club funds.

Just like Glasers!
I'm stating legal facts, not unverified garbage which is apparently accepted from some people on here :roll:

Garlick worked hard to operate the club in a sensible manner and has been rewarded for that work.

It isn't the business of the fans how he gets paid, we should be grateful he was here, appreciate what he did and look to the future.

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Re: Is Pace on a salary?

Post by aggi » Mon May 03, 2021 5:41 pm

tim_noone wrote:
Mon May 03, 2021 4:25 pm
You dont put everything in't shop Window.
And of course the conspiracy theorists who like to hint that there's some kind of fraud going on.

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