Burnley Football Club - first accounts under ALK

[aggi]

So after looking over the accounts, have we gotten past the concern that 'evil American' owners were setting this up as a giant scheme to steal all of the club's funds and then head off back to Utah leaving the supporters holding the bag yet?

Because I have to say as an American supporter who's never even visited Burnley, that was certainly the feeling I got from some posters on here and I have to say, it annoyed me.

Not everyone here to be sure, or even the majority by quite a long ways, but enough that it wasn't a lone conspiracy theorist either.

I mean they haven't stolen all of the club's funds but they have taken £70m and intend to take another £40m so you can understand why some people aren't fully on board with that.

[Chester Perry]

I mean they haven't stolen all of the club's funds but they have taken £70m and intend to take another £40m so you can understand why some people aren't fully on board with that.

for my own benefit - in my apparently confused state this evening

Is that £70m from Burnley Football and Athletic Club Limited but £114.8m overall when including Burnley FC Holdings Limited.

Not forgetting that Burnley Football and Athletic Club has paid close to £10m in interest, £20m in forced capital repayment and probably circa £15m+ (with penalties) in an optional capital repayment (August 2022) to MSD.

Also that Burnley Football and Athletic Club are now liable to pay a new lender (Macquarie according to The Athletic) £2,981,134,350 per year for an unspecified period.

[Chester Perry]

for my own benefit - in my apparently confused state this evening

Is that £70m from Burnley Football and Athletic Club Limited but £114.8m overall when including Burnley FC Holdings Limited.

Not forgetting that Burnley Football and Athletic Club has paid close to £10m in interest, £20m in forced capital repayment and probably circa £15m+ (with penalties) in an optional capital repayment (August 2022) to MSD.

Also that Burnley Football and Athletic Club are now liable to pay a new lender (Macquarie according to The Athletic) £2,981,134.35 per year for an unspecified period.

I said I was in an apparently confused state

[aggi]

for my own benefit - in my apparently confused state this evening

Is that £70m from Burnley Football and Athletic Club Limited but £114.8m overall when including Burnley FC Holdings Limited.

Not forgetting that Burnley Football and Athletic Club has paid close to £10m in interest, £20m in forced capital repayment and probably circa £15m+ (with penalties) in an optional capital repayment (August 2022) to MSD.

Also that Burnley Football and Athletic Club are now liable to pay a new lender (Macquarie according to The Athletic) £2,981,134,350 per year for an unspecified period.

It was a fairly flippant back of fag packet calculation.

The debtor upwards is ~£110m. That's made up of £70m of cash balances (original cash reserves and repaid loan) and £40m loan funded (roughly).

As you say, there are some extra amounts if you want to be properly accurate.

[Chester Perry]

It was a fairly flippant back of fag packet calculation.

The debtor upwards is ~£110m. That's made up of £70m of cash balances (original cash reserves and repaid loan) and £40m loan funded (roughly).

As you say, there are some extra amounts if you want to be properly accurate.

Thank you - I wasn't digging in any way - just looking for confirmation of my understanding from someone I have learned from (and continue to learn from) repeatedly. As ever your patience with me is much appreciated,

[dsr]

So after looking over the accounts, have we gotten past the concern that 'evil American' owners were setting this up as a giant scheme to steal all of the club's funds and then head off back to Utah leaving the supporters holding the bag yet?

Because I have to say as an American supporter who's never even visited Burnley, that was certainly the feeling I got from some posters on here and I have to say, it annoyed me.

Not everyone here to be sure, or even the majority by quite a long ways, but enough that it wasn't a lone conspiracy theorist either.

If you can provide a link to anyone who talked about evil Americans, by all means do so. The search function should help you out if such posts exist.

My memory is that people in general, and certainly me, had doubts about leveraged buyouts from any nationality. But more specifically, my doubts about American oweners are not to do with being American per se, but that American sports club owners expect to take out large profits from the club. As these accounts have shown - £1.5m in fees, and £3m more interest that the club has paid so that the owners can borrow it interest free.

There is general outrage about West Brom who are struggling to pay debts because their owner has borrowed £5m to pay his own debts. Our owners have borrowed 23 times as much. Will we ever get it back?

[scouseclaret]

It's the money owed to us for transfers that worries me. I hope Everton don't owe us much as, if they go down, they might be a bit skint.

It’s ok - we can take Tarkowski back to cover the outstanding debt on McNeil.

[Duffer_]

It’s ok - we can take Tarkowski back to cover the outstanding debt on McNeil.

To do what though? Lace up Beyer and Al-Dakhil's boots? The future is bright at CB.

[ClaretPete001]

To do what though? Lace up Beyer and Al-Dakhil's boots? The future is bright at CB.

Have we bought Beyer...?

[ClaretPete001]

No apologies whatsoever, only an idiot thinks spending a £110 million on shares is a good idea.