ALK Capital or Farnell/Elkashashy takeover

[ClaretPete001]

Isn't that where true wisdom lies

We are actually getting to the stage where we are beginning to know what it is that we don't know about all of this saga

True

[Chester Perry]

That Bloomberg article is a very old one I think

FWIW - the initial £170m transaction (as reported up this thread) was all paid up on June 7 2023, by the end of that month both Mike G and John B had sold their remaining shares to ALK/VSL who also sanctioned (under the terms of their ringfence agreement) the share purchase made by Vladimir Torgovnik

Correction

The final stage payment of circa £21m was made on July 7 2023 not June - that payment was (like all the others) late, being due on June 30 2023,

What is interesting is that on June 29 2023 Mike G and John B likely received £18m+ for their remaining shares, a situation that may have contributed to the delay in the final stage payment, directly impacting the 5 other original sellers.

[bfc8]

Correction

The final stage payment of circa £21m was made on July 7 2023 not June - that payment was (like all the others) late, being due on June 30 2023,

What is interesting is that on June 29 2023 Mike G and John B likely received £18m+ for their remaining shares, a situation that may have contributed to the delay in the final stage payment, directly impacting the 5 other original sellers.

You mentioned the 90.04% holding recently, do you think they'll go for 100% as they're now over the 90% threshold ?

[aggi]

"FWIW - the initial £170m transaction (as reported up this thread) was all paid up on June 7 2023" - is that actually true CP?

Haven't we borrowed from other lenders and also against future incomes?

In other words, if someone inferred from the above that ALK have paid off £170 million quid's worth of debt from the balance sheet would that be true?

Do we know Vladimir Torgovnik has purchased those shares or that his is the name on the document from Companies House?

I don't think Chester has answered this but I'm 99% certain that what he is referring to is that the old owners (Garlick, John B, etc) are all paid. Not that the various intercompany loans that were used for part of the purchase has been cleared.

The Vladimir Torgovnik bit is an interesting one.

The company is certainly related to him. Whether it is just him or he's just the contact or what then we don't know (the entity is conveniently registered in Delaware for full opaqueness). It's not a new vehicle just for this share ownership, it's been going for a number of years.

As well as him being the contact for CJA NYC ELEMENT LLC he is also involved in CJA Investments LLC, the common CJA name between those is a bit too obvious to ignore (these people with nice unique names make stuff a lot easier), who did some property development in New Jersey (building a "soccer" centre coincidentally)

https://eu.mycentraljersey.com/story/ne ... 508626001/

Screenshot 2023-10-23 121700.jpg (96.03 KiB) Viewed 9005 times

This doesn't really tell us much though other than he does a bit more than just working as a CIO, no clues as to where the money is coming from (or even if he/the entity paid for those shares). I did make the point somewhere way back was that it seemed unlikely that he was coming here as salaried given the amount we'd be able to pay him compared to what he could earn elsewhere and wondered if some equity would be involved.

The main intriguing thing, for me, is that this shareholding is down the chain in BFC Holdings rather than further up.

[aggi]

And in a bit of things coming full circle news, Vlad Torgovnik's son was an intern at AI Scout last year and CJA NYC ELEMENT LLC owns a number of shares in them.

[Chester Perry]

You mentioned the 90.04% holding recently, do you think they'll go for 100% as they're now over the 90% threshold ?

In essence they don't have too, that can be just as easily carried out by the next owner when they flip it - the important thing from a selling perspective is that the option is now in place

Also don't forget there is still the ringfence purchase agreement on the remaining shares of the other five original sellers - that is 1,726 shares which would take the holding up to a tiny fraction shy of a 91.5% holding in the club

[Chester Perry]

And in a bit of things coming full circle news, Vlad Torgovnik's son was an intern at AI Scout last year and CJA NYC ELEMENT LLC owns a number of shares in them.

Actually a bigger holding than ALK at 62.526 Class B (non voting) shares vs 46,895 Class B Shares

It is also worth noting that Ai Scout owner Project 23rd Century Ltd has commenced another funding round recently and also taken on a loan with a view to convert to equity with another group called Cornerkick2 LLC - The interest in Ai Scout in the US Investment community keeps growing

[Chester Perry]

I don't think Chester has answered this but I'm 99% certain that what he is referring to is that the old owners (Garlick, John B, etc) are all paid. Not that the various intercompany loans that were used for part of the purchase has been cleared.

The Vladimir Torgovnik bit is an interesting one.

The company is certainly related to him. Whether it is just him or he's just the contact or what then we don't know (the entity is conveniently registered in Delaware for full opaqueness). It's not a new vehicle just for this share ownership, it's been going for a number of years.

As well as him being the contact for CJA NYC ELEMENT LLC he is also involved in CJA Investments LLC, the common CJA name between those is a bit too obvious to ignore (these people with nice unique names make stuff a lot easier), who did some property development in New Jersey (building a "soccer" centre coincidentally)

https://eu.mycentraljersey.com/story/ne ... 508626001/



Screenshot 2023-10-23 121700.jpg

This doesn't really tell us much though other than he does a bit more than just working as a CIO, no clues as to where the money is coming from (or even if he/the entity paid for those shares). I did make the point somewhere way back was that it seemed unlikely that he was coming here as salaried given the amount we'd be able to pay him compared to what he could earn elsewhere and wondered if some equity would be involved.

The main intriguing thing, for me, is that this shareholding is down the chain in BFC Holdings rather than further up.

It is the thing that shouts out to me too - it maybe that with all the commitments at that point in time they need someone to help them out and this is the only way that help would play - the key is the seat on the board, not many in Velocity Sports Partners LLC would be able to demand that given the share structure in Velocity Sports Limited (Jersey)

[bfc8]

In essence they don't have too, that can be just as easily carried out by the next owner when they flip it - the important thing from a selling perspective is that the option is now in place

Also don't forget there is still the ringfence purchase agreement on the remaining shares of the other five original sellers - that is 1,726 shares which would take the holding up to a tiny fraction shy of a 91.5% holding in the club

Wonder how much a white knight would have to pay to get 100% of bfc paying off the shareholders, bank loans, iou's, etc, suppose depends where the club is next summer, PL or Champ, say £240m PL and £120m Champ.
A cash buyer who takes the club private but also sets out a clear balance sheet and revenue account.
Get rid of all the intrigue about the finances

[Chester Perry]

Wonder how much a white knight would have to pay to get 100% of bfc paying off the shareholders, bank loans, iou's, etc, suppose depends where the club is next summer, PL or Champ, say £240m PL and £120m Champ.
A cash buyer who takes the club private but also sets out a clear balance sheet and revenue account.
Get rid of all the intrigue about the finances

It comes down to how much profit you think ALK/VSL are looking to make - I have heard a number of different people talking about £50m or so - I think they believe that they can make at least £300m to £500m profit within 10 years, possibly more - they are not the only American Investors who see this for teams in the lucky 25-28 that will regularly be part of the Premier League. I will say it is not just American Investors that believe in this kind of value growth there are a number of European advisors strongly arguing the same, as per the Unofficial Partner Podcast I posted on the MMT last week, where reference to Burnley FC and conversations had with Alan Pace featured significantly.

I have been lauding the Unofficial Partner Podcast for years now - and it is still at the forefront of thinking and discussion in the sports/media/tech arena - This series on the squeezed middle is extremely good and so much is relevant to our club and how it has operated previously and to a large extent to how it is still operating.

This weeks episode in the series is just as insightful

UP348 The Squeezed Middle - The Valuation Question
https://www.unofficialpartner.com/podca ... n-question

the blurb

Unofficial Partner|10/17/2023
This is part of our Squeezed Middle series on the strategic options available to the people running professional sport.
The focus in this episode is the impact of those choices on the commercial income and capital value of sports teams, leagues and federations.
Our guests are Ben Wells and Andrew Umbers.
Ben is CEO of PTI Digital, the strategy and technology consultancy.
Andrew is co-founder and partner of Oakwell Sports Advisory, the leading strategic and financial advisor in sports and sports technology. Andrew was formerly MD at Credit Suisse and more recently, he served as Chairman at Leeds United.

You can hear the previous episodes in the Squeezed Middle series by searching Unofficial Partner in Apple, Spotify or your favourite podcast app.

What is the Squeezed Middle?
There is a small global elite of sports rights holders which are doing just fine. Billions of dollars in media revenue chases must-see content, from the NFL in the US, Premier League in England, the IPL in India through to the major quadrennial extravaganzas such as Olympics and World Cups.

Likewise, there are clubs and institutions in the lower reaches of the sporting pyramid for whom not much has changed and who cut their cloth according to the local demand for traditional revenue generators such as sponsorship, match day tickets and merchandise.

It's the middle of the market where much of the pain is being felt.

The situation was described in a recent essay by our guest Ben Wells (here - The Squeezed Middle and Sport’s Commercial Rethink https://www.ptidigitalgroup.com/2023/06 ... l-rethink/):
'Economic crises tend to cause money to move in one of two ways: to quality or to price. Those in the middle, who are not able to compete on either front, are squeezed.

In the last 12 months, not one major Olympic NGB was able to sign a primary sponsor, with the biggest deal of the year – British Cycling’s tier-two sponsorship with Shell – bringing significant amounts of criticism. In parallel Müller ended its long-running main sponsorship of UK Athletics after seven years. UK Athletics is currently teetering on the brink of bankruptcy.

This isn’t a situation unique to athletics. Headlines in rugby, cricket and the second and third tiers of football report of similar tales of woe – the result of unsustainable commercial models – trying to grow revenues in a business built around live events, which are limited by number and venue capacity and whose cost-bases are rising with rampant inflation – are the norm."

[bfc8]

It comes down to how much profit you think ALK/VSL are looking to make - I have heard a number of different people talking about £50m or so - I think they believe that they can make at least £300m to £500m profit within 10 years, possibly more - they are not the only American Investors who see this for teams in the lucky 25-28 that will regularly be part of the Premier League. I will say it is not just American Investors that believe in this kind of value growth there are a number of European advisors strongly arguing the same, as per the Unofficial Partner Podcast I posted on the MMT last week, where reference to Burnley FC and conversations had with Alan Pace featured significantly.

Think WBA could be worth a punt, £35m for the shares, £25m to cover debts, £60m the lot.

[Chester Perry]

To add to the confusion, Velocity Capital (UK) Holdings Limited has just issued a share for £79,293,574.49.

This company has previously been a bit of a curiosity in the structure. It was set up earlier this year rather than at the time of takeover but didn't seem to do much in terms of ownership of other companies.

The initial shares in the company were bought by Velocity Sports Limited (the Jersey Capital that owns Kettering Capital).

No clue as to who has bought the share. It could be Velocity Sports, it could be Calder Vale (tallying with the money that has come in there) or someone entirely different.

I assume we may soon see a reduction in the Share Premium account which may give further clues.

It is looking like a similar set of additional paperwork we saw at Kettering Capital Limited and Calder Vale Holdings Limited following the capital injection for a single share is now progressing through the works at Companies House for Velocity Capital (UK) Holdings Ltd -the monies probably being moved to a reserve account so tha they can be used as the directors deem appropriate

https://find-and-update.company-informa ... ng-history

[Big Vinny K]

Think WBA could be worth a punt, £35m for the shares, £25m to cover debts, £60m the lot.

Would be a very interesting piece of due diligence given the financial shenanigans the owner has been up to.
One of the loans he took for £2m and failed to repay is at a staggering 5% per month…..that’s around 75% AER !!

Cannot imagine what contingent liabilities there are too.

Parachute money is just finishing also - so what kind of operating loss are they looking at every week ? You are buying this too and you either suck this up and hope they get promoted or you sell players and then how do you get promoted ? Either way you rack up significant losses in the meantime.

More likely scenario for me is administration and the associated points deduction is another reason why potential buyers will be waiting for any fire sale.

There but for the grace of god for Burnley (for now)

[Chester Perry]

It is looking like a similar set of additional paperwork we saw at Kettering Capital Limited and Calder Vale Holdings Limited following the capital injection for a single share is now progressing through the works at Companies House for Velocity Capital (UK) Holdings Ltd -the monies probably being moved to a reserve account so tha they can be used as the directors deem appropriate

https://find-and-update.company-informa ... ng-history

As expected the resolution passed appears to be a mirror of the one used at Kettering Capital Limited - with the same signatories, just dated October 6 2023 (instead of September 21 2023)

seems very likely that other documents will follow in a similar vein to those at Kettering Capita Limited now

https://find-and-update.company-informa ... ng-history

those Kettering Capital Limited documents can be found here - all published on October 6 2023

https://find-and-update.company-informa ... ng-history

[RVclaret]

ALK in talks to buy Dundee / talent share agreement

https://www.dailymail.co.uk/sport/footb ... -side.html

[Chester Perry]

Today marks the nominal period end for the third set of financial reports for both Kettering Capital Limited and Calder Vale Holdings Limited. I say nominal because all things being equal and in good order, we would have expected the period end to move more in line with either ALK/VSL Ownership group reporting (which appears to be December 31st) or perhaps in alignment with the club, given that is the only activity we currently understand these entities are involved with.

Of course things are not in good order for either Kettering Capital or Calder Vale Holdings from a legal standpoint, irrespective of the little identifiable activity from Companies House. Both of these entities, are yet to file first and second sets of accounts which remain considerably overdue. The recent capital injection and more specifically the extensive paperwork directly associated with it has raised a degree of anger and some alarm for multiple shareholders in the club, if the direct correspondence I have received from a number of them is anything to go by.

The concern is the spectre raised by the solvency statements that these entities could be (not will be, the documents appear to be largely generic boilerplate) dissolved within 12 months. In such circumstance it appears plausible that any shareholding in the club could be transferred to the recently formed Velocity Capital (UK) Holdings Ltd along with the associated debt Calder Vale Holdings has to the club. with Kettering Capital and Calder Vale Holdings being dissolved without ever producing a financial report. The first financial report for Velocity Capital is not due for at least another 15 months.

There is recent precedent in the ALK/VSL structure for this scenario - Velocity Sports Partners Limited was dissolved over the summer without ever producing a financial report and at a time its second one was due. The prime differences being that there is no record of significant sums of capital and or debt being registered at Velocity Sports Partners or of that entity having a direct shareholding relationship in the club.

A recent Confirmation statement from Burnley FC Holdings Limited clearly shows that some shares have already been transferred between the Calder Vale and Velocity Capital, with further shares purchased by Velocity Capital from Mike Garlick and John Banaszkiewicz (the remains of their combined shareholding being purchased by Vladimir Torgovnik).

There is currently a thread on the front page where some are praising the club for it's communications and consultation with the season ticket holders, with some even championing the marginalisation of supporters groups and the installation of the F.A.B. as the sole face to face structured engagement with fans (interestingly the Football Supporters Association has a significant number of criticisms of that particular initiative from the Premier League). It appears that a number of those with established involvement in supporters groups are not in receipt of the same direct communications as ordinary fans (even though these individuals are just that). It may be wrong to suggest that this is a deliberate policy of the club (it certainly isn't a new concept - Bob Lord immediately springs to mind as someone who would likely employ such a tactic).

Selective communication and engagement is something that the remaining small shareholders in the club are very familiar with. It is questionable whether ALK/VSL's engagement with it's shareholders meets it's base legal requirement, though there are few, if any, with the means (or will) to actually challenge them via the legal system.

The football authorities (Premier League, EFL, FA) do not appear to regard Kettering Capital or Calder Vale Holdings as being part of the group structure of the club so do not have concerns about their lack of financial reporting or multiple instances of being in receipt of First Gazette notices. Perhaps the prospective Independent regulator for Football will take a different perspective, The governments white paper and the DCMS make clear that football clubs are different to other forms of business and require an additional level of governance, scrutiny and disclosure.

Interestingly various members of the ownership group including Alan Pace have made multiple reference to themselves, being stewards and/or custodians of the club on behalf of the fans and future generations in the last 5 months or so. Some will see this for what it is, positive spin, ALK/VSL are quite good at it. Back in January I wrote an article for the London Clarets with the title 'Custodians no more' it clearly demonstrated that there is no one really left associated with the professional game who can make reasonable claim to the title, and this has been the case for decades, it is one of the reasons why we are now on the bring of having that Independent Regulator for Football.

[bfc8]

An idea.
Once a year each owner writes a piece in the club programme about the finances. For laymen. Should be clear on ownership, shares, debts, profits, losses. The fans then get a vote on how understandable their club's piece is. All the clubs are then compared. It will soon become obvious which owners are open with fans and which aren't. The regulator could usefully take a close look at the latter.

[NewClaret]

Are we any closer to knowing where that £88m & £80m came from or is going to?

[Nori1958]

Are we any closer to knowing where that £88m & £80m came from or is going to?

Plenty of guessing, but in reality, no.

[spt_claret]

The concern is the spectre raised by the solvency statements that these entities could be (not will be, the documents appear to be largely generic boilerplate) dissolved within 12 months. In such circumstance it appears plausible that any shareholding in the club could be transferred to the recently formed Velocity Capital (UK) Holdings Ltd along with the associated debt Calder Vale Holdings has to the club. with Kettering Capital and Calder Vale Holdings being dissolved without ever producing a financial report. The first financial report for Velocity Capital is not due for at least another 15 months.

There is recent precedent in the ALK/VSL structure for this scenario - Velocity Sports Partners Limited was dissolved over the summer without ever producing a financial report and at a time its second one was due. The prime differences being that there is no record of significant sums of capital and or debt being registered at Velocity Sports Partners or of that entity having a direct shareholding relationship in the club.

[.........]


Selective communication and engagement is something that the remaining small shareholders in the club are very familiar with. It is questionable whether ALK/VSL's engagement with it's shareholders meets it's base legal requirement, though there are few, if any, with the means (or will) to actually challenge them via the legal system.

Surely this can't be the case? If that's true wouldn't that mean that we will never know what happened fully with the finances for the first 2 years of ALK's ownership? If that's true what would stop this being repeated with Velocity Capital (UK) Holdings or indeed any number of future companies indefinitely?
Between this and the mystery of money coming in and possibly going out (and I can think of a few benefits when dsr asked why this would occur but I'd rather not speculate), as well as the complete winding up of our scout network to go all in on Kompany's company, there's an awful lot making me uneasy once again about the structure at the club right now. Just after I'd started to settle down about it too.

[Clive 1960]

I'm worried if we go down and don't bounce back at first attempt because of the amount of money we have shelved out .

[Chester Perry]

Stuart Hunt, becomes the first member of the ALK/VSL ownership group to join the board of Clarets in the Community - he moved over to this country full time earlier this year. The club was previously represented by Mark Thompson who left the club in August, Barry Kilby and Mike Garlick remain on the board.

https://find-and-update.company-informa ... ng-history

[ClaretTony]

Stuart Hunt, becomes the first member of the ALK/VSL ownership group to join the board of Clarets in the Community - he moved over to this country full time earlier this year. The club was previously represented by Mark Thompson who left the club in August, Barry Kilby and Mike Garlick remain on the board.

https://find-and-update.company-informa ... ng-history

Isn’t Pace on the community board?

[aggi]

Isn’t Pace on the community board?

Yes, has been for a couple of years.

[Chester Perry]

People will have varying views of Inside Sport's articles - but they have started a new podcast series called - 'Behind the Badge' - the fact there is another long running podcast series of the same name that is reasonably high profile says a lot about Inside Sport).

However, the first episode features Burnley FC Head of Commercial, Markus Mellor, means it could be of interest to us

Burnley FC: From Championship to Premier League
https://www.youtube.com/watch?v=7924Z4xlu64&t=1s

I have not listened to it yet, so tread carefully

[Big Vinny K]

People will have varying views of Inside Sport's articles - but they have started a new podcast series called - 'Behind the Badge' - the fact there is another long running podcast series of the same name that is reasonably high profile says a lot about Inside Sport).

However, the first episode features Burnley FC Head of Commercial, Markus Mellor, means it could be of interest to us

Burnley FC: From Championship to Premier League
https://www.youtube.com/watch?v=7924Z4xlu64&t=1s

I have not listened to it yet, so tread carefully

Just listened to it….nothing really new in there. Bit more context as to our branding strategy and the reach of some of our new sponsors and partners (and now investors) but as said nothing we didn’t know already.
Didn’t hear any specifics re financial numbers and impact but guess they would say it’s too early in the journey for this.

[Chester Perry]

Just listened to it….nothing really new in there. Bit more context as to our branding strategy and the reach of some of our new sponsors and partners (and now investors) but as said nothing we didn’t know already.
Didn’t hear any specifics re financial numbers and impact but guess they would say it’s too early in the journey for this.

Indeed - It should be noted that this was recorded in the week beginning August 21 2023

[Big Vinny K]

Indeed - It should be noted that this was recorded in the week beginning August 21 2023

Yep assumed it was a while ago with how positive they all sounded !!!

[claptrappers_union]

'Not my Dad's Burnley'

Can we have that on a banner?

[ŽižkovClaret]

'Not my Dad's Burnley'

Can we have that on a banner?

You can, just don't you dare try and take it in the ground

[IanMcL]

'Selective communication and engagement is something that the remaining small shareholders in the club are very familiar with' Chester Perry


Does selective mean none?

[NewClaret]

Just listened to that podcast. Thanks for posting CP, made my rowing session in the gym pass a bit quicker.

The Dude Perfect collaboration seems to have gone very quiet. Don’t see them in BFC gear, even reposting stuff these days (not that there’s been a lot of good news to share). Wonder whether that position has changed. A shame as it has such potential but maybe reflective of a very small holding or one that was gifted.

Also sad to remind me about Muric doing Cruyff turns

I’d guess the guy saw loads of Burnley shirts at festivals because lots of people bought it because it was a nice kit - nothing to do with the sponsorship. Nice kits = high sales.

[Vegas Claret]

Just listened to that podcast. Thanks for posting CP, made my rowing session in the gym pass a bit quicker.

The Dude Perfect collaboration seems to have gone very quiet. Don’t see them in BFC gear, even reposting stuff these days (not that there’s been a lot of good news to share). Wonder whether that position has changed. A shame as it has such potential but maybe reflective of a very small holding or one that was gifted.

Also sad to remind me about Muric doing Cruyff turns

I’d guess the guy saw loads of Burnley shirts at festivals because lots of people bought it because it was a nice kit - nothing to do with the sponsorship. Nice kits = high sales.

you aren't looking very hard, loads of stuff albeit subtle - this was 4 hours ago
https://x.com/DudePerfect/status/172267 ... 43419?s=20

[NewClaret]

you aren't looking very hard, loads of stuff albeit subtle - this was 4 hours ago
https://x.com/DudePerfect/status/172267 ... 43419?s=20

Ah, good spot.

I did see that video on insta but didn’t watch it to the end. I basically just flick through the reels (or whatever they’re called) on Insta and don’t see much these days.

Like JJ will promote a game, just re-posting the time zones or whatever, but these guys don’t. But you’re right, maybe I’m not looking hard enough. Subtle is definitely the best approach too - don’t want it ramming down people’s throats.

Anyway, good to see. I was wondering if that wasn’t working/had changed but it seems not.

[Vegas Claret]

Ah, good spot.

I did see that video on insta but didn’t watch it to the end. I basically just flick through the reels (or whatever they’re called) on Insta and don’t see much these days.

Like JJ will promote a game, just re-posting the time zones or whatever, but these guys don’t. But you’re right, maybe I’m not looking hard enough. Subtle is definitely the best approach too - don’t want it ramming down people’s throats.

Anyway, good to see. I was wondering if that wasn’t working/had changed but it seems not.

usually one of them wears something Burnley related from the ones I've seen - I'm not really into their content so don't see much either, JJ is a boss though, he promotes all the time

[Quickenthetempo]

There seemed to be hundreds of Americans in the ground against City, but I can't say I have noticed any since.
Was their a planned trip or something?

[Chester Perry]

Today 'The Price of Football Podcast' released a separate pod of an interview with a lawyer who has made a specialism out of Football Investment and takeovers of football clubs - it doesn't feature our club directly but it is a subject matter that is core to this thread

Interview: Sports lawyer Josh Charalambous, who specialises in club takeover deals
https://podcasts.apple.com/gb/podcast/i ... 0636377595

[aggi]

Looks like the MSD charge on Longside Properties has finally been settled. Not quite sure why that has taken so long.

[Chester Perry]

https://www.lancs.live/sport/football/f ... e-25646266

ALK saying it’s been an admin error which is being resolved

Today we are one year on from the first statement from ALK/VSL about the reasons for their late filing of accounts in their UK businesses, a second statement in February this year put the delay down to newly appointed auditors.

So what is the progress with this 'administration error', we should note that the new auditors, BDO, were appointed some 55 (fiftyfive) weeks ago

ALK Capital Ltd did indeed manage to produce a first set of accounts 11 months late in may of this year, the following month the second set of accounts fell overdue, 3 months later the accounting period was changed (extended by 3 months), Again, they fell overdue but were finally published 2 weeks late. Interestingly these latest ones are fully audited small company accounts with detail of the accounting policies

Velocity Sports Partners Limited was dissolved on May 26 2023 no accounts were ever produced

Kettering Capital Limited has still to produce a first set of accounts which are now over 13 months late and a second set of accounts which are currently 5 months late. Following a capital influx in late September the directors reserved the right to dissolve the company in 12 months - this does not mean that it is a declared intention to do so

Calder Vale Holdings Limited has still to produce a first set of accounts which are now 14 months late and a second set of accounts which are currently 5 months late. Following a capital influx in late September the directors reserved the right to dissolve the company in 12 months - this does not mean that it is a declared intention to do so

Velocity Capital (UK) Holdings Ltd was incorporated on March 24 2023 on October 6 2023 a very specific capital sum was injected into it - £79,293,574.49 - a first set of accounts for the period ending March 31 2024 are due to be published by December 31 2024

[aggi]

I see that Velocity Capital (Uk) Holdings Ltd is now the company that controls Burnley FC Holdings having taken over from Calder Vale Holdings.

Not really sure what this is down to. Pretty sure they are both owned by Velocity Sports in Jersey and Alan Pace seems to have the same ultimate ownership in both so there's no obvious change in the structure.

This does suggest that Kettering Capital and Calder Vale may both be wound up, with possibly a very limited amount of disclosure given what has (or rather hasn't) been filed so far.

[Chester Perry]

I see that Velocity Capital (Uk) Holdings Ltd is now the company that controls Burnley FC Holdings having taken over from Calder Vale Holdings.

Not really sure what this is down to. Pretty sure they are both owned by Velocity Sports in Jersey and Alan Pace seems to have the same ultimate ownership in both so there's no obvious change in the structure.

This does suggest that Kettering Capital and Calder Vale may both be wound up, with possibly a very limited amount of disclosure given what has (or rather hasn't) been filed so far.

Links for those who are interested

https://find-and-update.company-informa ... ng-history

Yes, Velocity Capital (UK) Holdings Ltd is 100% owned by Velocity Sports Limited (Jersey)

The question still remains, will Kettering Capital Limited and Calder Vale Holdings Limited ever produce accounts before they are dissolved?

Are we to assume that Calder Vale Holdings Limited has paid off its £114.8m of debt to the club? and if so how?

[Chester Perry]

well that was a bit of a typo!!?

[Chester Perry]

I wonder how long it will take the club's company details page to catch up

https://www.burnleyfootballclub.com/leg ... ny-details

as is clearly stated both the Premier League and EFL require statements of who holds significant interest in the club - the current statement posted in September 2021 has been out of date since March 2022

[jdrobbo]

well that was a bit of a typo!!?

Edited it for you, CP

[Paul Waine]

Is the club due to submit accounts to Premier League by 31st December?

Of course, due to file at Companies House by 30th April next year.

[Chester Perry]

Is the club due to submit accounts to Premier League by 31st December?

Of course, due to file at Companies House by 30th April next year.

Yes it is, though as we saw last year the wider UK group companies accounts above Burnley FC Holdings Limited, such as those at Kettering Capital and Calder Vale Holdings do not appear to fall under the Group Accounts remit of the regulations (something that could be viewed as a failing considering the structure of ownership at our club to date), Velocity Capital (UK) Holdings Ltd should be expected to be the same.

[Chester Perry]

Edited it for you, CP

It was almost worth leaving, if only to feed the imaginations of those that cast rolling eyes at my posts, have no understanding of my curiosities and criticise my 'amateur' investigations.

[claretandy]

You seen this Chester Perry?

I’m the son of a former claret too not that I particularly have any links or connections with the club these days apart from my ST.

My cousin Aron blazed his own path and was a v good schoolboy keeper but never made the grade.

He’s just done this podcast which is interesting;

https://podcasts.apple.com/gb/podcast/1 ... 0637399218

Ref. The clubs finances, it’s all about where we are in a couple of years time, that’s what has been invested in and considering the income of late (boosted by the group of minor investors (roughly 20 x £7m)) there’s more in the tank if required. ()

[NewClaret]

It was almost worth leaving, if only to feed the imaginations of those that cast rolling eyes at my posts, have no understanding of my curiosities and criticise my 'amateur' investigations.

Have to say, I did shed a cheeky smile in the context of a companies house link being provided beneath CP

[Holtyclaret]

You seen this Chester Perry?

That’s just my personal take on things, I’m in no way a financial wizz like some who have a far more knowledgeable take on things.