|
|
 Knut Anders Fosters Voles |
| December 28, 2020, 2:14pm |
|
Brandy Drinker  Posts: 2,886
Posts Per Day: 1.84
Reputation: 91.64%
Rep Score: +24 / -1
Location: League 2
Approval: +8,832
Gold Stars: 556
|
Ah a further gift for HMRC to look into
Not really. Mike Parker or AN Other could just have claimed Holdover / Gift Relief on the transfer of the shares. The Trust would then have a potential Chargeable Gain but if they kept the shares ad finitum the gain wouldn’t have crystallised. New owners wouldn’t have to buy (or be gifted) the shares from the Trust. The Trust could just keep that small shareholding. Instead JSF just skims off another £200k of free benefits from the Club, either due to self interest or poor professional advice. Maybe that was the Root of the problem. |
|
|
|
|
|
|
| Knut Anders Fosters Voles |
| December 28, 2020, 2:16pm |
|
Brandy Drinker Posts: 2,886
Posts Per Day: 1.84
Reputation: 91.64%
Rep Score: +24 / -1
Location: League 2
Approval: +8,832
Gold Stars: 556
|
Your imagination must have taken a holiday since you started this thread then! You started it by saying that you were posing the question as Devil’s Advicate. Then why can’t you answer a question as Devil’s Advocate?
Seems to me you are out of ideas. Like your leader (if you are not Fenty himself).
If this is Fenty someone else is pressing the keys |
|
|
|
|
|
| Marinerz93 |
| December 28, 2020, 2:16pm |
|
|
Posts: 15,108
Posts Per Day: 2.56
Reputation: 88.22%
Rep Score: +89 / -11
Location: Great Grimsby
Approval: +6,292
Gold Stars: 1
|
It was intended as a simple calculation to arrive at a ballpark figure. Whether the end result is 500k or 2m is immaterial really as it is simply what if’s and maybe’s. As someone with many years experience in the finance sector, I doubt a league 2/ conference club could borrow at rates materially better than 4.5%.
I appreciate what you have done, one way to be financed is if they were to remortgage BP what would the interest rates over the last decades, be bearing in mind they have been well below 4.5% Also why loans, why not shares, Mike Parker put his agreed investment in shares so why did Fenty opt for loans as this was the cause of the fall out as it made MP have more shares than Fenty which meant article 9 was triggered, was this an over sight by Fenty or a means to force MP to buy Fenty's shares and as MP was a wealthy man force him to pay up the benign loan, is that why MP gifted £500k worth of shares to the trust and was never seen again. Not a financial wizard but it all seemed engineered at the time. |
| Supporting the Mighty Mariners for over 30 years, home town club is were the heart and soul is and it's great to be a part of it.
Jesus’ disciple Peter, picked up a fish to get the tribute money from it, Jesus left his thumb print on the fish, bless'ed is the Haddock. |
|
 Logged |
|
|
|
|
| Fillipe Noche |
| December 28, 2020, 2:23pm |
|
Table Wine Drinker  Posts: 749
Posts Per Day: 0.61
Reputation: 31.15%
Rep Score: +3 / -21
Location: Brigg
Approval: -5,112
Gold Stars: 103
|
So now you're actively deriding the fund raising efforts of fans that underpinned the club at the start of this season and operation promotion, are you actually a fan?
No I’m not. The efforts of our fan base to raise money are truly incredible, me included. What I’m doing is simply pointing out that if we gift income, then the receiver of that gift may well be subject to taxation on that income |
|
|
|
|
|
|
| immariner |
| December 28, 2020, 2:26pm |
|
Whiskey Drinker  Posts: 4,030
Posts Per Day: 0.67
Reputation: 82.35%
Rep Score: +20 / -4
Location: Lincoln
Approval: +3,420
Gold Stars: 62
|
Benign loans, business loans, ineptitude funding (my preference), directors loans, whatever euphemism you want to use, the reality is that there's no alternative narrative to the fact that they were built up due to John's poor running of the football club. Had a little more money been proactively invested in the 2006-10 period instead of constantly cycling between penny-pinching and wasteful January panic buys and manager sackings, we'd have never ended up in non-league and the "loans" wouldn't have spiralled by over a million quid. I'm not going to thank him for covering his own failings and then putting it on the balance sheet as a liability for the club.
Who takes over a lower league football club, one that gets relegated to non-league under their stewardship, and reasonably expects to come out of it even? If you truly care John, take responsibility, swallow your pride, take pennies in the pound on your shares and move on.
|
|
|
|
|
|
| Fillipe Noche |
| December 28, 2020, 2:27pm |
|
Table Wine Drinker Posts: 749
Posts Per Day: 0.61
Reputation: 31.15%
Rep Score: +3 / -21
Location: Brigg
Approval: -5,112
Gold Stars: 103
|
It was intended as a simple calculation to arrive at a ballpark figure. Whether the end result is 500k or 2m is immaterial really as it is simply what if’s and maybe’s. As someone with many years experience in the finance sector, I doubt a league 2/ conference club could borrow at rates materially better than 4.5%.
Agreed. I doubt the club could borrow money from a financial institution at all. Wasn’t it Lincoln City whose bank told them very clearly that they needed to find alternative lending ? |
|
|
|
|
|
| MuddyWaters |
| December 28, 2020, 2:27pm |
|
Barley Wine Drinker  Posts: 14,126
Posts Per Day: 2.59
Reputation: 68.15%
Rep Score: +48 / -24
Approval: +32,291
Gold Stars: 236
|
Strange transformation from Devil’s Advocate to someone well in the know during this thread. Think someone has let their cover slip.
|
|
| Logged |
|
|
|
|
|
| HertsGTFC |
| December 28, 2020, 2:33pm |
|
|
Posts: 14,123
Posts Per Day: 4.24
Reputation: 75.4%
Rep Score: +29 / -10
Location: Stevenage
Approval: +23,030
Gold Stars: 232
|
I’m just going to play the Devils Adviocat for a bit.
Benign loans is an interesting term that comes up time and again in regards to the money that John Fenty has loaned to Grimsby Town Football Club.
Benign loans is certainly not a term that is used in the world of commercial lending. It appears to be a term John himself used in respect of the money he is loaning to the club, not his share purchases.
It got me thinking as I’ve had a wee bit of commercial borrowing experience in business myself.
First of all, I guess that the more intelligent amongst us probably realise that high street banks and commercial lenders would never realistically lend these sums of money to Town. We just aren’t a viable proposition, with no security either.
So, John Fenty has stood in and took the place of commercial lenders that wouldn’t touch a football club like ours with a barge pole. He has done so out of his own pocket, and he’s called them benign loans.
Benign in terms of no pressure to pay off any of the capital sum whilst he is still involved at the club. You don’t get that privilege when taking out a commercial business loan. You are expected to reduce the capital sum outstanding every single month.
Benign in terms of John’s agreement to not charge a single penny in interest. You certainly don’t ever get commercial loans at zero % interest. Can you image asking a bank to give you a loan with no repayments for god knows how many years and at zero interest?
Now I know that I’m going to be accused yet again as being pro board. I’m not, infact I’m fairly chilled about it. As I’ve said elsewhere, it doesn’t matter to me if we get new owners or not, just as long as they can do financially, at the very minimum, that what John Fenty has done.
So my questions are this,
1: If John hadn’t made these loans what he calls benign, then could Grimsby Town FC have been able to keep up with the monthly repayments?
2: What sum of money has Grimsby Town Football Club saved in interest charges on the huge capital sum that John Fenty has lent Grimsby Town Football Club at zero %. It must be mega. Especially on what is a sum that has hardly ever reduced significantly.
3: This is the big one. New owners. In paying off John Fenty’s loans, it’s a fair assumption that the loans will still sit on the Grimsby Town FC books, but now owing to you. So my question to the new owners is this. In respect of money you will have to lend to Grimsby Town FC, are you prepared to make these benign too, without monthly capital and interest repayments, where interest is going to be zero %. No pressure to repay whilst your consortium is involved in the club?
Maybe these are questions John Fenty expects to be answered too. Maybe these are the assurances he also seeks to protect the football club he loves.
As I said, just being Devils Advocate
Clearly the history books validate what you describe above. You’ve actually (conveniently) left out quite a lot of important history relating to John’s impact during his time at the helm. Personally I wouldn’t be too bothered if we paid interest on the clubs funding under new owners as long as the playing budget gives a new manager a fighting chance and the club moves forward. If paying interest on loans is what it takes to get rid of this board I’d take the chance. |
| "Crombie you would have got to that if you weren't such a fat ba%$@rd" - George Kerr, inspiration from the dug out 70s style  |
|
|
|
|
|
| IlkleyMariner |
| December 28, 2020, 2:34pm |
|
Champagne Drinker  Posts: 2,452
Posts Per Day: 0.56
Reputation: 87.12%
Rep Score: +12 / -1
Location: Ilkley
Approval: +3,038
Gold Stars: 69
|
Strange transformation from Devil’s Advocate to someone well in the know during this thread. Think someone has let their cover slip.
Interesting that Fillipe has only started posting today. Where has he been all these years? Or could it be someone with a vested interest who is posting under an alias? |
|
|
|
|
|
| Knut Anders Fosters Voles |
| December 28, 2020, 2:36pm |
|
Brandy Drinker Posts: 2,886
Posts Per Day: 1.84
Reputation: 91.64%
Rep Score: +24 / -1
Location: League 2
Approval: +8,832
Gold Stars: 556
|
Wasn’t it Lincoln City whose bank told them very clearly that they needed to find alternative lending ?
Dunno, I’m not the one who has had cosy dinners with Alick Kapikanya and Colin Dodd, former suitors of the Imps. |
|
|
|
|
|
|
Site Home
News
Football
Season
Database
Club
POM
Contact
Home
Calendar
Search
Register
Login
Knut Anders Fosters Voles
LezpV0rBMZDtQRITQ~~_35.JPG)
Logged
