Home Home Calendar Calendar Search Search Register Register Login Login
Welcome, Guest.
Please login or register.
Fishy Forum › Fishy Boards › Archive › Three questions
Users Browsing Forum
AdSense and 209 Guests

Three questions

  This thread currently has 3,029 views. Print
2 Pages 1 2 All Recommend Thread
Ipswin
December 30, 2020, 6:06pm
Vodka Drinker
Posts: 6,592
Posts Per Day: 1.10
Reputation: 51.24%
Rep Score: +44 / -47
Approval: -3,552
Gold Stars: 89
1 Who owns Blundell Park ?

2 Will shares still be on public sale ? and

3 if so. Will John Fenty be able to buy shares ?


On bended knee is no way to be free - Peter R de Vries

https://www.linkedin.com/pulse.....=public_profile_post
Logged
Private Message
1
4
0
Hagrid
December 30, 2020, 6:11pm

Barley Wine Drinker
Posts: 12,025
Posts Per Day: 2.80
Reputation: 71.14%
Rep Score: +49 / -21
Approval: +20,490
Gold Stars: 536
Club own it i believe?

dont know

If so cant see why he couldnt. But why would he
Logged Offline
Private Message
2
0
0
 Reply: 1 - 13
GrimExile
December 30, 2020, 6:44pm
Live in Bucks born and bred in Grimsby.
Table Wine Drinker
Posts: 546
Posts Per Day: 0.15
Reputation: 87.77%
Rep Score: +6 / 0
Location: Buckinghamshire
Approval: +1,280
Gold Stars: 36
Aren’t shares permanently on sale?
Logged Offline
Private Message
1
0
0
 Reply: 2 - 13
Gaffer58
December 30, 2020, 6:46pm
Brandy Drinker
Posts: 2,989
Posts Per Day: 0.88
Reputation: 57.51%
Rep Score: +6 / -8
Approval: +4,096
Gold Stars: 33
Would assume Mr Fenty has basically sold all his shares to the new boys, so he’d have to buy a fair few to gain any influence.
Logged Offline
Private Message
1
0
0
 Reply: 3 - 13
grimsby pete
December 30, 2020, 6:48pm

Exile
Posts: 55,735
Posts Per Day: 9.80
Reputation: 81.7%
Rep Score: +126 / -28
Location: Suffolk
Approval: +17,827
Gold Stars: 222
If Fenty wanted to retain some shares he could have done.

He did not have to sell every one.

They could have let him keep a couple.


                             Over 36 years living in Suffolk but always a mariner.
                             68 Years following the Town

                              Life member of Trust

                               First game   April 1955
                               
Logged Offline
Private Message
1
2
0
 Reply: 4 - 13
Les Brechin
December 30, 2020, 6:52pm

Moderator
Posts: 23,802
Posts Per Day: 4.17
Reputation: 82.43%
Rep Score: +114 / -24
Location: Grimsby
Approval: +12,717
Gold Stars: 174
Wiki (not the most reliable source I know) list the owners of Blundell Park as Grimsby Town FC.


[img]https://news.images.itv.com/image/file/402260/image_update_img.jpg[/img]
OFFICIAL FUNDRAISER FOR THE BRAIN TUMOUR CHARITY
TOTAL AMOUNT RAISED SINCE AUGUST 2008 £16613.24

LATEST DONATION - FROM DONATION FROM THE FISHY FORUM - AUG 2023 AMOUNT RAISED £170.00
        
Logged Offline
Private Message
0
0
0
 Reply: 5 - 13
BobbyCummingsTackle
December 30, 2020, 6:53pm
Champagne Drinker
Posts: 2,399
Posts Per Day: 1.54
Reputation: 72.37%
Rep Score: +8 / -4
Location: Clowns to the left of me, jokers to the right, stuck in the middle...
Approval: +7,300
Gold Stars: 307
The issue with Fenty was always that he had a controlling share and what he said was the law. Shutes et al have bought that controlling stake and now their word is the law (or will be).

Fenty could buy shares and could buy enough to be a royal pain in the backside to the new owners but he can't buy enough to control the club.

Personally, I can't see why he would buy enough to get back on the board when he is almost guaranteed to be ignored when the decisions need to be made.


Miss Scunthorpe. Not a beauty pageant, just sound advice.
Logged Offline
Private Message
4
0
0
 Reply: 6 - 13
BobbyCummingsTackle
December 30, 2020, 6:55pm
Champagne Drinker
Posts: 2,399
Posts Per Day: 1.54
Reputation: 72.37%
Rep Score: +8 / -4
Location: Clowns to the left of me, jokers to the right, stuck in the middle...
Approval: +7,300
Gold Stars: 307
Quoted from grimsby pete
If Fenty wanted to retain some shares he could have done.

He did not have to sell every one.

They could have let him keep a couple.


But he had to sell enough to give the consortium control.


Miss Scunthorpe. Not a beauty pageant, just sound advice.
Logged Offline
Private Message
0
0
0
 Reply: 7 - 13
RonMariner
December 30, 2020, 7:20pm

Special Brew Drinker
Posts: 7,850
Posts Per Day: 1.42
Reputation: 84.78%
Rep Score: +42 / -7
Approval: +13,798
Gold Stars: 226
My understanding is that The Club own BP, but that Fenty's loans are secured on it, i.e. if the club defaulted he could force the sale of BP to pay off his loans.  When his loans are repaid this lein in hios favour would thus end.

It would be interesting to see how the l;oan element of the deal is transacted. If the consortium buy the loans then there will still be a debt in the balance sheet, but now to the new owners rather than Fenty. This may still be secured on BP.  

The other option is that Fenty gets his £2.5 mill and waves the loans. However under this scenarios I think the club may have a tax problem in that waiving the loans may give rise to a taxable gain of £1.5m?

Another option is that the loans are 'repaid' to Fenty by issuing £1.5m shares, which he then sells. Not sure if that would get round the tax issue but it would leave the club debt free. I am not a tax accountant and so can't speak with any authority on this.

Anyone have any knowledge on this?
Logged Offline
Private Message
1
0
0
 Reply: 8 - 13
Caveman
December 30, 2020, 7:28pm
Table Wine Drinker
Posts: 572
Posts Per Day: 0.10
Reputation: 85.11%
Rep Score: +9 / -1
Approval: +767
Gold Stars: 17
The Grimsby Town Football Club plc are the owners of Blundell Park.

At the moment it is part of the assets that are held as security securing
the debt owed to John Fenty.
Logged Offline
Private Message
0
0
0
 Reply: 9 - 13
Knut Anders Fosters Voles
December 30, 2020, 7:38pm
Brandy Drinker
Posts: 2,886
Posts Per Day: 1.85
Reputation: 91.64%
Rep Score: +24 / -1
Location: League 2
Approval: +8,831
Gold Stars: 555
Quoted from RonMariner
My understanding is that The Club own BP, but that Fenty's loans are secured on it, i.e. if the club defaulted he could force the sale of BP to pay off his loans.  When his loans are repaid this lein in hios favour would thus end.

It would be interesting to see how the l;oan element of the deal is transacted. If the consortium buy the loans then there will still be a debt in the balance sheet, but now to the new owners rather than Fenty. This may still be secured on BP.  

The other option is that Fenty gets his £2.5 mill and waves the loans. However under this scenarios I think the club may have a tax problem in that waiving the loans may give rise to a taxable gain of £1.5m?

Another option is that the loans are 'repaid' to Fenty by issuing £1.5m shares, which he then sells. Not sure if that would get round the tax issue but it would leave the club debt free. I am not a tax accountant and so can't speak with any authority on this.

Anyone have any knowledge on this?



If the loan to the company is written-off the company will have a non-trading loan relationship credit equal to the amount written off.

JSF will crystalise a capital loss equal to the amount of the loan written off. This will be available to set off against capital gains arising in the year of write-off or in subsequent years
Logged Offline
Private Message
1
0
0
 Reply: 10 - 13
ginnywings
December 30, 2020, 7:45pm

Recovering Alcoholic
Posts: 28,149
Posts Per Day: 5.02
Reputation: 73.79%
Rep Score: +88 / -32
Approval: +56,151
Gold Stars: 548
Can't say I'm bothered. Never used to give board members a moments notice until recent years and I hope it goes back to that state of affairs.

I suspect the new lot know what they are doing.
Logged Offline
Private Message
8
1
0
 Reply: 11 - 13
lew chaterleys lover
December 30, 2020, 7:56pm
Vodka Drinker
Posts: 5,014
Posts Per Day: 1.07
Reputation: 75.9%
Rep Score: +30 / -10
Approval: +10,745
Gold Stars: 237
Quoted from Knut Anders Fosters Voles



If the loan to the company is written-off the company will have a non-trading loan relationship credit equal to the amount written off.

JSF will crystalise a capital loss equal to the amount of the loan written off. This will be available to set off against capital gains arising in the year of write-off or in subsequent years


Yes, that's what I would do...

...
Logged
Private Message
3
1
0
 Reply: 12 - 13
RonMariner
December 30, 2020, 11:35pm

Special Brew Drinker
Posts: 7,850
Posts Per Day: 1.42
Reputation: 84.78%
Rep Score: +42 / -7
Approval: +13,798
Gold Stars: 226
My tax accountant friend says that if the consortium pump in the money as share capital and then the club uses the cash to repay the loan then there is no tax liability on the club, which would then be debt free.

That would be a good outcome for the club.
Logged Offline
Private Message
3
0
0
 Reply: 13 - 13
2 Pages 1 2 All Recommend Thread
Print

Fishy Forum › Fishy Boards › Archive › Three questions

Back to top of page

This is not an official forum of Grimsby Town Football Club, the opinions expressed are those of the individual authors. If you see an offensive post then click "Report" on the relevant post. Posts will be deleted at the discretion of the moderators whose decision is final. Posts should abide by the Forum Rules. IP addresses of contributors together with dates and times of access are stored. The opinions and viewpoints expressed by contributors to The Fishy are their own and not necessarily those of The Fishy. The Fishy makes no claims that information dispersed through this forum is accurate or reliable. Also The Fishy cannot be held liable for any statements made by contributors of The Fishy.