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John Fenty interview today

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MuddyWaters
August 5, 2019, 6:01pm
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Quoted from pen penfras


No, but a bad run of games and the gate receipts will quickly drop. It's a fine balancing act getting the budget high enough to be competitive but not so high that you risk losing a fortune if things don't go well on the pitch. It's not a position I'd like to be in!

As far as I understand it, the EFL require somebody to underwrite the club's accounts in the case of something going wrong and have to demonstrate they have the required funding to do this. It's not a case that we necessarily need the money, but it needs to be done.

As for the comment about Macca, it seems a strange thing to say and I didn't hear the interview, but maybe there's an element of respect in what he said as a tough negotiator and somebody bartered with him?


Reading between the lines then, JF puts a £200k shortfall fund in place and draws it back if we don’t need it?
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pen penfras
August 5, 2019, 6:06pm

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Quoted from MuddyWaters


Reading between the lines then, JF puts a £200k shortfall fund in place and draws it back if we don’t need it?


I'm not sure how it works, but he guarantees the overdraft to the banks, which I believe is quite a bit more than £200k. I don't understand how clubs get in so much more mess like Bury did, but they clearly aren't following the rules.
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Ipswin
August 5, 2019, 6:10pm
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Quoted from MuddyWaters


Reading between the lines then, JF puts a £200k shortfall fund in place and draws it back if we don’t need it?


So we are, potentially, even more (and still) indebted to John Fenty?


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Rik e B
August 5, 2019, 6:17pm

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Hmmm, don't the accounts for last few years show Fenty has only withdrawn money and not put anything in? 🤔
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rancido
August 5, 2019, 7:15pm

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Quoted from Rik e B
Hmmm, don't the accounts for last few years show Fenty has only withdrawn money and not put anything in? 🤔



To cover the amount he has put in due to loans, most of which were to keep the club going .


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Ipswin
August 5, 2019, 7:17pm
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Quoted from Rik e B
Hmmm, don't the accounts for last few years show Fenty has only withdrawn money and not put anything in? 🤔


Yes I believe so (but then the less he's owed the less any potential buyer has to pay him) but now Golfer suggests he stands as guarantor (again) for a further £200K


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rancido
August 5, 2019, 8:01pm

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Quoted from Ipswin


Yes I believe so (but then the less he's owed the less any potential buyer has to pay him) but now Golfer suggests he stands as guarantor (again) for a further £200K




I may be wrong but doesn't the club have to have a guarantor to satisfy the bank overdraft? I'm not from a financial/ commercial background so I have no understanding how these things work.


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Ipswin
August 5, 2019, 8:14pm
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Quoted from rancido



I may be wrong but doesn't the club have to have a guarantor to satisfy the bank overdraft? I'm not from a financial/ commercial background so I have no understanding how these things work.


I always thought Fenty was our guarantor


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Bigdog
August 5, 2019, 8:26pm
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Quoted from rancido



I may be wrong but doesn't the club have to have a guarantor to satisfy the bank overdraft? I'm not from a financial/ commercial background so I have no understanding how these things work.


I'm fairly sure the club's bank account is in credit by a few hundred thou (balance of Bogle money), so last reports stated that currently there wasn't any need for a guarantor as there wasn't an overdraft..

700k in credit this time last year..
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pen penfras
August 5, 2019, 8:29pm

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Quoted from Bigdog


I'm fairly sure the club's bank account is in credit by a few hundred thou (balance of Bogle money), so last reports stated that currently there wasn't any need for a guarantor as there wasn't an overdraft..


You need a guarantor to have the option of an overdraft, it doesn't mean we use it. Obviously we don't right now, but if there wasn't somebody to be that guarantor and our balance went to zero, then bills stop getting paid.
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