Swann writes off £11 million

Shame our beloved principal funded didn't write his debts off too, Stockwood n Petit could have then chucked ten bob in the parking meter and owned the club...!!!

Sadly, our principal funder is a zero or two behind the Swanns in both the financial and principles department.

Now that's what I call a benign loan.

Well, that was 11 million well spent.

No such thing as a free lunch. He has transferred the main assets of the club into his private business. When you take that into consideration you then start to understand the justification in writing off the debt.

In addition to holding significant assets now in his private business, he will also receive rental income from Scunnie into his property business

Got some neck on him that Swann.

Quoted from pizzzza

Got some neck on him that Swann.

Certainly has. If that was John Fenty offsetting debt write off with a transfer or major assets, he would be getting absolutely crucified

Documents posted here say consideration for the write is the transfer of the ground and various parcels of land to the company owed. Hardly a write off
In most people’s understanding of the words

Quoted from HerveJosse

Documents posted here say consideration for the write is the transfer of the ground and various parcels of land to the company owed. Hardly a write off
In most people’s understanding of the words

Exactly

Quoted from Fillipe Noche

Certainly has. If that was John Fenty offsetting debt write off with a transfer or major assets, he would be getting absolutely crucified

Jane Austen translate bot:

They were within twenty yards of each other, and so abrupt was his appearance, that it was impossible to avoid his sight. Their eyes instantly met, and the cheeks of each were overspread with the deepest blush. He absolutely started, and for a moment seemed immoveable from surprise; but shortly recovering himself, advanced towards the party, and spoke to John, if not in terms of perfect composure, at least of perfect civility.

Let’s be clear, both are a flipping idiots, Fenty and Swann I mean. Just in different ways.

Swann has effectively handed himself the ground and assets and will no doubt take rent. If Fenty had had a business similar to this one Swann had he’d have done the same.

Either way, nobody would want either of these idiots running your football club...

I ca see the situation in a few years time. big bust Swann locks glandford park due to unpaid rent Scunthorpe ask to play their home games at blundell park.

Just had a look at Scunthorpe’s accounts and the ground and surrounding land was valued at £5.5m in 2001!

Quoted from Marinerdan

Just had a look at Scunthorpe’s accounts and the ground and surrounding land was valued at £5.5m in 2001!

With physical retail on its @r$e and further retail developments around Glanford Park since 2001 meaning there’s no demand anymore for further retail units in Scunthorpe area I doubt Glanford Park site would sell for anywhere near that amount now.

Value is ultimately what someone will actually pay.

How much rent is he taking off the club?

Quoted from crusty ole pie

I ca see the situation in a few years time. big bust Swann locks glandford park due to unpaid rent Scunthorpe ask to play their home games at blundell park.

Be careful what you wish for......the next part of that sentence is: club reforms, big local backer supports building of new stadium, stadium attracts rich owner and club goes on to the Premier League. Looks at Grimsby like the sh*t on it's shoe.

According to Price of Football, Scunny’s losses were £1.3 million when he took them over in 2013.

In 2019 they were £18.6 million.


Eye watering levels of incompetence.

Quoted from marinerdazza

According to Price of Football, Scunny’s losses were £1.3 million when he took them over in 2013.

In 2019 they were £18.6 million.


Eye watering levels of incompetence.

Why is that incompetence? He didn't try and run them break-even and lost £17 million. He set the budget and was happy to underwrite those losses.

A lot of people moan about Salford and their spending to get into L2, but the truth is they have spent less than a lot of the "traditional" clubs in L2 have spent just to stand still in the division.

Quoted from GollyGTFC

Why is that incompetence? He didn't try and run them break-even and lost £17 million. He set the budget and was happy to underwrite those losses.

A lot of people moan about Salford and their spending to get into L2, but the truth is they have spent less than a lot of the "traditional" clubs in L2 have spent just to stand still in the division.

I’d say spaffing £18 million up the wall to end up as relegation candidates in League Two is reasonably incompetent.

Quoted from Fillipe Noche

No such thing as a free lunch.  

Apart from the ones you've taken over the last few years, eh Phil?

No debt written off but transfer of ownership of the ground to his own company (probably reverse of what happened in the first place). Now has options to kick them out if an offer for the land comes in, gets a new ground on other land he owns and he can then sell the SUFC current ground and the club do not get any benefit from the sale. The club itself will have few assets now and could be restrictive to raising finance in the future. Longer term does not benefit the club apart from he who owns the land it sits on. Also he will more than likely charge rent moving the club into relying on getting more income from gate receipts etc.

If I was a scunny fan I wouldn't be happy about this. The only real asset the club had is now in the hands of a private company who, presumably, is going to be charging them rent. Traditionally that never ends well

What happens if his company goes into administration?

Quoted from crusty ole pie

I ca see the situation in a few years time. big bust Swann locks glandford park due to unpaid rent Scunthorpe ask to play their home games at blundell park.

Didn't a similar thing happen with Rotherham when they played at Millmoor ? A fall out with the owner/chairman meant they had to play their home games at the Don Valley Stadium.