| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 15:57 - Aug 21 with 1737 views | Poirot |
This new charge is not the same as past ones because its valued at up to £80M when past ones were just a quarter of that. Yes, to get these loans you have to sign off everything owned, so any default and the loaner gets it all. Saints are hugely in debt like never before and the reliance on PL status is up there with the existence of the club going into admin again. Fans should be questioning the managament on the debt level because its just crazy.
There is now a potential sponsor loss of £15M
I can see some serious cutbacks and job losses on the horizon. [Post edited 21 Aug 2020 16:20]
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 16:15 - Aug 21 with 1720 views | DorsetIan |
Small point of detail...
I am pretty sure that a charge does not give the lender 'ownership' of the assets in the event of default, simply the right to sell the assets to ensure that the loan is repaid.
Thus, if the assets is worth £1m and someone is owned £100,000 they could force a sale but they would only end up with their £100,000 back (plus costs). |  |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 16:26 - Aug 21 with 1712 views | Chesham_Saint |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 16:15 - Aug 21 by DorsetIan |
Small point of detail...
I am pretty sure that a charge does not give the lender 'ownership' of the assets in the event of default, simply the right to sell the assets to ensure that the loan is repaid.
Thus, if the assets is worth £1m and someone is owned £100,000 they could force a sale but they would only end up with their £100,000 back (plus costs). |
But would that effectively mean a 'fire sale' and the asset therefore potentially being sold at well under book value? |  |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 16:51 - Aug 21 with 1682 views | DorsetIan |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 16:26 - Aug 21 by Chesham_Saint |
But would that effectively mean a 'fire sale' and the asset therefore potentially being sold at well under book value? |
I wasn't saying it was a good thing - it was just a point of detail.
But in reality, it simply guarantees the lender's position and - given the downsides of a forced sale - the borrower would bend over backwards to repay the loan (including selling Ings to Everton for £40m) before getting to the stage where the lender using his charge to force a sale.
Per se, charging assets to borrow money is not an issue. The potential issue is if the borrowing itself is unaffordable or papering over financial cracks in the accounts. | |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 17:20 - Aug 21 with 1666 views | Bazza |
A charge gives the lender claim over company assets to the value of the loan if the debt is not repaid on time or if the company goes in to liquidation, subject to any other priority charge holders. Not unusual for some companies to have several charges, sometimes over particular assets eg property. Charges have to be stated in company accounts each year. | | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 09:26 - Aug 22 with 1536 views | SaintNick |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 15:57 - Aug 21 by Poirot |
This new charge is not the same as past ones because its valued at up to £80M when past ones were just a quarter of that. Yes, to get these loans you have to sign off everything owned, so any default and the loaner gets it all. Saints are hugely in debt like never before and the reliance on PL status is up there with the existence of the club going into admin again. Fans should be questioning the managament on the debt level because its just crazy.
There is now a potential sponsor loss of £15M
I can see some serious cutbacks and job losses on the horizon. [Post edited 21 Aug 2020 16:20]
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First thing this is not actually a loan it is a borrowing facility, we might take all of it, we might take some of it or we might not actually use any of it, it only becoms a loan if we take any money.
Secondly it is more than we have taken before because of the situation, usually we would have had income from the games played etc and then the last tranche of the seasons money by the start of June with the first part of this seasons money in August, we of course had to wait till the end of July to get all of last seasons money as well as pay back some to Sky and presumably we wont get this seasons till September now.
So we are not hugely in debt like never before indeed if we have used any of the money it will probably be paid off within the next month, as I said it is to cover the payments due to us we havent just borrowed it to fritter it away as it is a short term borrowing facility rather than a 5 year bank loan.
So it is quite the opposite of your claims, we are managing a situation well.
The sponsor loss is not the club's fault, but it is a complex situation at the moment, perhaps the fact that the club put the 2nd strip on sale with LD sports on it tells you something, so I would wait a bit before throwing that at the club as evidence of financial mismanagement.
You are right there could be some serious cutbacks and job losses, but Saints are not alone in that respect both in terms of other football clubs and companies in gerneral |  |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:36 - Aug 25 with 1363 views | Poirot |
All shirts withdrawn from sale. | | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:37 - Aug 25 with 1356 views | arfurdent |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:36 - Aug 25 by Poirot |
All shirts withdrawn from sale. |
good things do happen |  |
| So Long and Thanks for all the Fish |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:39 - Aug 25 with 1348 views | djsaint |
new sponsor incoming! |  |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:59 - Aug 25 with 1312 views | djsaint |
Betting company, quick fix sponsor! | |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:06 - Aug 25 with 1302 views | Kennington |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:59 - Aug 25 by djsaint |
Betting company, quick fix sponsor! |
Not even a normal betting company either like Ladbrokes, instead it’s one of those weird ones that I’d never give banking details to. | |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:17 - Aug 25 with 1276 views | arfurdent |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:06 - Aug 25 by Kennington |
Not even a normal betting company either like Ladbrokes, instead it’s one of those weird ones that I’d never give banking details to. |
NSI? | |
| So Long and Thanks for all the Fish |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:22 - Aug 25 with 1261 views | Kennington |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:17 - Aug 25 by arfurdent |
NSI? |
No smoking indoors? Sorry, I don’t speak acronym. | |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:30 - Aug 25 with 1239 views | SonicBoom |
I find it amazing that in this day and age clubs don't have fags on their shirts, or even booze, yet betting companies are still allowed.
I'm not a puritan but I'm pretty sick of every radio station and every live game bombarding me with offers and ads telling me the odds for the next bloody goalscorer. |  | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:41 - Aug 25 with 1213 views | saint22 |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 10:37 - Aug 25 by arfurdent |
good things do happen |
So do we get a refund/replacement if we already ordered for our kids???? | | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:43 - Aug 25 with 1212 views | SonicBoom |
Sportsbet.io ?
God I miss proper companies. | | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:51 - Aug 25 with 1194 views | djsaint |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:41 - Aug 25 by saint22 |
So do we get a refund/replacement if we already ordered for our kids???? |
club will shortly to announce details on this! | |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:59 - Aug 25 with 1171 views | saint22 |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:51 - Aug 25 by djsaint |
club will shortly to announce details on this! |
I wait with baited breath | | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:59 - Aug 25 with 1171 views | DorsetIan |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 11:51 - Aug 25 by djsaint |
club will shortly to announce details on this! |
I reckon the white one with the gold LDSports logo is going to become a real collector's item.
What an absolute pantomime the whole LDSports sponsorship was. 'Start-up' sponsor that never got started. First season no shirts. Second season, shirts need to go back. Hopefully one day we will find out what was really going on. | |
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 12:08 - Aug 25 with 1158 views | Poirot |
One year deal suiting both parties as relegated watford also sponsored by this lot. | | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 12:57 - Aug 25 with 1071 views | dirk_doone |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 12:53 - Aug 25 by djsaint |
A little interesting that our logo's are different, especially the omission of any chinese type lettering! |
Timothy John Heath seems to have moved around a bit. The current version of his company is licensed and regulated by the Government of Curaçao but he is said to reside in Malta. He provides an online gaming platform for people in countries like Ukraine, Armenia, Estonia, Malaysia and the Philippines to gamble using cryptocurrencies such as Bitcoin. [Post edited 25 Aug 2020 13:03]
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| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 13:04 - Aug 25 with 1061 views | KRAZYB |
Oh yes please!!! |  | | |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 13:56 - Aug 25 with 1018 views | SaintNick |
| Does LD Sports Pulling Out Suggest Takeover Imminent At St Mary's on 15:31 - Aug 21 by Hampshire_Al |
That's my understanding, but with a "charge" if you default on repayments the lender then owns everything - i.e. Saints! |
A charge does not mean the lender owns everything if the borrower defaults, it means that he can force a sale of the asset if the borrower defaults, however he can only reclaim the amount of his loan plus interest and costs.
In practice it would be hard to sell St Mary's after all it's uses are limited, so it only really comes into play if the club has another situation as they did in 2009 when Aviva had a charge on the stadium and had to agree to take a settlement figure to release the charge and let Marcus Liebherr take over the club.
If they had not had the charge then they would have got nothing back, so there is nothing sinister in this borrowing facility or the charge, it just means that the lender is a preferential creditor and has the right to that money from the sale of an asset | |
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