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Burnley - was a Farnell & El Kashashy story, now a leveraged US takeover.

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  • edited February 2021
    The previous owners left the club with 42 million in the bank to secure its future and that looks like it's been gobbled up immediately. Feel for the Burnley fans, we know what an endless nightmare they're about to embark on.
  • J BLOCK said:
    Thank God for the Fit and Proper persons test aye 

    Burnley's US takeover has left club £90m worse off and loaded with debt

    • Takeover by ALK Capital has used the club’s own money
    • Deal has similarities to leveraged buyout of Manchester United
    https://www.theguardian.com/football/2021/feb/02/burnley-us-takeover-has-left-club-90m-worse-off-and-loaded-with-debt
    Football is rotten to the core. 
    Not just football though is it! 
    And that's the problem.   "Football" can, obviously, do more but it can't over rule the law of the land.  This has to come from the top. 
  • About time there was an independent body that holds all club funds, that clubs only have access to for certain transactions, like paying staff, bills and transfer funds, to stop shithouse owners from coming in and stripping them bare before fucking off again
  • Rotten to the core ! that just about sums it up.
  • No matter how bad it will be under the new owners it would have been worse under farnell, allegedly 
  • edited February 2021
    This lot sound like "The Son Of Farnell & Co"
  • Financial engineering by the Yanks, who would have thought it.
  • Chunes said:
    The previous owners left the club with 42 million in the bank to secure its future and that looks like it's been gobbled up immediately. Feel for the Burnley fans, we know what an endless nightmare they're about to embark on.
    £42million in the bank sounds like bundles - unless there was £43million in bills falling due the day after
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  • MarcusH26 said:
    If they get relegated they'll be in big trouble with this kind of deal. 
    If they get relegated, they'll be gone in a puff of smoke, the administrators will do well to get paid, no chance anyone else will.
  • Chunes said:
    The previous owners left the club with 42 million in the bank to secure its future and that looks like it's been gobbled up immediately. Feel for the Burnley fans, we know what an endless nightmare they're about to embark on.
    Sean Dyche might wonder why he didn't have a bit of that to spend last summer, when their star signing was Dale Stephens
  • MarcusH26 said:
    If they get relegated they'll be in big trouble with this kind of deal. 
    If they get relegated, they'll be gone in a puff of smoke, the administrators will do well to get paid, no chance anyone else will.
    Really makes me wonder how crooked the Farnell & El Kash bid was for this to be chosen over it. 
  • If the new owners are dodgy and it looks like they might well be (allegedly) I wouldn’t be totally amazed if Farnell wasn’t involved as a stalking horse bid. 
  • Swisdom said:
    Incredibly this was the preferred bidder over Farnell....doesn't say much about him does it
    Preferred bidders for the sellers/ex owners, who have just trousered @£100M.
  • So how did this lot pass the Premier league's OADT?

    Isn't part of the PL OADT not only showing proof of funds to purchase the club but also showing proof that you have the financial backing to sustain the club for a number of years?
  • Supposedly new owners were to give Dyche 200 million spending money.
  • They'll want Dyche to borrow it personally and pay back with interest. 
  • Bloody hell.

    Just how has this been allowed to happen?

    To swerve Farnell and his touring scumshow but then end up Shitweaseled on a grand scale.

    Poor buggers.
  • Burnley takeover: Alan Pace makes immediate impression but why are there concerns?

    https://www.bbc.co.uk/sport/football/56089037
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  • Burnley would need to pay back "a significant proportion" of a £65m loan at the end of the season if relegated from the Premier League.

    The loan was taken out as part of the club's takeover by ALK Capital in December 2020.

    The information is contained in the release of the club's latest financial accounts to 31 July 2021.

    https://www.bbc.co.uk/sport/football/61317194

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