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Sandgaard ownership discussion 2022-3 onwards (Meeting with CAST p138)
Comments
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Don't necessarily mean he's out of cash, it could also mean that he's not willing to put anymore of his own in. Which is just as worryingsupaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this5 -
football club finances have been like that for the vast majority of clubs since the founding of the football leagues. it is why Charlton have moved ground so often in the 116 years of its existence, trying to increase revenue to avoid running a deficit.swordfish said:
If you read many football Club accounts, it's the same picture. A reliance on, and commitment made by, the owners to keep funding the Club's losses which are technically insolvent, ensuring that they can continue to be treated as going concerns._MrDick said:It's depressing reading those accounts. Technically, we're insolvent and it's only a matter of time before Sandgaard says enough is enough
Sheffield Wednesday's make for alarming reading, but they have an apparently rich benefactor in Mr Chansiri, whose pockets APPEAR to be very deep. He has a wealthy family, but maintains he funds it from his own sources, although on the face of it, the income streams from his business interests wouldn't necessarily support that claim. He's into them for more than £200M already as I understand it, with the Club more than £150M in debt (about twice what Derby owed). A fan of theirs I often talk with, himself an accountant, doesn't seem to be unduly alarmed by it either, but I'm not sure he speaks for all tbf.
It seems it's just the reality of football club finances with the lure of jam tomorrow on making it to the promised land.
it never worked.0 -
Which is why we are stuck with bottom half mediocrityGribbo said:
Don't necessarily mean he's out of cash, it could also mean that he's not willing to put anymore of his own in. Which is just as worryingsupaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this1 -
It means that the losses are not small change to him, they are running at around 2% to 4% of is wealth every season depending on if has assets of 150 million to 250 million pounds. Which is why I say that to run an English football club you need to be a multi billionaire. Then those losses drop to say 0.2% to 0.5% each season for example.supaclive said:
Which is why we are stuck with bottom half mediocrityGribbo said:
Don't necessarily mean he's out of cash, it could also mean that he's not willing to put anymore of his own in. Which is just as worryingsupaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this1 -
I should say of the billionaire's assets.0
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What does this mean? Does it go up?CafcWest said:Some interesting stuff in there. I'm sure someone on here will do a thorough analysis. Page 29 - a note says that basically if we don't make the Premier by 30th June, 2023 (some chance!) then the £7m owing to the previous directors changes materially...assume it is re-evaluated upwards...as £7m has been outstanding for some time...0 -
20JamesSeed said:
It’s a numbers game. There are only 22 clubs in the Premier League, and 72 clubs dreaming of joining them.swordfish said:
If you read many football Club accounts, it's the same picture. A reliance on, and commitment made by, the owners to keep funding the Club's losses which are technically insolvent, ensuring that they can continue to be treated as going concerns._MrDick said:It's depressing reading those accounts. Technically, we're insolvent and it's only a matter of time before Sandgaard says enough is enough
Sheffield Wednesday's make for alarming reading, but they have an apparently rich benefactor in Mr Chansiri, whose pockets APPEAR to be very deep. He has a wealthy family, but maintains he funds it from his own sources, although on the face of it, the income streams from his business interests wouldn't necessarily support that claim. He's into them for more than £200M already as I understand it, with the Club more than £150M in debt (about twice what Derby owed). A fan of theirs I often talk with, himself an accountant, doesn't seem to be unduly alarmed by it either, but I'm not sure he speaks for all tbf.
It seems it's just the reality of football club finances with the lure of jam tomorrow on making it to the promised land.1 -
Not saying you are wrong, but none of those reasons imo signify that he doesn’t have enough cash in the bank to run CAFC as an ongoing concern.supaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this3 -
They still get back £7M I think.BigRedEvil said:
What does this mean? Does it go up?CafcWest said:Some interesting stuff in there. I'm sure someone on here will do a thorough analysis. Page 29 - a note says that basically if we don't make the Premier by 30th June, 2023 (some chance!) then the £7m owing to the previous directors changes materially...assume it is re-evaluated upwards...as £7m has been outstanding for some time...
But in today's money it's not worth what is was when they loaned it due to inflation, so in the books it has to be discounted to be shown at net present value, reported to be £6.8M tin this set of accounts to comply with accounting conventions.
Don't worry about it.1 -
Football is so bonkers. For most of us it would take 4-6 years salaries to fund the shortfall of just one week’s losses at a third tier club5
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The sensible, if immoral, thing to do would be to pay Sandgaard his £1 for the club and then put it into administration thus wiping out all the debts. Then buy it out of administration debt free. That at least would mean the new owners would be able to use any money they had investing in decent players.
This would not solve the ownership of the ground issue, which will stay until Duchatelet or his family decide to sell. But the example of the Glikstens might warn us that that could on for thirty years or more.0 -
Quitesupaclive said:
Which is why we are stuck with bottom half mediocrityGribbo said:
Don't necessarily mean he's out of cash, it could also mean that he's not willing to put anymore of his own in. Which is just as worryingsupaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this1 -
ThisAFKABartram said:
Not saying you are wrong, but none of those reasons imo signify that he doesn’t have enough cash in the bank to run CAFC as an ongoing concern.supaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this
I'm fed up with people saying he hasn't got money as a matter of fact. Simply not true.
Whether he wants to invest anymore is another matter.
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Yes, but it’s about future inflation not past inflation. It’s basically that the £7m won’t be £7m in today’s money as it won’t become repayable in 2023 (even if it’s triggered it’s repayable over a period of years). It’s not to do with loan agreement of itself and the debt will still be £7m.swordfish said:
They still get back £7M I think.BigRedEvil said:
What does this mean? Does it go up?CafcWest said:Some interesting stuff in there. I'm sure someone on here will do a thorough analysis. Page 29 - a note says that basically if we don't make the Premier by 30th June, 2023 (some chance!) then the £7m owing to the previous directors changes materially...assume it is re-evaluated upwards...as £7m has been outstanding for some time...
But in today's money it's not worth what is was when they loaned it due to inflation, so in the books it has to be discounted to be shown at net present value, reported to be £6.8M tin this set of accounts to comply with accounting conventions.
Don't worry about it.2 -
With knobs on, Lauren !
Nailed it.
It ain't rocket science...5 -
Of course it is! Thanks for correcting me. I'm too long out of the job now and trying to forget about FRS's and other accounting conventions.Airman Brown said:
Yes, but it’s about future inflation not past inflation. It’s basically that the £7m won’t be £7m in today’s money as it won’t become repayable in 2023 (even if it’s triggered it’s repayable over a period of years). It’s not to do with loan agreement of itself and the debt will still be £7m.swordfish said:
They still get back £7M I think.BigRedEvil said:
What does this mean? Does it go up?CafcWest said:Some interesting stuff in there. I'm sure someone on here will do a thorough analysis. Page 29 - a note says that basically if we don't make the Premier by 30th June, 2023 (some chance!) then the £7m owing to the previous directors changes materially...assume it is re-evaluated upwards...as £7m has been outstanding for some time...
But in today's money it's not worth what is was when they loaned it due to inflation, so in the books it has to be discounted to be shown at net present value, reported to be £6.8M tin this set of accounts to comply with accounting conventions.
Don't worry about it.
1 -
Absolute rubbish. Depends what you could have done with the cash instead of investing it in a facility owned by Duchatalet.supaclive said:
Nothing is cheaper than your own cash.Redhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
He won't put his hand in his pocket like a fan would to give their club a chance of competing
I have no idea who loaned the £350k, but TS has publicly explained what happened. Did TS go out and try to find a fan to cajole into lending him £350K because he was skint? Did Neil Armstrong walk on the moon?
As TS doesn't own the freehold, all the investment in the facilities is at risk, and he will have those risks at the back of his mind when investing in the facilities. If a fan wants to share the risk with TS to encourage him to maintain support for the Academy it's just that, not proof that TS is skint.
TS loans his own cash interest free (unlike Duchatalet) and is only re-payable if TS pays himself back.
The fan's loan has a purported decent return, so it will cost TS more than using his own cash.
If 10,000 fans can't be bothered to turn up, put their hands in their pockets to buy a ticket for a match, and provide revenue to the club why would they put their hand in their pocket to enhance the value of a facility owned by Duchatalet they might never get back?8 -
I would like to ask a question and I ask this simply because I feel impotent, yes bring on the one liners lol, while watching our club slide into the quicksand of debt. The question is 'What ideas would lifers have to reduce the debt of the club ? A couple of rules though, it doesn't have to guarantee success on the playing field but it must have some feasibility. I think there are enough Brains on here to come up with some answers.1
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Form a consortium through a bunch of investors who all put in "x" amount to raise the funds to negotiate with RD for the freeholds and extra funds for investment in the team. Set a target of payback within 3 - 5 years or reaching prem. when all consortium members get back their investment + an agreed percentage...TS has a vehicle to enable this (and it already invests in Charlton): https://www.sandgaardcapital.com/.Bailey said:I would like to ask a question and I ask this simply because I feel impotent, yes bring on the one liners lol, while watching our club slide into the quicksand of debt. The question is 'What ideas would lifers have to reduce the debt of the club ? A couple of rules though, it doesn't have to guarantee success on the playing field but it must have some feasibility. I think there are enough Brains on here to come up with some answers.0 - Sponsored links:
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Employ professional business management with relevant experience and let them manage?Bailey said:I would like to ask a question and I ask this simply because I feel impotent, yes bring on the one liners lol, while watching our club slide into the quicksand of debt. The question is 'What ideas would lifers have to reduce the debt of the club ? A couple of rules though, it doesn't have to guarantee success on the playing field but it must have some feasibility. I think there are enough Brains on here to come up with some answers.22 -
Absolutely Airman, that almost didn't pass the feasibility test simply because of Sandgaards head in the sand attitude.Airman Brown said:
Employ professional business management with relevant experience and let them manage?Bailey said:I would like to ask a question and I ask this simply because I feel impotent, yes bring on the one liners lol, while watching our club slide into the quicksand of debt. The question is 'What ideas would lifers have to reduce the debt of the club ? A couple of rules though, it doesn't have to guarantee success on the playing field but it must have some feasibility. I think there are enough Brains on here to come up with some answers.2 -
The £7m debt would not be wiped by administration because it is secured as the first charge over the freehold assets as well as the football club. It ranks above Sandgaard’s loans to the club, too.Southbank said:The sensible, if immoral, thing to do would be to pay Sandgaard his £1 for the club and then put it into administration thus wiping out all the debts. Then buy it out of administration debt free. That at least would mean the new owners would be able to use any money they had investing in decent players.
This would not solve the ownership of the ground issue, which will stay until Duchatelet or his family decide to sell. But the example of the Glikstens might warn us that that could on for thirty years or more.Either it would fall back on RD as the freeholder or Sandgaard would be liable for it because he has entered into some private arrangement over it, although the latter is pure speculation.4 -
Ultimately, I believe that TS could invest in the club if he wanted to. If he truly cared about success on the pitch, he would have invested in the players we needed in the last window. You cannot get out of this league on the cheap. The other teams are too good for that. I find the fact that he took this fan loan as generally quite astonishing.
Instead, we find ourselves treading water and being in a worse place as a result. Taking the approach of trying to break even is fine, as Lauren says, but you can’t do that in this league with the commitments we already have. Growth is intrinsically linked to success on the pitch, which requires investment. It’s a vicious circle that doesn’t have positive outcomes for anyone. You cannot just say we’re not going to spend until we are breaking even when the incomes will just reduce without investment.
Chasing Championship promotion through continued investment is expensive, but I think TS has enough personal funds to do that (if Google-able data about his net worth is even close to accurate). If success was truly something he wanted, he’d have brought in the players Garner wanted in time. Trying to run everything within his family circle, without experience of running a football club and treating it like a US business entity is not going to get us up the leagues. The ignorance and stubborn nature of this man to not have experienced counsel on the football business is effectively negligent.
It's not like we were chasing the PL promised land. That’s the insane money. The very reasonable expectation for fans is top-end competitive for L1, which for a club of our size, is still even slightly below where we should be. Everything is earned on the pitch, but that’s what we should be aiming for to reach for the break-even objective. If you invest no transfer fees in a summer window, this is what you get.
It’s utterly infuriating. If he cared, he’d put his hand in his pocket.9 -
What? is it with this seven-million-pound debit that makes people obsess about it. it is the least of the clubs' worries.Airman Brown said:
The £7m debt would not be wiped by administration because it is secured as the first charge over the freehold assets as well as the football club. It ranks above Sandgaard’s loans to the club, too.Southbank said:The sensible, if immoral, thing to do would be to pay Sandgaard his £1 for the club and then put it into administration thus wiping out all the debts. Then buy it out of administration debt free. That at least would mean the new owners would be able to use any money they had investing in decent players.
This would not solve the ownership of the ground issue, which will stay until Duchatelet or his family decide to sell. But the example of the Glikstens might warn us that that could on for thirty years or more.Either it would fall back on RD as the freeholder or Sandgaard would be liable for it because he has entered into some private arrangement over it, although the latter is pure speculation.
If you could find an owner who could buy out TS and afford the day-to-day costs of running the club, he would be wealthy enough to pay such a trivial sum in football terms.0 -
That's a great idea but I can see a problem with enough people with the capital as well as dealing with the problem of Dutchelet's price increases when he thinks he has a fish on the line.CafcWest said:
Form a consortium through a bunch of investors who all put in "x" amount to raise the funds to negotiate with RD for the freeholds and extra funds for investment in the team. Set a target of payback within 3 - 5 years or reaching prem. when all consortium members get back their investment + an agreed percentage...TS has a vehicle to enable this (and it already invests in Charlton): https://www.sandgaardcapital.com/.Bailey said:I would like to ask a question and I ask this simply because I feel impotent, yes bring on the one liners lol, while watching our club slide into the quicksand of debt. The question is 'What ideas would lifers have to reduce the debt of the club ? A couple of rules though, it doesn't have to guarantee success on the playing field but it must have some feasibility. I think there are enough Brains on here to come up with some answers.0 -
Not sure about those lyrics, how does the tune go? It might work…supaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this
is it a Billy Bragg inspired track?3 -
Well he clearly doesn’t does he.Redhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
0 -
Yup. Knew that, but covid brain intervened.Fortune 82nd Minute said:
20JamesSeed said:
It’s a numbers game. There are only 22 clubs in the Premier League, and 72 clubs dreaming of joining them.swordfish said:
If you read many football Club accounts, it's the same picture. A reliance on, and commitment made by, the owners to keep funding the Club's losses which are technically insolvent, ensuring that they can continue to be treated as going concerns._MrDick said:It's depressing reading those accounts. Technically, we're insolvent and it's only a matter of time before Sandgaard says enough is enough
Sheffield Wednesday's make for alarming reading, but they have an apparently rich benefactor in Mr Chansiri, whose pockets APPEAR to be very deep. He has a wealthy family, but maintains he funds it from his own sources, although on the face of it, the income streams from his business interests wouldn't necessarily support that claim. He's into them for more than £200M already as I understand it, with the Club more than £150M in debt (about twice what Derby owed). A fan of theirs I often talk with, himself an accountant, doesn't seem to be unduly alarmed by it either, but I'm not sure he speaks for all tbf.
It seems it's just the reality of football club finances with the lure of jam tomorrow on making it to the promised land.0 -
Agreed - and the exchange rate / dollar against the £ has gone in his favour recentlyRedhenry said:
ThisAFKABartram said:
Not saying you are wrong, but none of those reasons imo signify that he doesn’t have enough cash in the bank to run CAFC as an ongoing concern.supaclive said:
He is cutting staff left, right and centreRedhenry said:
Of course not! The statement that he doesn't have enough cash in the bank to run CAFC properly.LargeAddick said:
for what? if you mean the 350k its been confirmed by TS himself.Redhenry said:
Source?supaclive said:"expect to pay him back" is not "of course he will be paid back"
Why does our owner need a £350,000 loan.... well, I will tell you why... he doesn't have enough cash in the bank to run CAFC properly.
We're not unlike other clubs in that regard. Football is a crazily expensive business to be in. The issue is TS is not a fan and has no allegiance to us.
Our future looks bottom half of division 3 and downwards right now I am afraid.
And got a load of likes.
The squad added free transfers in the close season
The club shop doesn't have anything in it
He borrowed £350k from a fan
If you have enough cash to properly run the club, you don't do that. Nothing is cheaper than your own cash.
We are losing millions
It's a crazy business
You have focused on one part of my post
TS is NOT a fan
He won't put his hand in his pocket like a fan would to give their club a chance of competing
We will not be able to compete in this division if our current owner continues operating like this
I'm fed up with people saying he hasn't got money as a matter of fact. Simply not true.
Whether he wants to invest anymore is another matter.3
