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

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Comments

  • MarcusH26
    MarcusH26 Posts: 8,030
    If they get relegated they'll be in big trouble with this kind of deal. 
  • Chunes
    Chunes Posts: 17,347
    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.
  • Cafc43v3r
    Cafc43v3r Posts: 21,600
    stevexreeve said:
    eaststandmike said:
    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. 
  • sam3110
    sam3110 Posts: 21,257
    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
  • AndyG
    AndyG Posts: 5,906
    Rotten to the core ! that just about sums it up.
  • cafc999
    cafc999 Posts: 4,967
    No matter how bad it will be under the new owners it would have been worse under farnell, allegedly 
  • eastterrace6168
    eastterrace6168 Posts: 22,506
    edited February 2021
    This lot sound like "The Son Of Farnell & Co"
  • N01R4M
    N01R4M Posts: 2,577
    https://www.theguardian.com/football/2021/feb/02/burnley-us-takeover-has-left-club-90m-worse-off-and-loaded-with-debt 

    Adding the purchase price to other debts and charging the club interest?
    This sounds to me very similar to what Duchatelet did to CAFC when he took over (although this at Burnley is on a financially larger scale), except he kept everything "in house" with Staprix, and there appears to be an outside company involved at Burnley.

    I didn't like it being done to us by Duchatelet, and I don't like it being done to other clubs, but it is apparently both legal and acceptable to the football authorities (whether it should be is another question!).  Along with a lot of other Lifers, I suspect what was planned for us by ESI may not have been legal and it is clear there were aspects which did not satisfy even the EFL.

    Addicts have cast their net wide investigating the sharks who circled our club, and as I understand it shared a lot of relevant information with Burnley.  It's now up to the Clarets whether or not they dig into the background of their new owners, but I'm sure if we were in their place we would not be accepting things at face value.
  • Athletico Charlton
    Athletico Charlton Posts: 14,273
    Financial engineering by the Yanks, who would have thought it.
  • StigThundercock
    StigThundercock Posts: 3,722
    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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  • StigThundercock
    StigThundercock Posts: 3,722
    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.
  • killerandflash
    killerandflash Posts: 69,842
    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
    MarcusH26 Posts: 8,030
    StigThundercock said:
    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. 
  • ShootersHillGuru
    ShootersHillGuru Posts: 50,619
    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. 
  • Covered End
    Covered End Posts: 51,990
    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.
  • Chris_from_Sidcup
    Chris_from_Sidcup Posts: 36,009
    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?
  • seth plum
    seth plum Posts: 53,448
    Supposedly new owners were to give Dyche 200 million spending money.
  • iaitch
    iaitch Posts: 10,225
    They'll want Dyche to borrow it personally and pay back with interest. 
  • bigstemarra
    bigstemarra Posts: 5,098
    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.
  • clive
    clive Posts: 19,450

    Burnley takeover: Alan Pace makes immediate impression but why are there concerns?

    https://www.bbc.co.uk/sport/football/56089037
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  • clive
    clive Posts: 19,450

    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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