Eddie Posted July 10, 2020 Share Posted July 10, 2020 Here we go again... Link to comment Share on other sites More sharing options...
MackworthRamIsGod Posted July 10, 2020 Share Posted July 10, 2020 16 minutes ago, Van der MoodHoover said: was one of the companies controlled by Mel I thought. Presumably it borrowed the cash from Gabays investment fund, who has a charge over the stadium as security. I assume this was simply expeditious to prevent mel having to liquidate investments elsewhere and lend the money himself. So providing Mel keeps up the repayments (which he will) and providing the contract between club and lender is water-tight (so Gabay cant rock up, change the goal posts and demand all money in 1 go), there isn't really anything to see here. The moment we seem like we are moving in the right direction the media are there! Ryan Conway - bog off you nobber. Link to comment Share on other sites More sharing options...
Van der MoodHoover Posted July 10, 2020 Share Posted July 10, 2020 2 minutes ago, MackworthRamIsGod said: So providing Mel keeps up the repayments (which he will) and providing the contract between club and lender is water-tight (so Gabay cant rock up, change the goal posts and demand all money in 1 go), there isn't really anything to see here. The moment we seem like we are moving in the right direction the media are there! Ryan Conway - bog off you nobber. That's it. There will have been all sorts of legal negotiations resulting in the contract between the company and gabay. Expect there will be some clauses that give gabay rights to repayment of outstanding balance such as change of control (ie if Mel sold out to someone less trustworthy). All standard legal stuff in commercial loans. Nothing to see here, you're right. Link to comment Share on other sites More sharing options...
Ghost of Clough Posted July 10, 2020 Share Posted July 10, 2020 34 minutes ago, Van der MoodHoover said: was one of the companies controlled by Mel I thought. Presumably it borrowed the cash from Gabays investment fund, who has a charge over the stadium as security. I assume this was simply expeditious to prevent mel having to liquidate investments elsewhere and lend the money himself. It may also back up the fair value of the sale price? Why would someone lend Mel £81m if it's only worth £60m...? Link to comment Share on other sites More sharing options...
Topram Posted July 10, 2020 Share Posted July 10, 2020 It’s never boring Link to comment Share on other sites More sharing options...
Mafiabob Posted July 10, 2020 Share Posted July 10, 2020 I like to think people should keep their counsel until full facts are established etc..... I know I know that’s rich coming from me Link to comment Share on other sites More sharing options...
Millenniumram Posted July 10, 2020 Share Posted July 10, 2020 I don’t think this is anything for us to be particularly worried about to be honest, unless your name is Mel Morris. It sounds like the loan was to him rather than the club - if that’s the case, then the club has the money in the accounts and it’s Mel’s problem to pay the money back. That said I do really feel for Mel, not a lot has gone right for him recently at this football club - ending up dealing with a bloke who now appears to be a crook is yet another unfortunate event to add to the list. Link to comment Share on other sites More sharing options...
Curtains Posted July 10, 2020 Share Posted July 10, 2020 https://www.bloomberg.com/news/articles/2020-07-02/duet-ceo-gabay-appears-in-french-court-in-cum-ex-related-case Link to comment Share on other sites More sharing options...
Dcfc_20 Posted July 10, 2020 Share Posted July 10, 2020 Does this not severely worry people like me? The whispers in the press throughout the year have been how screwed we are financially. Mel needed this 81 million obviously which isn’t a great sign. Covid will have just enhanced the problems, personally I think all this “having the efl on strings” will come back to bite us. While it may be a little bit of fun in the short term, this really shouldn’t be how we are run. I feel we haven’t seen the half of the financial problems as our accounts are still overdue. Link to comment Share on other sites More sharing options...
ThePrisoner Posted July 10, 2020 Share Posted July 10, 2020 6 minutes ago, Curtains said: https://www.bloomberg.com/news/articles/2020-07-02/duet-ceo-gabay-appears-in-french-court-in-cum-ex-related-case You’re late to the party! Linked in the first post. Link to comment Share on other sites More sharing options...
RadioactiveWaste Posted July 10, 2020 Share Posted July 10, 2020 35 minutes ago, Millenniumram said: I don’t think this is anything for us to be particularly worried about to be honest, unless your name is Mel Morris. It sounds like the loan was to him rather than the club - if that’s the case, then the club has the money in the accounts and it’s Mel’s problem to pay the money back. That said I do really feel for Mel, not a lot has gone right for him recently at this football club - ending up dealing with a bloke who now appears to be a crook is yet another unfortunate event to add to the list. Yeah, I think this is more of an issue to Mel than the club directly. But it looks "sub-optimal" 1 hour ago, Ghost of Clough said: It may also back up the fair value of the sale price? Why would someone lend Mel £81m if it's only worth £60m...? I think this is more than likely. The question might be, was this specifically done to validate the sale price? Link to comment Share on other sites More sharing options...
Wolfie20 Posted July 10, 2020 Share Posted July 10, 2020 I do miss the 'rolled eyes' imoji Link to comment Share on other sites More sharing options...
Gaspode Posted July 10, 2020 Share Posted July 10, 2020 1 minute ago, Wolfie20 said: I do miss the 'rolled eyes' imoji I'm still waiting for the face-palm to be re-instated - never in the history of this forum has there been such need..... Link to comment Share on other sites More sharing options...
May Contain Nuts Posted July 10, 2020 Share Posted July 10, 2020 That article's a mess and bordering on libel "The Swiss-Turkish financier has already lent Morris the £81.1 million he used to buy the club’s stadium in 2018" / "The Athletic has discovered that Gabay has already indirectly invested in their club by providing Morris with the cash he needed to buy the stadium." Two statements which imply that Gabay provided money for us to buy the stadium in 2018, which can be proven categorically to be untrue, but written in such a way that they can cast aspersions but wriggle out of it on a technicality (they haven't explicitly stated that we used Gabay's money to buy the stadium in 2018) The 'evidence' they provide after the second statement is that we've been lent money though Rams Investment Fund Limited, they've even stated that the loan was signed off in November 2019 (a year and a half after the stadium purchase, from a company not incorporated until October 2019), so not really evidence of what they imply at all. Gabay's situation should have no bearing on our EFL case. Link to comment Share on other sites More sharing options...
ThePrisoner Posted July 10, 2020 Share Posted July 10, 2020 5 minutes ago, RadioactiveWaste said: I think this is more than likely. The question might be, was this specifically done to validate the sale price? You’d think using the second largest real estate company in the world to validate the sale price would be sufficient truthfully. Link to comment Share on other sites More sharing options...
rammieib Posted July 10, 2020 Share Posted July 10, 2020 Were we not saying Gabay didn't actually have any money - then someone he allegedly has £81 million sitting around the loan it to MM? All a little wishywashy at the moment. Link to comment Share on other sites More sharing options...
ThePrisoner Posted July 10, 2020 Share Posted July 10, 2020 Just now, rammieib said: Were we not saying Gabay didn't actually have any money - then someone he allegedly has £81 million sitting around the loan it to MM? All a little wishywashy at the moment. When people dig up companies and peoples worths and values and collateral it is so far from the truth. It doesn't mean anything. Link to comment Share on other sites More sharing options...
ThePrisoner Posted July 10, 2020 Share Posted July 10, 2020 3 minutes ago, RadioactiveWaste said: I think this is more than likely. The question might be, was this specifically done to validate the sale price? You'd think using the worlds 2nd biggest real estate companies in the world to value the stadium would validate it personally. Link to comment Share on other sites More sharing options...
May Contain Nuts Posted July 10, 2020 Share Posted July 10, 2020 9 minutes ago, ThePrisoner said: You’d think using the second largest real estate company in the world to validate the sale price would be sufficient truthfully. Was it made public who provided the £80m valuation or is this on a need to know, hush hush don't tell anyone basis? Link to comment Share on other sites More sharing options...
Curtains Posted July 10, 2020 Share Posted July 10, 2020 18 minutes ago, ThePrisoner said: You’re late to the party! Linked in the first post. Yes sorry didn’t see that. Link to comment Share on other sites More sharing options...
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