This seems to be the key line.
"YEP understands that the deal will wipe out a large portion of the £24m debt while changing the circumstances activating repayment of the remaining cash"
---------------------------
This would suggest that the staggered payments to 2017 have changed (presumably bought forward) in exchange for a reduction in the amount to be paid.
Its disgusting how much debt GFH put onto our club. Hope they end up with nothing.
It's a bold statement to say we're going to be debt free, when there was 24 mill of debt.
If Mc's has not seen his percentage holding reduced then it's hard to see how this has happened, can't see GFH just walking away from what they feel is owed to them.
When did cellino say anything about the club being debt free.
He simply doesn't.
It says he's sorting out the history debt. That doesn't mean it's paid off. And what about any new debt ???
Not having a go at cellino, but it's a very badly written article
LIW, he was reported as having said it last week:
Adam Pope @APOPEY
#lufc Cellino says the club is now debt free with £20m working capital plus the unbudgeted income from the McCormack sale.
https://audioboo.fm/boos/2319566-leeds-united-president-massimo-cellino-on-new-signings-mccormack-elland-road-buying-a-bus
It's hard to write anything more concrete with Cellino's explanation.
Are you starting to turn Jonty
Have you seen the light Jonty
Are the pieces falling into place Jonty
Can you now see the bigger picture Jonty
What say you Jonty , sing us ya song, spill the beans, coff up
I don't know the in and outs (like most) but might it have been a share issue by Cellino?
If he diluted GFH's holding then offered them the shares to keep their percentage the statement he made about their shares now being worth something might fit in.
Something has happened to make them re-structure the debt.
Stoopo, restructuring debt is not the same as being debt free, hopefully we'll get some clarity this week, if and when the deal is actually done.
Maybe re-structure was the wrong term.
If GFH have agreed to write off the debt for shares then we would be debt free.
Not sure we will know the truth until the next accounts are published.
Cellino has Diploma in Accountancy, he knows his terms pretty well.
It was me I was talking about.
Anyway - in reality - re-structuring a debt from -£24m to +£20m is still re-structuring
Stoopo, GFH aren't going to walk away from 24 mill owed to them, yet Cellino is making everyone think we're debt free.
Can completely understand them, converting debt to shares but then that would dilute MC's holding unless he pumped in a load of cash, which I very much doubt.
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Update on the finances
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posted on 14/7/14
No real update then
posted on 14/7/14
This seems to be the key line.
"YEP understands that the deal will wipe out a large portion of the £24m debt while changing the circumstances activating repayment of the remaining cash"
---------------------------
This would suggest that the staggered payments to 2017 have changed (presumably bought forward) in exchange for a reduction in the amount to be paid.
posted on 14/7/14
Its disgusting how much debt GFH put onto our club. Hope they end up with nothing.
posted on 14/7/14
It's a bold statement to say we're going to be debt free, when there was 24 mill of debt.
If Mc's has not seen his percentage holding reduced then it's hard to see how this has happened, can't see GFH just walking away from what they feel is owed to them.
posted on 14/7/14
When did cellino say anything about the club being debt free.
He simply doesn't.
It says he's sorting out the history debt. That doesn't mean it's paid off. And what about any new debt ???
Not having a go at cellino, but it's a very badly written article
posted on 14/7/14
LIW, he was reported as having said it last week:
Adam Pope @APOPEY
#lufc Cellino says the club is now debt free with £20m working capital plus the unbudgeted income from the McCormack sale.
posted on 14/7/14
https://audioboo.fm/boos/2319566-leeds-united-president-massimo-cellino-on-new-signings-mccormack-elland-road-buying-a-bus
It's hard to write anything more concrete with Cellino's explanation.
posted on 15/7/14
Are you starting to turn Jonty
Have you seen the light Jonty
Are the pieces falling into place Jonty
Can you now see the bigger picture Jonty
What say you Jonty , sing us ya song, spill the beans, coff up
posted on 15/7/14
I don't know the in and outs (like most) but might it have been a share issue by Cellino?
If he diluted GFH's holding then offered them the shares to keep their percentage the statement he made about their shares now being worth something might fit in.
Something has happened to make them re-structure the debt.
posted on 15/7/14
Stoopo, restructuring debt is not the same as being debt free, hopefully we'll get some clarity this week, if and when the deal is actually done.
posted on 15/7/14
Maybe re-structure was the wrong term.
If GFH have agreed to write off the debt for shares then we would be debt free.
Not sure we will know the truth until the next accounts are published.
posted on 15/7/14
Cellino has Diploma in Accountancy, he knows his terms pretty well.
posted on 15/7/14
It was me I was talking about.
Anyway - in reality - re-structuring a debt from -£24m to +£20m is still re-structuring
posted on 15/7/14
Stoopo, GFH aren't going to walk away from 24 mill owed to them, yet Cellino is making everyone think we're debt free.
Can completely understand them, converting debt to shares but then that would dilute MC's holding unless he pumped in a load of cash, which I very much doubt.
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