More Factoring .... Fulham for Mawson

[Yankee_Jack]

We have factored (borrowed against) the receivable due us from Fulham for Mawson. A total of £5 million less £500k sell on fee due Barnsley is due August 8, 2019 and a similar amount is due on August 8, 2020. So we didn't get cash for Mawson until now, and these amounts are going to be less than face value because of the vig paid to the bank.

Of interest ... we had to go to Macquarie Bank in London to get this financing ... the high street banks wouldn't touch it. This cannot be cheap. This deal was signed on the 14th and filed at Companies House yesterday.

The filing is here (https://beta.companieshouse.gov.uk/company/00123414/filing-history/MzIxNDg4MDEzOWFkaXF6a2N4)

 

[ivoralljack]

Just wish these shyster no marks would just fuck off back under their respective stones at the bottom of the slime pool and sell our club to genuine people who would be prepared to put in the money that would see us become a successful club again. So long as these parasitic leeches are in charge, we will NEVER see the Premier League again. If such a miracle did happen, it would be in spite of them and not because of them and entirely down to Potter's ability as a manager. However, his efforts could be counter productive for us, as other clubs are no doubt keeping a close watch on what he's doing. We need the Trust to step up and challenge the validity of their ownership NOW.

 

[LittlePuma]

Do you think they keep borrowing against every future payment we have coming because they really do not have the funds to cover current operating costs?

 

[The Blobster]

The owners and their hedgefund partners will not put a single dollar of their own money into our club. That's why we've had to go cap in hand to factor the current loan. A responsible owner would put the funds in themselves and take repayment when the transfer funds from Fulham were paid. Instead we will now have to pay interest at a stupid rate , money that could fund player purchase in January.

 

[CroJack]

Do you think they keep borrowing against every future payment we have coming because they really do not have the funds to cover current operating costs?

It seems to be true that the club is short of money. But why? Why this imbalance? It looks like we are only paying but not recieving anything.

 

[LittlePuma]

I just can’t wrap my head around it all. If we are that desperate for money to cover current operating costs why wouldn’t the ownership group cover that money and take it back once the future payments are received rather than lose large amounts of money from those future payments by paying various banks interest. And if it’s a worst case scenario and the ownership group doesn’t have funds to cover current operating costs and these loans are truly needed to keep the club going then this is a MASSIVE red flag and an absolutely untenable business model.

 

[Yankee_Jack]

Do you think they keep borrowing against every future payment we have coming because they really do not have the funds to cover current operating costs?

We are factoring receivables because all clubs, it seems, buy on the come these days. Nobody pays cash unless they're buying a dog trainer. It makes you wonder about the liquidity of the industry as a whole.

 

[LittlePuma]

We are factoring receivables because all clubs, it seems, buy on the come these days. Nobody pays cash unless they're buying a dog trainer. It makes you wonder about the liquidity of the industry as a whole.

But this model of doing business just pisses away large amounts of money in interest to lenders. It’s seems nonsensical if you have the means to avoid it.

 

[Ladygargar]

I think factoring is another banking crisis accident waiting to happen - it’s fraught with difficulty and risk - it’s also hideously expensive. However by the time it goes pop the bankers will have made oodles of cash from commission and bonuses - being a middle man is where is at these days - all living off the do-ers

 

[CroJack]

I think factoring is another banking crisis accident waiting to happen - it’s fraught with difficulty and risk - it’s also hideously expensive. However by the time it goes pop the bankers will have made oodles of cash from commission and bonuses - being a middle man is where is at these days - all living off the do-ers

 

[Behindthegoal]

So we could have bought Woods on the never never like every other outfit does!
Apart from players' salaries we don't have any significant overheads.
Much as I look forward to seeing Wilf, Routs and Nathan in the starting eleven if they do well we won't have them come January.

 

[Ladygargar]

It’s like the Swan of Damocles isn’t it? Life’s not fair - if they don’t do well they stay if they do well they get harvested - makes you wonder about the whole set up so open to corruption and corruptables

 

[lliwt yr lavac]

Yes the system is unfair. The likes of Man City, with limitless funds can just pluck all the best players from other clubs and not even bother to play them. There are clubs that are run properly and can sustain the constant selling of best players i.e. Watford and Southampton, by making sure they have players just as good who can replace them. A good scouting network is key, as we’ve found out to our detriment .