Loan facility extended

[Cinio Dydd Sul]

https://twitter.com/KieranMaguire/status/1696649034012688668?t=oQTjkAbK-W_28JTOqgJFFA&s=19

What does this mean? Anyone know anything about this company?

 

[jasper_T]

Keeping our lines of credit open because the Championship is a money pit and the owners don't want to have to keep pouring their own in to plug gaps.

 

[Londonlisa2001]

https://twitter.com/KieranMaguire/status/1696649034012688668?t=oQTjkAbK-W_28JTOqgJFFA&s=19

What does this mean? Anyone know anything about this company?

They are a hedgefund that did specialise in fintech but jointly set up a £500m fund about March time to target lending into football clubs.

They loan against receivables basically (invoice discounting) and also do some asset backed lending (where they will lend against the value of a squad for future receivables).

They’ve been aggressively targeting football clubs that fund it hard to raise money from traditional sources.

Given the timing, I imagine we will have set up a facility with them which we will now use to borrow against Piroe future receivables or maybe Wood (in other words, they will give us future money up front in return for them receiving future payments - obviously for a fee).

It’s basically debt. Relatively expensive debt at that (compared to traditional debt sources).

Which is, of course, something we don’t need according to some on here as we have loads of investment up our sleeve that we are keeping hidden…

 

[J_B]

All nonsense.

We’ve got investors and everything now…

 

[Andrew - North Hill]

Sounds suspiciously like a football equivalent of an equity release scheme(scam) to me....

 

[jasper_T]

We did it all the time in the PL, for transfers and the TV money. It's why when we were relegated we were so desperate to sell players - future payments out weren't covered by any future payments in. Prioritising immediate cashflow over long-term profit/sustainability.

 

[LeonWasTheDog's]

They are a hedgefund that did specialise in fintech but jointly set up a £500m fund about March time to target lending into football clubs.

They loan against receivables basically (invoice discounting) and also do some asset backed lending (where they will lend against the value of a squad for future receivables).

They’ve been aggressively targeting football clubs that fund it hard to raise money from traditional sources.

Given the timing, I imagine we will have set up a facility with them which we will now use to borrow against Piroe future receivables or maybe Wood (in other words, they will give us future money up front in return for them receiving future payments - obviously for a fee).

It’s basically debt. Relatively expensive debt at that (compared to traditional debt sources).

Which is, of course, something we don’t need according to some on here as we have loads of investment up our sleeve that we are keeping hidden…

In short then it’s externalising debt rather than using owner financing like many clubs do? Not that we needed more proof that they can’t really afford to run us.

 

[Londonlisa2001]

In short then it’s externalising debt rather than using owner financing like many clubs do? Not that we needed more proof that they can’t really afford to run us.

It looks like it is moving the previous arrangement from Bank of New York Mellon to Fasanara rather than creating new from scratch.

To be honest, most companies will use external facilities of some description. It’s effectively either invoice discounting (we have one still in place for the sale of Rodon to Spurs with Macquarie Bank, last receipts due October this year) or just a general credit facility. We may or may not use it to get in the Piroe / Wood money in advance or it may just be kept in case we need it.

It’s hard to tell from documents as they redact for public filing.

We obviously want it for something as there are always arrangement or facility fees on these things.

 

[magicdaps10]

It looks like it is moving the previous arrangement from Bank of New York Mellon to Fasanara rather than creating new from scratch.

To be honest, most companies will use external facilities of some description. It’s effectively either invoice discounting (we have one still in place for the sale of Rodon to Spurs with Macquarie Bank, last receipts due October this year) or just a general credit facility. We may or may not use it to get in the Piroe / Wood money in advance or it may just be kept in case we need it.

It’s hard to tell from documents as they redact for public filing.

We obviously want it for something as there are always arrangement or facility fees on these things.

Likely to be an advance on incoming money from sales so they can get something in before the window.
To think we didn't tell the world about the investment and are waiting for the window closes so clubs don't know the money we have to play with for new signings

 

[Cinio Dydd Sul]

How dare the club use the services of a London based company. Disgusting conduct.

Presumably.