Trust meeting with owners today

[3swan]

We had a list of targets and a lot of pre work(homework) had been done.
Then it's mentioned that a player would want to live where he was and be able to travel to training.
Hmm shouldn't that be one of the first questions and move on.

It does happen but none on the list wanted to come to Swansea (money was available)

 

[Londonlisa2001]

“ Silverstein added: "We've never taken any money out of the club. We've never had a dividend. We are not going to do that. We put money in, we keep putting money in.”

You’ve charged 5% interest on your loans though. Of course you haven’t had a dividend - you’ve only been a shareholder for a few months and it would not be possible for one to have been declared in that time.

Haven’t watched interview yet. This is from the Wales Online write up. If their summary is accurate then the whole thing is a complete waste of time as they are not being called out on their nonsense.

Funny though that in the link Phil posted the Trust are getting shirty about what’s been posted on here. No one is expecting you to make transfer decisions. We do expect that at some point in a month you may say ‘by the way, why haven’t we signed anyone yet’. You know, as a board member.

 

[Risc]

Can someone explain to me about this £16m?

Assuming they mean Jake’s £5m, Levein and his cronies matched, then other bits like trust buy out etc?

 

[Cinio Dydd Sul]

Can someone explain to me about this £16m?

Assuming they mean Jake’s £5m, Levein and his cronies matched, then other bits like trust buy out etc?

Yes, was wondering that, what is mechanism by which this happens? Surely all cash being injected into a club has to be reported to abide by FFP? And if they've put more in than the initial CLN conversion, would this mean diluting other shareholders who haven't put money in?

This figure is completely at odds with what Silverstein said on that trust podcast few months ago where I'm sure he said he'd put in £13millon alone?

So someone is definitely lying.

 

[LeonWasTheDog's]

I got as far as “unlucky”. Fks sake. Amateurs still.

 

[Cinio Dydd Sul]

Yes, was wondering that, what is mechanism by which this happens? Surely all cash being injected into a club has to be reported to abide by FFP? And if they've put more in than the initial CLN conversion, would this mean diluting other shareholders who haven't put money in?

This figure is completely at odds with what Silverstein said on that trust podcast few months ago where I'm sure he said he'd put in £13millon alone?

So someone is definitely lying.

And to add to that, if they've put in £16million and we still can't muster enough cash to buy anyone and outbid other championship clubs, this suggests they aren't running the club very well....

 

[Londonlisa2001]

Can someone explain to me about this £16m?

Assuming they mean Jake’s £5m, Levein and his cronies matched, then other bits like trust buy out etc?

The initial loan note was £5m from Silverstein and £5m from the majority owners.
Both attract interest a5 5% so each year the ‘amount put in’ is increased by £500k unless they take it out.
There was also a few extra bits and bobs put in from people unknown (the Trust said it was NOT the same people when they were asked) - there was a total of c. £12.5-£13m from memory so £2-3m ish on top of original £10m loans from Silverstein / majority plus any interest on those not taken.
In October Silverstein and the majority owners exchanged £5m for each loan for shares (valuing the club after the conversion at £40m). All this is public on companies house website.
It must be that the total loans are now higher again, so the total debt to whoever, is c. £6m plus the unknown ‘others’ of £3m ish or the Trust were wrong and it’s £6m including the unknown £3m ish.

They can’t have issued more shares (it must be a loan) as it would be on companies house website unless done in last few days.

 

[Londonlisa2001]

I got as far as “unlucky”. Fks sake. Amateurs still.

It was, to be fair, hugely unlucky that the club moved west just before the window opened so that players previously identified and on whom exhaustive due diligence was carried out no longer wanted to move here.

Snigger.

 

[LeonWasTheDog's]

Yes, was wondering that, what is mechanism by which this happens? Surely all cash being injected into a club has to be reported to abide by FFP? And if they've put more in than the initial CLN conversion, would this mean diluting other shareholders who haven't put money in?

This figure is completely at odds with what Silverstein said on that trust podcast few months ago where I'm sure he said he'd put in £13millon alone?

So someone is definitely lying.

Owner financing declared in the accounts is £13m over the last 10 years. Take from that what you will.

Those figures come from here. The article’s about Preston, but the figures for all income & expenditure categories for all teams are shown. I’m surprised we’re mid table for things like wages - I thought we were bottom 3rd (we could be this season of course - the figures are a for last accounts, so over a year old). https://swissramble.substack.com/p/preston-north-end-finances-202122

 

[Niigata Jack]

Watched less that 20 seconds of that garbage, fuking joke total fuking joke.

 

[LeonWasTheDog's]

It was, to be fair, hugely unlucky that the club moved west just before the window opened so that players previously identified and on whom exhaustive due diligence was carried out no longer wanted to move here.

Snigger.

I’ve heard these types of excuses before. Normally at clubs where the management are a bit sh*t.

They may have ambition, but it doesn’t look like they’ve got a clue how to achieve that ambition.

 

[Nocountryforoldjack]

All I can hear is lies but then they've always lied to us from day one. That was nothing but a face saving saving excersise by the owners. The trust are just the yanks dildo now so they don't even count.

 

[jasper_T]

And to add to that, if they've put in £16million and we still can't muster enough cash to buy anyone and outbid other championship clubs, this suggests they aren't running the club very well....

That's the league though, isn't it. Bristol City have made accounts losses of £28.5m and £38.4m in the last two seasons. £16m is a drop in the leaky Championship bucket.

 

[TerryPHELAN]

The only thing I gleaned from that statement, was the smell of bullsh1te coming from the owners.

 

[PSumbler]

https://planetswans.co.uk/2023/02/03/the-interview-that-answered-no-questions-eight-targets-each-of-them-missed/