Two Ownership Groups?

[monmouth]

Can't access twatter any longer as I'm not joining that ridiculous shitshow, so i'll have to guess:

Jay Bothroyd?
Michael Chopra?
10th Floor?

 

[Neath_Jack]

Neath, won't be announced until the application is approved.

Afternoon Daps, could you clarify which 'application' is being approved?

I've just read that the trust (yeah I know) saying that Oh Andy Andy, was approved to be Chairman and Director by the EFL, last month. Is there something else that needs to be approved?

 

[Risc]

Afternoon Daps, could you clarify which 'application' is being approved?

I've just read that the trust (yeah I know) saying that Oh Andy Andy, was approved to be Chairman and Director by the EFL, last month. Is there something else that needs to be approved?

I got to be honest, I find it odd that he has been approved by EFL and there is still no Companies House records etc.

 

[jasper_T]

I got to be honest, I find it odd that he has been approved by EFL and there is still no Companies House records etc.

You don't need to be a shareholder/investor to be a director; Silverstein wasn't, he had only provided a loan when appointed. The document for Coleman being added as a director is on Companies House. If his investment is coming as part of a group then there could be additional bells/whistles/people who need running through the EFL MS-DOS computer, or other delays before cash arrives in the right bank accounts. It doesn't need to happen in concert, but there must be real confidence everything will go through eventually given he's already in position talking about how he's calling the shots.

 

[Londonlisa2001]

I got to be honest, I find it odd that he has been approved by EFL and there is still no Companies House records etc.

Because given what he said in his interview he hasn’t actually invested in the club, he’s invested in Swansea Football LLC and become a ‘partner’ of that fund. No money has come into the club as a result, either the money it sitting there or it has gone to buy out in whole or in part existing fund members.

Btw - unless the club website has not been updated correctly (and it has been updated for Morris since Coleman joined) he hasn’t ‘invested’ that much either, given the only three who have an interest in excess of 10% of the club via Swansea Football LLC are Levien, Kaplan and Silverstein (the club have to give an ownership statement where they are listed as is Nigel Morris in his own capacity). Given Morris received 19.43% for £10m, 10% effective ownership would be just over £5m so he’s put in less than that.

The ONLY money the club have seen is the Morris money.

 

[Risc]

Because given what he said in his interview he hasn’t actually invested in the club, he’s invested in Swansea Football LLC and become a ‘partner’ of that fund. No money has come into the club as a result, either the money it sitting there or it has gone to buy out in whole or in part existing fund members.

Btw - unless the club website has not been updated correctly (and it has been updated for Morris since Coleman joined) he hasn’t ‘invested’ that much either, given the only three who have an interest in excess of 10% of the club via Swansea Football LLC are Levien, Kaplan and Silverstein (the club have to give an ownership statement where they are listed as is Nigel Morris in his own capacity). Given Morris received 19.43% for £10m, 10% effective ownership would be just over £5m so he’s put in less than that.

The ONLY money the club have seen is the Morris money.

The trust specifically said the money had not arrived though in their last Q&A. It still needs to go through companies house does it not?

 

[Londonlisa2001]

The trust specifically said the money had not arrived though in their last Q&A. It still needs to go through companies house does it not?

If someone invests in Swansea Football LLC nothing comes to the club and there is no change in investment at club level. So it doesn’t show on Companies House - the ‘investment’ in the club by Swansea Football LLC remains unchanged.

It’s just like one shareholder buying out another. Nothing to the club.

The issue that always existed with the structure is that ownership could change hands at a Swansea Football LLC level without anyone really knowing as it’s a Delaware company with no public info requirement. I pointed out on at least 20 or 30 occasions that the club could be bought and sold in this way and was assured by the Trust that the new deal they had allowed them to tag on the back of such an arrangement. The ‘proof’ they offered did, obviously, noting of the sort and when questioned again I was never answered…

Morris is outside the arrangement, hence companies house filing and actual money hitting the club coffers. Which it did when he bought shares.

Now going forward, it may mean that Swansea Football can invest actual money in the club on the back of an additional partner at their level but that has not happened as yet. And, as I said, the club’s ownership statement which has to list everyone with an effective ownership of 10% or more in the club (which is Swansea City 2002 Ltd in effect) and lists Levien, Kaplan, Silverstein and Morris. The first three via Swansea Football LLC (in other words they have a sufficient amount of that fund to effectively own 10% of the club, which, given Swansea Football LLC has just over 64% of the club, would mean they would have c. 16% of the fund at Swansea Football LLC). Coleman is not listed.

 

[Risc]

If someone invests in Swansea Football LLC nothing comes to the club and there is no change in investment at club level. So it doesn’t show on Companies House - the ‘investment’ in the club by Swansea Football LLC remains unchanged.

It’s just like one shareholder buying out another. Nothing to the club.

The issue that always existed with the structure is that ownership could change hands at a Swansea Football LLC level without anyone really knowing as it’s a Delaware company with no public info requirement. I pointed out on at least 20 or 30 occasions that the club could be bought and sold in this way and was assured by the Trust that the new deal they had allowed them to tag on the back of such an arrangement. The ‘proof’ they offered did, obviously, noting of the sort and when questioned again I was never answered…

Morris is outside the arrangement, hence companies house filing and actual money hitting the club coffers. Which it did when he bought shares.

Now going forward, it may mean that Swansea Football can invest actual money in the club on the back of an additional partner at their level but that has not happened as yet. And, as I said, the club’s ownership statement which has to list everyone with an effective ownership of 10% or more in the club (which is Swansea City 2002 Ltd in effect) and lists Levien, Kaplan, Silverstein and Morris. The first three via Swansea Football LLC (in other words they have a sufficient amount of that fund to effectively own 10% of the club, which, given Swansea Football LLC has just over 64% of the club, would mean they would have c. 16% of the fund at Swansea Football LLC). Coleman is not listed.

Disappointed with that. I know there were obvious links with DC United, but had a feeling he would be more linked with Morris and Cravatt, who I’m assuming will be confirmed any day now.

Trust are “being kept updated” apparently. Embarrassing.

 

[magicdaps10]

Afternoon Daps, could you clarify which 'application' is being approved?

I've just read that the trust (yeah I know) saying that Oh Andy Andy, was approved to be Chairman and Director by the EFL, last month. Is there something else that needs to be approved?

Evening Neath, I would suspect that application would be for both Coleman and Cravatt in terms of putting money in.
I could be wrong and please point out if I am but the amounts we are talking about would certainly need to be look at by the EFL.

Being approved as chairman or a director would be down a different path in regards to checks as putting in a few million.

 

[Londonlisa2001]

Disappointed with that. I know there were obvious links with DC United, but had a feeling he would be more linked with Morris and Cravatt, who I’m assuming will be confirmed any day now.

Trust are “being kept updated” apparently. Embarrassing.

He literally said in his interview that he’d joined with the majority owners and become the ‘operating partner’ (bloke who’d move to Swansea).

 

[Niigata Jack]

Disappointed with that. I know there were obvious links with DC United, but had a feeling he would be more linked with Morris and Cravatt, who I’m assuming will be confirmed any day now.

Trust are “being kept updated” apparently. Embarrassing.

Why in a month of Sundays would the ownership update the Trust, they're just a mild inconvenience to the ownership these days.

Has Silverstein put any money into the club or just the Swansea LLC business like Coleman seems to have done?

 

[Neath_Jack]

Evening Neath, I would suspect that application would be for both Coleman and Cravatt in terms of putting money in.
I could be wrong and please point out if I am but the amounts we are talking about would certainly need to be look at by the EFL.

Being approved as chairman or a director would be down a different path in regards to checks as putting in a few million.

You're probably best reading through Lisa's posts to get a true understanding of what's going on.

I'm just a dafty who would struggle with the goings on within a store room let alone a boardroom :lol:

 

[Risc]

He literally said in his interview that he’d joined with the majority owners and become the ‘operating partner’ (bloke who’d move to Swansea).

Yes, true.

Ffs I had my hopes up we could have been seeing the end of Levien, and the new “majority” would have been Cravatt, Morris and Coleman. Been in denial. :lol:

 

[Londonlisa2001]

Why in a month of Sundays would the ownership update the Trust, they're just a mild inconvenience to the ownership these days.

Has Silverstein put any money into the club or just the Swansea LLC business like Coleman seems to have done?

Silverstein did put money into the club by way of convertible debt that was first converted into shares and was later merged into Swansea Football LLC. The Swansea Football LLC lot also put money in in the same way at the same time which was converted before their holding and Silverstein’s holding were combined.
A total of c. £20m was injected int9 the club between Silverstein and the previous majority (Kaplan, Levien et al via Swansea Football LLC) before Morris put in £10m for c. 20%.
Coleman has purchased a piece of the existing Swansea Football LLC action by the looks of it (and by what he has said). So as I said, either that money will at some point be injected into the club or it has reduced some existing investors in Swansea Football LLC down.

No idea what the Trust involvement has been as I am no longer a member and so don’t receive communications.

 

[magicdaps10]

You're probably best reading through Lisa's posts to get a true understanding of what's going on.

I'm just a dafty who would struggle with the goings on within a store room let alone a boardroom :lol:

Just had a read through and it does make sense especially to my initial info that Coleman would be the yanks little puppet.
Issue could be that Cravatt falls in the same category as Coleman but indications elsewhere that he is atleast matching the Morris money(something that I haven't heard) is going to be very interesting to see if it comes to fruition.

Going to be interesting down the line with more voices and bums on seats appearing.