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tomorrow can't come quick enough 14:17 - Oct 16 with 1055178 viewsbatman

Not for us, but for Bury.
i was credit checking a potential customer and decided to nosey onto
BFC's file and was (or maybe not) supprised to see a new CCJ for circa £22k lodged
only Wednesday this week.
looks like they are in need of a bumper crowd tomorrow to settle some bills
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tomorrow can't come quick enough on 19:08 - Sep 10 with 3198 viewsjudd

tomorrow can't come quick enough on 17:37 - Sep 10 by Shun

What does that mean in non-business talk?


Basically Shun, where's the money coming from? All is not what it seems and needs investigating.
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tomorrow can't come quick enough on 19:53 - Sep 10 with 3092 viewsRAFCBLUE

tomorrow can't come quick enough on 17:37 - Sep 10 by Shun

What does that mean in non-business talk?


Here goes!

Under the tenure of Stewart Day in February 2015, they raised £2.5m via an unsecured car park loan scheme which works like this:

* the car park owner (bury fc) sells the parking rights to a parking management company (Mederco Limited) for a fixed period (24 years)

* The parking management company (Mederco Limited) then break up the whole car park into smaller individual spaces (258 in this case).

* The parking management company then sell the rights to those individual spaces to individuals. In this case the price was £9,995 and the term was 24 years

* The buying individuals can, for the next 24 years, either:
a) Use the space or
b) Charge someone else to use the space

For b) the person who owns the rights are pressed into using the aforementioned parking management company (Mederco Limited) who will charge the third party user and pass on the excess monies to the person who has bought the rights to the parking space for the next 24 years.

* As a guarantee the parking management company (Mederco Limited) promise a minimum 9% return to the person who has bought the rights to the parking space for the next 24 years. That's £900 per year per space. In theory any excess above the £900 gets split between the rights holder and bury fc.

* Mederco pocket £2.578m for the sale of these 258 spaces (£9,995 x 258). This money is loaned to bury fc in 2015.

* Those who buy the space notionally are due £900 per year. £232,200 per year in total (£900 x 258). This is due from Mederco Limited.

* Over 24 years those who buy the space are due £21,600. (£900 x 24). Across all spaces that is £5,572,800 (£21,600 x 258). This is due from Mederco Limited

* So far in the four years since this scheme started, each space holder has received nothing from Mederco Limited

* To unwind this scheme a buyer would have to pay £5,572,800 to Mederco Limited which would pay up all of the 258 space holders who would then relinquish their rights to use the spaces.

* bury fc can then use their car park again.

* The car park is unsellable in its current form, either for housing or as a car park given the rights have been given up until 2039 to Mederco Limited who in turn have given those rights to 258 different spaceholders.

* The Mederco administrators are trying to work out where the £2.578m went. I think we can speculate where !

* Post Stewart Day's sale to Steve Dale, car park rights are separated from bury fc by two parties per space.
[Post edited 10 Sep 20:04]
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tomorrow can't come quick enough on 21:37 - Sep 10 with 2944 viewsJames1980

https://forums.moneysavingexpert.com/showthread.php?t=5953209

Poll: Should diplomatic immunity still exist

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tomorrow can't come quick enough on 05:29 - Sep 11 with 2700 viewsforeverhopefulDale

tomorrow can't come quick enough on 21:37 - Sep 10 by James1980

https://forums.moneysavingexpert.com/showthread.php?t=5953209


Ha, ha, ha, that’s funny. Notice the name of the office car park near the ground, Phoenix House.
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tomorrow can't come quick enough on 10:44 - Sep 11 with 2457 viewsParkinsGimp

Have I missed the news in recent days? Seems I not heard of bURIED in a few days have they woke up to the fact that they are bust and nobody will save them due to their odious behaviour in the past.
Is that silly mare still chained to the drainpipe LOL
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tomorrow can't come quick enough on 10:45 - Sep 11 with 2451 viewsdeeplishblue

tomorrow can't come quick enough on 10:44 - Sep 11 by ParkinsGimp

Have I missed the news in recent days? Seems I not heard of bURIED in a few days have they woke up to the fact that they are bust and nobody will save them due to their odious behaviour in the past.
Is that silly mare still chained to the drainpipe LOL


I understand she has moved on and she chains herself to Marks and Spencers now on Saturdays.

Poll: Do you want bury to get promoted?

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tomorrow can't come quick enough on 10:51 - Sep 11 with 2436 viewsChaffRAFC


If I hadn't seen such riches, I could live with being poor

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tomorrow can't come quick enough on 12:27 - Sep 11 with 2271 viewsBartRowou

tomorrow can't come quick enough on 10:51 - Sep 11 by ChaffRAFC



If the CVA is cancelled, does that mean they are liable for ALL debts again rather than just a quarter of them?

Poll: Should Bury shop elsewhere for frames?

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tomorrow can't come quick enough on 12:38 - Sep 11 with 2232 viewsDaleFan7

tomorrow can't come quick enough on 12:27 - Sep 11 by BartRowou

If the CVA is cancelled, does that mean they are liable for ALL debts again rather than just a quarter of them?


Yes
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tomorrow can't come quick enough on 12:50 - Sep 11 with 2183 viewsSandyman

tomorrow can't come quick enough on 12:27 - Sep 11 by BartRowou

If the CVA is cancelled, does that mean they are liable for ALL debts again rather than just a quarter of them?


If so that would surely mean liquidation?
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tomorrow can't come quick enough on 13:03 - Sep 11 with 2139 viewsSuddenLad

tomorrow can't come quick enough on 12:50 - Sep 11 by Sandyman

If so that would surely mean liquidation?


Hopefully

“Many of life’s failures are people who did not realise how close they were to success when they gave up.”

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tomorrow can't come quick enough on 13:08 - Sep 11 with 2122 viewsThacks_Rabbits

tomorrow can't come quick enough on 13:03 - Sep 11 by SuddenLad

Hopefully


Bet Dale is not happy!!!!

If he can’t get the cva then he will just liquidate as nobody i their right mind would consider putting 15 million in just to clear debts.

Must be nearing the end now!!!

Every Team Needs A John Ryan - The Winger Who's a Ringer!!!!!
Poll: Is Rupert Reid the biggest bellend you have ever seen

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tomorrow can't come quick enough on 13:17 - Sep 11 with 2087 viewsnordenblue

tomorrow can't come quick enough on 13:08 - Sep 11 by Thacks_Rabbits

Bet Dale is not happy!!!!

If he can’t get the cva then he will just liquidate as nobody i their right mind would consider putting 15 million in just to clear debts.

Must be nearing the end now!!!


With a bit of luck yes, it's ridiculous how it's been rumbling on and left until the season actually started to really start looking for answers.
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tomorrow can't come quick enough on 18:04 - Sep 11 with 1765 viewsRAFCBLUE

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/bury-footba

Admission of "As we speak, there's no other credible individual coming forward."

Steve Dale will be laughing his chops off at being about to be able to hold bury council to ransom....

I can't see how a council in this day and age will take on all that debt for no return.

No football at Gigg for at least 11 months.
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tomorrow can't come quick enough on 18:33 - Sep 11 with 1686 viewsblackdogblue

tomorrow can't come quick enough on 18:04 - Sep 11 by RAFCBLUE

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/bury-footba

Admission of "As we speak, there's no other credible individual coming forward."

Steve Dale will be laughing his chops off at being about to be able to hold bury council to ransom....

I can't see how a council in this day and age will take on all that debt for no return.

No football at Gigg for at least 11 months.


Just heard on Radio GmrBolton there is a Bury Council Meeting to look into & vote on Buying a football club who used to play at Gigg Lane.. nearly crashed the fooking car 🤨🤨

Hopefully they want the land to build some social housing & allotment where the car park is so all the vegitables will be in the same place 😀😀
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tomorrow can't come quick enough on 18:39 - Sep 11 with 1669 viewskiwidale

tomorrow can't come quick enough on 18:04 - Sep 11 by RAFCBLUE

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/bury-footba

Admission of "As we speak, there's no other credible individual coming forward."

Steve Dale will be laughing his chops off at being about to be able to hold bury council to ransom....

I can't see how a council in this day and age will take on all that debt for no return.

No football at Gigg for at least 11 months.


Raises an interesting question should a council get involved with a football club? without a doubt the benefit of having a football league club to a town far outweighs the negatives esp in regards to profile. what caught my attention in the article was

Conservative leader James Daly... is this a name meme?

I'M ONLY HERE TO ARGUE... YOU ARE WRONG.

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tomorrow can't come quick enough on 18:40 - Sep 11 with 1664 viewselectricblue

Totally shocking that the local council would even consider this...
Bad enough the local MPs are involved....

I did say earlier in this topic that i had a chat with the previous council leader R Shori and i asked the question about buying the club he did say a firm no....
But the council have a new leader so who knows what he thinks...

This is a burden the town cannot afford......

My all time favourite Dale player Mr Lyndon Symmonds

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tomorrow can't come quick enough on 18:42 - Sep 11 with 1658 viewsRAFCBLUE

tomorrow can't come quick enough on 18:39 - Sep 11 by kiwidale

Raises an interesting question should a council get involved with a football club? without a doubt the benefit of having a football league club to a town far outweighs the negatives esp in regards to profile. what caught my attention in the article was

Conservative leader James Daly... is this a name meme?


But bury aren't a League club kiwi and for anyone to think they are is folly.

It's a desperate last move for me. Dale mustn't have the capital to do the CVA which if there is no buyer only means one thing......
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tomorrow can't come quick enough on 18:53 - Sep 11 with 1620 views442Dale

But surely we were told that their were possible buyers and the mean EFL only needed them to give them a bit more time?

For all their mistakes in this, and there have been plenty where they’ve not done Bury any favours, the EFL got it spot on when finally deciding to remove them from the league.

Poll: Who do you want to come down?

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tomorrow can't come quick enough on 18:59 - Sep 11 with 1591 viewsRAFCBLUE

tomorrow can't come quick enough on 18:53 - Sep 11 by 442Dale

But surely we were told that their were possible buyers and the mean EFL only needed them to give them a bit more time?

For all their mistakes in this, and there have been plenty where they’ve not done Bury any favours, the EFL got it spot on when finally deciding to remove them from the league.


I hear that Brazilian pastor is close to thinking about possibly considering offering them something sometime.

Has Dale refunded all that season ticket money yet?
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tomorrow can't come quick enough on 19:37 - Sep 11 with 1486 viewsSuddenLad

When the CVA was issued, Bury Council were owed £150,000. and Trafford Council £130,000.

How on earth can the Council (or any other public body) even waste time putting the idea on an agenda, never mind waste breath discussing it. The public have already lost enough.

“Many of life’s failures are people who did not realise how close they were to success when they gave up.”

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tomorrow can't come quick enough on 19:38 - Sep 11 with 1480 views1907

I can not believe in 2019, when children hospices are closing down without even opening, public money (in Bury) is going to be thrown down the toilet of a failed business just because it’s a football club.

What an absolute farce.
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tomorrow can't come quick enough on 20:05 - Sep 11 with 1416 viewsKenBoon

There is a lot of land there to built on whilst keeping the stadium (or giving them planning permission to play in a breeze block stadium on the outskirts), but I am sure there's land available elsewhere for much less.

In one sense it's good that Bury FC have a council who aren't picking the bones, as I suspect Metro Rochdale would, but it's also disgraceful that public money could be underwriting the chur's wage structure.

It would be funny if their council decide further investigation is required, which involves a fact finding mission to the Nou Camp, San Siro and Monaco.
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tomorrow can't come quick enough on 20:58 - Sep 11 with 1320 viewsRAFCBLUE

bury council live link:

https://new.digitaltreemedia.co.uk/burycouncil/

They are slating it. 😂
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tomorrow can't come quick enough on 21:19 - Sep 11 with 1259 viewsSuddenLad

Unanimously voted against.

“Many of life’s failures are people who did not realise how close they were to success when they gave up.”

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