| Mr Day and his borrowing on 15:32 - Nov 12 with 10811 views | Brierls |
David Conn has been investigating for some time. The happy clappers saw a lack of a report as an indication that everything was rosey. It isn't. And here's the report to prove it. |  | |  |
| Mr Day and his borrowing on 15:32 - Nov 12 with 10810 views | WhiteyBFC |
Beat me to it. You basterd. 
Good ol Flicker. |  | | |
| Mr Day and his borrowing on 15:40 - Nov 12 with 10777 views | 100notout |
The Guardian sent detailed questions to Day via the club, principally asking where the £2m credit facility from his company to the club had come from, whether the borrowed money was used to finance the player signings, what the club’s wage bill now is and what plan they have to make sure interest of 10% per month, 138% per year, can be met. He did not reply.
'nuff said |  |
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| Mr Day and his borrowing on 15:57 - Nov 12 with 10724 views | judd |
| Mr Day and his borrowing on 15:40 - Nov 12 by 100notout |
The Guardian sent detailed questions to Day via the club, principally asking where the £2m credit facility from his company to the club had come from, whether the borrowed money was used to finance the player signings, what the club’s wage bill now is and what plan they have to make sure interest of 10% per month, 138% per year, can be met. He did not reply.
'nuff said |
Hardly fookin' surprising - have you seen the cost of envelopes? |  |
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| Mr Day and his borrowing on 16:01 - Nov 12 with 10702 views | SuddenLad |
| Mr Day and his borrowing on 15:40 - Nov 12 by 100notout |
The Guardian sent detailed questions to Day via the club, principally asking where the £2m credit facility from his company to the club had come from, whether the borrowed money was used to finance the player signings, what the club’s wage bill now is and what plan they have to make sure interest of 10% per month, 138% per year, can be met. He did not reply.
'nuff said |
The silence from Mr. Day actually speaks volumes. Unfortunately, I don't see a way out of this for BFC. When the creditors come calling, the game is up. |  |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| Mr Day and his borrowing on 16:03 - Nov 12 with 10694 views | Daley_Lama |
Depends who the creditor (single) is. |  |
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| Mr Day and his borrowing on 16:18 - Nov 12 with 10627 views | ArthurDaley |
Oh dear this seems to be heading in this direction.
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| Mr Day and his borrowing on 16:19 - Nov 12 with 10621 views | SuddenLad |
| Mr Day and his borrowing on 16:03 - Nov 12 by Daley_Lama |
Depends who the creditor (single) is. |
I can't under any circumstances see how this debt is repayable given the limited resources they have and the extortionate rate of 138% interest. That's Wonga territory.
Unless of course, there was always a plan to hawk the ground and knowingly borrow more than was repayable merely to realise the assets.
Whoever the creditor(s) may be, I'd like to think it wouldn't happen closer to home and that supporters would be more vocal. | |
| “It is easier to fool people, than to convince them that they have been fooled†|
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| Mr Day and his borrowing on 16:27 - Nov 12 with 10589 views | CarpeDiem |
| Mr Day and his borrowing on 16:19 - Nov 12 by SuddenLad |
I can't under any circumstances see how this debt is repayable given the limited resources they have and the extortionate rate of 138% interest. That's Wonga territory.
Unless of course, there was always a plan to hawk the ground and knowingly borrow more than was repayable merely to realise the assets.
Whoever the creditor(s) may be, I'd like to think it wouldn't happen closer to home and that supporters would be more vocal. |
Classic Guardian and classic David Conn. Bury and knackered. | | | |
| Mr Day and his borrowing on 16:29 - Nov 12 with 10580 views | dingdangblue |
They'll be praying for a win v Chester and a massive 3rd round game against one of the Premier league big guns and a TV game. Other than that piece of luck there's no way out I fear. Unless car park spaces are going well.
Edit- They'll be praying for for a win v Luton. Doh! [Post edited 12 Nov 2014 18:36]
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| Mr Day and his borrowing on 16:44 - Nov 12 with 10534 views | bennersdale |
Oh dear better get them buckets ready for shaking again |  |
| Hasta el valle abajo de la cerveza |
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| Mr Day and his borrowing on 16:44 - Nov 12 with 10530 views | lurker |
| Mr Day and his borrowing on 16:29 - Nov 12 by dingdangblue |
They'll be praying for a win v Chester and a massive 3rd round game against one of the Premier league big guns and a TV game. Other than that piece of luck there's no way out I fear. Unless car park spaces are going well.
Edit- They'll be praying for for a win v Luton. Doh! [Post edited 12 Nov 2014 18:36]
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The comments section shows what I am sure is true... the majority of bury folk can see what the hell is going on and are concerned albeit not concerned enough to go after the board aggressively in public.
There is also a quote from Mr Day himself (aka Chizzle) |  | | |
| Mr Day and his borrowing on 16:47 - Nov 12 with 10513 views | robbowood |
| Mr Day and his borrowing on 15:40 - Nov 12 by 100notout |
The Guardian sent detailed questions to Day via the club, principally asking where the £2m credit facility from his company to the club had come from, whether the borrowed money was used to finance the player signings, what the club’s wage bill now is and what plan they have to make sure interest of 10% per month, 138% per year, can be met. He did not reply.
'nuff said |
A brilliant piece of journalism by David Conn
"Since taking over Bury, Day’s company has borrowed £1m secured on Gigg Lane - annual rate of 138% - meaning after one year £1m borrowed in August will, with interest, amount to £2.38. Bury Football Club are guaranteeing this £1m loan."
"Bury’s most recent accounts are for the year to 31 May 2013, before Day’s ownership, when the club had income of £2.7m but made a £724,688 loss."
I think the saying is 'speculate to accumulate' - just as Stockport County did
How £1.38 million of interest (never mind paying off the capital) is going to be funded from gates of say 5000, sponsors money and xxx car park spaces (at £9995 a go) seems impossible
What is obvious is that all Bury's expensive signings in recent times have been made with money they hadn't actually got
Unless there is a millionaire waiting in the background, promising to pay off the loan if things go belly-up, I would be a very worried BFC fan and they'd better enjoy this season
If they get promotoed playing in league 1 isn't a financial bonaza as we know ourelsves and most of our extra money in the main is from increased supporters attending our home games | | | |
| Mr Day and his borrowing on 17:21 - Nov 12 with 10390 views | judd |
Shane88
12 November 2014 4:36pm
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10% compounded monthly is an annual interest rate of 213.8%, not 138%.
Also, I keep having comments deleted.
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Shane88 Shane88
12 November 2014 4:38pm
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And £1m borrowed at said rate would be £3.138m repaid including £1m originally borrowed. | |
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| Mr Day and his borrowing on 17:31 - Nov 12 with 10352 views | 442Dale |
Now this article has appeared, it's all very simple. A Forever Bury member asks Forever Bury for their comments on it and as they have a position at the club could they find out 1) is the report correct? 2) why the club hasn't commented on the report? |  |
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| Mr Day and his borrowing on 17:34 - Nov 12 with 10335 views | judd |
| Mr Day and his borrowing on 17:31 - Nov 12 by 442Dale |
Now this article has appeared, it's all very simple. A Forever Bury member asks Forever Bury for their comments on it and as they have a position at the club could they find out 1) is the report correct? 2) why the club hasn't commented on the report? |
As deez has pointed out elsewhere, depends when the question was asked of the club.
The response could be along the lines of "commercially confidential". | |
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| Mr Day and his borrowing on 17:44 - Nov 12 with 10279 views | aleanddale |
Chizzle is a tryer isnt he!!!
All is ok they have the JD "Cough" Money.
Oh and if Chizzle is banking on the car parking cash then he is in a whole different world of delusion. | | | |
| Mr Day and his borrowing on 17:44 - Nov 12 with 10278 views | 442Dale |
| Mr Day and his borrowing on 17:34 - Nov 12 by judd |
As deez has pointed out elsewhere, depends when the question was asked of the club.
The response could be along the lines of "commercially confidential". |
As long as a Forever Bury member gets an official response from Forever Bury to a question it's a start, and will then set a precedent (that should be in place anyway - see their aims) for follow up enquiries from members about whatever subjects they choose to raise. | |
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| Mr Day and his borrowing on 17:59 - Nov 12 with 10215 views | sandylaner1 |
a penny for david flitcrofts thoughts on this article
football clubs should not be allowed to operate in this way [Post edited 12 Nov 2014 18:00]
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| Mr Day and his borrowing on 18:08 - Nov 12 with 10167 views | aleanddale |
I feel sorry for the genuine Shakers who have had massive concerns since the Milky Bar kid rode his rocking horse down Giggle lane.
There are a few who have said - summats not right here. They quickly get slapped down though.
Its like a car crash in the slowest of slow motions.
The ones who keep saying lets " Enjoy the ride " i dont give a rats ass about.
Bonkers situation like putting your cab fare home on a final spin of a roulette table and having to walk home 10 miles. | | | |
| Mr Day and his borrowing on 18:29 - Nov 12 with 10062 views | judd |
Am I reading that report correctly - a mortgage taken out against Gigg for a loan of £1m from Goldmann & Sons Ltd., Warrington (a dormant company with 1 shareholder) AND a mortgage for an unspecified amount from DatumFinance Ltd, Burnley, whose last accounts showed a net worth of -£15k?
Have these loans been drawn down in full?
SG Sports Management had already loaned bury £335k, no interest rate specified. Has this been repaid via the initial or latter mortgage?
Can of worms. | |
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| Mr Day and his borrowing on 18:30 - Nov 12 with 10061 views | Thacks_Rabbits |
Its only £3,288 per day - not much really - I await Andy Bishop EGP relaunch :) |  |
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| Mr Day and his borrowing on 19:41 - Nov 12 with 9793 views | judd |
I was at least expecting joined up writing. | |
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| Mr Day and his borrowing on 19:49 - Nov 12 with 9734 views | Pale_Dale |
| Mr Day and his borrowing on 16:01 - Nov 12 by SuddenLad |
The silence from Mr. Day actually speaks volumes. Unfortunately, I don't see a way out of this for BFC. When the creditors come calling, the game is up. |
Here you go. No doubt a few on here will be gutted.
Statement from the board of directors with regards to newspaper article
The Board of Bury FC feel it very inappropriate that news stories have been released about its business that has in effect painted a totally inaccurate position of the Club.
The Club has been forced to explain itself on matters that they felt were private to the Club and not a public point of interest or indeed concern. Hence no public comments.
At all times, the Board has put the Club priorities first and will always carry on to do so.
The “loan” that has created all the issues has not been guaranteed by the Club and/or any associated costs paid for by the Club. This is a fact as there is separate private agreements in place between the funders representatives and Mr Day.
Mr Day has personally guaranteed the interest as this forms part of an agreement between the parties involved.
The Club needs third party income at all times to survive and after initial meetings with the Football League the Board determined that the Club can create third party income by carrying out NON FOOTBALL related transactions. This is key to the Club moving forward.
The “loan” was part of a property transaction that allowed BFC to earn revenue streams over a period of 6 months secured on another asset. The deal has completed and in turn the “loan” will be repaid at no cost to BFC PLUS the Club will earn a significant sum over the next 18 months.
In any business you must justify a legal transaction to warrant earned income and as such at times some calculated risk needs to take place.
At no time has any funds been used for players — despite the fact we have been offered player finance in the past, it has always been declined.
The Club will always try to conduct its business in a private and professional manner as in many instances the NON FOOTBALL income will be generated by creating new partnerships and allow the Club to eventually develop new facilities and as such increase its independent revenue streams.
The “loan” will be repaid within the next few weeks.
We want to assure any concerned fan that the Club is not spiralling into debt and only acting as an investor to create income that in turn will makes the Club self sufficient.
The Board know that changes can be unnerving at times, but historically the Club has gone close to receivership every 4/5 years and that is something we are determined will not happen again.
At times, due to very strict privacy agreements or wanting to be ahead of the game we do not think its appropriate to publicize some of the activities as that could stop the investment strategy from maximizing its potential.
We want to apologize for any concern this may have caused, BUT at the same time ask that support is given to allow time for such investments to show dividend.
The Board
Read more at http://www.buryfc.co.uk/news/article/statement-press-story-re-finance-2080774.as [Post edited 12 Nov 2014 19:51]
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