- Nov 24, 2004
- 624
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In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course.
Does this mean we're going back to the club we all fell in love with? I do bloody hope so! Been his harshest critic but if Levy does what he says he will go up in infinitely my estimation. LVG?Liked this bit: "...play the style of football for which we are famous..." I wonder if we should explicitly state what that is somewhere? At least then future managers will know what's required of them before they start...
Would be good if any SC financial whizz-ers could explain, in layman terms, the major points out of the news.
Things I see are;
No mention of the increased TV money?
Loan from Enic is being written off (I think)
Enic, not Spurs, have bought a load of property/land in prep for stadium
Oh and the stadium could be up in 3 years!!!
Thats all well and good. But we have to see the results. Maybe we'll actually spend more than we sell this window for a change?(not keeping my hopes up)I thought the anti ENIC/Levy brigade said ENIC never invested money into the club or am I misunderstanding this bit.........
Tbf a property loan of £40milll against something worth alot more isn't surprising and no doubt the college and supermarket will be helping paying it off, in terms of the money put in to the stadium enic are line to make their money back and potentially then someI thought the anti ENIC/Levy brigade said ENIC never invested money into the club or am I misunderstanding this bit.........
Thats all well and good. But we have to see the results. Maybe we'll actually spend more than we sell this window for a change?(not keeping my hopes up)
Cant wait till next years report when the Summer 2013 dealings are reported. Profits gonna be alot higher.
That bit also proves AtlantaYid's ITK about the man on the boat providing an interest free loan. Of course, he was slammed on here when Daniel said fuck a net spend and sold Bale to give us a net profit.
I am anti-Levy'ish...I thought the anti ENIC/Levy brigade said ENIC never invested money into the club or am I misunderstanding this bit.........
I am anti-Levy'ish...
I just wish he would just worry about the financial side and leave the f-ing football side of things well alone and support the bloody manager.
Like get the players the manager wants and needs, rather than buying them for profits.
Agreed, me tooProblem is, they're so intrinsically linked that the lines become blurred ...
I hate these blurred lines.
Agreed, me too
Can't we get a giant rubber and rub these lines out? Or doesn't it work that way?
Tbf a property loan of £40milll against something worth alot more isn't surprising and no doubt the college and supermarket will be helping paying it off, in terms of the money put in to the stadium enic are line to make their money back and potentially then some
Is that like a partial remortgaging of my house? Also is that the same amount that Boris was giving us to tidy up the area or did that fall through? I'm clueless to what has happened re: stadium.Yeah, its important people realise that this loan is being converted to equity and is not the same as ENIC/Joe Lewis providing a £40m net investment in the playing squad.
I'm not making a judgement on one way or another but it doesn't prove ENIC are any less or more serious about investing in the football team.
One thing this statement highights is just how difficult it is for a London club to get a new stadium project up and running. It's so much easier in other parts of the country with less built up areas and problems with CPO's etc. Frustratingly, the gooners really came up trumps in this regard and at the right time as well. Wankers.