DA to look into free agents?

[redrobo]

Wonder if DA will look into the free agents list of players as other clubs are doing following as a result of our injury list and the availability of a wee bit of money following our cup success in the EFL Cup...

[marky No.1]

Prize money previously has gone to paying Jasons interest rather than the playing budget

[redrobo]

Prize money previously has gone to paying Jasons interest rather than the playing budget

I've said this before but Jason is winning every which way by charging I assume a very high interest rate on the money he puts into our club.

Instead of looking at the prize money as a way to improve the squad which in turn would hopefully make our club more successful which in turn makes us more of a saleable asset he just ignores this and many other options which make me believe he has no intention of concluding a sale as he is getting back with excessive interest any money he puts into our club which is basically crippling us from moving forward,

[BerlinWaller]

I'm not sure what 20k gets in the transfer market but i doubt it is much. It might stretch a bit more in the loan market where we can contribute towards a wage

[Keith]

I've said this before but Jason is winning every which way by charging I assume a very high interest rate on the money he puts into our club.

I don't know any more than any of us, but I'm still not convinced that this is what he's doing. I'm not saying definitively, he isn't, but to get a loan at a low enough interest rate, it must be secured against a decent, saleable asset. It would be illegal/fraudulent to borrow against the ground, as this is owned by the Christie Trust, so not his to borrow against. The buildings are pretty worthless if the club goes out of business, so apart from a few small parcels of land, there isn't much left of value.

Plus, the club Directors would have to agree to any loans, so if they are at an exorbitant rate, then I would hope the Directors wouldn't agree to them.

Finally, if the club goes into administration, as the owner, making loans to his own company, I would have thought he was low down the list of creditors, so it would be a huge risk.

I'm not saying you are wrong in your guess, but I'm not convinced. That said, I don't know what he IS doing either, and can't think of a more believable scenario, so perhaps you are right?

[BerlinWaller]

I've said this before but Jason is winning every which way by charging I assume a very high interest rate on the money he puts into our club.

I don't know any more than any of us, but I'm still not convinced that this is what he's doing. I'm not saying definitively, he isn't, but to get a loan at a low enough interest rate, it must be secured against a decent, saleable asset. It would be illegal/fraudulent to borrow against the ground, as this is owned by the Christie Trust, so not his to borrow against. The buildings are pretty worthless if the club goes out of business, so apart from a few small parcels of land, there isn't much left of value.

Plus, the club Directors would have to agree to any loans, so if they are at an exorbitant rate, then I would hope the Directors wouldn't agree to them.

Finally, if the club goes into administration, as the owner, making loans to his own company, I would have thought he was low down the list of creditors, so it would be a huge risk.

I'm not saying you are wrong in your guess, but I'm not convinced. That said, I don't know what he IS doing either, and can't think of a more believable scenario, so perhaps you are right?

It is all there on Companies House in the accounts. There are Mortgages secured against the club and loans are being repayed. Rod has mentioned it, there is evidence in the accounts if you look.

[Keith]

It is all there on Companies House in the accounts. There are Mortgages secured against the club and loans are being repayed. Rod has mentioned it, there is evidence in the accounts if you look.

I'm not saying we're not in debt. I'm questioning how Whittingham could get a low interest loan, secured against the club, then lend that money to the club at a higher interest rate, again, secured against the club?

[redrobo]

I've said this before but Jason is winning every which way by charging I assume a very high interest rate on the money he puts into our club.

I don't know any more than any of us, but I'm still not convinced that this is what he's doing. I'm not saying definitively, he isn't, but to get a loan at a low enough interest rate, it must be secured against a decent, saleable asset. It would be illegal/fraudulent to borrow against the ground, as this is owned by the Christie Trust, so not his to borrow against. The buildings are pretty worthless if the club goes out of business, so apart from a few small parcels of land, there isn't much left of value.

Plus, the club Directors would have to agree to any loans, so if they are at an exorbitant rate, then I would hope the Directors wouldn't agree to them.

Finally, if the club goes into administration, as the owner, making loans to his own company, I would have thought he was low down the list of creditors, so it would be a huge risk.

I'm not saying you are wrong in your guess, but I'm not convinced. That said, I don't know what he IS doing either, and can't think of a more believable scenario, so perhaps you are right?

I don't trust him NOT to have got any money using the ground as collateral from a questionable provider.

Plenty of dubious financial companies out in the finance sector ( particularly overseas) who might loan him money without doing proper checks on his ability to pay.

Not suggesting that Jason is a crook or anything like that.....but....

[BerlinWaller]

It might not be a low interest loan but he takes out more than he puts in

[KenH]

There are legal charges against the club's assets, including the land it owns (not the trust) and the buildings built on the Trust land.

Worst case scenario in case of default (like happened with PMG Leisure), receivers could seize the buildings (stands, hospitality, etc) preventing the club from using them, and maybe even selling them (or leases thereof) to someone else. We could well end up having the right to play matches on the pitch, but with no access to the changing rooms, stands, offices, etc etc. Meanwhile, someone whose bought/leased the buildings from the administrators could maybe use them for other purposes.

[Billy bodger]

It might not be a low interest loan but he takes out more than he puts in

Then why would you ever sell the club?? Perhaps that’s why it’s not been sold yet!! Coining it in, makes happy Jason.

[Hodgie1978]

Because he's waiting for some ridiculous offer from someone like Sarbjot.
Until then he keeps counting the coins he's made from us.
It also annoys me when the board keep saying "Jason wants to sell "

[Billy bodger]

Let’s beat Carlisle and get another £10,000. (I’m away and going to miss it ).

It is as always one of those isn’t it at the moment with Morecambe FC, give it to Derek in January for me, but Jason lends us funds and we have to repay him, with interest.

I do hope Jason when he has his business head on realises the Club was worth more as a League One Club, but he mucked that up not selling in the two years we were in that League. Then when he has contemplated that, perhaps he might realise that to keep the current price he has in mind for Morecambe FC it will be beneficial for him that we stay in League Two and therefore act accordingly.

For me he’s getting short term gain on his loans but losing more on fumbling the sale of the Club and he cannot see it.

I wonder if he asks himself ‘what on earth have I been doing?’, unless of course selling the Club is not his objective and he has some other plan! Oh and as Hodgie1978, it is annoying the board keep saying Jason wants to sell.

[BerlinWaller]

The Jason wants to sell the club line has never had any truth in it. He makes a good income out of the club without ever putting a penny in. He never bought the club nor has he ever invested in it. He whipped out £1,800,000 after the first L1 season and has saddled us with loans every season. Look.at the WW accounts and you will see that him and his buddy paid themselves £500,000 a season.

He won't give up his golden goose until he gets that silly offer through the EFL.

[Billy bodger]

Won’t any new owner ‘that he sells too’ just do the same?
Probably one of the reasons anyone ‘he sells too’ wants to buy!
He will be telling them how to get their investment back over a smallish period of time.
I do agree with Berlin Waller and have alluded to it myself that he makes money out of Morecambe FC, so why sell?
The only reason I can come up with besides that is that nowadays he has difficulty borrowing the money in the first place. I.E. he is now borrowing from the type of person who charges a higher rate of interest and of course he just passes that on to Morecambe FC adding his share on top.
All perfectly legitimate, its business and the EFL rules on Governance cannot do jot about it.
It’s one large barrel of ………

[BerlinWaller]

https://find-and-update.company-informa ... 92/charges

All the charges against the club.