Well I was in two minds, but I like a laugh, so I'll be there.
You're going to try and twat Elvis, yes?
ALL issues relating to the bond issue and club finances
- Thread starter sammsky1
- Start date
- Status
Well I was in two minds, but I like a laugh, so I'll be there.
You're going to try and twat Elvis, yes?
No, I am not a bully but I will ask him to explain himself. Time to let this thread get back to what it is supposed to be about so lets leave it there
Just catching up on the extremely bizarre events of today...
Post of the thread!
Sounds like Weaste wants to play "will they/won't they?"
His driver, his maid, his cook, and his gardener. Sounds a bit like my grandmother's "black friends", but then she was born in Alabama in 1918.
(Obviously just kidding CL, I have no idea if you have a black driver.)
I'm told he's about 5"2'.
Also, just a reminder that we're all modern now, so it is perfectly fine to hit a 'man' with glasses. Please let us know how it turned out.
Pics or it didn't happen.
----------
OK, regular service resumed now...
Post of the thread!
Sounds like Weaste wants to play "will they/won't they?"
His driver, his maid, his cook, and his gardener. Sounds a bit like my grandmother's "black friends", but then she was born in Alabama in 1918.
(Obviously just kidding CL, I have no idea if you have a black driver.)
I'm told he's about 5"2'.
Also, just a reminder that we're all modern now, so it is perfectly fine to hit a 'man' with glasses. Please let us know how it turned out.
Pics or it didn't happen.
----------
OK, regular service resumed now...
Howdy jase.
How's things? Leeds won again on the weekend. You never told me what I'd be in for if they got promoted.
How's things? Leeds won again on the weekend. You never told me what I'd be in for if they got promoted.
hmmm, appears like someone has took one for the team.
Mental breakdown.
Mental breakdown.
I always knew this thread was destined for the Classics ...
It's all been worth it for last night. That's the hardest I've laughed in months. I tried to explain to the missus when I was guffawing in bed last night but just couldn't articulate it properly. Obviously tmrd what the instigator of the fun but kudos to crerand and redlambs in particular for making me injure my insides the most.
This thread expands too fast... give me a post / page number to start reading the hilarity.
Edit: No need, got through it in my lunch time. Classic work, tards, keep it up!
What do you mean by "Just what do you mean by...'mates'."
?
This thread has gone way off topic and needs to be cut back to where the topic was appropriate.
No ideas?
It could be something simple like money being moved around as a result of the bond issue but some clarification from someone would be good !
Stop trying to side-track the thread.
It'll be something to do with the "closing funds flow" post bond issue. Red Football Ltd (the company) held all the bank debt, but MU Finance plc (its subsidiary) raised all the bond debt. Money flowed into RF to pay the bank debt off, partly from RFJV as a capital contribution and presumably partly from MUF plc as a dividend. We'll only be able to see the details when all the group companies post their accounts at Companies House.
RF has virtually no costs of its own so any dividend roughly = profits.
Am I right in saying that RFJV Ltd now directly owns 28% of MU Ltd's shares?
No. That's RF Junior Ltd. RFJV own 100% of RF which owns 72% of MU direct and 28% through its 100% ownership of RFJ!
Clear. As. Mud.
What's the point of having these holding companies and subsidiaries?
tax "avoidance" maybe..
It's all to do with the financing in 2005, 2006 and 2010. RFJ was formed to buy the Irish's stake (hence the 28% holding).
RFJV has to sit separately above RF because it is the "PIKCO" in the structure. It exists to hold its 100% holding in RF and to issue the PIKs which are secured on those shares. Above RFJV sits RF Shareholder which is the top UK business. Above that the US companies.
Yeah I remember that now. Although it should be reported in the accounts that Red Football Ltd own 100% of MU Ltd's shares given that RF Junior Ltd is a subsidiary undertaking of RF Ltd. There was a change this year (09/10) from previous periods in so much as the accounts for 09/10 report that RF Ltd own 72% of MU Ltd's shares when earlier accounts report RF Ltd as owning 100% of MU Ltd's shares. Why the change?
Good spot. Proof that PWC can make mistakes?
Is there a football club in there somewhere?
Allegedly.
Excellent question
Does make you think doesn't it that with all the layers within the complex structures, companies, subsidiaries, shareholdings etc that we (or more accurately, the Glazers) make money from moving money around, rather than actually playing football.
Yip, sad that die hard football fans have to take an interest in all this financial bollox because the owners are constantly at some trick or other to convince us they have money
Though i've never seen them play, i'd be genuinely surprised if the Glazers had the talent and training necessary to play football professionally.
Nobody's trying to convince us that they have money, only that the club can function successfully with them at the helm.
It can, and the sooner you accept that then the sooner you can begin to feel good about our football club again.
If you cannot ever accept it then i feel sorry for you.
They're trying to convince us they have OUR money. (not yours Cider)
Assume so.
Probably had a party last night when they heard Rooney asked for a transfer, "all we need now is for Sir Alex to say that there is no value out there and we could be 50m richer" . That is meant to be light hearted before a certain poster loses the rag
Where do you work? I'm going to...
...no let's not start that again
In the interest of everybody's mental health though, can we not mention Rooney here for a while? There's going to be plenty of pages on that if/when it happens
Where do you work? I'm going to...
...no let's not start that again
In the interest of everybody's mental health though, can we not mention Rooney here for a while? There's going to be plenty of pages on that if/when it happens
As I said it was meant to be light hearted and not a serious comment. Lets hope it is nipped in the bud quickly if not it is going to be a long haul to at least January
Come off it Crerand, if you seriously can't tell that I'm winding you up you need to have a word with yourself. You've always had a bit of a problem with me ever since I asked whether the Virgin Mary was actually a virgin.This is vergin' on the ridiculous.
Ye I thought it was something about a different financial structure after the bond but didnt understand what exactly the amounts represented.
You can also see some of the money flow in Note 15 (Debtors)
You'll have to pardon me for having paid less attention to this thread as it has grown into a quite giant discussion.
But are we not simply drifting into oblivion [well, relative to the club people have become accustom to in the modern era]? The scrabbling elephant in the footballing room that the media touches on from time to time and assumes there is a rescuer for?
It is similar to a book read about the American Revolution, British held New York for all intents was under siege and yet people went about as if all was normal, holding ever grander parties to shut out their concerns.
In our case of course it is things like transfers, progression in the Champions League and...City, that are the distraction. Supporters have a natural partiality however the media and the Premier League/FA should be more responsible.
Such mass denial it seems to me.
But are we not simply drifting into oblivion [well, relative to the club people have become accustom to in the modern era]? The scrabbling elephant in the footballing room that the media touches on from time to time and assumes there is a rescuer for?
It is similar to a book read about the American Revolution, British held New York for all intents was under siege and yet people went about as if all was normal, holding ever grander parties to shut out their concerns.
In our case of course it is things like transfers, progression in the Champions League and...City, that are the distraction. Supporters have a natural partiality however the media and the Premier League/FA should be more responsible.
Such mass denial it seems to me.
- Status