|
 |
| Rank | Posts | Team |
| Player Coach | 708 | No
Team
Selected |
| Joined | Service | Reputation |
| Apr 2008 | 17 years | |
| Online | Last Post | Last Page |
| Sep 2024 | Sep 2017 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote MOPSEY LIVES ON="MOPSEY LIVES ON"if ted walks away and transfers his shares,ive been told that he would stll be entitled to the rest of the ground money,leaving us in a state like crystal palace were under ron noads and mark goldberg
are we as fans allowed to speak with the rfl and ask them what is going on. you cant play against a stacked deck
what are the fans ambitions. mine is to play in the top flight but not at the expence of the club, if we cant generate enough income to compete then what is the point in carrying on like this.
is there enough money to pay the players and staff at the end of the month.'"
BV was an asset of the club and therefore outstanding payments are due to the club (unless we go into Administration - see my previous post). Ted cannot receive money from the club unless it is either part of any remuneration package previously agreed by the BoD OR the club make a dividend payment. If the club makes a dividend payment, it must be made from reserves that are available for such payments AND must be made on an equal basis to ALL shareholders.
In short - Ted won't be seeing a penny of the money for the sale of BV.
We can try speaking to the RFL, but given that getting info out of the club is difficult I doubt we'll get any answers out of the RFL. |
|
|
| Rank | Posts | Team |
| Player Coach | 312 | No
Team
Selected |
| Joined | Service | Reputation |
| Dec 2009 | 15 years | |
| Online | Last Post | Last Page |
| Oct 2014 | Oct 2014 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote MOPSEY LIVES ON="MOPSEY LIVES ON"if ted walks away and transfers his shares,ive been told that he would stll be entitled to the rest of the ground money,leaving us in a state like crystal palace were under ron noads and mark goldberg
'"
Well you've been told wrong Mopsey
The ground belongs to Wakefield Trinity RLFC - end of! |
|
|
|
| Rank | Posts | Team |
| Player Coach | 4130 | No
Team
Selected |
| Joined | Service | Reputation |
| Aug 2007 | 18 years | |
| Online | Last Post | Last Page |
| Dec 2024 | Apr 2024 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
|
|
|
|
| Rank | Posts | Team |
| International Board Member | 7494 | No
Team
Selected |
| Joined | Service | Reputation |
| Jan 2003 | 22 years | |
| Online | Last Post | Last Page |
| Sep 2016 | Apr 2016 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote RDM="RDM"
At the moment, it seems to me that we will follow one of two paths. Either, £500k will be raised before the end of the month which will see the existing BoD stand down (albeit that some may wish to stand for re-election), Ted will transfer his (whole???) shareholding to some form of trust (which I would expect would be controlled by those who raised the £500k), we continue through the 2011 season with a chance of retaining our SL franchise for 2012-15 and we get the full benefit of future money paid by Cala Homes.
'"
But the big question is will the 500k get us through the season? Will it get swallowed up just like all the other money has done? I keep thinking about all the cut backs we have made, the player sales, the sale of Belle Vue, the loan from Sir Rodney and we still owe more. Who has come up with the figure of 500k? I guess it's the board if so who has any faith in their maths? |
|
|
| Rank | Posts | Team |
| Player Coach | 708 | No
Team
Selected |
| Joined | Service | Reputation |
| Apr 2008 | 17 years | |
| Online | Last Post | Last Page |
| Sep 2024 | Sep 2017 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote MOPSEY LIVES ON="MOPSEY LIVES ON"some may wish to stand for re election, have you lot gone completly mad.'"
Not at all - was suggested on another thread yesterday evening. I'm not saying that I know that it will happen, but they have as much right to put themselves forward to shareholders for election as directors as you or I have.
If they put themselves forward, it's up to the shareholders to elect the new BoD as they see fit. |
|
|
|
| Rank | Posts | Team |
| Player Coach | 4130 | No
Team
Selected |
| Joined | Service | Reputation |
| Aug 2007 | 18 years | |
| Online | Last Post | Last Page |
| Dec 2024 | Apr 2024 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote J.T="J.T"But the big question is will the 500k get us through the season? Will it get swallowed up just like all the other money has done? I keep thinking about all the cut backs we have made, the player sales, the sale of Belle Vue, the loan from Sir Rodney and we still owe more. Who has come up with the figure of 500k? I guess it's the board if so who has any faith in their maths?'"
ask catwomen1 shes thinks she knows all the answers. |
|
|
| Rank | Posts | Team |
| International Board Member | 7494 | No
Team
Selected |
| Joined | Service | Reputation |
| Jan 2003 | 22 years | |
| Online | Last Post | Last Page |
| Sep 2016 | Apr 2016 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote MOPSEY LIVES ON="MOPSEY LIVES ON"ask catwomen1 shes thinks she knows all the answers.'"
I doubt anyone can answer these questions as the board probably have no idea either. |
|
|
| Rank | Posts | Team |
| Club Owner | 7665 | No
Team
Selected |
| Joined | Service | Reputation |
| Oct 2003 | 21 years | |
| Online | Last Post | Last Page |
| Feb 2025 | Jun 2024 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote J.T="J.T"Without answers to the many questions being asked we are going in totally blind. No point putting any money in until we know exactly what we are dealing with.'"
Which questions need answering and what clarification do you/we want before confidence would be high enough to get behind this rescue initiative?
The obvious ones are:
* What is the extent of the debts beyond the imminent tax demand
* Exactly how much of the ground purchase money much have we received in percentage terms and who is the balance payable to
* Does Ted or any other director own any part of Belle Vue
* If the club staves off the HMRC on 31st January are there sufficient finances available to meet the club's other financial obligations ie, player & staff wages, utilities etc. |
|
|
|
| Rank | Posts | Team |
| International Board Member | 7494 | No
Team
Selected |
| Joined | Service | Reputation |
| Jan 2003 | 22 years | |
| Online | Last Post | Last Page |
| Sep 2016 | Apr 2016 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote The Clan="The Clan"Which questions need answering and what clarification do you/we want before confidence would be high enough to get behind this rescue initiative?
The obvious ones are:
* What is the extent of the debts beyond the imminent tax demand
* Exactly how much of the ground purchase money much have we received in percentage terms and who is the balance payable to
* Does Ted or any other director own any part of Belle Vue
* If the club staves off the HMRC on 31st January are there sufficient finances available to meet the club's other financial obligations ie, player & staff wages, utilities etc.'"
I'd quite simply want to know the extent of the debt and the chances of the 500k getting us through the season. |
|
|
| Rank | Posts | Team |
| Player Coach | 708 | No
Team
Selected |
| Joined | Service | Reputation |
| Apr 2008 | 17 years | |
| Online | Last Post | Last Page |
| Sep 2024 | Sep 2017 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote J.T="J.T"But the big question is will the 500k get us through the season? Will it get swallowed up just like all the other money has done? I keep thinking about all the cut backs we have made, the player sales, the sale of Belle Vue, the loan from Sir Rodney and we still owe more. Who has come up with the figure of 500k? I guess it's the board if so who has any faith in their maths?'"
£500k is not enough to see us through the season BUT it I expect that it will be enough to pay off the debts that need to be paid at the beginning of February, pay this month's wages and give sufficient working capital to see us through to the February payment from Sky.
RL is a seasonal business - the club will always have more money coming in during the playing season than during the off-season.
I doubt that the loan from SRW is something that he is expecting back in the next few months. He will have kept it as a loan simply to protect his position if the club went into Administration soon after the tax bill he was covering was paid off. |
|
|
| Rank | Posts | Team |
| Club Owner | 7665 | No
Team
Selected |
| Joined | Service | Reputation |
| Oct 2003 | 21 years | |
| Online | Last Post | Last Page |
| Feb 2025 | Jun 2024 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote MOPSEY LIVES ON="MOPSEY LIVES ON"some may wish to stand for re election, have you lot gone completly mad.'"
its my understanding that none of the three directors of the company wish to stay on in any capacity other than spectators on the terrace! |
|
|
|
| Rank | Posts | Team |
| Club Owner | 7665 | No
Team
Selected |
| Joined | Service | Reputation |
| Oct 2003 | 21 years | |
| Online | Last Post | Last Page |
| Feb 2025 | Jun 2024 | LINK |
| Milestone Posts |
|
| Milestone Years |
|
|
| Location |
|
| Signature |
|
TO BE FIXED |
|
| Quote RDM="RDM"While I work in corporate finance, I'm not an insolvency practitioner but will try to clarify things a bit to the best of my understanding.
You're correct in saying that in the event that WTRLFC Limited went into Administration, the assets will be fall under the control of the Administrator who will try to raise as much cash as possible from them while trying to sell the business as a going concern.
BV was an asset of WTRLFC Ltd before being sold to Cala Homes, and there is now an amount sitting on the company balance sheet as a debtor to WTRLFC Ltd that form part of the assets. The Administrator would look to realise as much of the outstanding money as possible, but as Cala would be paying this ahead of the contracted date they may be able to negotiate a lower amount (which would be a benefit to them).
I'm not sure how the £350k we were expecting from Yorkcourt would be treated as technically it doesn't become due (and therefore an asset to WTRLFC Ltd) until planning permission is granted.
The Administrator will also contact all creditors of WTRLFC Ltd asking them to provide confirmation of any monies due to them.
Once the Administrator has been able to establish how much can be raised from the assets to pay the liabilities, they will call a meeting of the creditors who will be told how much of their debt will be repaid. If this is accepted by the creditors a CVA will be drawn up to formalise the proposals. The order of priority for repayment of debts is i) secured creditors (i.e. the Bank) ii) unsecured creditors (e.g. HMRC, suppliers, wages, season ticket holders) & iii) the shareholders. The shareholders are unlikely to see any money unless the secured & unsecured crediors are repaid in full.
If the Administrator is able to find someone willing to buy the business as a going concern, this would normally be done through a Newco (e.g. WTRLFC 2011 Ltd). It's often the case that the CVA would also include payments over a period from Newco as the assets of the business that went into Administration is not enough to cover the liabilities. In WT's case, this MAY not be required if enough money can be realised from Cala Homes to clear the outstanding liabilities.
I know that you may now be wondering why the club doesn't negotiate with Cala now - the simple answer is that Cala probably don't have to pay us any more money until we have left BV and they have a contract to that effect. They already own the site & it's in their best interest to wait as late as possible before paying us any more money.
I would expect that anyoone buying the business from the Administrator would also be able to negotiate a certain amount of cash to be included in the deal as they will almost certainly need to honour the value of the season tickets that have been sold.
If funds do end up being passed back to the shareholders by the Administrators (and this would be split equally dependant on individual shareholdings) it is then up to them individually what they wish to do with that money. I suspect that many minority shareholders would be happy to see this money being passed to the new business running the club as we are fans, but given that Ted has entered an IVA he may well have to use any money that comes his way in respect of those debts.
At the moment, it seems to me that we will follow one of two paths. Either, £500k will be raised before the end of the month which will see the existing BoD stand down (albeit that some may wish to stand for re-election), Ted will transfer his (whole???) shareholding to some form of trust (which I would expect would be controlled by those who raised the £500k), we continue through the 2011 season with a chance of retaining our SL franchise for 2012-15 and we get the full benefit of future money paid by Cala Homes.
OR we can't raise £500k, the club enters administration in early February, a Newco takes over the running of the club (hopefully) who won't benefit from future money due from Cala Homes (as it will have been paid at a lower amount to help clear the liabilities upon entering Administration) and we play through the coming season knowing that we will not be in SL next year.'"
Thanks RDM, while some of it is speculation I think that gives all of us a better understanding |
|
|
|
|
|
