[newbold ken]

s43spire, on 24 July 2016 - 03:33 PM, said:

Hold on a minute for years now people on this board have been saying ,why should the council wipe the debt ,why doesn't DA pay them off its his club He,s got the money etc etc so now he's paid it off its all smoke and daggers.

Could someone from the bobs board school of accounting explain this?

I'm no accountant but it's not rocket science - he's getting 5percent interest when the interest rates are set at about 1/2 percent at the moment .

[valemadness]

newbold ken, on 24 July 2016 - 03:58 PM, said:

I'm no accountant but it's not rocket science - he's getting 5percent interest when the interest rates are set at about 1/2 percent at the moment .

But it's less interest than we were paying the council

[newbold ken]

valemadness, on 24 July 2016 - 04:00 PM, said:

But it's less interest than we were paying the council

Question is why wait til now though- perhaps he's realised the council were never going to write it off .

[s43spire]

azul, on 24 July 2016 - 03:51 PM, said:

Because he hasn't payed it off, just more debt payable to him (and the interest) - is that good enough

Smoke and Daggers love a mixed metaphor! However Smoke and Mirrors or Cloak and Daggers would do fine, somes up DA antics just about right

Doh

[Guest_freelander2_*]

The amount outstanding to A&S Leisure as per the y/e 30/06/15 was £1,483,334. (As show in the accounts for both CFC 2001 Ltd & A&S Leisure).

We also know that the annual loan repayment of £222,222 was due on 31st December 2015. So in theory, this leaves a capital balance of £1,261,113.

AC's press release confirms that the new loan from A & S is £2M & the latest DT article states that the council are in receipt of a payment of £861,551 from the football club.

So:

£2,000,000 (new loan from A&S)
- £1,261,113 (outstanding amount due to A&S)
- £861,551 (payment made to council)
-£122,664

Did the £861,551 that was paid to council include some interest? Were there penalties for early repayment or have additional repayments been made to A&S over and above the £222,222 annual loan repayment?

[martatcross]

The report I have read states that Mr Allen wanted to get the burden of the council having stake in the ground so by paying off the loan he now completely has right to the stadium. Read into that what you will.

[needdm]

I am sure if anybody wanted to pay back the loans out of their own money the club would be more than happy for them to do so.

[valemadness]

martatcross, on 26 July 2016 - 06:09 PM, said:

The report I have read states that Mr Allen wanted to get the burden of the council having stake in the ground so by paying off the loan he now completely has right to the stadium. Read into that what you will.

He's been saying that for at least 3 years though

[moondog]

freelander2, on 26 July 2016 - 05:51 PM, said:

The amount outstanding to A&S Leisure as per the y/e 30/06/15 was £1,483,334. (As show in the accounts for both CFC 2001 Ltd & A&S Leisure).

We also know that the annual loan repayment of £222,222 was due on 31st December 2015. So in theory, this leaves a capital balance of £1,261,113.

AC's press release confirms that the new loan from A & S is £2M & the latest DT article states that the council are in receipt of a payment of £861,551 from the football club.

So:

£2,000,000 (new loan from A&S)
- £1,261,113 (outstanding amount due to A&S)
- £861,551 (payment made to council)
-£122,664

Did the £861,551 that was paid to council include some interest? Were there penalties for early repayment or have additional repayments been made to A&S over and above the £222,222 annual loan repayment?

From AC.

"There was a clause to say early settlement incurred additional charges. The Council agreed not to enforce this. The debt repayment took into account all accrued interest until the payment date" (I assume original repayment date)

"Yes A&S Leisure have acquired control but why not when DA has now loaned the club over £9m?"

[Bonnyman]

If we loaned 960k in 2001 ..what interest rate was it that we still had to pay back 860k in 2016..it would have taken over 100 years to pay it back at that rate?

This post has been edited by Bonnyman: 27 July 2016 - 07:01 AM

[Westbars Spireite]

Bonnyman, on 27 July 2016 - 07:01 AM, said:

If we loaned 960k in 2001 ..what interest rate was it that we still had to pay back 860k in 2016..it would have taken over 100 years to pay it back at that rate?

Weren't we treating it like an interest only mortgage?

[moondog]

Westbars Spireite, on 27 July 2016 - 07:41 AM, said:

Weren't we treating it like an interest only mortgage?

It appears that way, little wonder DA has got irate about it over the years given the fall in interest rates.

[Guest_freelander2_*]

moondog, on 27 July 2016 - 07:50 AM, said:

little wonder DA has got irate about it over the years given the fall in interest rates.

I don't follow.

[Town_Fan]

freelander2, on 27 July 2016 - 08:04 AM, said:

I don't follow.

I think he's saying the council were taking the pee by fleecing the only decent thing left in chesterfield these days.

I'm glad the council are out of the equation. It was preposterous they had a hold over the club for a minimal loan that they chose to bleed the club dry with a high rate of interest. Council scum.

[Webster]

From dim memory wasn't council loan 4% plus Base rate ? which can fluctuate

[moondog]

freelander2, on 27 July 2016 - 08:04 AM, said:

I don't follow.

Fixed rate 5% (although heard from a non club source 4% plus base rate) higher than market rates, thinks as a " friendly" loan (given what the club brings to the town (it should be less) but in anticipation of your next point, undone by the A&S Leisure group now charging similar. The concern for me was little or no capital repayment

[Guest_freelander2_*]

moondog, on 27 July 2016 - 08:15 AM, said:

Fixed rate 5% (although heard from a non club source 4% plus base rate) higher than market rates, thinks as a " friendly" loan (given what the club brings to the town should be less) but in anticipation of your next point undone by the A&S Leisure group now charging similar. The concern for me was no capital repayment

To enable capital repayments, you need to generate profit.

[azul]

freelander2, on 27 July 2016 - 08:18 AM, said:

To enable capital repayments, you need to generate profit.

I think that point is missed by our esteemed leadership team as well as their sycophants on here

[moondog]

freelander2, on 27 July 2016 - 08:18 AM, said:

To enable capital repayments, you need to generate profit.

Indeed, but I was meaning the loan seemingly being structured as interest only, not just meaning he's irate with the Council but with his predecessors for agreeing the terms of the loan