SUFC: The Future SUFC up for sale

[londonblue]

No worries. Not saying the stuff about contributions still being paid whilst wages not is untrue. I've heard the rumour too and you wouldn't put it past him, although you'd hope it hasn't happened if it is indeed illegal, considering TL is a lawyer!

But unfortunately you can almost double the value of the debt that's on the WUP if you want a ballpark figure needed to clear the embargo.

Which means, even if we come out of the embargo, we'll almost certainly be back in one pretty soon after. KM et al will need to work fast, if they're given the chance.

 

[fbm]

It is the clubs money, but the funds have seemed to be intertwined closely over, perhaps the last 15 or so years. If that picture of a SUFC helicopter at his sons wedding together with various other tales are to be believed, that would be more evidence of intertwining. Of course he could argue he put that extra money in so he’s taking it back out - but I would that show up in the balance books?

The strange thing is - other people own 30% of the club.

If he put it in and is taking it back (which of course he can do) it will be shown in the Directors loan account.

I really don't think SUFC have a helicopter. I would think that he may have used it for travel to away matches if that were the case. Anyhow, if it was his son's wedding, how do we know who paid for it?

I think it's likely that it was chartered and a temporary wrap or sign put on it. and actually, I don't really believe anything much by way of tales as that is probably what they are; tales. None of us know.

 

[Westcliff DGS]

Which means, even if we come out of the embargo, we'll almost certainly be back in one pretty soon after. KM et al will need to work fast, if they're given the chance.

Cant see we come out of an Embargo by paying only the £275k if it is true we now owe more to the HMRC. I would expect that we need to clear it all and hope we have a month before going back into an embargo if RM is still in charge

 

[fbm]

Early this morning I watched the SUFC super yacht sail past me and I can assure you it was definitely the SUFC helicopter sitting on the pad.

Judging by the amount of Eastern European girls parting on board I'm convinced a sale must be close. Some on here need to realise even if you finish bottom of the EFL you still make several £million as an owner.

You have bloody good eyesight there

 

[kentblues]

If he put it in and is taking it back (which of course he can do) it will be shown in the Directors loan account.

I really don't think SUFC have a helicopter. I would think that he may have used it for travel to away matches if that were the case. Anyhow, if it was his son's wedding, how do we know who paid for it?

I think it's likely that it was chartered and a temporary wrap or sign put on it. and actually, I don't really believe anything much by way of tales as that is probably what they are; tales. None of us know.

It’s not worth the effort. Someone makes something up. Someone reposts it. Then it becomes a fact (or let’s say an alternative fact). It doesn’t matter how many times you correct it, which is why some of these myths and allegations rumble on.

 

[hlane17]

No worries. Not saying the stuff about contributions still being paid whilst wages not is untrue. I've heard the rumour too and you wouldn't put it past him, although you'd hope it hasn't happened if it is indeed illegal, considering TL is a lawyer!

But unfortunately you can almost double the value of the debt that's on the WUP if you want a ballpark figure needed to clear the embargo.

From what I can tell it's illegal the other way round (paying wages but not the associated tax) but the way it's allegedly been done at SUFC is a grey area.

 

[kentblues]

From what I can tell it's illegal the other way round (paying wages but not the associated tax) but the way it's been done at SUFC is a grey area.

Allegedly…

 

[NG_Shrimp]

Sunderland agree deal with Manchester United for permanent transfer of key target

SUNDERLAND have agreed a deal for Nathan Bishop – and the goalkeeper’s move from Manchester United should be completed next week.

www.thenorthernecho.co.uk

Nathan Bishop gets a permanent move to Sunderland. Do we think there is much of a sell-on clause for us? And if so, could this have had an impact on recent release of money?

 

[rigsby]

You have bloody good eyesight there

I was having breakfast on my own boat. With 5 local businessmen

 

[hlane17]

Allegedly…

Good point!

 

[BoyWonder2]

Sunderland agree deal with Manchester United for permanent transfer of key target

SUNDERLAND have agreed a deal for Nathan Bishop – and the goalkeeper’s move from Manchester United should be completed next week.

www.thenorthernecho.co.uk

Nathan Bishop gets a permanent move to Sunderland. Do we think there is much of a sell-on clause for us? And if so, could this have had an impact on recent release of money?

The deal hasn’t gone through yet, Bishop is in the US with United (see the ex-shrimpers section).

The recently released money has nothing to do with any sell on clauses with Bishop. RM has previously “sold” sell on fees at a reduced price, but we don’t know whether he has done the same with Bishop, or whether there was a sell on fee involved.

When the players, well some of them, were paid last time around, some of that money came from a deal involving an ex-Shrimper.

 

[londonblue]

Cant see we come out of an Embargo by paying only the £275k if it is true we now owe more to the HMRC. I would expect that we need to clear it all and hope we have a month before going back into an embargo if RM is still in charge

To come out of the embargo we have to pay what is due on the WUP. It doesn't mean, however, we won't be hit by another one pretty soon after though.

 

[londonblue]

It is the clubs money, but the funds have seemed to be intertwined closely over, perhaps the last 15 or so years. If that picture of a SUFC helicopter at his sons wedding together with various other tales are to be believed, that would be more evidence of intertwining. Of course he could argue he put that extra money in so he’s taking it back out - but I would that show up in the balance books?

The strange thing is - other people own 30% of the club.

They're not. It's not an SUFC helicopter. It's a helicopter with a sticker on it, probably used for one day.

Ron did, however pay for a private plane to take KM to his brother's wedding in Ireland immediately after the play off final win against Lincoln. KM even took the trophy with him.

 

[Medway Blue]

Which means, even if we come out of the embargo, we'll almost certainly be back in one pretty soon after. KM et al will need to work fast, if they're given the chance.

The NL have a monthly reporting system set up with HMRC, so the maximum amount of time we'd fly under the radar for if we go immediately back into arrears would be c.4 weeks. So yep, you'd have to say they'd need to move quickly.

 

[Medway Blue]

To come out of the embargo we have to pay what is due on the WUP. It doesn't mean, however, we won't be hit by another one pretty soon after though.

NL are already aware of the additional arrears due to the monthly reports they receive from HMRC, so I can't see us coming out of the current embargo at all unless the petition debt AND the arrears accrued since then are paid off in full.

 

[londonblue]

The NL have a monthly reporting system set up with HMRC, so the maximum amount of time we'd fly under the radar for if we go immediately back into arrears would be c.4 weeks. So yep, you'd have to say they'd need to move quickly.

Is that the case, or does it need a new WUP first?

 

[Medway Blue]

Is that the case, or does it need a new WUP first?

I don't think it needs a new WUP. We've been under a constant embargo since last Sept but it covers two WUPs. We didn't come out of the embargo after the previous HMRC debt was paid under the previous WUP in March because we were in arrears again separately. The NL knew it and so kept the embargo in place (although unpaid footballing creditors will have contributed to their stance too).

I don't think the embargo will be off until we're up to date with HMRC.

If we go into arrears again at the earliest possible opportunity after getting up to date, then the next monthly report from HMRC to the NL will flag it and we'll be immediately back under an embargo again.

 

[tommy tucker]

I would guess Tom is pretty clued up on what has to be paid in full does chairman Ron listen Ivery much doubt it

 

[dusterman]

NL are already aware of the additional arrears due to the monthly reports they receive from HMRC, so I can't see us coming out of the current embargo at all unless the petition debt AND the arrears accrued since then are paid off in full.

And likelihood of that?

 

[Medway Blue]

And likelihood of that?

It's a condition of the club maintaining its licence, but ultimately it depends on how much pressure the NL is putting on for it to comply.