Yes, I've said before, Chesterfield have benefitted massively from a judicious tick on an insurance form for pandemic cover pre Covid!
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Chesterfield FC
- Thread starter OldBlueLady
- Start date
THE SEVENTIES NORTH BANK
Life President⭐⭐🦐
It's strange how they are still in business. The club owed their Community Trust over £10Million, and they tried to convert the debt into shares. I don't know if that happened in the end. Then about 9 months ago I saw a video from one of their fans saying the club were losing £45,000 a week, and had too big a wage bill of £3Million. Someone has been pumping money into the club.
in the know
Newbie⭐⭐
Chesterfields finances..... It is interesting because I heard they were trying to offload Quigley quite recently, I believe to us amongst others. No idea what happened in discussions.
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LBBlue
Manager⭐
CFC 2001 Ltd
The £10m was converted into shares it seems.
The most detailed analysis of expenditure I have seen
There will be some one off legal costs etc in there. Turnover was around £4m with £600k of other income.
THE SEVENTIES NORTH BANK
Life President⭐⭐🦐
As is shown in the annual accounts for the football club and now confirmed in the consolidated accounts for Chesterfield FC Community Trust, the football club owes the Trust more than £10m. This sum comes from the debt owed to Mr Allen that he donated to the Trust as part of the purchase in 2020.
The Trust has made it clear that it did not intend to call in the loan; effectively it is money owed from a subsidiary company to the parent company. The debt does not reflect the accepted value of the football club and means the Trust accounts have been skewed this year.
As part of the recent investment in the club, it is intended to capitalise this debt by turning it into shares. It has been proposed that the Trust treat the obligation to repay the loan as released and discharged in full in consideration of the issue of five million Ordinary Shares. This effectively means that the number of shares in CFC 2001 Ltd will double and the Trust’s holding will go from 84% to 92% of the company.
While all other shareholders will see their share of the club halve, that club will be worth significantly more without the debt that is to be cancelled. Despite the Trust having an overwhelming majority of shares, the decision to increase the share capital is one for all members. This means a copy of the resolutions to issue the shares, with the appropriate right to cast a vote, is being sent to all shareholders’ addresses.
The Trust has made it clear that it did not intend to call in the loan; effectively it is money owed from a subsidiary company to the parent company. The debt does not reflect the accepted value of the football club and means the Trust accounts have been skewed this year.
As part of the recent investment in the club, it is intended to capitalise this debt by turning it into shares. It has been proposed that the Trust treat the obligation to repay the loan as released and discharged in full in consideration of the issue of five million Ordinary Shares. This effectively means that the number of shares in CFC 2001 Ltd will double and the Trust’s holding will go from 84% to 92% of the company.
While all other shareholders will see their share of the club halve, that club will be worth significantly more without the debt that is to be cancelled. Despite the Trust having an overwhelming majority of shares, the decision to increase the share capital is one for all members. This means a copy of the resolutions to issue the shares, with the appropriate right to cast a vote, is being sent to all shareholders’ addresses.
ChesterfieldFan
Striker
We have two lifelong fans who were the owners of a multi billion £ company funding us - we are loaded.
ChesterfieldFan
Striker
Also a load of ****e he has just signed a new contract 
Honestly, they had a massive pay out on that insurance!
Firestorm
Pedant
From August 2021
from the 2022 accounts
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Texas Eslan
Striker
…and this is exactly why we should not be looking to Chesterfield as the model for getting out of this league. Sutton United are probably the most recent champions who did it without throwing money around as far as I know.
fredheim_holm
Where art thou Tes 🦐
As do we now (one for sure, I’m not as clued in about George Taylor’s business).
That said I can’t see us throwing money at it unless we get desperate in a couple years time, I’m glad the goal is sustainability with investment into the stadium and club in general to bring more fans through the door.
DIFH
Winger
Dave Allen originally invested 4 million to complete the new ground, when he left we were 10 million in the mire and sinking. Allen entrusted the running of the club to people with failed histories in football and guess what ? that turned out to be consistent.
Luckily for us we have 2 brothers who are club fans and who definitely have a business acumen in the running of the club. Both are multi millionaires having sold their respective businesses but not throwing their monies about Willy Nilly.
Training ground has been upgraded with big sponsorship contributions and the manager feels this has helped on the injury front.
With large attendances the design of the stadium is being found to leave a lot to be desired on toilet and serving side, staffing levels as in many catering outlets is an issue.
Rumoured changes coming in the car park areas soon - who knows what that means ?
We seem to be in good hands atm, we’ve had a Wrexham fan warning how difficult L2 has become for them even with their millions. That’s a sobering comment for you starting from scratch so to speak so patience is going to be needed.
Who is ours?
fredheim_holm
Where art thou Tes 🦐
I might have misread the statement, we have an owner in HK who runs a multi-billion dollar *fund* but don't remember the details.
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rigsby
Life President⭐🦐
Not only did the wages increase by £1.2m in one year. Their other costs went up by £1.7m.
Any team in the NL spending £6.4m year is madness and that's why we will now see an endless line of clubs who are in trouble. Some will drop like Scunny but more will do a Bury.
The worst part of it is so many fans are obsessed with multi millionaires and 'buying' their way to success......A business plan that is destined to fail.
About - Arkkan Capital
arkkancapital.com
About - Arkkan Capital
arkkancapital.com
JASON BROWN
Founder & CIO
Jason is the portfolio manager for the Arkkan Opportunities Fund Ltd. and founder of Arkkan Capital.Jason founded Arkkan following his retirement from Goldman Sachs in 2013. Jason was a member of the Goldman Sachs Special Situations Group between 1999 and 2013. His responsibilities grew from credit analysis to senior roles within the Asian Special Situations Group, and ultimately to leadership of the global business between 2011 and 2013.
Between 1994 and 1999 Jason worked at Bear Stearns in Hong Kong, where he was responsible for credit research and distressed debt investing across Asia ex Japan.
Jason has 30 years’ experience investing in Asia Pacific credit markets and a deep network of long-standing industry relationships.
Jason holds an MPA from the Woodrow Wilson School, Princeton University, and a BA (First Class), History (Modern) and Economics from Oxford University.
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