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New Trust statement on club finances

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GrangeParkCobbler
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« Reply #20 on: July 03, 2021, 15:50:39 pm »

Can someone put the statement in to a dumbed down version for the general public to understand?

Whilst I don't doubt that a few will understand why (and what at) fingers are being pointed, does the Trust honestly think that the majority of the supporter base will even bother reading through that, let alone understand it?

I'll have a go as I like dumbed down!!

Ref the debt..... £6.5-7M and counting, owed to DB and KT

Ref the stand.... KT trying to reach agreement with the Council for the land sales (freehold from Council to CDNL), Council willing to talk when the East Stand is finished. Club willing to commit £3m in spending to finish the stand on agreement that the £3m comes back from the first land sale. Upshot, short term Club debt increases to £10m.
No Council deal no stand....no stand, no council deal....same impasse as for the last few years.

Ref 5USports...... Club stated "partnership" which saw 5U take a 60% stake in the Clubs owning holding company (Northampton Town Ventures which was owned by Fantastical Limited....a UK Registered entity) It is believed that KT/DB actually sold 100% of the holding company to 5U in two transactions.60% first and then 40% followed, the second one never reported (the second sale triggered David Bower resigning from the Board of Directors of NT Ventures as in effect he'd sold up).  The money due to UK owned Fantastical never appeared on any of their filed accounts. However that money did go to off shore British Virgin Islands based Belle-De-Jour.... 4.4m to BDJ and 1.1m to KT and 1.1m to DB personally.

When the Chinese put a stop to their state's companies making overseas investment in this way there was no "further money" coming from 5USports, this should have been the money which went to on-the-pitch progress such as higher wage bills and transfer monies.

As a result of no money forthcoming B-D-J took out a mortgage on the club with the security/charge being the shares they'd sold previously....the loan was not repaid and the shares transferred back to KT and DB for £1.1m (the sum of the loan), The Chinese disappeared, the club was back in KT and DB hands again. At the time reports stated that KT and DB had "reacquired" the shares.

The amount of the debt owed by the club now to DB and KT is roughly the same as the amount of money paid by 5USports to acquire the holding company of the Football Club.
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