Steve Gibson writes off nearly £107 million of loans

[InglebyUTB]

https://x.com/kieranmaguire/status/1730681891089445002?s=46&t=C0L2iiRAlU2kLYnCihNFLg

 

[indeedido]

https://x.com/kieranmaguire/status/1730681891089445002?s=46&t=C0L2iiRAlU2kLYnCihNFLg

Massive statement.
Makes the club become saleable. It becomes an option for him.
Similar to Stoke, but a lot easier for Bet365 to do than Gibson O'Neill.

Hats off.
In a big way.

 

[atypical_boro]

Massive statement.
Makes the club become saleable. It becomes an option for him.
Similar to Stoke, but a lot easier for Bet365 to do than Gibson O'Neill.

Hats off.
In a big way.

Reckon he’s priming for a sale?

 

[ThePrisoner]

The old debt for equity switcheroo.

 

[eggybread]

Smells like we’re open to offers of investment, positive!

 

[indeedido]

Reckon he’s priming for a sale?

Who knows?
It is a massive action. Colossal really.
The Accounts to June 30th 2023 will be out shortly and will reveal full state of the club.
As a Football Club it will still likely have big negative nett shareholder value and require Parent to continue to guarantee not to recall the remaining loan/undertaking, to keep it a Going Concern.
BUT this is a massive move by Gibson O'Neill and makes a prospective buyer much more interested.

As I say, massive hats off.

 

[MVBoro]

Hard to tell with Gibbo. I don't think he wants to leave yet. Still seems massively invested in the club, attending most games. However, I guess he isn't getting any younger despite looking pretty good for his age! Be a sad day when he leaves.

 

[Oooo]

Probably a daft question but I dont suppose we can buy shares can we?

 

[ThePrisoner]

Probably a daft question but I dont suppose we can buy shares can we?

It's not a public company is it?

Even if it were you would be crackers to do so!

 

[Diego]

Wow

 

[WJH.]

Hard to tell with Gibbo. I don't think he wants to leave yet. Still seems massively invested in the club, attending most games. However, I guess he isn't getting any younger despite looking pretty good for his age! Be a sad day when he leaves.

As you say hard to tell.

Be interesting to see what follows. He still holds the controlling stake.

What was the debt arrangement with regards to interest payments?

 

[indeedido]

As you say hard to tell.

Be interesting to see what follows. He still holds the controlling stake.

What was the debt arrangement with regards to interest payments?

No interest on the Group Undertakings

 

[Muttley]

Even if it were you would be crackers to do so!

We're stupid enough to follow 'em!

How many do you want?

 

[Smoggyonthesolent]

He has done this a few times. It is sound business and secures the club and in no way is priming for a sale. If he wanted to sell he would leave the debt there.

 

[indeedido]

He has done this a few times. It is sound business and secures the club and in no way is priming for a sale. If he wanted to sell he would leave the debt there.

Give over.
Nobody would pay him for his shares in a business that had so much outstanding debt to him and had such massive net negative shareholder value.

 

[Corco65]

It was never in doubt that at some point he would do this, he has invested multi millions and he still gets stick when things on the pitch aren't working out.

 

[B_G]

Brilliant Gibbo

 

[ThePrisoner]

Has he had to do this to avoid falling foul of running a company when insolvent?

 

[Johnny Vincents Motorbike]

can we go and buy in whoever we like in January ?


asking for an agent

 

[viv_andersons_nana]

Can someone explain what these means in the most simplistic terms please? I mean, what does it actually mean? Does it mean the club can get the chequebook out again, like the old days? Can they spend that repayment money on players instead? Has the club got £107m to play with now?

It *feels* good but i genuinely have no idea if it’s good, brilliant, basic business practice, nowt to see here, etc.