League One Bristol rovers

[Maurice Earp]

https://www.bbc.co.uk/sport/footbal...ws/england&link_location=live-reporting-story

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[SteMerritt]

Everything that is wrong with football in 2 sentences...

Bristol Rovers president Wael Al-Qadi has told fans he will protect the club and its staff after the League One outfit announced debts of over £24m.

Their accounts show the club owe £16.2m to Dwane Sports, an offshore company owned by the Al-Qadi family.

 

[WALLY OX]

Blimey!
As noted in the article, it is an internal debt owed to the owners, however, if the owners want out and can’t find a buyer willing to repay that debt, then BR will be in a lot of trouble.

How did accumulate to such a high amount!? Be interesting to see their accounts over the last 7 or 8 years.

 

[Eaststandboy]

Blimey!
As noted in the article, it is an internal debt owed to the owners, however, if the owners want out and can’t find a buyer willing to repay that debt, then BR will be in a lot of trouble.

How did accumulate to such a high amount!? Be interesting to see their accounts over the last 7 or 8 years.

New stadium?

 

[OnlyOneUnited]

Is this not essentially the exact same situation we are in? We owe money to the offshore company owned by our Thai chairman who owns the club?

 

[Oslernorth]

Blimey!
As noted in the article, it is an internal debt owed to the owners, however, if the owners want out and can’t find a buyer willing to repay that debt, then BR will be in a lot of trouble.

How did accumulate to such a high amount!? Be interesting to see their accounts over the last 7 or 8 years.

I would imagine it goes along the lines of borrowing money using a holding company on a cheap interest rate, then loaning that money on again to Bristol Rovers on a ridiculous interest rate.
This way the owners can run a club without putting their hand in their pocket and at the same time Trouser a tidy return.

Not cool

 

[RyanioBirdio]

Is this not essentially the exact same situation we are in? We owe money to the offshore company owned by our Thai chairman who owns the club?

Yes.