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apache

Financial problems

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I refer to this thread http://www.eufcforum.com/forum/topic/fleet-trust-press-release

 

There is a lot of soul searching in particular between Brian Kilcullen and Deohochai.

 

I cannot be bothered to register on the "official forum" but will comment here.

 

Deohochai is accused of making statements about the MyFC takeover of EUFC, which could reflect badly on the former directors.

 

I don't believe that to be the case. The point that most MyFC members would make isn't against the former owners or their actions. They have questions for Brooks and his Due Diligence team. Why wasn't the extent of the debt and the "loan" made by FL not revealed in honesty to the members?

 

In fact most of us have admiration for BK, DH et al. They were the better businessmen on the day. They arranged for EUFC to survive at least another two years and turned FL into a successful enterprise.

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You are quite right those are the questions that should be asked, but the tone of Deohochai's posts is certainly that the then directors hid things from the the due diligence team.

 

Still financal matters were never his strong point

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EUFC Cash Position

Short Term Forecast

published : 14:58 by rugbyswift

 

 

Phil1961 (EUFC Board Member) has prepared the following cash flow forecast for distribution to the members of MyFootball Club. The spreadsheet can be downloaded HERE.

 

As you can see straight away there is a deficit at the end of the month of almost £50,000. This is the largest drawdown needed by the club to date due to the minimal income that the club generates during a month.

 

Between now and Pay Day on the 25th of February the club will receive in the region of £15,000 in addition to the £9,000 it has in its bank, this alone is barely enough to cover PAYE costs, never mind salary costs at the end of the month.

 

The ability to pay salaries and continue trading as we currently are means that we need to bring in at least £50,000 during the renewal window, this of course leaves us in a very difficult position for the next two months, the last two months of the season.

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There is still confusion about the £40K a year payments to FL.

 

Simple really. Brooks was wetting his knickers that much about buying a football club he agreed to pay over £1m for EUFC. Problem was MyFC didn't have the cash so he paid £650K of our cash upfront and agreed to staged payments. As he wasn't allowed to borrow money on behalf of MyFC he agreed that the club would make the repayments.

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All in the distance now,or is it???

Heard a little rumour earlier that this middle eastern businessman may not be everything he is cracked up to be.

Another rumour is that he is a frontman for a firm who are not remotely interested in football,but that's a fairly old rumour from when he originally came in and the two rumours are not related

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