Commitment to the Club

[Isiah]

There's a piece in the Yorkshire Post about United losing Killa next month as a sign of the recession biting at BDTBL.
Hidden away at the bottom of the article is a quote from our new chief exec. discribing loans to the club from Finance Director Simon Capper and former Chief Exec Jason Rockett, each of £10,000, as s "demonstration of their commitment to the club".
A couple of things here, are United really so desperate that they need loans of £10K from Directors to keep them afloat. Are messrs Capper and Rockett really demonstrating their commitment to United by offering loans of £10K? A lot of money to most but not to these two guys methinks!
Oh and by the way, the Club is paying 10% interest on these loans - anybody on here succeeded in getting more than 4.5% on a £10K loan investment lately?
If United really are that desperate, I will lend them the £20K at 9% if it helps reduce overheads!!
If accurate, not too happy that our new Chief Exec. is already coming out with corporate B******t like this.

 

[Blade]

i think it looks somewhat dodgy/confusing.

Would you consider lending me £20k over 10 years at 9%? I have nothing to secure it against but I'm a pretty decent lad

 

[Finance Blade]

Hope this helps...the loans are confirmed in the accounts - see note 33 on page 62.

Loans received from

D Green £400,000
S Capper £10,000
J Rockett £10,000
T Robinson £10,000
C Steer £25,000

The interest rate they are receiving is the LIBOR rate plus 4%. The current Libor rate is 0.5% so the full interest they would be currently receiving is 4.5%. However Libor rate was just under 2% a year ago.

 

[Isiah]

Probably not mate, sorry, but then I'm not in a position of total control over your assets and your activities. Oh and what makes you think the Directors loans aren't secured?

 

[Paulus]

Why are you looking at me in that funny way?

I'm not

Yes you are one eye's higher than the other.








I'll get my coat.

 

[Robbie]

Can't you see?

This is just lika an ISA. It's a good rate of interest.

 

[Paddys Cough]

it's 10% of the loan not 10% apr. So the club will pay back £11000, so it is a really good rate. You cant compare it to your standard bank loan where repayments are worked out on an apr rate.Hope this clears it up

 

[Finance Blade]

You seem to be mis reading the Yorkshire post article. Kev McCabe gave the club a loan of £1.49m at an interest rate of 10%. The atricle then goes on to other loans but does not give an interest rate for them.
See my earlier for the true interest rates on them.