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Post by Henry Pratt on Aug 31, 2023 10:45:53 GMT
Absolute nonsense, as I'm sure 57Hattersyears can confirm. He started taking the money he'd loaned back out of the club after the great deal of cash we made in 96-97. Then he sold to Kennedy for a very large profit over his initial investment. He made a fortune from his time at County. Elwood was very good for County. And County was very good for Elwood. I agree, my view is that he did very well out of County. That's just what he is quoted as saying. Yeah, sorry, got that. Just to clarify, wasn't thinking you were saying it.
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Post by hedleyverity on Aug 31, 2023 11:23:40 GMT
Can’t remember when in the timescale ITV Digital going bust was, but that will have left a huge hole in the budget, Elwood was lucky to find someone who wanted us (the ground) as much as Kennedy did.
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Post by suedehead on Aug 31, 2023 12:38:06 GMT
Can’t remember when in the timescale ITV Digital going bust was, but that will have left a huge hole in the budget, Elwood was lucky to find someone who wanted us (the ground) as much as Kennedy did. I think that was just after he sold, wasn't it? We were defo on ITV Digital in the final year of Div One, 01/02. I think it was post-sale of the club that went tits up.
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TC
Contributor
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Post by TC on Aug 31, 2023 12:44:51 GMT
I'm not great at understanding the corporate structure of the Vita empire but we are told that the debt at the club has been transferred to another entity. As long as his overall business is doing well or even OK, then I assume that Vita can manage this extra debt. However if things start going pear shaped, then they will be looking to make savings in the non-essential areas and the bit that got loaded with County's debt could be a prime candidate. If he put that into administration then the club would go with it. I think - unless I have got it all wrong. The debt is sat in a company that ultimately owns the club. That company is 100% owned by Mark Stott and is not part of the Vita empire (although the club directors tell us that it is, so that they don't have to disclose fully details). The club is the only real asset within the current group structure so there is no real reason not to give us more information. The Vita connection comes in, if the debt carried by topco is owed to Vita not Mark Stott personally. If the money is owed to Vita and Vita goes bust it doesn't necessarily follow that the club is bust, but the Administrator/Liquidator is responsible for collecting outstanding debts including the amount owed by the club. This is what happened at Notts County when Alan Hardy's company went bust, interesting there, the administrators only secured 10p in the pound so 90% of the club debt was written off. Thanks muddy. Is topco the same company from thr earlier regime?
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Post by Nik on Aug 31, 2023 12:51:31 GMT
The debt is sat in a company that ultimately owns the club. That company is 100% owned by Mark Stott and is not part of the Vita empire (although the club directors tell us that it is, so that they don't have to disclose fully details). The club is the only real asset within the current group structure so there is no real reason not to give us more information. The Vita connection comes in, if the debt carried by topco is owed to Vita not Mark Stott personally. If the money is owed to Vita and Vita goes bust it doesn't necessarily follow that the club is bust, but the Administrator/Liquidator is responsible for collecting outstanding debts including the amount owed by the club. This is what happened at Notts County when Alan Hardy's company went bust, interesting there, the administrators only secured 10p in the pound so 90% of the club debt was written off. Thanks muddy. Is topco the same company from thr earlier regime? It is, but there's another above it and then another above it etc. EDIT: This is the structure: Stockport County 2010 Limited is the club and Stockport Community Leisure Company Limited are the holding company; both pre-date Stott's takeover.
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Post by hedleyverity on Aug 31, 2023 13:40:36 GMT
Can’t remember when in the timescale ITV Digital going bust was, but that will have left a huge hole in the budget, Elwood was lucky to find someone who wanted us (the ground) as much as Kennedy did. I think that was just after he sold, wasn't it? We were defo on ITV Digital in the final year of Div One, 01/02. I think it was post-sale of the club that went tits up. He got out at just the right time then
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TC
Contributor
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Post by TC on Aug 31, 2023 13:55:21 GMT
Thanks muddy. Is topco the same company from thr earlier regime? It is, but there's another above it and then another above it etc. EDIT: This is the structure: Stockport County 2010 Limited is the club and Stockport Community Leisure Company Limited are the holding company; both pre-date Stott's takeover. Thanks Nik. Thats very helpful but my head's beinning to hurt!
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Post by muddywaters on Aug 31, 2023 18:01:03 GMT
The debt is sat in a company that ultimately owns the club. That company is 100% owned by Mark Stott and is not part of the Vita empire (although the club directors tell us that it is, so that they don't have to disclose fully details). The club is the only real asset within the current group structure so there is no real reason not to give us more information. The Vita connection comes in, if the debt carried by topco is owed to Vita not Mark Stott personally. If the money is owed to Vita and Vita goes bust it doesn't necessarily follow that the club is bust, but the Administrator/Liquidator is responsible for collecting outstanding debts including the amount owed by the club. This is what happened at Notts County when Alan Hardy's company went bust, interesting there, the administrators only secured 10p in the pound so 90% of the club debt was written off. Thanks muddy. Is topco the same company from thr earlier regime? No, the old parent company Stockport Community Leisure is still there, but can be ignored as not a lot moves through that now. Mark Stott set up a company called Newco Stockport A to buy the Stockport Community Leisure Shares, he then transferred the ownership of Newco Stockport A to Select Group International, which was a company he'd set up several years ago to manage his private investments. He owns 100% of Select Group International, which historically has run a large inter company debt to Vita and that is probably why he moved the club ownership into Select Group International to facilitate the flow of funds into the club.
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Post by muddywaters on Aug 31, 2023 18:03:41 GMT
It is, but there's another above it and then another above it etc. EDIT: This is the structure: Stockport County 2010 Limited is the club and Stockport Community Leisure Company Limited are the holding company; both pre-date Stott's takeover. Thanks Nik. Thats very helpful but my head's beinning to hurt! Bizarrely the company at the very top of the tree is classed as dormant, is carrying an incorrect investment value and the shares are unpaid (which is very unusual)........................I think the co sec needs a kick up the pants !!!
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Post by David Schofield on Mar 28, 2024 16:08:33 GMT
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Post by hedleyverity on Mar 28, 2024 16:20:45 GMT
If I’m reading that right there’s in the region of £9.5 million of expenditure that isn’t wages, wonder what that is? Their revenue to wages looks sensible by football standards
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Post by David Schofield on Mar 28, 2024 16:24:42 GMT
If I’m reading that right there’s in the region of £9.5 million of expenditure that isn’t wages, wonder what that is? Their revenue to wages looks sensible by football standards There will be a lot of depreciation and amortisation contributing to the “losses” figures, it’s really hard to say what the real picture is with a full (or at least abbreviated) set of accounts
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Post by herbiedumplings on Mar 28, 2024 16:40:26 GMT
If I’m reading that right there’s in the region of £9.5 million of expenditure that isn’t wages, wonder what that is? Their revenue to wages looks sensible by football standards There will be a lot of depreciation and amortisation contributing to the “losses” figures, it’s really hard to say what the real picture is with a full (or at least abbreviated) set of accounts Royalties owing for all the time Yma o Hyd gets played to get the crowd going (for the Disney+ cameras).
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Post by suedehead on Mar 28, 2024 17:01:26 GMT
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Post by suedehead on Mar 28, 2024 17:03:12 GMT
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