Surely when the Thais took over the deal would have included all the debts and liabilities of the club, including these loans.
The loan was secured against future payments, but the Thais could pay them off however they wanted. Presumably they cleared them ASAP to reduce interest payments. That then meant the club effectively owes them, rather than Vibrac. The parachute payments are then freed up for the club to either spend or repay the Thais, if they wanted to get some cash back.
I don't think the Vibrac money went near TSI, or went anywhere except keeping the club running last summer
Club fined
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Sutekh
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Doubt the club do owe the Thais anything in that respect as that would have been negotiated into the buying price for the club e.g. we'll buy the club for a quid but clear all outstanding debts.
Sutekh Doubt the club do owe the Thais anything in that respect as that would have been negotiated into the buying price for the club e.g. we'll buy the club for a quid but clear all outstanding debts.
Hence 'effectively' owes them, like we sort of owed SJM millions for years but it was all rolled up into shares rather than debt to be repaid in cash
I can't see this anywhere else, but if it has been posted elsewhere I'll take it down.
Reading have been fined £30,000 by a Football Disciplinary Commission for breaching regulations regarding multiple financial interests.
In August 2013, the Royals borrowed £10.5m from Vibrac Corporation, a company registered in the British Virgin Islands, which was followed by a further loan of £5.6m in May 2014.
At the time Vibrac also had interests in three Premier League clubs.
The fine has been suspended until May 2016 after the club's co-operation.
A Football League statement* said all sums owed to Vibrac by Reading were re-paid following the club's takeover by its current owners in August 2014.
*
Football League Statement:
A Football Disciplinary Commission (FDC) has fined Reading the sum of £30,000 after the club admitted a breach of Football League regulations that prohibit any individual or legal entity having an interest in more than one club.
In August 2013, Reading borrowed the sum of £10.5m from Vibrac Corporation, a company registered in the British Virgin Islands, which was followed by a further loan of £5.6m in May 2014. The FDC found that, at the time, Vibrac also had an interest in three other professional clubs, albeit in the Premier League, in contravention of Football League regulations designed to protect the integrity of league competition.
All sums owed to Vibrac by Reading were re-paid following the club’s takeover by its current owners in August 2014.
Following Reading’s full co-operation with the process and having admitted the charge, the FDC agreed to suspend the full amount until May 2016 with the club also being ordered to pay the costs of The Football League and the Commission.
Read more at http://www.football-league.co.uk/news/a ... IBBqsH7.99
If no-one REALLY believed how dire the financial situation was at the club, the fact that we were borrowing over £16M from a company like Vibrac should make it clear.....
Reading have been fined £30,000 by a Football Disciplinary Commission for breaching regulations regarding multiple financial interests.
In August 2013, the Royals borrowed £10.5m from Vibrac Corporation, a company registered in the British Virgin Islands, which was followed by a further loan of £5.6m in May 2014.
At the time Vibrac also had interests in three Premier League clubs.
The fine has been suspended until May 2016 after the club's co-operation.
A Football League statement* said all sums owed to Vibrac by Reading were re-paid following the club's takeover by its current owners in August 2014.
*
Football League Statement:
A Football Disciplinary Commission (FDC) has fined Reading the sum of £30,000 after the club admitted a breach of Football League regulations that prohibit any individual or legal entity having an interest in more than one club.
In August 2013, Reading borrowed the sum of £10.5m from Vibrac Corporation, a company registered in the British Virgin Islands, which was followed by a further loan of £5.6m in May 2014. The FDC found that, at the time, Vibrac also had an interest in three other professional clubs, albeit in the Premier League, in contravention of Football League regulations designed to protect the integrity of league competition.
All sums owed to Vibrac by Reading were re-paid following the club’s takeover by its current owners in August 2014.
Following Reading’s full co-operation with the process and having admitted the charge, the FDC agreed to suspend the full amount until May 2016 with the club also being ordered to pay the costs of The Football League and the Commission.
Read more at http://www.football-league.co.uk/news/a ... IBBqsH7.99
If no-one REALLY believed how dire the financial situation was at the club, the fact that we were borrowing over £16M from a company like Vibrac should make it clear.....
My abridged response is that we have been fined because 3 Premier League clubs also borrowed money from Vibrac, with Reading only being punished because there are Football League rules against this sort of thing and not Premier League.
Also there is a thread on this in Club Policies.
Also there is a thread on this in Club Policies.
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linkenholtroyal
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nxactly the end of the world 1 week of pogs wages, maybe because it was a russian who put us in this mess we should deduct it from a russians wages. lets face it he wouldnt miss it??
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windermere_royal
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ZacNaloen
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It's in the nigel howe interview, Anton had the club budget for a 15million pound overspend INCLUDING parachute payments and then said "hang on.. can't pay that"
Its an odd offence to be charged with - "Football League regulations that prohibit any individual or legal entity having an interest in more than one club".
Reading FC do not have interests in more than one club, they borrowed from somebody who did and they are charged.
What about the company? Will it have any charges placed against it? Will it be put on a list of "banned" companies clubs cannot borrow from?
What about the 3 PL clubs?
Does this mean that a football club have to get a list of all lendees a company has given money to, to ensure they are not a Football Club?
Reading FC do not have interests in more than one club, they borrowed from somebody who did and they are charged.
What about the company? Will it have any charges placed against it? Will it be put on a list of "banned" companies clubs cannot borrow from?
What about the 3 PL clubs?
Does this mean that a football club have to get a list of all lendees a company has given money to, to ensure they are not a Football Club?
The regulations put the onus on the club to not accept investment from anyone if it breaches the relevant rules. We didn't realise is therefore not a defence.
This does seem a highly technical breach and there seems no suggestion we did it for any dodgy reasons.
You'd think it effectively means Vibrac can't operate, and you wonder how clubs can borrow from anyone....
This does seem a highly technical breach and there seems no suggestion we did it for any dodgy reasons.
You'd think it effectively means Vibrac can't operate, and you wonder how clubs can borrow from anyone....
Bolton's results today make ours look amazing! How can they get away with £170 million debt?
Bob1871 Bolton's results today make ours look amazing! How can they get away with £170 million debt?
QPRs are even better, 2 consecutive seasons with a £65m loss!
That's last season and the Premier League season, QPR only just scraped promotion via the play-offs despite making a £65m loss for the season, the Football League are going to be rubbing their hands in anticipation of QPR being relegated.
QPR won't be relegated into the Football League.
No one knows where they will go.
The FL won't allow them in until they pay the huge fines they owe, and QPR have said they won't pay.
Relegation could mean them going out of business.....
No one knows where they will go.
The FL won't allow them in until they pay the huge fines they owe, and QPR have said they won't pay.
Relegation could mean them going out of business.....
Nameless QPR won't be relegated into the Football League.
No one knows where they will go.
The FL won't allow them in until they pay the huge fines they owe, and QPR have said they won't pay.
Relegation could mean them going out of business.....
Tony Fernandes has a strong legal team, I wouldn't be surprised if he weasels QPR out of any potential mess.
You could be right, but at the same time I'm sure the FL could string it out so that QPR have no idea where they will be playing, and can't plan. Could get really messy. Couldn't happen to a nicer club....
Nameless You could be right, but at the same time I'm sure the FL could string it out so that QPR have no idea where they will be playing, and can't plan. Could get really messy. Couldn't happen to a nicer club....
QPR do need to have the book thrown at them really, it would be the perfect opportunity for the Football League to make it clear they want every club to be run at a sustainable level.
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WoodleyRoyal
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they still have to play west brom villa and leicester but also have chelsea liverpool and man city beat the first three and they are probably safe
They've won 6 all season, so winning 3 more seems to require a bit of a turnaround.
Wonder if Charlie Austin has his move lined up ?
Wonder if Charlie Austin has his move lined up ?
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multisync1830
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tidus_mi2Nameless QPR won't be relegated into the Football League.
No one knows where they will go.
The FL won't allow them in until they pay the huge fines they owe, and QPR have said they won't pay.
Relegation could mean them going out of business.....
Tony Fernandes has a strong legal team, I wouldn't be surprised if he weasels QPR out of any potential mess.
He will just cut and run then watch them go bust like he did to Caterham
He is C of the highest order
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