Meeting Gerald Krasner – Tuesday 8th September 2020
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2nd Gerald Kransner Meeting
The second telephone meeting with Administrator Gerald Krasner on Tuesday evening where there was an opportunity to put forward questions raised by supporters over recent events at the club. The call lasted 29 minutes.
This week was more a two-way affair than the previous ‘chat’ with questioning and an opportunity to ‘dig a little deeper’ for more in depth answers.
There were still a number of off the record answers, but I don’t feel that they took anything away from what can be reported.
The Fees that we’ve been taking? I want to make a couple of points, we haven’t drawn a penny in fees or disbursements as of today, the football club will not be paying our fees or disbursements and probably the legal fees, the only legal fees that I feel will have to go through the football club at this moment has got to be the fees to do with the appeal. I’m expecting the owners (Yeung) to pay the fees out of their entitlement, which they are not getting.
It’s been said previously that the football club will not be paying the administrators fees. They will come out the owners property companies. People still think that lawyers are going to get £1m+ out of the football club, but they’re not, the only fee that will come out of the football club is the EFL appeal.
Sell On Clauses When we sell players it is usual to get a sell on clause, for example Gelhardt to Leeds has another half a million of future sell on money, strictly it is payable to the administrators, potentially there is £5.6m of add on fees, which is a lot of money, we won’t ever see £5.6m because you never get it all, but we should see a million of it. We have said to the bidders that if you are buying everything we need the first £250K and the rest is yours for £1. So it is not coming to us, the first £250K is coming to us and there is a reason for that.
*Note It was explained but with an off the record proviso at this moment.
The sale price? You think he’s worth more? It’s a different world to when you sold Dan Burn, you’d be disappointed at £2m, well I’ll tell you the market for him is not there, we’ve been around the market, we’ve tried to get competing bids but at the end of the day, that’s the best bid we could get.
It’s in our interest to sell the players for the best price, we have turned down so many offers, right from the beginning, the two kids, we turned down two offers on them before agreeing a price, we’re working through a strategy to get the wage bill right and get the football creditors right.
We’re not giving anybody away, if we get a good price we take it and if we need the money we take it.
The Debt We’re as good as there, we haven’t received all the money yet, but by the end of this week we should and as soon as we are I will put it out on the website.
We’ve taken on players on short term contracts, we wouldn’t have taken on players if we weren’t confident of starting the season and going forward.
The running costs, I’ve got them, they are way down, can’t give it you off the top of my head but the wages are down to £2.5m per year.
The US Bid – It hasn’t been rejected, we can’t accept a bid until we have a bid on the stadium, we are in communications still with the Americans.
I need £4 million, I value the stadium at £3m, Sharpeys at half a million, the training ground at half a million and then football club can go for £1.
Euxton we’ve made enquiries about development there and it’s not going to happen, the contract though is secret and cannot be divulged.
Running Costs The football wages are paid, we’ve paid for August, we’ve paid the deferrals and we’ve paid Championship rates for the ones that left. That’s where all the money that was realised has gone.
We have enough money to pay for the immediate future, nothing will stop us going to matches.
Admin Timescale It took me a year at Leeds to turn it round, but that wasn’t an insolvency, at Bournemouth it took longer than this, bear in mind we’ve been in two months and 9 days , that is not a long time, despite what the fans think.
New Bidders When I said I’ve got four bidders, I’ve still got four bidders, they’re just not the same bidders. Some of them are and some of them aren’t.
I was in London yesterday meeting with someone who had flown in specially to see me.
Tea Time I’m having Fish Pie for tea, just to let you know Dec.
The Move To Leigh It’s rubbish, the new owners are going to move us to Leigh? First of all I don’t know who the new owners are, there’s no way we’re going to be left with an empty stadium, so I’ve just said “who are the new owners”, I’m just telling you that this is not part of a game plan that we are involved in – and you can quote me on that.
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