http://www.watfordobserver.co.uk/sport/4870108.Director_loans_Watford___500_000/? Watford non-executive director David Fransen has loan the club £500,000 to assist with the "working capital requirements of the business including potential player transfer activity during the January transfer window." A statement which will soon be released to the Stock Exchange read: "Watford Leisure announces that on 25 January 2010, the Company's 96 per cent. owned subsidiary, The Watford Association Football Club Limited ("WAFC"), entered into a loan agreement with David Fransen, a Non-Executive Director of the Company. The agreement is in respect of a short term unsecured loan of up to £500,000 to WAFC for the purpose of assisting with the working capital requirements of the business including potential player transfer activity during the January transfer window (the "Loan"). The Loan accrues interest at the rate of 3..5 per cent. above the base rate from time to time of Barclays Bank plc and is repayable on or before 31 May 2010. The provision of the Loan is deemed to be a related party transaction under the AIM Rules for Companies. Accordingly, the independent directors of the Company consider, having consulted with Strand Hanson Limited, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned."
Im guessing that this loan will be paid back with the EJ money, im assuming this is just a way of being able to spend that money early
Thanks for posting - this is very positive news. The early repayment date would seem to indicate that it is to cover immediate transfer(s) that the club are negotiating before month end, covered either by a transfer out (Loach?) or expected future stage payments (£950k for Williamson on 31st January). Hopefully Malky knows which position(s) to cover as a priority - if in doubt he can read these boards.
It would be nice if this is for a couple of signings, but I've got a feeling it's just there to plug a short term hole until transfer monies owed are paid up.
agreed. Lets hope that this time we aren't blackmailed. This time its been leant to the football club WAFC rather than the PLC - Watford Leisure. That may have something to do with secuities more than anything else. At least we are still seen as investable, even with short term loans.
Nice and handy.. Do remember reading this guy is a Watford fan unlike Lord Ashcroft but might be wrong.
how come fransen loaned us the money and not ashcroft? when or is there still going to be a rights issue? if the money is for players then who will we sign? and why do i have the mother of all headaches, despite doing very little all day?!!!
Good news. Hopefully we can bring in a big defender now, and possibly another striker too. Would also be nice to bring in players permanently aswell instead of loans!
+1. Defence needs sorting asap. I wouldn't put a striker at the top of the list but it should certainly be 2nd in the pecking order.
I thought our hero Jay De Merit would be the answer to all our defensive problems ? The blokes been pants since his return.
Lets hope this doesn't come back in some negative manner on May 31st... We aren't the best at repaying loans.
Excellent news, get in a centre back and a forward please Malky, and pay Fransen back by flogging Sadler, Ellington and Hoskins (wishful thinking...)
As simply as possible: There has to be a rights issue Ashcroft has presumably capped his investment when rescuing us from Russo Clearly there are concerns re Pompey & sponsor money in short term and SOME may be for players. Headaches whilst doing little? Thinking about this possibly? I guess it could cause "brain hurt" to some.
Perhaps this is a bit radical, but why not wait until you've actually got the money before you spend it? The way football clubs run their finances reminds me of irrisponsible kids with their first credit card.
Admin,one supposes that there is an unplanned shortfall in cash flow which needs funding. I doubt if much of it is for new players. However if a new signing is considered essential then it will be re-paid out of the planned summer budget. Do you not recall my exchange with Cude-Leighton in which I pointed out that at the time of Ashcroft ousting Russo , GT said they needed to borrow c£1m? this may simply be part of that. It seems to me that a lot of you need to me to re-post EVERYTHING I wrote about that!
I know that reality is a scarce commodity in Tossaville,but,in terms of R O C E, the Russo`s did not do badly out of WFC. Lord A is being "ponced off" rather more, overall.
Do you ever send a message without implying something derogatory (on whatever scale)? And as for the £500k - shot in the dark - could be used as an upfront payment to Portsmouth for Williamson, with us writing off what they owe us already as the remainder of the payment. Afterall, Portsmouth have said they are looking at other options following the delay on the Newcastle move. Probably just what it says though... a short-term transfer boost.
It's in excess of £150M I've been told, nothing spectacular but then nothing to be sniffed at, as Nascot said though, good deal for Mr Fransen. Also he is a die hard Watford fan.. again, allegedly.
Sven, WHAT is in excess of £150 MILLION? If you meant £150k I am still not clear, or are you saying that £150K+ of the £500k is for players?
i tink he is saying the geezer is worth in excess of 150million squids and therefore quite wealthy, Mr Fransen that be..
