https://www.epe.es/es/deportes/20230408/juez-propone-procesar-quique-pina-granada-85434565 Spanish case against Pozzo has been updated - magistrates are accusing Gino of launching a ‘criminal plan’ whilst owner of Granada and using his Luxembourg company to illegally evade tax on player trading. EDIT: Second article below outlining more details. Worryingly, it sounds suspiciously similar to how we have traded over the years. https://www.epe.es/es/investigacion/20230409/quique-pina-granada-prestamos-fichajes-85439686
There are laws to prevent owners acting to prefer their own position vs 3rd parties in the event of funds being inadequate to cover business continuity. Certainly the 3rd party loans would have a deed of priority and would have to approve, and be confident they would be repaid, before allowing Gino to repay himself.
Working for Udinese and overseeing his two employees that sit on the board of our parent company mainly...
Be interesting to hear an explanation on how these alleged crimes in Spain are nothing to do with Gino and all the fault of Duxbury, Giaretta, Giradli, Rob Edwards, Eric Roy...
It doesn't appear that Gino will suffer any repercussions? The article says that: "However, the club's management specified in an audit that as of December 31, 2014, this Italian family was not the owner of the club, a fact that Pedraz regrets that he could not verify since the audit did not have access to the club's shareholding structure." Quique Pina appears to be taking the rap for it. Spanish tax law will not be the same as Italian or UK tax law. Schemes to reduce tax also aren't always inherently illegal. Also, from my albeit only limited observations on the topic over the years, the Spanish authorities are much more keen on getting every penny they can from its residents and prosecuting what they see as work-arounds. This does all add to the assertions I've made though that many of our dealings with Bayat - and the apparent fees we paid for certain players eg Bayo - had very little to do with the fee itself and actually draining the club of limited funds, but were in no small part to help serve tax benefit purposes.
The opening of the article states that the judge has recommended that the case proceeds against Pozzo and others. Tax investigations like this across multiple jurisdictions are expensive and slow moving beasts. They're often settled without any need for a court case, with defendants paying a proportion of what's disputed, incidentally, something which was reported as happening when Pozzo was investigated by the Italian authorities over very similar allegations at Udinese.
Already seeing plenty of ‘fake news’ comments across our base along with ‘you’re not a criminal unless you go to prison’ reasoning. The Boris Johnson view of the law.
Would I be right in assuming these other companies that are loaning the club money are making a profit from the club? They themselves get a loan and lets say pay £10k a week, loan the club the loan money and charge the club lets say £12k a week so are making £2k a week profit? I dont know the exact numbers so the figures I use are just examples.
They will make money from the interest rate they charge which will be disclosed in the accounts. As long as they recover the full balance that they leant us at the end of course, ie we don't go bust, or if we do, they have security over various assets to make sure they get the loan itself repaid. eg if someone leant us £10m, they get that £10m repaid depending on the repayment terms, and they get an agreed interest on the amount borrowed throughout the period. The loan will be secured against assets of the club or in our case, when you run out of assets to secure, secured against guaranteed future income.
I imagine not, but does anyone subscribe to Swiss Ramble. Would be interested to see how apocalyptic his take is. https://swissramble.substack.com/p/watford-finances-202122
I’ve seen a few screenshots floating around. Seems we were 2nd lowest in the PL for transfer spend (£24m) but highest other than the big 6 in agent spend (£12m).
Yeah I saw that - but I think we have known that since January 2022. I’d like to see his analysis of the debt situation.
The club say everything is by the book and it's a normal relationship. Also, knowing Gino, he probably won't break any FA Laws. Would he find loopholes? Yes. Will he take other risks, probably not.
Yeah, a family that have been found guilty of match-fixing and tax evasion aren’t known to break any rules or laws.
Not saying he won't. But just tying to be positive. Also didn't know about the match-fixing at Udinese.
Pozzo has already taken my club from me as you delivered your weasel defence over the years. I hope this club and especially its vile owner get all they deserve. The end game is here. Bring it on.
So you hate the club you used to support now because you don’t like the owners ? You want it burnt to the ground ? Who do you “support” now then or have you given up on football ? I get your hatred for the owners and your OTT posts on the subject but to want the club to be destroyed ?? Give your head a wobble .
Pozzo has genuinely driven me to fury. Especially his numerous backers and defenders among the fan base. It has been obvious since before the cup final season that Pozzo and his acolytes have been using the club for their own means. I’ve had years of abuse on here for pointing it out, especially when the buggers had such a great season under Gracia(!) I feel empty about Watford now. What I loved is gone and I won’t get it back. Pozzo has taken it from me. I want Pozzo and our fanbase to get what has been coming to them. And the game is afoot.
The Pozzos and co have probably been dodgy for a while but got away with it whilst things were going well. Once there is a slippery slope on the pitch the problems will come out off it and things get found out . Not a good look being connected like this to agents and general negativity. What is next ?
No sensible person could think that the owners do not sail close to the wind and probably do business with some right dodgy types Mortgaging forward parachute money and using it to pay agents, whilst buying totally garbage players means as far as i am concerned - best case is a managed decline - worst case is that some of the dodgy stuff crossed the line and the combination of thethat, the lack of trust that anyone has in the owners, the cavalier way we dispose of manager which has burnt any goodwill we built over the Taylor/John era, the fact that next years parachute seems to have been spent already and a piss poor playing squad as soon as the likes of Pedro / Louza and Sarr go to delay the financial calamity, means that at some point in the next 2-3 years we go bust