Bedfordspurs
Chris Waddle
They can spin it how they see fit if the other club is “ok” with it
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Daniel Levy - Chairman
- Thread starter Howard Webb
- Start date
DubaiSpur
Ian Walker
All this time I thought that, at the very least, these c*nts Levy and Lewis didn't take any money out of the club. Fine, they put absolutely nothing in and are largely deadweights with no redeeming value, but they don't take anything out, at least.
I was wrong. As per Swiss Ramble, they've taken 40m out of the club in the past five years, second only to Utd's owners who took about double that. While imposing a stadium-related austerity on us, to boot. The vast majority of owners in the league fund their teams, and these c*nts drain theirs.
They're worse than useless, they're parasites.
F*ck ENIC.
Bedfordspurs
Chris Waddle
I’ve read the article and it doesn’t say exactly what it was for... but it does talk about a share buy back which ties in with the numbers
All this time I thought that, at the very least, these c*nts Levy and Lewis didn't take any money out of the club. Fine, they put absolutely nothing in and are largely deadweights with no redeeming value, but they don't take anything out, at least.
I was wrong. As per Swiss Ramble, they've taken 40m out of the club in the past decade, second only to Utd's owners who took about double that. While imposing a stadium-related austerity on us, to boot.
They're worse than useless, they're parasites.
F*ck ENIC.
All that means is the £40m was used to have a bigger ownership of what they already owned. Just not sure who it went too if I’m right
Bullet
Colin Calderwood
I read this series of tweets as "Abramovic handed Cheatski £440m of blood money extorted from Russia, to spend on players, and pulled out of rebuilding their stadium, leaving them with a cheap 90's hotel with plastic images of past glories... whereas Spurs decided to do the proper thing i.e. get a mortgage... but we didn't spend it all on players, we invested on the ground and training complex as well as players"
All this time I thought that, at the very least, these c*nts Levy and Lewis didn't take any money out of the club. Fine, they put absolutely nothing in and are largely deadweights with no redeeming value, but they don't take anything out, at least.
I was wrong. As per Swiss Ramble, they've taken 40m out of the club in the past five years, second only to Utd's owners who took about double that. While imposing a stadium-related austerity on us, to boot. The vast majority of owners in the league fund their teams, and these c*nts drain theirs.
They're worse than useless, they're parasites.
F*ck ENIC.
Bullet
Colin Calderwood
Can an accountant clarify what the "THFC £40m spent to buy back preference shares" really means i.e. I'm assuming that THFC didn't want a load of shares being kept by loads of random people, so they bought them back, to ensure the majority of shares are held by ENIC etc?
StephenH
David Ginola
that my take and my son is an accountant!
Grays_1890
Barry Daines
Yep exactly spot on
Finney Is Back
Andy Thompson
It is using the clubs money to buy back shares on the open market, thus diluting the number of shares available and making the remaining shares (I.e. the ones predominantly owned by Lewis and Levy) worth more. It is not unusual for cash rich businesses to do this if they feel their shares are undervalued (it strengthens the share price and appeases the existing shareholders). However I am VERY surprised to see our owners do this at Spurs (when I say surprised I mean appalled)
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Bedfordspurs
Chris Waddle
How does it dilute the shares. There ar3 still the same amount, just owned by different people. It increases the shareholding of the club (and ENIC by default) as the main shareholder doesn’t it?
its not my area of knowledge TBF
Pref shares are usually interest bearing. So depending on the coupon (~interest rate) it might have made perfect sense to buy them back and cancel them (I work in corporate finance and a qualified accountant so happy to check the accounts tmrw)
Sitting on my porcelain throne using glory-glory.co.uk mobile app
Sitting on my porcelain throne using glory-glory.co.uk mobile app
Bedfordspurs
Chris Waddle
Cool
I did wonder as it was very specific around them being that type
Danishfurniturelover
the prettiest spice girl
Regardless of finance i am now of the opinion that Levy needs to stay as far away from transfers as possible. I have defended him to the hilt and i admire how he runs the business side of things but he needs to hand over transfer dealings to someone else and after 20 years he should really have been an expert himself.
That all or nothing tv show casts him in a very bad light in my view, and that is with the heavy editing and him trying to show himself as a good guy. I dont like him having an office at the training ground, that is for football people. His office should be at the stadium.
That all or nothing tv show casts him in a very bad light in my view, and that is with the heavy editing and him trying to show himself as a good guy. I dont like him having an office at the training ground, that is for football people. His office should be at the stadium.
Modric THFC
Jimmy McCormick
All this time I thought that, at the very least, these c*nts Levy and Lewis didn't take any money out of the club. Fine, they put absolutely nothing in and are largely deadweights with no redeeming value, but they don't take anything out, at least.
I was wrong. As per Swiss Ramble, they've taken 40m out of the club in the past five years, second only to Utd's owners who took about double that. While imposing a stadium-related austerity on us, to boot. The vast majority of owners in the league fund their teams, and these c*nts drain theirs.
They're worse than useless, they're parasites.
F*ck ENIC.
Come on read the fudging accounts!
https://www.tottenhamhotspur.com/media/10293/tottenham-hotspur-limited-300617-annual-report-2017.pdf
Page 34
"The Company has issued 4 million preference shares of £0.001 each, which were purchased at a price of £10.00 per share by Macon Inc., a company with which the Group is under common control. No voting rights were allotted to the preference shares. The preference shares were accounted for as equity as there was no obligation to make repayments. In November 2016 the Company bought back the remaining 2 million shares from Macon Inc. at a price of £10.00 per share"
Macon Inc, a Joe Lewis company, put £40m into the club. It was then repaid £10m in 2016 accounts, £20m in the 2017 accounts etc.
thfcsteff
Garth Crooks
Another kind of filthy really. I'm not surprised, just saddened.
So basically Lewis used one of his other companies to give us an interest-free loan of £40 million, this has now been repaid and no money was actually taken out of the club.
Instead of trying to understand what actually happened, we have the usual suspects instantly jumping on Lewis and Levy and giving abuse.
