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Chief said:https://twitter.com/KieranMaguire/status/1696649034012688668?t=oQTjkAbK-W_28JTOqgJFFA&s=19
What does this mean? Anyone know anything about this company?
Londonlisa2001 said:They are a hedgefund that did specialise in fintech but jointly set up a £500m fund about March time to target lending into football clubs.
They loan against receivables basically (invoice discounting) and also do some asset backed lending (where they will lend against the value of a squad for future receivables).
They’ve been aggressively targeting football clubs that fund it hard to raise money from traditional sources.
Given the timing, I imagine we will have set up a facility with them which we will now use to borrow against Piroe future receivables or maybe Wood (in other words, they will give us future money up front in return for them receiving future payments - obviously for a fee).
It’s basically debt. Relatively expensive debt at that (compared to traditional debt sources).
Which is, of course, something we don’t need according to some on here as we have loads of investment up our sleeve that we are keeping hidden…
LeonWasTheDog's said:In short then it’s externalising debt rather than using owner financing like many clubs do? Not that we needed more proof that they can’t really afford to run us.
Londonlisa2001 said:It looks like it is moving the previous arrangement from Bank of New York Mellon to Fasanara rather than creating new from scratch.
To be honest, most companies will use external facilities of some description. It’s effectively either invoice discounting (we have one still in place for the sale of Rodon to Spurs with Macquarie Bank, last receipts due October this year) or just a general credit facility. We may or may not use it to get in the Piroe / Wood money in advance or it may just be kept in case we need it.
It’s hard to tell from documents as they redact for public filing.
We obviously want it for something as there are always arrangement or facility fees on these things.