Salford City and all that

Anything yellow and blue
Myles Francis
Mid-life Crisis
Posts: 927
Joined: Thu May 11, 2006 3:17 pm

Re: Salford City and all that

Post by Myles Francis »

Radley Rambler wrote: Myles - can you elaborate without libelling yourself? Are OCFC and the TAG creation separate entities, are the real OCFC at any danger from the other side of the business?
That's a very difficult question to answer partly because the "real" OCFC don't appear to have really explained the nature of TAG's involvement.

The bottom line is that he owns 50% of OCFC (Trading) with the other 50% owned by the OCFC Youth charitable company. OCFC (Trading) is the company through which the main football club is operated, with OCFC Youth covering the youth and community operations (roughly).

In the accounts for TAG's company for the year to 30 June 2015, he claims that he earns revenues from the operation of the football club and, of the total revenues for the year of $617k, $547k of that came from UK operations.

In that year, TAG's company made a net loss of nigh on $7.8m, largely helped by paying himself $5.1m!

There are a couple of worrying lines in the account which, to my reading, suggest a problem for the football club. Firstly:
At June 30, 2015 and 2014, $256,340 and $219,316, respectively, is due to the managing director of the Oxford City Football Club (Trading) Limited, a subsidiary of the Company. The advances are non-interest bearing, unsecured and due on demand.
This suggests that TAG's company have borrowed $250k from the football club.

Also:
On December 15, 2014, the Company issued 165 shares of common stock valued at $660,000 ($4,000 per share) to settle a debt of Oxford City Youth Football Club Limited in the amount of $306,599 (£195,000).
So, TAG's company owed the charitable company nearly £200k and repaid that by giving them shares in his company which, regardless of what value the accounts put on them, are actually worthless. If that is what actually happened then I would suggest that this sort of transaction has the potential to put the football club in danger.
Kernow Yellow
Grumpy old git
Posts: 3075
Joined: Thu May 11, 2006 5:16 pm

Re: Salford City and all that

Post by Kernow Yellow »

Kernow Yellow wrote:Anyway, I then heard that Phil Neville missed Friday's game because he's assistant manager of Valencia. That seemed an odd job for him, so I googled Valencia to see who he knew there who might have offered him the gig. Answer - Peter Lim is the owner, employing his business partner as coach! Nice work if you can get it...
Update to this - now Gary Neville is at Valencia too, also appointed by his busness partner Lim, and with his brother (and business partner) as assistant. A very cosy arrangement all round!
Snake
Grumpy old git
Posts: 4376
Joined: Thu May 11, 2006 9:56 pm
Location: Oxfordshire

Re: Salford City and all that

Post by Snake »

“This suggests that TAG's company have borrowed $250k from the football club.”

No, it’s personally owed to Colin. I desperately hope he signed a legally secure loan document with TAG. He loves the club immensely and does most of the unpaid work at CPF.
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