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Post by bonitared on Nov 3, 2020 18:23:33 GMT
Just glad points taken off us this year. So the debt started under koukash. Even to this day the guy gets on my nerves. Let’s just think this through. The debts weren’t Koukash’s. They were the old regimes and led to the church meeting. He structured a deal with the RFL to save the club. He then put in his own money,lost it but wrote off that debt so the club could continue in a community basis. I hope the default has been cleverly done now so that it’s out of the way and we have a clean slate. All in all,more a result than than failure and certainly not an original Koukash debt. After me ’always look on the bright side of life ‘ |
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Post by earlybath on Nov 3, 2020 19:58:53 GMT
Was the CVA repayment guaranteed by Koukash or am I miles away?
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Post by prestwichred on Nov 3, 2020 20:21:04 GMT
Best thing to happen and Salford have come out of Covid 19 better than almost all the clubs in SL.
No relegation and even with 6 points deducted we won’t finish bottom anyway.
Clean slate for next year no debt to pay off and maybe just maybe even full salary cap😀
The debts go back years from the move to the stadium to money still owed to players and others plus the debt that nice man Mr Koukash dumped on the club.
I think IW has known about this all along hence his reason for staying.
Just imagine him having the full salary cap and money to buy top players.
Roll on next season 😀😀🎉🎉
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Post by Deleted on Nov 3, 2020 20:23:00 GMT
Where is this full cap coming from?
New investors?
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Post by bonitared on Nov 3, 2020 22:36:51 GMT
Best thing to happen and Salford have come out of Covid 19 better than almost all the clubs in SL. No relegation and even with 6 points deducted we won’t finish bottom anyway. Clean slate for next year no debt to pay off and maybe just maybe even full salary cap😀 The debts go back years from the move to the stadium to money still owed to players and others plus the debt that nice man Mr Koukash dumped on the club. I think IW has known about this all along hence his reason for staying. Just imagine him having the full salary cap and money to buy top players. Roll on next season 😀😀🎉🎉 Can you please tell us the amount of debt that MK left,other than the debt that he inherited. Serious question as I must be missing something. I certainly agree that he didn’t seem a nice man but he may well have saved the club. Certainly,that night in church ,most would have given their right arms for what has subsequently happened. |
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Post by prestwichred on Nov 3, 2020 22:41:57 GMT
Where is this full cap coming from? New investors? MR I said maybe just maybe. I would hope that with no debt hanging over the club we would be a more viable investment opportunity. |
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Post by prestwichred on Nov 3, 2020 22:46:28 GMT
Best thing to happen and Salford have come out of Covid 19 better than almost all the clubs in SL. No relegation and even with 6 points deducted we won’t finish bottom anyway. Clean slate for next year no debt to pay off and maybe just maybe even full salary cap😀 The debts go back years from the move to the stadium to money still owed to players and others plus the debt that nice man Mr Koukash dumped on the club. I think IW has known about this all along hence his reason for staying. Just imagine him having the full salary cap and money to buy top players. Roll on next season 😀😀🎉🎉 Can you please tell us the amount of debt that MK left,other than the debt that he inherited. Serious question as I must be missing something. I certainly agree that he didn’t seem a nice man but he may well have saved the club. Certainly,that night in church ,most would have given their right arms for what has subsequently happened. Bonita Red are you sure you are not related to Mr Koukash. So you did not know he dumped a load of debt on the club. He also still owed money to players and others that were then put on the debt. Stop going on about him saving the club, yes he did but he left us in a worse state than when he came. You honestly think when MK was at the club it was better than it is now. Take off those MK tinted glasses. |
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Post by JJR on Nov 3, 2020 22:53:28 GMT
PR why do you always look at the negatives with Marwan
He didnt get it right but he saved the Club, he lost a lot of money, got a lot of things wrong but he came back when we were in the mire again and bought JH
Without him the Club wouldn't be here.
So let's have some balance.
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Post by prestwichred on Nov 3, 2020 23:13:36 GMT
PR why do you always look at the negatives with Marwan He didnt get it right but he saved the Club, he lost a lot of money, got a lot of things wrong but he came back when we were in the mire again and bought JH Without him the Club wouldn't be here. So let's have some balance. Got the club docked 6 points and by luck Salford survived. Got rid of the academy. In each of his years at the club finished in the bottom. Brought in Noble and Harris and they in turn brought in overpaid past it players. Gave huge contracts to players then left leaving the club saddled with wages which they could not afford. Tried to change the name to Manchester and left when he did not get his way. On the plus side Saved the club from extinction and partially funded JH. Is that balanced enough for you. I will leave it now I am celebrating a good day for the club and looking forward not dwelling on the past. |
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Post by hillbillyred on Nov 4, 2020 7:38:13 GMT
To be fair to PR and BR, the name that seems to be connected to the CVA is one M Vickers. Wasn't he involved with another club?
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Post by bonitared on Nov 4, 2020 7:58:48 GMT
PR why do you always look at the negatives with Marwan He didnt get it right but he saved the Club, he lost a lot of money, got a lot of things wrong but he came back when we were in the mire again and bought JH Without him the Club wouldn't be here. So let's have some balance. On the plus side Saved the club from extinction and partially funded JH. Is that balanced enough for you. I will leave it now I am celebrating a good day for the club and looking forward not dwelling on the past. We agree at last. We look forward now |
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Post by earlybath on Nov 4, 2020 8:01:37 GMT
So - as I understand it - the original club was not liquidated - it went into a CVA.
All old debts to be settled over a period of time by the new club BUT guaranteed by Koukash.
Am I right so far? Otherwise the Creditors inc Salford Council (Vickers) would not have agreed to a deferment.
If so - Koukash has failed his Guarantee or am I wrong in this assumption?
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Post by bonitared on Nov 4, 2020 8:18:34 GMT
I think that’s pretty much correct,but not sure he guaranteed personally because they’d have sued him.
I think it was the new company that guaranteed the old debts.
The current company,as I understand it ,does not have debt to either MK or the CVA which is why the chairman said it’s good to start with a clean slate.
The council lose out on the CVA but have gained from Salford Reds continuing to add site value.
The big loser is,if I read this correctly,is Mr Wilkinson as the club owed him shed loads .
I may have bits of this wrong but,overall,both people who’ve put money in the club have walked away with nothing.
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Post by earlybath on Nov 4, 2020 8:33:00 GMT
Agree about the outcome BR re the 2 losers (& Shirley Bradshaw, Howard Clague etc) but I don`t think the original creditors would have passed the CVA without Koukash`s guarantee.
There is/was no love lost between the 2 former Chairmen & at this moment I feel MK has managed to somehow get out of his guarantee and Paul KIng absolutely correct and astute enough to relinquish 3 wins at this stage as there is no financial input from the Doctor.
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Post by bonitared on Nov 4, 2020 8:44:48 GMT
You can’t get out of a personal guarantee,so he can’t have given one,which was clever and,in truth,what most people would have done.
It is Andrew Rosler,our chairman,who’s been involved since the original CVA as he’s an insolvency specialist.
It was a win win for the RFL who brought in MK as they saved a club that was going down the pan.
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