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https://twitter.com/Ironarmyhd/status/1666019654685319169?s=20
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I see his mate has started asking difficult questions now –
https://twitter.com/Ironarmyhd/status/1665729010813267970?s=20
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I don’t even know how they would regulate it tbh .
This fit and proper person test and proof of funds model obviously is not fit for purpose .Just look at Wigan – taken over and then not paying staff or player wages a few months later then getting points deducted ,which I am not sure is really a suitable punishment when it’s not changing people not getting paid or particularly punishing the owner .
I am not sure what the answer is .
As you say, the Owners’ & Directors’ Test is an absolute farce. You could be a discharged bankrupt, have been subject previously to a banning order preventing you from being a director of a company and have a list of spent convictions as long as your arm and you would still pass it. That’s how committed the FA are to cleaning up the game. The further down the pyramid you go, it’s a self certification exercise.
Of course it’s all too easy to point the finger at the FA, but outgoing owners and the board of directors at clubs have a massive part to play by ensuring their clubs don’t get passed on to crooks because that’s what good people and good custodians do. There is absolute no excuse if a club ends up in the wrong hands.
I would like to see club owners having to register a personal bond with League equivalent to perhaps 35%-50% of a club’s turnover. This will be held in trust and if required, used by the League if they ever need to step in to ensure creditors are paid. This upfront obstacle would put off a lot of the flash, no cash brigade and at the end of an owner’s tenure the bond would be refunded back to them.
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They’ve agreed a deal with Gainsborough but I was told last night that it hasn’t been rubber stamped by the league yet. An interesting week ahead with the NL AGM looming next weekend.
Yet – https://twitter.com/YorkyIron/status/1663940387952549888?s=19
Playing at another ground will have a massive impact on sponsorship and advertising revenue as it will be essentially none existent not to mention pay on the day gate receipts.
I’m surprised the possibility of a ground share has been met with such optimism because the financial implications are considerable.
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Even if something is known privately, I will never release information which is not in the public domain. The more contentious the subject, the longer it takes and becomes more difficult. You know what the end result looks like, it’s just about identifying and piecing together the information.
A BRIEF RECAP:
– Stoneygate 2007 Ltd, a company controlled by a Rod Langham has provided finance to Maxwell Cohen Ltd in the form of secured loans.
12/11/18 – £941,176.47 – Charge code 114373400001 – Relates to North West side of Bramcote Drive, Beeston Nottingham.
20/12/18 – £500,000.00 – Charge code 11437340002 – Relates to land adjoining 64 Woodchurch Road, Arnold, Nottingham.
31/08/19 – £304,350.00 – Charge code 11437300004 – Relates to Manor Arms, Main Street, Elton on the Hill, Nottinghamshire.
18/09/19 – £377,906.97 – Charge code 11437300005 – Relates to The Bridge Inn, Bridge Street, Ilkeston, Derbyshire.
– The accounts for Stoneygate 2007 Ltd (year end 31/08/20) – Going Concern Basis:
“A significant default on advances made in the year has come to the attention of the board of directors. Lawyers have been instructed (on a no win/no fee basis) to take recovery action and protect the company’s position insofar as possible given the damage already done; further a claim is being pursued against legal advisors involved in the document drafting. Full provisions against defaults have been made in these financial statements”.
– The accounts for Stoneygate 2007 Ltd (year end 31/08/21) – Going Concern Basis:
“A significant default on advances made in the immediately prior year became known to the board of directors whom took corrective action insofar as possible given the damage already done; full provisions against defaults are included in these financial statements”.
– A tweet by “@hiltonsofficial” (I’ve not bothered to correct the obvious mistakes) confirms a dispute with Rod Langham and reads as follows – “Tonto is a guy called Rod Langham owner of a company called Stoneygate Commercial Finance, they lied to me and their own backers and spent money that wasn’t there’s. I was successful in a dispute and so they’ve come out to derail”.
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Right, let’s try and put some meat on the bones –1) Woodchurch Road Developments Ltd was incorporated on 25/11/20 – Person of significant control at incorporation was Stoneygate 2007 Ltd. There are two legal charges registered against the company dated 11/12/2020, details are as follows:
Charge code 130435320001 – Lender – Stoneygate 2007 Ltd – relates to part of land adjoining 64 Woodchurch Road, Arnold, Nottingham, NG5 8NJ.
Page 1 of the legal charge reads: “Existing Facility Agreements means the facility agreements between Maxwell Cohen Ltd as borrow and the Lender as lender, in respect of which the obligations and liabilities of Maxwell Cohen Ltd have been novated to the Chargor pursuant to a deed of novation dated on and around the date of this Deed”.
Charge code 130435320002 – Lender – Westfoot Investments Ltd (this company has also provided finance to Maxwell Cohen Ltd) – relates to part of land adjoining 64 Woodchurch Road, Arnold, Nottingham, NG5 8NJ.
Page 1 of the legal charge reads: “Existing Facility Agreements means the facility agreements entered into on or around 19 July 2019 between Maxwell Cohen Ltd as borrow and the Lender as lender, in respect of which the obligations and liabilities of Maxwell Cohen Ltd have been novated to the Chargor pursuant to a deed of novation dated on and around the date of this Deed”.
2) Main Road Elton Developments Ltd was incorporated on 20/11/20 – the directors of the business are Rod Langham & Anthony Kirkham.
There are no legal charges registered against the company. However, the company name suggests a connection to the Manor Arms, Main Street, Elton on the Hill, Nottinghamshire. The title number of the property is NT276026. If you search the title number on the Land Registry website it shows the current owner as Main Road Elton Developments Ltd, purchased on 11/12/20 for £80,000.
3) Bridge Inn Cotmanhay Developments Ltd was incorporated on 20/11/20 – shareholders at incorporation were Rod Langham & Anthony Kirkham.
There is one legal charge registered against the company dated 20/01/22, details are as follows:
Charge code 130337170001 – Lender – Bramhall Commercial Ltd (Director – Anthony Kirkham) – relates to freehold property know as Bridge Inn, Bridge Street, Ilkeston, DE7 8RD.
The title number of the Bridge Inn is DY425983. If you search the title number on the Land Registry website it shows the current owner as Bridge Inn Cotmanhay Developments Ltd, purchased on 11/12/20 for £200,000.
How “@hiltonsofficial” can claim success in a dispute is beyond me because by the looks of things, the lenders came knocking.
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