PMG Leisure

[mrpotatohead]

Who gets the profits from this company , the club or the owners? If it is the club, great, if not, then that explains a lot regarding the clubs annual losses.

[P/T Indie]

How does it even make any income to pay for the 11 staff apart from renting the pitches out?

[asda shrimp]

Excellent couple of posts Posh, very revealing.

The penalty for going into administration is now 12 points.

If we did go into administration does the 12 point penalty not apply from start of next season ?.not sure,hope it won't come to that.

[marky No.1]

The points are deducted in the season of administration, if it is successfully kept at bay till closed season then it will be next season..

Football League administration penalty raised to 12 points - http://www.bbc.co.uk/sport/football/33027933

http://www.clarkhowes.com/blog/points-d ... -the-price

[Gone_Shrimping]

The Administrator will want to dispose of PMG Leisure as quickly as possible (as long as they get their fee !) and it is hard to see there being many offers for it.

Would it be something for the newly formed Supporters Trust to take on ? It is possible something like a £50,000 offer would be enough to take it on and put it in safe hands.

If people think it is a project that is feasible I will throw in £1,000 towards a fund to purchase it and with a bit of luck we could raise enough.

[fulwoodshrimp]

Count me in for this initiative. Would be great for the Supporters Trust to get involved in.

[mrpotatohead]

Thats a nice thought.... but I think we can fully expect a deal between the main creditors and an established director or 2 , all above board and all that!

Whatever happens at the end of all this, one thing I feel sure about, and that is , the fans will never get the complete story about whats gone on, and even they did, it would be hard to believe.

One thing.....how did we go from, ''quids in, after selling our soul'', to ''debt free in 3 years'' to .....''totally screwed?''

[Wild Bill]

Wow, never a dull day with MFC these days. I really hope this is just a crafty move by PMG to get rid of Diego and not the beginning of the park of cards about to crash down.

[Christies Child]

Wow, never a dull day with MFC these days. I really hope this is just a crafty move by PMG to get rid of Diego and not the beginning of the park of cards about to crash down.

Exactly what I was thinking. Could be completely off my trolley again but if Peter had 75% of the shares and Diego only 25% then Peter as major shareholder could have gone into voluntary administration to get rid of Diego who had no power to over rule Peter. It could be coincidental that there was acboardmeeting 2 days after the liquidation at which time Peter confirmed his actions with the full backing of his colleagues. As I say only my thinking and no doubt those more familiar with company law will put me straight.

[Seasider9601]

Was it not going to be this week that "Diego wanted a meeting with the directors" we were told last week?

I guess that's gone by the wayside now.

[mrpotatohead]

Still a possibility as there will have to be a creditors meeting within 8 days of yhe appointment of the admistrators, do we know who called them in?

Was it PMG, or a creditor?

[Gone_Shrimping]

Still a possibility as there will have to be a creditors meeting within 8 days of yhe appointment of the admistrators, do we know who called them in?

Was it PMG, or a creditor?

If it was a creditor then the odds are that it would be Capita.

[marky No.1]

if Peter had 75% of the shares and Diego only 25% then Peter as major shareholder could have gone into voluntary administration

Yes PMG is PSC with 75% according to Companies House, so he can do this.

https://beta.companieshouse.gov.uk/comp ... ng-history

[mrpotatohead]

So technically. if Diego has 80% shares in the football club, he could do the same thing ?

[marky No.1]

A person with 80% shareholding in a company certainly has the big hand and can wave the stick over most things, but he/she still has to look after the minor shareholders best interests. It does depend on what is written in the Articles of Association, though. Proving the 'owner' isn't working in his shareholders best interests can be a long process

[captainvinyl]

How does it even make any income to pay for the 11 staff apart from renting the pitches out?

The kids at the development set up, all age groups up to U16s all pay £30 a month for the privilege, which is less of a development and more of a cash cow. You hardly ever see other users except on the small astro and the netball/basketball courts at the far side are just bits of concreted empty space. The whole set up is badly thought out and run.

[mrpotatohead]

The whole of everything in every area of the globe ''site'' seems to be, and has always been, shambolic at best, Diego aside, we were probably heading towards financial failure anyway reading some of the stuff on here regarding the whole thing.

[SupermarketShrimp]

Was it not going to be this week that "Diego wanted a meeting with the directors" we were told last week?

I guess that's gone by the wayside now.

I'll put a sizeable bet we never see Mr Lemos again.

[KenH]

if Peter had 75% of the shares and Diego only 25% then Peter as major shareholder could have gone into voluntary administration

Yes PMG is PSC with 75% according to Companies House, so he can do this.

https://beta.companieshouse.gov.uk/comp ... ng-history

That was July, so doesn't reflect any share transfers since then, so probably no longer the case as Diego wasn't appointed as a director until September, and chances are that he "bought" PMG's shares at that time.

[black morse]

Was it not going to be this week that "Diego wanted a meeting with the directors" we were told last week?

I guess that's gone by the wayside now.

I'll put a sizeable bet we never see Mr Lemos again.

Bet you don't get any takers on that one.

[marky No.1]

if Peter had 75% of the shares and Diego only 25% then Peter as major shareholder could have gone into voluntary administration

Yes PMG is PSC with 75% according to Companies House, so he can do this.

https://beta.companieshouse.gov.uk/comp ... ng-history

That was July, so doesn't reflect any share transfers since then, so probably no longer the case as Diego wasn't appointed as a director until September, and chances are that he "bought" PMG's shares at that time.

Indeed... Diego is the 'owner' and creditors couldnt contact him

My opinion is we are very fortunate that our directors and Board members are trying to sort the 'situation' out

http://www.morecambefc.com/news/article ... 02326.aspx

[Seasider9601]

Agree entirely Mark.

The full statement:

Club Statement regarding PMG Leisure Ltd

The Morecambe Football Club Board of Directors wish it to be noted that PMG Leisure Ltd is owned by Diego Lemos and entered administration under his ownership and not, as reported in certain sectors of the press, by Peter McGuigan.

Despite numerous assurances from the businesses owner, Diego Lemos, that funds were available to pay its creditors. Once again such funds did not materialise. We are told that the businesses main creditor tried to contact Diego Lemos on numerous occasions without success. The first we knew of the problem was when the administrators were appointed and arrived on site the next day.

Discussions with the administrators have been very positive with the Community Staff and Development Centre able to continue to operate without any break in services or delivery. The pitches are available for the Clubs scholars to use and the control room is available for Matchday.

We would like to thank all of those fans who have called the Club today expressing their concern at this turn of events. The Club will be working with the PMG Leisure Staff and the administrators to manage the transition but the message is that it is definitely BUSINESS AS USUAL and we look forward to welcoming both the Development Centre players on Friday and all ‘shrimps’ fans to the Club this coming Saturday as we entertain Notts County in yet another huge game for Morecambe Football Club.

All other areas of the Morecambe Football Club Ltd business remains unaffected. The Players, Staff & Board would also like to thank the fans who have taken the time to write to the Club directly since the news of the troubles broke just before Xmas. It has been very positive to read all of the good wishes.

Read more at http://www.morecambefc.com/news/article ... cf0kdum.99

[P/T Indie]

Who is the main creditor though is it the club or someone at the club.

Could someone at the club have called in the administrators.

[Gone_Shrimping]

Who is the main creditor though is it the club or someone at the club.

Could someone at the club have called in the administrators.

From my sources the main creditor is Capita (they took the mortgage over from Co-op Bank).

We know it was a creditor who called in the Administrators so most likely it was Capita.

[Seasider9601]

Who is the main creditor though is it the club or someone at the club.

Could someone at the club have called in the administrators.

From this bit: The first we knew of the problem was when the administrators were appointed and arrived on site the next day.

I'd say not.