Chester City for £1M Anyone?

[marky No.1]

http://www.chesterchronicle.co.uk/chest ... -23675951/

I will start the bidding at a £1 but would like to see the accounts first

[P/T Indie]

I thought Vaughan had already sold out to the property developer

[Gnasher]

I thought Vaughan had already sold out to the property developer

That was announced way too early, probably to distract the league's attention away from their real situation. They hadn't even gone through the due diligence process when they called the press conference.

[marky No.1]

As S.V. is the only bidder it looks like he is getting Chester City back with the slate wiped clean for £290,000. Leaving his own £4m debt unpaid. Meanwhile the Conference are happy to let him in

http://www.chesterchronicle.co.uk/chest ... -23741799/

[steve mfc]

As S.V. is the only bidder it looks like he is getting Chester City back with the slate wiped clean for £290,000. Leaving his own £4m debt unpaid. Meanwhile the Conference are happy to let him in

http://www.chesterchronicle.co.uk/chest ... -23741799/

The way i read it is that Chester city football club owe S.V £4m, as he actually owes the club then i would take it to mean that the £4m is money that he has loaned the club and which he is prepared to right off if his bid is accepted by the administrator.

Its little wonder that nobody is prepared to take on this kind of debt, its about time that the issue of owners lending money to the club which then becomes a debt is looked into by F.A.

[marky No.1]

The way i read it is that Chester city football club owe S.V £4m, as he actually owes the club then i would take it to mean that the £4m is money that he has loaned the club and which he is prepared to right off if his bid is accepted by the administrator.

Yes that's exactly it, so "he" is the only person that can benefit. Does he have to prove to the authorities that it's his own money going back into the Club? Surely the Club would have to change its name to AFC Chester 2009 Ltd or something

What about the other creditors, will they all lose their money as well?

[Gnasher]

Interesting digging being done on devachat, so good that one person says it shouldn't be left online in case HMRC see it Oops, too late

I have been doing a little bit of digging, trying best to understand the workings of a CVA.

We know now that SV has proposed to pay the unsecured creditors 15p in the pound but to get this agreed he has to have the backing of 50% of the share holders ( quantity of share holding rather tha actual share holders) and 75% of the creditors debt value.

No problem with the share holding as SV/ Cestrian Group own just over 75% of the issued share capital. However to carry the vote SV needs the creditors to back him, as he needs circa £5.25 million worth of creditors debt to support him.

SV/Cestrian Group hold £4 million of secured debt, but where is the other £1.25 million going to come from? Looking at the creditors we have HMRC owed circa £1 million and Apple Financial services owed £1.1 million we also have a gentlemen called Paul Wells owed £150,000. We also have other Directors of the club or associate Vaughan companies owed money in excess of £100,000.

Still with me?

Now HMRC are not going to back a CVA as they oppose all CVA's relating to football clubs. This means for SV to get his CVA passed he needs the support of Apple Financial Services and Paul Wells and/or the other Associated Directors to make up the required value.

Nothing strange in that until you dig a little deeper and you find that Paul Wells is a football agent whose football agency is called Apple Sports Management and the same Paul Wells is the owner of Apple Financial Services. So effectivly Paul Wells is owed £1.25 million the required amount needed to pass the CVA.

Now you have to ask why Chester City FC would owe a football agent £1.25 million?

Now I'm not saying it is not legit but it is certainly a question the shareholders and creditors should be asking of the Administrator and also of The Football League to ensure these transactions have been recorded and this agents dealings noted.

Just one more thing Paul Wells/Apple Financial Services share the same accountant as Chester City Football Club a certain Bance Associates in Harrow.

Of course it could all be a coincidence.

[marky No.1]

£7M of debt in total.
Chester City (2004) Ltd could own the Club for £290K. The parachute payment will help a little but creditors may only be offered 15p in the pound

This deal could make Steven Vaughan Jr. the new owner - Anything to get a game eh? Would this make him the first Owner/Player/Captain?

http://www.chestereveningleader.co.uk/c ... 5321554.jp

[marky No.1]

Chester succeeded today in coming out of Admin. with SV back at the helm. Poor old creditors have been battered no doubt.

http://www.dailypost.co.uk/sport-news/f ... -23849801/

[marky No.1]

Chester confirmed to start the season in the Conference on -10 points:

http://www.chesterchronicle.co.uk/chest ... -23875063/