Accies World

I’m no financier and don't really understand what it means so I’m hoping there’s a banker or accountant out there who might explain. The football club has been debt free since Ronnie/Les cleared the £3/4 million. However on checking the clubs' page on Company House SC005420 I see that on the 4 th June the club created a floating charge in favour of the AIB (AlliedIrishBank). In return for “said sums of money” (No details are given of just how much is involved), as security the club has granted in favour of the AIB a floating charge which essentially means any property, assets etc the club has are the banks if it fails to pay back. At first I though this was a mortgage on the stadium but that already exists. The stadium company (separate from the football club) has a mortgage with the AIB and has had since 2004. So it looks as though the club has taken out a loan with the AIB. Possibly to pay for the pitch?

Might be, but there had been no previous bank borrowing according to Ronnie at the last fans meeting, even with the 'scam'. Unless we are told, or ask at the next meeting, we'll never know about this new 'Charge'

The vishing scam is quite clearly identified in the notes to the June 2017 accounts, under events occuring after the filing of those. The scam is quoted around £745K but the sale of two players contract to Rangers and Aberdeen for in excess of £650K almost takes care of that problem. The club do not place any value on ANY players contracts held, which looks to be sensible, but any sale of players is then 'bonus' income. Directors considered the Club was sound and capable of trading on when these 2017 accounts were submitted recently. The June 2018 accounts when filed next year, will be a most interesting read!

Wonder if Mr McGowan's two companies are still being paid for services provided to the Club, during the financial year just ended in June 2018, like they were @June 2017, given the financial meltdown caused by the 'scam'?

The Advertiser reporting a new sponsorship deal worth £85k. Scotch Whiskey Auctions are sponsoring the away stand and the new under 18 team.Another ‘personal friend’ of of McGowans apparently.

Sorry for being pedantic but Scotch and Whiskey don't work in the same sentence. Scotch Whisky Auctions, perhaps. Too many people confuse Scottish Whisky with Irish or American Whiskey in publications. They have their own unique spellings!

I'll be surprised if they are allowed their name on an under 18's strip.

How does this tie in with the 'community club' support of Alcoholics Anonymous!

southoftheborder wrote:How does this tie in with the 'community club' support of Alcoholics Anonymous!

New client outreach

Good luck trying to get a transparent and honest response from Mr Macdonald with this one at the next meeting.

These are the types of things that should be getting asked as opposed to nonsense easily batted away with regards team selections and such.

As long as the alkies and junkies are getting subsidized that's the main thing.
It's not as if we are a Football Club or anything

Keeping an eye on all things financial at Accies, the latest confirmation statement for Edencrest has been posted on the Companies House web site. After walter hamilton departed the scene as a director and stadium manager there has been a readjustment of the shares in the company. Of the 200 shares in Edencrest, Mcgowan now holds 90 shares, Les has 20 held in the name of one his companies and Ronnie has 90 held by his kids. Now I’m no mathematical genius but Ronnie and Les’s combined shareholding is 110 which beats Mcgowans 90. So given his performance as CEO of the club/stadium overseeing a loss of nearly £1 million pounds as a result of farcical internet banking arrangements (one authoriser and all that) if I were Ronnie/Les I’d exercise my combined majority shareholding and tell mcgowan he was no longer CEO and he should focus on his on personal charity and leave the running of the club/stadium to somebody competent like a new start at beckford primary school Not going to happen I wonder why?

Excellent post .
Stating what all Accies fans must be thinking.
McGowan prefers cake decorating to football so he should buy a bakery or summit and gtf .
McGowan out !