Re: Bellingham Money
Man Lyk GroundRepairEl MayorMan Lyk GroundRepairDan also said it was an opportunity for owners to cash out with £10-15m of 100% traceable cash which I can't quite get my head around tbh. Unless he meant they'll use it to repay a portion of the club's £100m ish debt to BSHL
Okay.
One - the debt is actually now 55m. They wrote half of it off in august 2021.
Two - the debt to BSHL is the debt to the owners mate…
One - I know bud, I think you found out in last 2-3 weeks and tweeted/blogged about it as such.
Two - I know bud. BSHL own 75% of the club which itself is controlled and effectively owned by Paul Suen (28% via TTA) and Mr King's Patsy's Vong Pech (23% via Gratacity) and Leosui Tong (17% via Dragon V*lla).
What I'm saying is if the owners have sunk ~£110m into Blues, written half of it off, and are now preparing to offload the club, in installments for £35m they're massively out of pocket aren't they? Even if they find a way to siphon off the ~£13m Bellingham transfer sell-on windfall too. The question in my head is why bother? Surely they could funnel their dirty money into more profitable assets i.e property?
I clearly don't properly understand the "scheme" at play here and we can't talk about it publicly so unfortunately for me I'll need to read up a bit more on how these things work for the penny to drop ????
Shareholders in BSHL also own property, in Cambodia. I visited it and reported about it for my website. It’s mostly empty and they struggle to rent out units cos it’s considered expensive and not high enough quality.
The accounts show that the revenue BSHL receives from their stake in that property isn’t that high in comparison to the club.