Wakefield trinity

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flood light tiger
Junior Moors
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Wakefield trinity

Post by flood light tiger » Tue Jun 23, 2020 7:55 am

https://www.thetelegraphandargus.co.uk/ ... nity-deal/
They are being investigated by crime agency about buying there ground
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casjunction
Danny Orr
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Re: Wakefield trinity

Post by casjunction » Tue Jun 23, 2020 8:31 am

The question in my mind would be why did tge council lend a company with few if any asset twice the amount of money that the land was worth.
That is to say if Trinty went bust the only asset they would have would cover only half of the debt.
Especially if the loan was at a low interest rate.
The two guilty parties would be Manni Hussain who is being investigated for possible links to organised crime and the council for not following due diligence in relation to the value of the land the loan was secured against and the sellers worthiness.
It was the residents of the Metropolitan Councils money not a private enterprise.
Not living in the area were tge terms and conditions of the loan ever made public to local residents?
The issue for Trinity was why pay twice as much as the land is worth.
The real losers are the people of the local authority.
If Trinity became insolvent of bankrupt the whole in the councils finances will be massive taking into account the current financial crisis.

nottinghamtiger
Michael Eagar
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Re: Wakefield trinity

Post by nottinghamtiger » Tue Jun 23, 2020 8:42 am

It’s interesting that the council were happy to give/lend Wakefield £3m, when the asset is worth about half of that. Why would that happen?
A cynic might suggest that everyone knew what was about to happen. If Hussain still owned the stadium, it would be considered one of his assets and therefore frozen (and un-buyable). If he can’t prove where his wealth came from, it would be confiscated and sold - possibly not to Wakefield Trinity.
Hussain was actually hit with the Unexplained Wealth Order in July 2019, and the deal to buy the asset (for double its value) was done a matter of months before his assets were frozen.
So it still begs the question - why would the council lend Wakefield £3m to buy something worth £1.5m? I think the answer is that they wanted it out of Hussain’s ownership before it was seized. Is there someone within the council protecting their own back here?

nottinghamtiger
Michael Eagar
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Re: Wakefield trinity

Post by nottinghamtiger » Tue Jun 23, 2020 8:48 am

flood light tiger wrote:
Tue Jun 23, 2020 7:55 am
https://www.thetelegraphandargus.co.uk/ ... nity-deal/
They are being investigated by crime agency about buying there ground
Probably important to say this isn’t accurate. The NCA have issued an Unexplained Wealth Order to Manni Hussain, who used to own Belle Vue.
There’s no investigation into the club.

tigerfeat
Dean Sampson
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Re: Wakefield trinity

Post by tigerfeat » Tue Jun 23, 2020 9:03 am

Corrupt councillors well I never...
The measure of who we are is what we do with what we have
Vince Lombardi

nottinghamtiger
Michael Eagar
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Re: Wakefield trinity

Post by nottinghamtiger » Tue Jun 23, 2020 9:11 am

tigerfeat wrote:
Tue Jun 23, 2020 9:03 am
Corrupt councillors well I never...
Makes you wonder, doesn’t it? Why would the council be desperate enough to lend Wakefield double its value to buy it from him?
They are either corrupt, or stupid. Cynics will say the are corrupt, other will say they are stupid. There isn’t much of a third option.

JIN JER
Junior Moors
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Re: Wakefield trinity

Post by JIN JER » Tue Jun 23, 2020 10:26 am

nottinghamtiger wrote:
Tue Jun 23, 2020 9:11 am
tigerfeat wrote:
Tue Jun 23, 2020 9:03 am
Corrupt councillors well I never...
Makes you wonder, doesn’t it? Why would the council be desperate enough to lend Wakefield double its value to buy it from him?
They are either corrupt, or stupid. Cynics will say the are corrupt, other will say they are stupid. There isn’t much of a third option.
To be fair Trinity supporters have been saying for a long time that the council were either corrupt or stupid having seen the fiasco regarding the 106 circumvation of the original planning application. I do wonder if Peter Box and Rodney Walker are involved in the investigation. I for one don’t think the club are involved directly with this (As in the ginger being pointed at them), I’ve every faith in Michael Carter In this he always seems honourable.

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Tigerade
Danny Orr
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Re: Wakefield trinity

Post by Tigerade » Tue Jun 23, 2020 10:57 am

Trinity could come under investigation. Why would Michael Carter (who is a shrewd businessman) pay a crooked conman like Hussain 3.15 million for a stadium that is valued at 1.7 million?

tigerfeat
Dean Sampson
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Re: Wakefield trinity

Post by tigerfeat » Tue Jun 23, 2020 11:00 am

Ha ha you just beat me to it Tigerade Carter would have known to nearly the last penny what the ground was worth ...I would have thought
The measure of who we are is what we do with what we have
Vince Lombardi

JIN JER
Junior Moors
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Re: Wakefield trinity

Post by JIN JER » Tue Jun 23, 2020 11:30 am

Tigerade wrote:
Tue Jun 23, 2020 10:57 am
Trinity could come under investigation. Why would Michael Carter (who is a shrewd businessman) pay a crooked conman like Hussain 3.15 million for a stadium that is valued at 1.7 million?
I’m guessing in desperation, if someone else had come in (again) and bought it under our noses for housing we’d be homeless by now. The more pertinent question for me (as someone else posted) is why WMDC lent us millions of pounds for land worth half the value, we had no collateral if we’d gone bust or defaulted on payments, I’d have thought this is the very basis of loaning money for a purchase.

The Firm
Danny Orr
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Re: Wakefield trinity

Post by The Firm » Tue Jun 23, 2020 12:21 pm

JIN JER wrote:
Tue Jun 23, 2020 11:30 am
Tigerade wrote:
Tue Jun 23, 2020 10:57 am
Trinity could come under investigation. Why would Michael Carter (who is a shrewd businessman) pay a crooked conman like Hussain 3.15 million for a stadium that is valued at 1.7 million?
I’m guessing in desperation, if someone else had come in (again) and bought it under our noses for housing we’d be homeless by now. The more pertinent question for me (as someone else posted) is why WMDC lent us millions of pounds for land worth half the value, we had no collateral if we’d gone bust or defaulted on payments, I’d have thought this is the very basis of loaning money for a purchase.
And then there’s the very pertinent question of just how much has been paid back so far.....

That bit could very much impact Wakefield and leaders.

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lurcher
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Re: Wakefield trinity

Post by lurcher » Tue Jun 23, 2020 2:52 pm

casjunction wrote:
Tue Jun 23, 2020 8:31 am
The question in my mind would be why did tge council lend a company with few if any asset twice the amount of money that the land was worth.
That is to say if Trinty went bust the only asset they would have would cover only half of the debt.
Especially if the loan was at a low interest rate.
The two guilty parties would be Manni Hussain who is being investigated for possible links to organised crime and the council for not following due diligence in relation to the value of the land the loan was secured against and the sellers worthiness.
It was the residents of the Metropolitan Councils money not a private enterprise.
Not living in the area were tge terms and conditions of the loan ever made public to local residents?
The issue for Trinity was why pay twice as much as the land is worth.
The real losers are the people of the local authority.
If Trinity became insolvent of bankrupt the whole in the councils finances will be massive taking into account the current financial crisis.
very good interview with MC in this weeks league express. he goes through all the financial problems covid 19 has caused the club and how he is fighting to keep the club afloat.
however he does seem to be holding the fans to ransome when saying if they ask for season ticket money back or ask for it to be credited to 2021 the club will go bust.
jo brand is eddie warings love child

Piquad1
Danny Orr
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Re: Wakefield trinity

Post by Piquad1 » Tue Jun 23, 2020 3:26 pm

You can bet your last quid that when it's all investigated and sorted out the only losers will be the fans. The life blood of every sport.

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Tigerade
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Re: Wakefield trinity

Post by Tigerade » Tue Jun 23, 2020 5:54 pm

JIN JER wrote:
Tue Jun 23, 2020 11:30 am
Tigerade wrote:
Tue Jun 23, 2020 10:57 am
Trinity could come under investigation. Why would Michael Carter (who is a shrewd businessman) pay a crooked conman like Hussain 3.15 million for a stadium that is valued at 1.7 million?
I’m guessing in desperation, if someone else had come in (again) and bought it under our noses for housing we’d be homeless by now. The more pertinent question for me (as someone else posted) is why WMDC lent us millions of pounds for land worth half the value, we had no collateral if we’d gone bust or defaulted on payments, I’d have thought this is the very basis of loaning money for a purchase.
All well and good that Jinger but you know MC. Would he let someone as dodgy as MH get away with doubling his deal with the club as a pawn?

tigerfeat
Dean Sampson
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Re: Wakefield trinity

Post by tigerfeat » Wed Jun 24, 2020 9:22 am

What will happen if the deal is declared void and the money taken back from this guy Manni
The measure of who we are is what we do with what we have
Vince Lombardi

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