ToadKiller Dog Posted February 22, 2009 Share Posted February 22, 2009 Was speaking to a bloke i know up here in dundee,he has links to united ,he says that United had to borrow ?80,000 from the SFA as an emergency loan last week ,Any body seen this on the news ? is it common for clubs to get short term loans from the sfa? He also said that united are not in trouble just that there current chairman doesnt want to dip into the inheritance left by ET . Strange if true as thought they were being well run recently ,Have they burst there budget trying to go for third, as there fan base is pretty well stuck much the same lowish level since they have improved. Link to comment Share on other sites More sharing options...
bighusref Posted February 22, 2009 Share Posted February 22, 2009 I would be very surprised if that were the case. What could be the case is that United could have asked for an advance of whatever monies they were to receive at the end of the season. Not a loan per se, just getting their cash early. I am pretty certain that ?80,000 would not make a huge difference to the running of Dundee United at the moment. Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted February 22, 2009 Author Share Posted February 22, 2009 I would be very surprised if that were the case. What could be the case is that United could have asked for an advance of whatever monies they were to receive at the end of the season. Not a loan per se, just getting their cash early. yeah that would be more likely if true . Link to comment Share on other sites More sharing options...
barney392 Posted February 22, 2009 Share Posted February 22, 2009 This was in the express yesterday. United have asked for a loan of ?80k from the sfa, a loan which is available to every member club if requested. According to the paper united took the loan as it is offered at very favourable terms and saved the thompson family from using their own money. a united spokesman said it was a common thing to do and was not because of any cash flow problems. Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted February 22, 2009 Author Share Posted February 22, 2009 This was in the express yesterday. United have asked for a loan of ?80k from the sfa, a loan which is available to every member club if requested. According to the paper united took the loan as it is offered at very favourable terms and saved the thompson family from using their own money. a united spokesman said it was a common thing to do and was not because of any cash flow problems. that explains it ! The SFA terms being You must not complain when the Ref gives the decision the way of the old firm perhaps ?. Link to comment Share on other sites More sharing options...
Jambomo Posted February 22, 2009 Share Posted February 22, 2009 that explains it !The SFA terms being You must not complain when the Ref gives the decision the way of the old firm perhaps ?. I doubt that, they are the chief complainers!!! TBF doesn't it say all clubs can get it? I wonder if we've taken one and if not - considering the cash flow problems last year- why not? Don't know if it's a fixed amount, 80k wouldn't get us very far. Link to comment Share on other sites More sharing options...
bighusref Posted February 22, 2009 Share Posted February 22, 2009 This was in the express yesterday. United have asked for a loan of ?80k from the sfa, a loan which is available to every member club if requested. According to the paper united took the loan as it is offered at very favourable terms and saved the thompson family from using their own money. a united spokesman said it was a common thing to do and was not because of any cash flow problems. Didn't Gretna do this last year? IIRC it was in lieu of their "prize" monies due at the end of the season. Link to comment Share on other sites More sharing options...
Flux Posted February 22, 2009 Share Posted February 22, 2009 Falkirk also got it. Think it was on Scotland Today Link to comment Share on other sites More sharing options...
Stewart MacD Posted February 22, 2009 Share Posted February 22, 2009 Thought this thread was about Brown sneaking off to the UAE on the borrow. Link to comment Share on other sites More sharing options...
Charlie-Brown Posted February 22, 2009 Share Posted February 22, 2009 Certain (assets) inheritances can't be 'realised' ie sold & turned into cash for specific time periods or else the Taxman claims quite a hefty whack in inheritance tax .... for example it used to be 7 years before you could sell any house or property inherited if you wanted to avoid the tax on it. Link to comment Share on other sites More sharing options...
JamboAl Posted February 22, 2009 Share Posted February 22, 2009 Certain (assets) inheritances can't be 'realised' ie sold & turned into cash for specific time periods or else the Taxman claims quite a hefty whack in inheritance tax .... for example it used to be 7 years before you could sell any house or property inherited if you wanted to avoid the tax on it. The 7 year rule was that assets disposed of in the 7 years prior to death were not exempt. Cannot see how this affects DUFC's current need for a loan Link to comment Share on other sites More sharing options...
Charlie-Brown Posted February 22, 2009 Share Posted February 22, 2009 The 7 year rule was that assets disposed of in the 7 years prior to death were not exempt.Cannot see how this affects DUFC's current need for a loan A family I know inherited a very large house & land in Edinburgh city centre that was in a prime development space which they were unable to sell for a number of years if they wanted to avoid the inheritance. Thompson junior at Utd might have inherited a lot in terms of asset wealth but not much in the way of readily available cash and thus he's reluctant to tap into that inheritance because of the tax implications and sought an early release of SFA funds instead - however iam only speculating. Link to comment Share on other sites More sharing options...
1874robbo Posted February 22, 2009 Share Posted February 22, 2009 This was in the express yesterday. United have asked for a loan of ?80k from the sfa, a loan which is available to every member club if requested. According to the paper united took the loan as it is offered at very favourable terms and saved the thompson family from using their own money. a united spokesman said it was a common thing to do and was not because of any cash flow problems. Hmmmm,imagine the headlines if the story had been about hearts?. Link to comment Share on other sites More sharing options...
Marmeladent?rtchen Posted February 22, 2009 Share Posted February 22, 2009 Hmmmm,imagine the headlines if the story had been about hearts?. Beat me to it mate. Totalt agree!!! Link to comment Share on other sites More sharing options...
SeeVee Posted February 22, 2009 Share Posted February 22, 2009 A family I know inherited a very large house & land in Edinburgh city centre that was in a prime development space which they were unable to sell for a number of years if they wanted to avoid the inheritance. Thompson junior at Utd might have inherited a lot in terms of asset wealth but not much in the way of readily available cash and thus he's reluctant to tap into that inheritance because of the tax implications and sought an early release of SFA funds instead - however iam only speculating. I think it's more likely that Eddie Thompson's estate hasn't been administered yet (it can sometimes take many years) so the family and DUFC can't make use of the money/assets that he left. Link to comment Share on other sites More sharing options...
Cow Posted February 22, 2009 Share Posted February 22, 2009 I think it's more likely that Eddie Thompson's estate hasn't been administered yet (it can sometimes take many years) so the family and DUFC can't make use of the money/assets that he left. That would make sense although i cant see what difference ?80,000 would make . If D utd are that strapped for ready cash then i cant see that position changing in the near future and ?80,000 is only going to paper over the cracks. Just my interpration of course. Link to comment Share on other sites More sharing options...
JamboAl Posted February 22, 2009 Share Posted February 22, 2009 I think it's more likely that Eddie Thompson's estate hasn't been administered yet (it can sometimes take many years) so the family and DUFC can't make use of the money/assets that he left. Which would re-inforce the belief that the club itself is short on "cash flow" if the owners need to introduce more capital. Where that money comes from doesn't change the issue. Link to comment Share on other sites More sharing options...
ericb Posted February 22, 2009 Share Posted February 22, 2009 I doubt that, they are the chief complainers!!! TBF doesn't it say all clubs can get it? I wonder if we've taken one and if not - considering the cash flow problems last year- why not? Don't know if it's a fixed amount, 80k wouldn't get us very far. I think we may just know a bank who'd give us even better terms Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted February 22, 2009 Share Posted February 22, 2009 Hmmmm,imagine the headlines if the story had been about hearts?. Exactly my thoughts too. Link to comment Share on other sites More sharing options...
CalMac Posted February 22, 2009 Share Posted February 22, 2009 Falkirk also got it. Think it was on Scotland Today If Falkirk go down they could be in real financial trouble if the likes of McCann etc are on longer term deals. Still hope it'll be the Saints that drop, everything about them makes me boak. Link to comment Share on other sites More sharing options...
Francis Albert Posted February 22, 2009 Share Posted February 22, 2009 I would be very surprised if that were the case. What could be the case is that United could have asked for an advance of whatever monies they were to receive at the end of the season. Not a loan per se, just getting their cash early. Sounds like a loan to me. Still, if you can get the money now, why doesn't every club do the same? Link to comment Share on other sites More sharing options...
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