Mileson rumours

[jambojambo]

Anyone heard reasons as to why money has completely stopped, seems strange just to pull out completely. understand he is seriously ill but is he unresponsive, obviously thought are with mileson and family but have heard that his money is tied up in investments that are not doing as well as he thought they would? dunno but hope he recovers anyway.

[Nucky Thompson]

He owes the Inland Revenue ?350K:rolleyes: Maybe just said to himself 'feck that'

[magicTs]

Just can't see them fulfill the rest of their fixtures :

 

http://news.bbc.co.uk/sport1/hi/football/teams/g/gretna/7300296.stm

[Rory B Bellows]

Mileson is seriously,if not terminally, ill unfortunately and I'd suggest that Mrs Mileson and family have decided that they are not going to throw any more of their estate/inheritence down the tubes on Gretna FC...

 

Apologies if that sounds harsh but I think it's quite obvious.

[jambojambo]

as much as it will be sad if they do go bust, there will be a positive fot the jt's, we are 4 points better off while hibs are 9 worse off.

[stephs]

Mileson is seriously,if not terminally, ill unfortunately and I'd suggest that Mrs Mileson and family have decided that they are not going to throw any more of their estate/inheritence down the tubes on Gretna FC...

 

Apologies if that sounds harsh but I think it's quite obvious.

 

Yeah, he is in and out of conciousness and his son has been given power of attorney, from what I understand, he is not a footballing guy, so does not want to plough anymore money into Gretna.

[Makween]

as much as it will be sad if they do go bust, there will be a positive fot the jt's, we are 4 points better off while hibs are 9 worse off.

 

Really? Thanks for letting us know.

[jambojambo]

Really? Thanks for letting us know.

 

ok mate didnt realise it was common knowledge, smart ass.

[Makween]

ok mate didnt realise it was common knowledge, smart ass.

 

I was entirely serious. Thanks for letting us know.

[jambojambo]

I was entirely serious. Thanks for letting us know.

 

oh sorry mate, yeah its good news as them going bust looks likely!

[Auldreekie1874]

Sunday's match has been moved to Livingston's Almondvale Stadium because of drainage problems at Motherwell's Fir Park, where Gretna are tenants.

 

Didn't know that was allowed.

 

Why didn't they just switch to Darkheid in that case?, could have raised enough cash to see out the season

[Paolo]

as much as it will be sad if they do go bust, there will be a positive fot the jt's, we are 4 points better off while hibs are 9 worse off.

 

No, we will be four worse off, but yes Hibs will be nine worse off, so we will close the gap on them, but it is a rather embarrassing way to need to do it.

[jambojambo]

yeah thats wat i knid of meant to say, cheers for clearing up. i think we should not worry too much abou embarrassment, we,ve had enough of that and closing the gap should be priority!

[Ivan Drago]

rumous that he may just be skint.

 

the cost cutting did begin towards the end of last season though

[Jammy T]

 

the cost cutting did begin towards the end of last season though

 

aye, I know how Gretna feel on that one....

[Billy52]

He owes the Inland Revenue ?350K:rolleyes: Maybe just said to himself 'feck that'

 

How's that then? they could hardly have earned that much!!

[cobbyshambles]

as soon as relegation was cemented there was really no point and the **** had quite obviously hit the fan.

[blondejamtart]

How's that then? they could hardly have earned that much!!

 

He has several companies - not just his involvement with Gretna.

[rudi]

How's that then? they could hardly have earned that much!!

 

Other failed businesses.

[Billy52]

Other failed businesses.

 

Fair enough, but why did the revenue go for Gretna rather than Mileson personally?

 

I can't see how Gretna made enough money to have to pay that amount of tax despite the cup run,so how can that amount of money be owed? Unless its some kind of scam to offset profits in other companies, which is a reason that some on here think Vlad is a great businessman.

[rudi]

Fair enough, but why did the revenue go for Gretna rather than Mileson personally?

 

I can't see how Gretna made enough money to have to pay that amount of tax despite the cup run,so how can that amount of money be owed? Unless its some kind of scam to offset profits in other companies, which is a reason that some on here think Vlad is a great businessman.

 

As i say failed businesses,might be wrong but i think they to have been wound up as well or perchance they are in his sons/wifes name.

[Ivan Drago]

as soon as relegation was cemented there was really no point and the **** had quite obviously hit the fan.

 

he'd began cost cutting and restructuring at the end of last season though.

[Cardiac Rucksack]

Mileson's son definitely doesn't have power of attorney over all of his fathers affairs. I think he is just in some serious financial trouble.

[Paul_C]

I read somwhere, may have been on here, that his son was fed up seeing his inheritence fritted away and pulled the plug on it...allegedly of course...

[Rivlin]

Everything about Gretna is an embarrassment; their stadium, their support, their team and now their financial state. Never had a decent fan base only existed so long as Mileson put his hand in his pocket. Now appears his pocket is as deep as it might have appeared. Davie Irons obviously knew the score and cleared off pronto. Predictable and no fairy tale just a sad illusion that was always going to end titsup.

[IronJambo]

if he's "owe" the taxman ?350k it'll already have been offset against any losses he's made through gretna

[poggs]

Fair enough, but why did the revenue go for Gretna rather than Mileson personally?

 

I can't see how Gretna made enough money to have to pay that amount of tax despite the cup run,so how can that amount of money be owed? Unless its some kind of scam to offset profits in other companies, which is a reason that some on here think Vlad is a great businessman.

 

Nah. Its not capital gains tax they're after,whch is payable on a profit, Its VAT.

 

ie, for every ?20 ticket sold, the VAt man get ?3.50. For every ?2 pie, 35p is VAt.

 

The club collects it for the vat man, keeps it and then pays a big VAT bill once a year or so. Its how most businesses operate. However Gretna, having collected the VAt on the tickets, have simply spent that money on day to day running and have failed to pay the vat man his 17.5%. Thus the inland revenue AKA the VAT man are after the club's knackers. Not the directors personally who are insulated under company legislation. Also in Backruptcy circumstances, the inland revenue gets full whack of what they are owed. No 5p in the pound for them. Thus if there are not enough assets to cover the VAT bill, nor any benefactor to pay it, the VAT man will wind the company up sell off the assests and thats that. THe administrators will do all they can to find a new buyer who will pay off the vat man and the rest of the creditors if they possibly can. THey might even accept something silly like 3p on the ? for other creditors.

 

THe most obvious similarity is Leeds. They had a ?3.1million VAt bill to pay which they couldn't. So they went in administration. Bumped all the other creditors (ie cleaners, pie sellers, programme printers etc) who got 3p in the pound and gave all the ticket money to the VAT man.

 

When airdrie went bust, it was the inland revenue that finally shut them down, same as third lanark in 1967. Clydebank became airdrie because a bunch of airdrie supporters bought Clydebank from the adminstrator for 1p plus the vat bill. THe airdrie stadium owner and bulders got bumped!

[NoseLikeMahe]

Didn't know that was allowed.

 

Why didn't they just switch to Darkheid in that case?, could have raised enough cash to see out the season

 

Celtic offered to switch it and Gretna would have made a fair amount... but I'm betting it was SPL/SFA that KB'd it in case Rangers complained Celtic were getting an extra home game.

[EH11]

Everything about Gretna is an embarrassment; their stadium, their support, their team and now their financial state. Never had a decent fan base only existed so long as Mileson put his hand in his pocket. Now appears his pocket is as deep as it might have appeared. Davie Irons obviously knew the score and cleared off pronto. Predictable and no fairy tale just a sad illusion that was always going to end titsup.

 

 

 

hmmmm, that sounds familiar

[Horse]

If you were his son would you not be a bit pi**ed off seeing the money being wasted on Gretna.

[letsmakesomenoise]

as much as it will be sad if they do go bust, there will be a positive fot the jt's, we are 4 points better off while hibs are 9 worse off.

 

Ye cannae have both!!! We might move up four points on teams that won all the matches over gretna, thats it. We'll go back 5, the Vermin go back nine. Four of a difference!!

 

Sorry to rain on your parade. :rolleyes:

[JamboAl]

If you were his son would you not be a bit pi**ed off seeing the money being wasted on Gretna.

 

He might be pi**ed off (and anyone could understand why) but morally he shouldn't be - it's not his money: it's his father's.

Turn the issue on its head and ask if he will make good his father's debts if Brooksie is in financial trouble. I think we all know the answer.

[redm]

If you were his son would you not be a bit pi**ed off seeing the money being wasted on Gretna.

 

Only if I wasn't a footballing sort. Inheriting your own club would be pretty cool...if it wasn't Gretna you were inheriting....

 

Anyone know what other businesses he has?

 

I know he has that animal sanctuary but I'd imagine that its charitable status will prevent the nasty tax man from turfing any furry victims out into the street. I hope so anyway.

[redm]

He might be pi**ed off (and anyone could understand why) but morally he shouldn't be - it's not his money: it's his father's.

Turn the issue on its head and ask if he will make good his father's debts if Brooksie is in financial trouble. I think we all know the answer.

 

That's exactly what I was thinking. Brooks was the one who made the cash in the first place, its entirely up to him how he chooses to spend it. Never understood where this attitude of inheritance expectation comes from, they're a completely different breed. Spoilt brats. Why would you slave your guts out for 40-50 years and then simply pop your clogs and leave your ungrateful offspring to have all the fun?

 

That's why I liked Brooks when he first appeared on the scene. He didn't give a crap what anyone thought about him, he'd made his own money and best of all....he spent it on football and homeless animals. Had to be a good egg.

[K1874M]

If you were his son would you not be a bit pi**ed off seeing the money being wasted on Gretna.

 

No, because then I could pick who I wanted to play, try and organise a friendly against Barca and maybe... just maybe try and play against them.

 

Wouldnt you?

 

 

[Custard]

Nah. Its not capital gains tax they're after,whch is payable on a profit, Its VAT.

 

ie, for every ?20 ticket sold, the VAt man get ?3.50. For every ?2 pie, 35p is VAt.

 

The club collects it for the vat man, keeps it and then pays a big VAT bill once a year or so. Its how most businesses operate. However Gretna, having collected the VAt on the tickets, have simply spent that money on day to day running and have failed to pay the vat man his 17.5%. Thus the inland revenue AKA the VAT man are after the club's knackers. Not the directors personally who are insulated under company legislation. Also in Backruptcy circumstances, the inland revenue gets full whack of what they are owed. No 5p in the pound for them. Thus if there are not enough assets to cover the VAT bill, nor any benefactor to pay it, the VAT man will wind the company up sell off the assests and thats that. THe administrators will do all they can to find a new buyer who will pay off the vat man and the rest of the creditors if they possibly can. THey might even accept something silly like 3p on the ? for other creditors.

 

THe most obvious similarity is Leeds. They had a ?3.1million VAt bill to pay which they couldn't. So they went in administration. Bumped all the other creditors (ie cleaners, pie sellers, programme printers etc) who got 3p in the pound and gave all the ticket money to the VAT man.

 

When airdrie went bust, it was the inland revenue that finally shut them down, same as third lanark in 1967. Clydebank became airdrie because a bunch of airdrie supporters bought Clydebank from the adminstrator for 1p plus the vat bill. THe airdrie stadium owner and bulders got bumped!

 

I'm sorry, but the content of this post simply isn't accurate.

 

And HMRC haven't been a preferential creditor for years now.

[Wolfstar]

Apparantly the first manager who is sueing the club (cant mind his name?) has a good case for ?800k, apparantly about 5 years contract plus other money he is owed, mileson must of been thinking "if he wins i need to pay this idiot 800k from my pocket, stuff that" mileson could cut off all ties and be no worse off or carry on pileing money into the club AND oweing inland revenue/compensation to third parties....in total alot of money for "living the dream"

[kearney19]

Mileson's son definitely doesn't have power of attorney over all of his fathers affairs. I think he is just in some serious financial trouble.

 

I can guarentee you he has the power to put through their wages.

 

Its more complicated than that

[Spellczech]

I'm sorry, but the content of this post simply isn't accurate.

 

And HMRC haven't been a preferential creditor for years now.

 

2003 to be exact.

[JamboAl]

I'm sorry, but the content of this post simply isn't accurate.

 

And HMRC haven't been a preferential creditor for years now.

 

HMRC will always be a preferential creditor unless you are saying all tax due has been paid.

[Custard]

HMRC will always be a preferential creditor unless you are saying all tax due has been paid.

 

Sorry, but you obviously don't know what you're talking about.

 

As Spellczech pointed out, HMRC have not had 'Preferential Creditor' status since 2003.

[JamboAl]

Sorry, but you obviously don't know what you're talking about.

 

As Spellczech pointed out, HMRC have not had 'Preferential Creditor' status since 2003.

 

Aye, OK.

[JamboAl]

Sorry, but you obviously don't know what you're talking about.

As Spellczech pointed out, HMRC have not had 'Preferential Creditor' status since 2003.

 

I am sure that arrogant comment suggested you do.

So I checked and found you were partially correct.

 

WHAT IS NO LONGER PREFERENTIAL

Amounts due to the Inland Revenue in respect of income tax and National Insurance contributions in the 12 months prior to the insolvency, and amounts due to HM Customs and Excise including VAT in the 6 months prior to the insolvency. Other categories of preferential debt will remain preferential.

 

So VAT beyond 6 months and PAYE/NIC etc over a year old will still be due.