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Super League Europe & Barclays Bank


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Interesting document appeared on Super League Europe's page on Companies House: https://beta.companieshouse.gov.uk/company/03238540/filing-history

Looks like a loan from Barclays Bank (though doesn't state how much). According to CH, Super League Europe has never taken out a loan since incorporation since 1996, so why now and what is it for?

 

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1 hour ago, Man of Kent said:

Interesting document appeared on Super League Europe's page on Companies House: https://beta.companieshouse.gov.uk/company/03238540/filing-history

Looks like a loan from Barclays Bank (though doesn't state how much). According to CH, Super League Europe has never taken out a loan since incorporation since 1996, so why now and what is it for?

 

If their are taking out a loan the Bank is going to demand that either someone underwrites it or they have assets the bank can claim against if they default. 

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30 minutes ago, Sir Kevin Sinfield said:

If you buy Apple products and choose to pay monthly they set you up with a loan through Barclays.
 

Robert Elstone probably has himself a work IPad, IPhone and Iwatch.

Very good but you don't need to lodge a ball-achingly insipid document with Companies House to buy an iPad.

37 minutes ago, The Rocket said:

If their are taking out a loan the Bank is going to demand that either someone underwrites it or they have assets the bank can claim against if they default. 

Well, quite. What assets? 

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13 minutes ago, Man of Kent said:

Very good but you don't need to lodge a ball-achingly insipid document with Companies House to buy an iPad.

Well, quite. What assets? 

SL doesn't have assets so to speak, its got guaranteed future revenue streams from it's broadcasting and sponsorship contracts and generates millions in ticketing & sponsorship from it's events (Magic/ GF) the sales history of which are very provable to lenders.  

Several of the Ordinary Shareholders also own stadiums, generally seperately from their clubs, so could act as guarantors 

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The legal charge is a Debenture which gives the bank a fixed and floating charge over any assets owned by SLE.  This could be property, IT, contracts, image rights etc. So Barclays must be supplying some kind of facility to SLE and it will not simply be iPad fInance, may be a loan or could be that a supplier of goods / services to SLE want a bank guarantee to prove SLE good for the money and in turn for the bank issuing : they take this from SLE.

Not sure how magic weekend works but do SLE “hire” a stadium ?? Could be the stadium owners want to make sure they get paid by SLE.........

or they could simply be borrowing money pending the next Sky TV cheque !

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1 hour ago, Man of Kent said:

Very good but you don't need to lodge a ball-achingly insipid document with Companies House to buy an iPad.

Well, quite. What assets? 

I’d imagine they have entered a revolving credit agreement secured against future income i.e. the Sky TV contract. The future TV revenue being used as collateral against the ability to borrow now.

I’m not prejudiced, I hate everybody equally

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