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Covid loans

iangidds

By iangidds
in The General Rugby League Forum

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iangidds

iangidds

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10 hours ago, The Ghost of 99 said:

Sale continue in their efforts to kill off Salford and steal their stadium. Why any Rugby League fan would feel any sympathy for them or Wasps is beyond me. I wish them all the worst in everything they do.

Could not agree more

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Fevrover

Fevrover

Posted
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11 hours ago, The Ghost of 99 said:

Sale continue in their efforts to kill off Salford and steal their stadium. Why any Rugby League fan would feel any sympathy for them or Wasps is beyond me. I wish them all the worst in everything they do.

Be careful what you wish for.

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Kirmonds pouch

Kirmonds pouch

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On 02/12/2022 at 23:56, sweaty craiq said:

You thought loans were gifts, can you loan me your house please 

Any club who took one should be deducted central funds to pay it back

That would be all clubs then, not a single SL club, other than Catalan, didn't take out a loan, how the hell do you think the clubs survived!

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Griff

Griff

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2 hours ago, Kirmonds pouch said:

That would be all clubs then, not a single SL club, other than Catalan, didn't take out a loan, how the hell do you think the clubs survived!

I don't know what the debate is here.  Whilst some folk on this forum might think these loans were gifts, I'm pretty sure that the clubs themselves were well aware of the position.  I'd be surprised if there wasn't a set timetable for repayments.

"We'll sell you a seat .... but you'll only need the edge of it!"

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Chrispmartha

Chrispmartha

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18 minutes ago, Griff said:

I don't know what the debate is here.  Whilst some folk on this forum might think these loans were gifts, I'm pretty sure that the clubs themselves were well aware of the position.  I'd be surprised if there wasn't a set timetable for repayments.

Covid loans are just like normal loans with a set repayment period.

There were two types available and you could only take one or the other

CBILS were up to £5million and much much harder to get

Bounce Back Loans were a maximum of £50,000 and you could only take a loan for a maximum of 25% of yearly turnover 

 

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Griff

Griff

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2 minutes ago, Chrispmartha said:

Covid loans are just like normal loans with a set repayment period.

There were two types available and you could only take one or the other

CBILS were up to £5million and much much harder to get

Bounce Back Loans were a maximum of £50,000 and you could only take a loan for a maximum of 25% of yearly turnover 

 

Yes, I know.

The point to which I was referring was the somewhat surprising revelation that some folk, mentioning no names, seem to think they were gifts.

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"We'll sell you a seat .... but you'll only need the edge of it!"

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Angelic Cynic

Angelic Cynic

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On 02/12/2022 at 16:12, iangidds said:

I have just been reading about the RU English premiership clubs difficulties in paying back their loans, remind me did RL clubs get direct loans or was it the Rfl ? 

Who is liable for these loans ? 

I thought these would be gifts rather than loans from the Tory party but it seems Exeter took 2 covid loans from banks as well as the government.

The taxpayer has been liable for the loan given to Wasps.The RFU seem as bad as the RFL - and no doubt the taxpayers pay and the guilty walk off onto their next adventure;free as a bird.

The full report can be found on the BBC website -  

It is a bigger blow to the public purse than when Worcester Warriors collapsed in October, owing the government £16.1m from their SSP loan (the biggest of the combined £124m package of loans given to all 13 Premiership clubs), as well as £2.1m in unpaid taxes to HMRC.

 

Taxpayers took the biggest hit as a result of the £14.1m Covid Sport Survival Package (SSP) loan from the Department for Digital, Culture, Media and Sport (DCMS), administered by Sport England.

     No reserves,but resilience,persistence and determination are omnipotent.                       

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sweaty craiq

sweaty craiq

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''Additional checks and balances were in place for CLBILS. Notably, lending could only be agreed where a bank reasonably believed finance would help a borrower out of any short- to medium-term cash-flow difficulties, and it could be expected the borrower would not go out of business in the short to medium term. Conversely, CBILS only required self-certification that the pandemic had negatively affected applicants.''

 

Who ok'd the loans to clubs so much in debt - and the amounts borrowed were only available to £45m plus TO business's, which means RFU imo

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Griff

Griff

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Posted (edited)
28 minutes ago, sweaty craiq said:

''Additional checks and balances were in place for CLBILS. Notably, lending could only be agreed where a bank reasonably believed finance would help a borrower out of any short- to medium-term cash-flow difficulties, and it could be expected the borrower would not go out of business in the short to medium term. Conversely, CBILS only required self-certification that the pandemic had negatively affected applicants.''

 

Who ok'd the loans to clubs so much in debt - and the amounts borrowed were only available to £45m plus TO business's, which means RFU imo

Ah! Just your opinion, then.

And no mention of a gift. Something else just made up.

Edited by Griff
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"We'll sell you a seat .... but you'll only need the edge of it!"

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Damien

Damien

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15 minutes ago, sweaty craiq said:

?? Gift, my comment is that the debt goes to the RFU if defaulted or that was my understanding. I thought RL clubs applied to the RFL for loans??

The RFL certainly administered the loan and clubs then applied to them.

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iangidds

iangidds

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11 hours ago, Griff said:

Ah! Just your opinion, then.

And no mention of a gift. Something else just made up.

I said I was expecting the government to Gift the money to their RU friends and call them loans in name only ! That was just tongue in cheek type of comment.

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FearTheVee

FearTheVee

Posted
Posted (edited)
On 09/12/2022 at 21:20, sweaty craiq said:

''Additional checks and balances were in place for CLBILS. Notably, lending could only be agreed where a bank reasonably believed finance would help a borrower out of any short- to medium-term cash-flow difficulties, and it could be expected the borrower would not go out of business in the short to medium term. Conversely, CBILS only required self-certification that the pandemic had negatively affected applicants.''

 

Who ok'd the loans to clubs so much in debt - and the amounts borrowed were only available to £45m plus TO business's, which means RFU imo

They are not CBILS loans, they were made under the CSSP (Coronavirus Sports Support Package); it is a completely different support package.

I'm not sure that they were guaranteed by RFU.  Capital repayments on some started in Sep'21.

Edited by FearTheVee
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whatmichaelsays

whatmichaelsays

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On 09/12/2022 at 13:13, Kirmonds pouch said:

how the hell do you think the clubs survived!

It's worth remembering that the clubs relied very heavily on the benevolence of their supporters and sponsors. Almost all clubs asked supporters to "donate" the value of their season tickets during the period behind closed doors, and this protected the second-biggest revenue stream after the TV deal. Yes, there was the loss of matchday ticket sales and concessions sales, but I suspect that these are relatively small income streams (certainly as most clubs outsource the latter). The sport also pooled a lot of costs with the hosting of games at single venues so whilst things were no doubt tight, the sport did manage that period well. 

Leeds did take a loan, but I seem to recall that was mostly to underwrite the loss of income from hospitality - and Leeds is the club that's most exposed to that market. 

Also, we had free pizza. 

Edited by whatmichaelsays
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Oxford

Oxford

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On 05/12/2022 at 09:17, Sports Prophet said:

Sale going bust would be a dream come true

I don't wish them ill, and that's the same as not wishing them well, isn't it?

Pointless talking about what they've been up to and why on here though!

2 warning points:kolobok_dirol:  Non-Political

 

 

 

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