Sheffield Wednesday Banter Archive November 06 2013

06 Nov 2013 15:55:07
I read on Alan Bigg's twitter account that Terry Brown an ex WHUFC chairman has 'loaned' £1.5m to MM to fund unbudgeted expenses on the team as we have exceeded budgets on Johnson, Fryatt, Wickham & Seyi. Suggests we are paying 'heftily' towards their salaries of 20k, 20k and 20k+ respectively. The loan is apparently secured against the ground and is a 'standard business transaction' but this all seems strange - why has MM brought in an outsider with a loan at a time of trying to sell the club - surely it detracts from the clubs value (unless its the way its written in the accounts) and makes the club more complicated?

I have seen nothing in the papers or elsewhere but I expected it. Anyone got any thoughts? IT.

Erm I have a headache.? uto xxx

I think that's complete rubbish. MM isn't penniless and can easily afford 1. 5M out of his own pocket so why would he borrow money from someone else. It's like me having £100,000 in savings but then borrowing £100 from a mate to go shopping. I think that either the new buyers have put some money into the club early to help the team move up the table a bit or the takeover is taking a bit longer than MM hoped and so he has put some money in himself to help the club out of a hole.

We were told this st the match last Sat. It would work out cheaper if mm had dipped into his own pocket. Now I suspect he'l Av to pay interest. Ope he pays up or we lose the ground!

So, entires even very wealthy people do not have £1.5m to hand and have to borrow it temporarily and am sure it is nothing more than that.

Club's funds are very different to MM's own money.
Wages for these players will have meant going over-budget, hence needed short-term loan to fund this.
Glad Chairman authorised this and backed DJ's judgement. Proved a massive boost to a team that isn't too short on "getting it right ".
Forget all this rubbish about MM dipping into his pocket. He rescued us from a dire situation and we should be ever grateful.
His pocket is not a bottomless pit, and he has made this clear by indicating he would like to hand over reigns now. Admire him for being selective in this regard. I believe he genuinely wants the "right " people to take over, so his hard work will not be wasted.
Good on yer Milan, and thanks a million!

Fact is that MM did us a MASSIVE favour when he bailed us out but do you honestly believe that if some one was to come up with an unbelievable offer for the club he'd turn it down if he didn't think they had the best interest of the club in mind. ? Don't forget first and foremost he a very successful business man and along the way to building up his vast wealth he'd have had to make ruthless decisions because that's what makes them successful!
Please don't look at him through Rosie coulered specs and always remember his heart will never rule his head.

Erm Chazandhaz, isn't that what MM is waiting for someone who has money and will do right by the club. Infact he has said this in a number of interviews that he is looking to sell but only to the right person. I think the original post is wrong though, I think one of the other posters hit the nail on the head that MM has invested some of his own money into the team to stabalise it and keep us in the league or else his investment goes up in smoke. He wants to sell at the best possible price so he can recoup the money he has spent rebuilding the team and the club and that means SWFC need to stay in the championship.

When I said dip. into his own pocket I meant a loan to be paid back interest free. Of course I'm grateful for what he's done

I too read somewhere that MM had borrowed £1.5 million due to funds not arriving from his business in USA on time but he also stated this money was covered