SIGN HIM UP MOYES LAD

[Huyton Layne]

Butland sounds like my dream workplace

 

[Brennan]

£10m for a keeper who cost £20m a few months ago. In that case we should let Spurs by Moutinho as well.....

 

[nsmith1721]

In 2006, Friedel broke ground on his dream project, Premier Soccer Academies, a $10,000,000 project that would emulate player development facilities found worldwide, located in Lorain, Ohio. The mission of Premier Soccer Academies was to provide athletes with world-class coaching and facilities regardless of their socioeconomic background. In 2011, Friedel was declared bankrupt after his soccer academy ran up millions of pounds of debt.

Happens to only be less than an hour from where I live. The facilities are nice but the business model was completely F'ed up. Totally reliance on Gatorade and other sponsors to keep them afloat. Once they pulled out it was only a matter of time. Building in Ohio was not the best choice, however, him being from the area is why he did.

 

[mawders]

i would FUME if we signed another keeper in January, when we need strengthening in other areas

 

[Steve0]

Those debts seem to be excessive. Surely whatever debts he incurred could've been offset by the value of the assets. What, other than building the facility, did he spend the money on?

$10m seems absurd.

I'm not doubting the story or anything, I'm just genuinely baffled.

 

[nsmith1721]

Those debts seem to be excessive. Surely whatever debts he incurred could've been offset by the value of the assets. What, other than building the facility, did he spend the money on?

$10m seems absurd.

I'm not doubting the story or anything, I'm just genuinely baffled.

A spokesman for Friedel said last Friday the bankruptcy was a technical issue that would be sorted out in a matter of days. It stemmed from accusations of unpaid property taxes at the academy in Ohio and from reported difficulties in getting the corporate fund-raisers to recommit to the plan.

“A bank Friday sued Brad Friedel’s Premier Soccer Academies in Lorain in Common Pleas Court, contending it is owed $7,579,107 from three unpaid loans.

The lawsuit was filed by RBS Citizens, National Association, which does business as Charter One.

The suit seeks a judgment and “immediate payment†on three loans plus interest totaling $6,171,164, $870,836 and $537,107. The suit stated the soccer academy had made some payments on the principal.

The suit also names Friedel as a defendant.

Brad Friedel’s former soccer academy will go for sheriff’s sale April 27 with an asking price starting at a little more than $4.8 million.


Premier Soccer Academies in Lorain.

That won’t be enough to cover the approximately $9.5 million that Friedel owes to creditors on the sprawling complex that stretches across about 30 acres and opened to great fanfare in 2007.

But Friedel’s Premier Soccer Academy fell victim to the economic collapse in 2008 when corporate support dried up.

*Various online sources. If you don't trust me on them you can google all about it*

The Academy had no way to bring in money outside of sponsors. Once they pulled out there was no revenue generators for them to continue to operate. His academy was a residence facility free of charge to the players. They sent scouts all over the world to bring players in.

 

[pfim]

Those debts seem to be excessive. Surely whatever debts he incurred could've been offset by the value of the assets. What, other than building the facility, did he spend the money on?

$10m seems absurd.

I'm not doubting the story or anything, I'm just genuinely baffled.

The liquidation value of an asset will always be far below its original value, or the cost to create it.

And strictly speaking, who on earth is going to buy a soccer academy in suburban (barely) Cleveland?

 

[nsmith1721]

The liquidation value of an asset will always be far below its original value, or the cost to create it.

And strictly speaking, who on earth is going to buy a soccer academy in suburban (barely) Cleveland?

Supposedly the bank blocked a move for an British based TV company that wanted the facility. They valued all the assets at 7.8 million but when they go to auction they asked for roughly 2/3 of the value.

 

[bobobio]

£10m for a keeper who cost £20m a few months ago. In that case we should let Spurs bUy Moutinho as well.....

Don't think they're asking our permission