Vibrac

evertony · April 2, 2015

Not seen anything on here but sure I read somewhere this week that Reading have been fined for taking a £10M loan out with vibrac. Weren't they a Virgin Isles based lender involved with Everton in the not too distant past?
What's that fine for.......anyone know?

Goat · April 2, 2015

Championship outfit Reading have been fined £30,000 by a Football Disciplinary Commission for the breach of Football League regulations that prohibit any individual or legal entity to have an interest in more than one club.

The Royals, who admitted the charge, borrowed £10.5m from Vibrac Corporation in August 2013 and went on to receive a further loan of £5.6m a year later.

However, it has been found that at the time, the company incorporated in the British Virgin Islands was also financially involved with three Premier League clubs, believed to be Everton, Fulham and West Ham United.

In a statement on the Football League's official website, the FDC have revealed that the full amount of the fine will be suspended until May next year.

"Following Reading's full co-operation with the process and having admitted the charge, the FDC agreed to suspend the full amount until May 2016 with the club also being ordered to pay the costs of The Football League and the Commission," it read.

Reading repaid all sums that were owed to Vibrac following their takeover in August 2014.

evertony · April 2, 2015

Cheers Cheeks......why didn't the others cop a fine.....is it OK in the Premier League!

Goat · April 2, 2015

evertony said:
Cheers Cheeks......why didn't the others cop a fine.....is it OK in the Premier League!

Prolly.

The Football Disciplinary Commission found that Vibrac also had an interest in three other professional clubs, which is in contravention of Football League regulations designed to protect the integrity of the Football League.

Goat · April 2, 2015

http://www.football-league.co.uk/documents/fdc-reading-decision549-2366519.pdf

Moomin · April 2, 2015

evertony said:
Not seen anything on here but sure I read somewhere this week that Reading have been fined for taking a £10M loan out with vibrac. Weren't they a Virgin Isles based lender involved with Everton in the not too distant past?
What's that fine for.......anyone know?

We took out a loan with them as recent as last summer.

Not sure if we have two years of sky TV money loaned with Vibrac anymore, might be down to one year. I hope.

SingBlue · April 3, 2015

Strange. If it is a loan, and in our case was secured against future (broadcast) revenue, then how is that deemed an "interest" in a football club? We also have borrowings with Barclays, who I'm sure have overdraft facilities or loans with a number of clubs - how is that different?

There's long been speculation of EFC having complex financial arrangements with institutions as a means of earning for some of the characters connected directly or indirectly with ownership of Everton. Whilst Vibrac share a registered address with Everton director Robert Earl for instance, this is not uncommon with offshore companies (I've sat in an accountants office with 200 registered companies from that office, complete with name plates on walls) is it more than sheer other operating costs? I mean coincidence.

degsy · April 3, 2015

SingBlue said:
Strange. If it is a loan, and in our case was secured against future (broadcast) revenuthen how is that deemed an "interest" in a football club? We also have borrowings with Barclays, who I'm sure have overdraft facilities or loans with a number of clubs - how is that different?

There's long been speculation of EFC having complex financial arrangements with institutions as a means of earning for some of the characters connected directly or indirectly with ownership of Everton. Whilst Vibrac share a registered address with Everton director Robert Earl for instance, this is not uncommon with offshore companies (I've sat in an accountants office with 200 registered companies from that office, complete with name plates on walls) is it more than sheer other operating costs? I mean coincidence.

This should be in the Conspiracy Thread... oh wait it's true

Deleted member 28206 · April 3, 2015

Who have i read about this week re: Vibrac.

Hmm. Let me flex my google fu.

Chang Elephant · April 3, 2015

With Reading seemingly unable to make the remaining payment Vibrac called in BGT to oversee the sale of the club. Vibrac pushed through the sale of Adam Le Fondre to Cardiff and seemingly made things difficult for the chairman, Sir John Madejski, by changing terms of sale on several occasions. This led to many potential investors disengaging with the club, whilst Vibrac sought to push through sale to the mystery Phoenix consortium, which involves former Director, and person responsible for bringing Vibrac into Reading, Chris Samuelson. This called the Football League to look into the inappropriate role that Vibrac have given themselves, of running the club without having undertaken the Fit and Proper Persons Test.[7] Reading were subsequently fined £30,000 by The Football League in March 2015.[8]

http://en.wikipedia.org/wiki/Vibrac_Corporation
Imagine how shocked Kenwright will be when he learns that his old AGM friend, well known Evertonian, Chris Samuleson, pushed through the Reading connection to Vibrac.