[lit-ideas] Re: Translation Problem, or the Absolutely Literary Backstory to How at Deadline Arsenal Ended Up With Everton's Top Player
- From: Julie Krueger <juliereneb@xxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Tue, 20 Sep 2011 08:05:07 -0500
Greek was a lot easier.
Julie Krueger
On Tue, Sep 20, 2011 at 1:02 AM, David Ritchie <ritchierd@xxxxxxxxxxxxx>wrote:
> Try this one:
>
> The loan is a one-year facility for £14m, replacing a mortgage agreed with
> Investec 12 months previously, in which this season's central funds were
> signed over to the bank.
>
> That Investec loan was a departure from the terms of the 2009 agreement
> with Barclays, in which only the same season's Premier League funds were
> borrowed against to assist with cashflow.
>
> To sell future seasons' income is intrinsically more risky, both for the
> lender and the mortgager. There can be no guarantees that Everton will even
> be in the Premier League next season, and although there has been no
> disclosure of the interest-rate terms, that risk is normally priced into
> what yield the creditor must pay, making the rate more expensive.
>
> Everton are insouciant about the deal, insisting that even if the worst
> happens they could cover it from the bumper parachute payments from the
> Premier League. But that income is meant as a relegation cushion, not to
> cover cashflow difficulties.
>
> David Ritchie,
> Senior Bumper Parachuting Consultant,
> Cashflow Difficulties-upon-Avon,
> Ideas, ID.
>
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