Self appointed football finance expert Neil Patey has questioned the benefits of Dundee United wiping out their bank debt.
Patey became a laughing stock with the online bampot community during 2012 as he constantly talked up the financial disaster that led Rangers to liquidation.
As administration was discussed Patey dismissed it. As Craig Whyte put the club into administration Patey told STV, BBC and anyone else daft enough to pay him a fee that the club would be bought over by rich American/Asian/ Far Eastern owners.
With a glowing future predicted there were no clouds on the horizon as Patey tipped Charles Green’s consortium to achieve a CVA and lead the club from strength to strength.
Without questioning his previous statements Patey was dredged up as Sevco’s mystery finances slowly unravelled with the financial guru predicting that the club may run out of money at some stage deep into the 2014/14 season… while Chief Executive Graham Wallace tries desperately to put together the funds to pay the February payroll after pay-off’s to Craig Mather, James Traynor and Brian Stockbridge.
Now with Dundee United swapping their £3m bank overdraft for soft loans with wealthy supporters Patey believes that the scheme throws up a number of problems that fans and shareholders deserve answers about!
Speaking to the Daily Record he warned: “On the face of it this all seems to be positive but the one question I’d ask is: ‘Who provided the money and what conditions are attached to it?’
“We don’t know how wealthy these guys are. They might not have asked for security but do they have any sort of voting rights? Is it pure debt? Is there any interest? Is it cash paid?
“My assumption is if it’s a group of fans they might have done it out of generosity rather than a hard business arrangement and you’d hope the conditions attached were lenient.
“You see other football situations and business situations where banks are doing deals to secure some sort of repayment because they know they might never get full repayment so it wouldn’t surprise me if there was some sort of compromise agreement.”
With Patey’s track record the future surely looks healthy for United, maybe soon he might be able to join the dots from Craig Whyte through Duff & Phelps onto Charles Green, Blue Pitch Holdings and the ‘deal’ between Sevco 5088 and Sevco Scotland.
Neil ‘CVA’ Patey as he’s known.
Excellent article,Joe.
Patey is indeed a joke figure.I like your
financial ‘guru’ tag.
He is wheeled out by MSM,to tell the Zombies,everything in their garden is rosy.When the truth is it’s not.
United have genuine fans,whose wealth
can help their club out.
Unlike at Sevco,where they were ‘ chasing
a blazer ‘ but with no financial input.
So who is Patey to question a well-run
business,with genuine fans wanting to make a difference.
While at Ibrokes,they stumble from one
financial crisis to another.With their billionaire fans,nowhere to be seen.
Morning Joe,
Much as I enjoy the Sevco Circus Joe, it feels like we are deflecting from another shambles….Celtic!
From banning the Green brigade, half empty paradise & questionable team & manager……this is what we should be concentrating on Joe.
I enjoy your input Joe…..
Neil patey is one of our own!.
A gid tim.
Sean.
Hail hail.
Keith,
Joe’s article isn’t about whether he is a Tim or not.Who cares ?
It’s about,is he good at his job.Namely,
reporting financial facts,and his analyis of
this information.
Clearly his record to date,shows,he has
given out a few bumsteers !!
Must be good at his job! Ive seen his hoose!!????.
Keith.
Keith,
Has he an outside shit hoose ?
For all the crap he talks !!
If Neil Patey told me the sun was shining, I’d make sure to carry an umbrella
Saw him and son entering CP a few times, maybe he was getting info from certain MSM just like BBC
Setting aside the good article i cant stop laughing everytime i see CW’s photie above… Cracks me up!
Pateys opinion on the Dundee Utd situation is to ask forensic questions and to urge their fans to be wary, yet Rangers were publically imploding and all he did was reassured the Rangers fans and pander to the SMSM ‘Comical Ali’ agenda. Why? I believe Patey is actually a Celtic fan, so either he was towing the propaganda line or personally amusing himself by telling everyone not to worry, there was nothing to see. Either way, I’m delighted he paid his part in manipulating the gullible, yes it was frustrating to watch as the SMSM and their ‘analysts’ lied and distorted facts, but it just made the death of Rangers all the more funnier and extremely more satisfying!