Originally Posted by Rjk
Maybe Keith Morgan can give an update on the level of funding Tan puts into the club?
In March last year Keith (for the Trust) published his annual summary of the club accounts (in that case the accounts to May 2022) and included this section:
There are important matters to note in respect of the debt due to Vincent Tan
a There were new loans of £19.8m made by him in the year, with repayments to him and his family of only £1.1m
b In the year he converted £6.6m of debt due to him into shares
c Just after the year end, in June 2022 he converted a further £19m of debt into shares
d Of the total due to Vincent Tan £51.2m carries interest at 7% and rights to convert into shares. The rest carries no interest and has no conversion rights. Interest payable has always historically been waived by Vincent Tan.
Tan's financial support has fluctuated over the years (I think it went up a lot during Covid?) but my reading of the commentary is that he was putting in about £1.5 million per month in the year to May 2022. That may have reduced since. The next set of accounts to May 2023 (and Keith's commentary) should be out in just over a month.
Reply With Quote