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#Post#: 121730--------------------------------------------------
The Department for Culture, Media and Sport want their cash back
DIR By: Bod
Date: March 27, 2024, 4:03 pm
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HTML https://www.dailymail.co.uk/sport/rugbyunion/article-13244757/Government-Premiership-rugby-150million-Covid-19-loans.html
"The government are at loggerheads with Premiership rugby clubs
over their attempts to secure deferrals on the repayment of over
£150million of Covid-19 loans.
The first tranche of payments on loans given to keep
professional rugby alive during the pandemic are due imminently,
with some clubs seeking to put back the repayment date.
The government are understood to have indicated a willingness to
extend the loans in returning for securing a longer repayment
period, but want reassurances that the clubs have sustainable
business plans and are not simply seeking to put off meeting
their financial obligations to taxpayers.
It is understood that there is some frustration in government
that having provided loans at low interest rates with a lengthy
repayment period some clubs are looking to alter the terms at
the first opportunity.
Mail Sport has been told that the Department for Culture, Media
and Sport want to impose tougher terms on clubs with the richest
owners..........(more)"
This seems like a "rock and hard place" for the clubs - but
agreeing terms variations based on the value of the owners seems
inequitable?
#Post#: 121750--------------------------------------------------
Re: The Department for Culture, Media and Sport want their cash
back
DIR By: deadlyfrom5yardsout
Date: March 28, 2024, 3:30 am
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Ummm not sure what to say, other than what did the government
expect?
#Post#: 121768--------------------------------------------------
Re: The Department for Culture, Media and Sport want their cash
back
DIR By: RodneyRegis
Date: March 28, 2024, 6:48 am
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Absolute non-story. The loans given to rugby clubs are a
rounding difference. Unlike the billions given to companies who
never traded before, during or after the pandemic which will
never be recovered.
#Post#: 121795--------------------------------------------------
Re: The Department for Culture, Media and Sport want their cash
back
DIR By: Camquin
Date: March 28, 2024, 10:43 am
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They may be a rounding error to Government, but they are not to
the clubs.
The clubs really ought to be able to put a business plan in
place to show how they will be repaid.
But that should be a given for every single company that took a
loan.
#Post#: 121818--------------------------------------------------
Re: The Department for Culture, Media and Sport want their cash
back
DIR By: Yareet
Date: March 29, 2024, 5:32 am
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--- Quote from: Camquin link ---
>
> They may be a rounding error to Government, but they are not
to the clubs.
> The clubs really ought to be able to put a business plan in
place to show how they will be repaid.
> But that should be a given for every single company that took
a loan.
>
--- End Quote ---
I run a small business and to survive Covid we had to have a
bounceback loan.
The terms were that we had to start paying it back after a year.
Sure enough in spring 2021, the repayments started to be taken.
Would’ve been nice to be able to wait another 3 years.
#Post#: 122070--------------------------------------------------
Re: The Department for Culture, Media and Sport want their cash
back
DIR By: Chris1850
Date: April 2, 2024, 8:51 am
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The clue is in the name. These were LOANS!!!
#Post#: 122071--------------------------------------------------
Re: The Department for Culture, Media and Sport want their cash
back
DIR By: RodneyRegis
Date: April 2, 2024, 9:15 am
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Yes of course. But many creditors would rather continue to
charge interest and delay repayment terms, than to force the
debtor out of business and receive nothing. They've already
presumably lost the entire capital for 3/12 loans.
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