Welcome Notice

Hello and welcome to Molineux Mix a forum for Wolves fans by Wolves fans.

Register Log in

Telegraph: Wolves benefit from tax payer fund

NothingButNeto

NothingButNeto

Just doesn't shut up
Joined
Jul 9, 2021
Messages
2,024
Reaction score
5,392
“But the export development guarantee issued to the Premier League club allowed it to grow commercial exports in clothing, brand advertising and overseas events . . . A Whitehall source said that the clauses within the guarantee mean that it can only be used to support the club’s business in the UK.”
 
S

so-called fan

Has a lot to say
Joined
Sep 19, 2022
Messages
1,503
Reaction score
1,791
We got £99M from the scheme to grow exports in clothing, brand advertising and overseas events. It also says we spent more in the transfer market over the last year than Barcelona and Real Madrid (not combined).
 
Mile End Wanderer

Mile End Wanderer

Just doesn't shut up
Joined
Feb 3, 2016
Messages
18,296
Reaction score
17,624
It sounds like a loan off the government but it’s guaranteed by Guo…

The Premier League football club, which is owned by a group of wealthy Chinese businessmen led by Guo Guangchang,tapped UK Export Finance, a government agency, for a £99m export development guarantee to help boost the club’s status overseas.

It is thought to be the first football club to secure funding from the scheme, which is designed to ensure that “no viable UK export fails for lack of finance or insurance,” according to a report published by UK Export Finance.

But the export development guarantee issued to the Premier League club allowed it to grow commercial exports in clothing, brand advertising and overseas events. The state aid has also been guaranteed by Mr Guangchang and his co-owners.

A Whitehall source said that the clauses within the guarantee mean that it can only be used to support the club’s business in the UK.
 
Northampton_wolf

Northampton_wolf

Just doesn't shut up
Joined
Jul 16, 2019
Messages
10,208
Reaction score
13,826
The Chinese billionaire owner of Wolverhampton Wanderers and THG, the struggling online retailer run by Matt Moulding, are among the organisations benefitting from a £6.5bn taxpayer-backed fund.

The Premier League football club, which is owned by a group of wealthy Chinese businessmen led by Guo Guangchang, tapped UK Export Finance, a government agency, for a £99m export development guarantee to help boost the club’s status overseas.

It is thought to be the first football club to secure funding from the scheme, which is designed to ensure that “no viable UK export fails for lack of finance or insurance,” according to a report published by UK Export Finance.


Wolverhampton Wanderers was one of the most active clubs in the transfer market, spending £178.4m over the last year, more than Spanish giants Real Madrid and Barcelona.

But the export development guarantee issued to the Premier League club allowed it to grow commercial exports in clothing, brand advertising and overseas events. The state aid has also been guaranteed by Mr Guangchang and his co-owners.

A Whitehall source said that the clauses within the guarantee mean that it can only be used to support the club’s business in the UK.
 
H

Halesowen wwfc

Has a lot to say
Joined
Jun 12, 2018
Messages
1,753
Reaction score
3,041
Wonder what the restrictions are for the spend. Best way to build brand recognition abroad is to get a better first team and get higher up the league but cant imagine it will be allowed to be spent on players
 
Spitfire

Spitfire

Just doesn't shut up
Joined
Jun 11, 2021
Messages
2,077
Reaction score
3,865
Leominster_Wolf said:
If you are on iPhone click on the AA at the top and select reader view and it bypasses the paywall.

it’s effectively a credit guarantee to assist export and growth brand, clothing and overseas events. All guaranteed by Guo
Click to expand...
That doesn’t work for me either, just opens the first few lines. No worries though, I’ve got the gist of it.
 
O

Oldgold Wolfcub

Just doesn't shut up
Joined
Jul 2, 2005
Messages
23,624
Reaction score
11,281
Wolf316 said:
Weird it loaded fine for me and I certainly don’t subscribe ...
Click to expand...
Dear Sir,
Thankyou for letting us know of how you have managed to access our information without subscribing. We apologise for this oversight and will be sending round the boys with baseball bats to sort this issue out.
Wishing you all the best with your recovery,
Yours,
The Management. :cool:
 
Scallywolf

Scallywolf

Just doesn't shut up
Joined
Dec 15, 2010
Messages
6,019
Reaction score
9,637
£99m is a hell of a lot of money, but is it a guarantee or an actual loan?

One more question: When was it received?
 
S

so-called fan

Has a lot to say
Joined
Sep 19, 2022
Messages
1,503
Reaction score
1,791
It's not clear to me whether this is a loan or a grant, but I think it's the latter. The guarantees given from our owners relate simply to how the money is spent, I think. I'm a little uneasy about it. If the article was about Manchester United, Manchester City, Liverpool, or similar clubs, I wouldn't be at all impressed. It's hardly a level playing field if some clubs are getting government aid.

EDIT: Actually, now I'm not sure that it is a loan or a grant. I think it's just a guarantee that they get investment repaid if they make a loss on foreign markets. I'm still a bit uneasy, but less so.
 
Last edited:
R

rincewind

Just doesn't shut up
Joined
Jan 22, 2008
Messages
10,174
Reaction score
8,269
so-called fan said:
It's not clear to me whether this is a loan or a grant, but I think it's the latter. The guarantees given from our owners relate simply to how the money is spent, I think. I'm a little uneasy about it. If the article was about Manchester United, Manchester City, Liverpool, or similar clubs, I wouldn't be at all impressed. It's hardly a level playing field if some clubs are getting government aid.
Click to expand...
I can understand why fans of other clubs would think it odd, if not some sort of fiddle. However it's to boost exports and the Premier League is a high profile business for the UK. I've no idea on what basis the club have obtained this but presumably others can if they submit a suitable business plan.
 
S

so-called fan

Has a lot to say
Joined
Sep 19, 2022
Messages
1,503
Reaction score
1,791
Where are our shirts even made? Airbus got a £98M guarantee to supply aircraft to a Turkish airline. Our owners have been guaranteed a million more to supply shirts possibly made in China to Chinese customers.
 
B

BlahBlah

Just doesn't shut up
Joined
Jun 28, 2005
Messages
13,369
Reaction score
5,985
How does the UK export finance help businesses?

UKEF helps UK businesses by supporting their exports and helping them to expand internationally, working alongside them, and helping them to access the export finance they need to grow. Typically, UKEF helps businesses when the private sector finance and insurance market is unable to provide full support.

We are the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.

We work with 70 private credit insurers and lenders to help UK companies access export finance (the particular class of loans, insurance policies or bank guarantees that enable international trade to take place as easily and securely as possible). We exist to complement not compete with the private sector.

We help UK companies to:
  • win export contracts by providing attractive financing terms to their buyers
  • fulfil contracts by supporting working capital loans
  • get paid by insuring against buyer default
We can support exports for any size of company and across all sectors, from capital goods to services and intangibles such as intellectual property.
 
You must log in or register to reply here.
Back
Top Bottom