philipl Posted October 3, 2010 Share Posted October 3, 2010 Minor edits carried out to original article posted above, including correction of due diligence fee, and addition of headline and date of publication. Apologies for the inconvenience. BRFCS News Team The figure should read £250k and in fact Ali Syed has now paid £325k including the extension period. (Sorry, just seen you have corrected it again!). There are at least 4 WGAs- all of them are for all practical purposes 100% owned by Ali Sayed. Of these four, the one we are interested in is WGA Sports AG which is registered in Zug, Switzerland as the vehicle for buying the Rovers. I understand it is already funded but I don't know how much has been placed in it. It is normal for extremely wealthy people to use a number of different jurisdictions and companies/trusts for holding their wealth and Ali Syed went down this route with Bahrain, Switzerland and London. This is to cover the sort of nonsense encountered with Bahrain where it appears the local authorities got nervous when they finally got round to reading the WGA annual report which said different things to what his license says. He did not actually contravene the license by actually managing anybody else's cash but the Bahrain authorities still shut it down. Bobby G explained that this happens all the time in the Gulf and should not be taken as a sign of Ali Syed misbehaviour. WGA is set up as an asset management entity- in other words, Ali Syed has put cash of around $1bn into it and the money is managed/invested professionally by his own team who are employed by the various WGA companies in Bahrain, Switzerland and London. It seems most of the cash itself has been resident in Switzerland. As for how much cash. Well WGA started with $53,000, that jumped to $850m and to over $1bn with an intention to grow to between $2m and $3m. That would seem to be the extent to which Ali Syed is putting his wealth into asset management. However, there are claims of him being worth $8bn in total. I don't know which of these wealth claims the Trust and Rothschilds have tested but I believe that the moneys for Rovers definitely exist and how he got them is explained. What his total wealth is important to us in one crucial aspect. If Ali Syed is worth $8bn, then the £300m he has said he is willing to in effect write off on Rovers represents about 200 days interest/income on his wealth which he says he is going to spread over 15 years. So none of his capital and less than 5% of his income over 15 years is going into Rovers. In those circumstances, Ali Syed being willing to indulge his passion in sport to that level is entirely rational and gives us a very warm feeling that the £300m should be secure. Conversely, if his wealth is "only" $1bn, pumping £300m ($500m) into Rovers is a serious chunk which could be in jeopardy if his investments in McCabes and the Australian real estate significantly under-perform. Whatever the reality of Ali Syed's overall wealth is, we have to hope and believe the Trust and their lawyers will tie down the commitments to the Rovers rather more effectively than David Moores secured Liverpool's interests. Link to comment Share on other sites More sharing options...
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