Frampton Rumours. Any info?

Read the whole thread... various mentions of money not being right.

 

There is no evidence of any wrongdoing on the part of the McGuigans.

 

there is as frampton left his position as director and someone posted a link earlier showing that end of 2016 cyclone promotions as a company were negative £500,000.

 

Think the main points about money have been

A) Carl in effect has been paying the wages of five members of the McGuigan family

B) The financials for Cyclone are terrible.

I don't think anyone has said the McGuigans have or haven't been upfront about what there taking but we're is the financial benefit in Carl paying the money to cover all these wages ?

 

Correct, there isnt but its been theorised that money COULD be a factor...

 

Money could be an issue but we're all getting out knickers in a twist over a snap shot of Cyclone's balance sheet. Without seeing the full accounts it's hard to make an accurate judgement on their financial status.

Here's another point though. Cyclone Promotions Ltd are Frampton's promoters. He will have a contract with them saying they get 20% of his earnings, or something like that. This is the turnover for Cyclone Promotions. They use this turnover to fund their company. They use this turnover to pay the wages of those on the company's payroll, which in this instance is the McGuigan family.

So Frampton isn't paying everyone's wages, he's paying his promotional outfit what he owes them, they in turn are paying their staff with that money.

Now I'm sure there is a hell of a lot more to it than that. We haven't seen company accounts, nor do we know Frampton's contract with his promoters. But it's not as simple as saying Frampton is paying the McGuigan family's wages.

 

Your wrong as Frampton owns/or owned 20% of Cyclone and outside his activities the business runs at a lose, so its the money made from him that pays all the McGuigans there wages. Take Matchroom fighters they may pay for 6-10 staffs wages on the boxing side but that is between 30 odd fighters and they do not rely one fighter to keep them in profit. There has been two requests in last year to strike off Cyclone Promotions Ltd as a business ! The accounts below, I have run many companies if anyone has any questions related to beneath accounts just ask.

Registered Number NI619080

CYCLONE PROMOTIONS LIMITED

Abbreviated Accounts

29 June 2016



CYCLONE PROMOTIONS LIMITEDRegistered Number NI619080
Abbreviated Balance Sheet as at 29 June 2016


Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 983 1,330
983 1,330
Current assets
Debtors 138,534 305,503
Cash at bank and in hand 139,312 11,002
277,846 316,505
Creditors: amounts falling due within one year (10,000 ) (148,415 )
Net current assets (liabilities) 267,846 168,090
Total assets less current liabilities 268,829 169,420
Creditors: amounts falling due after more than one year (814,270 ) (536,838 )
Total net assets (liabilities) (545,441 ) (367,418 )
Capital and reserves
Called up share capital 1 1
Profit and loss account (545,442 ) (367,419 )
Shareholders' funds (545,441 ) (367,418 )

• For the year ending 29 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
• The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
• These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 9 June 2017

And signed on their behalf by:
Sandra McGuigan, Director

CYCLONE PROMOTIONS LIMITEDRegistered Number NI619080


Notes to the Abbreviated Accounts for the period ended 29 June 2016
1 Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

2 Tangible fixed assets
£
Cost
At 30 June 2015 2,503
Additions -
Disposals -
Revaluations -
Transfers -
At 29 June 2016 2,503
Depreciation
At 30 June 2015 1,173
Charge for the year 347
On disposals -
At 29 June 2016 1,520
Net book values
At 29 June 2016 983
At 29 June 2015 1,330

 

Don't want to quote your post Moog because it's quite long but how do you know Frampton owns 20% of Cyclone? I looked on Companies House and the sole shareholder (and therefore 100% owner) is Clifford Nominees Limited.

Clifford Nominees Limited is 100% owned by Clifford and Co LLP which in turn is 100% owned by Mr Stepher Clifford.

So just wondering what info you have that shows Frampton is an owner of Cyclone?

Cyclone files their accounts late per companies act so I would assume that explains the two notices to strike off.

 

It was well documented in the past the company was owned by the following people on a 20% each basis Carl Frampton, Barry (Finbar), Blaine, Shane and Jake McGuigan. The company you mention has acted as the formation agent so they set it all up and you pay them and you pay them a fee, very common.

 

Either way, the Cyclone operation is over. Their only cash cow has gone and they have nobody of note coming through. Josh Taylor will pack up and go soon. You just cannot run a promotional unit relying on 1 cash cow, so risky. If they leave the business is finished.

 

Fair enough. I was trying to find info on these Clifford buddies but couldn't find much.

Still though, Frampton being a shareholder only means he would be entitled to dividends if there were any over the years. Clifford now being sole shareholders means they alone would be entitled to dividends although there won't be any as the company is so badly insolvent.

But, it all depends on the promotional agreement. Did Frampton pay a proportion of his income to his promotional outfit as is the usual set up, or was all of his income treated as income of the company? If it was the latter then he's the stupidest man on earth so I just can't imagine it to be so.

The company is dead broke as of the last accounts, maybe they haven't paid Frampton what he's owed. But various Cyclone Promotions companies have formed and dissolved over the years, at least 5-6 in the last 4 years alone. That's fishy to me, although it's also a well known tax dodging tactic.

 

I agree. The big mistake Barry done was thinking he could do a better job running a promotional company than the Hearns without all their experience and big Sky contract. He was seen as a good manager for Carl so should have concentrated on building up a big managerial stable and leaving the financially risky promoting to others. Look at MTK their doing great managing hundreds of fighters, Barry was about first could have had a near clear run at signing up fighters in Northern Ireland, Republic of Ireland and in Scotland a few years ago. He could have then created jobs for his sons in that set up

 

You are right concerning tax dodging. The company by next year is due to pay creditors £814000, as they have little assets and have lost monet every year of trading would suggest the owe a person(s) most if not all that money ? I say that as the bank wouldn't give them it unless they have put their houses up as a guarantee

 

Someone did. It as beez who referred to "shady money dealings".

 

So why did you refer to "shady money dealings" then?