flagrag Posted November 14, 2016 Report Share Posted November 14, 2016 With the news that Peterborough Speedway now belongs to Ged Rathbone minus the asset base and Rick Frost no longer being sponsor and involved at Poole. The question is what happens to the asset base that Rick Frost/ReadyPower hold ? As I believed that it was against BSPA regulations for riders contracts to be held by persons not involved in the sport. This is of course unless Rick Frost becomes connected to another club let's wait and see. Quote Link to comment Share on other sites More sharing options...
Gemini Posted November 14, 2016 Report Share Posted November 14, 2016 Wouldn't it be nice if he was the saviour of Leicester. 2 Quote Link to comment Share on other sites More sharing options...
Daniel Smith Posted November 15, 2016 Report Share Posted November 15, 2016 With the news that Peterborough Speedway now belongs to Ged Rathbone minus the asset base and Rick Frost no longer being sponsor and involved at Poole. The question is what happens to the asset base that Rick Frost/ReadyPower hold ? As I believed that it was against BSPA regulations for riders contracts to be held by persons not involved in the sport. This is of course unless Rick Frost becomes connected to another club let's wait and see. It's a pretty big clue seeing that you've started this thread that he'll be involved with Leicester. A statement issued by Poole though states that Rick and Julie want to take a step back from Speedway. Quote Link to comment Share on other sites More sharing options...
SteveLyric2 Posted November 15, 2016 Report Share Posted November 15, 2016 Isn't that the same thing??! ;-) 3 Quote Link to comment Share on other sites More sharing options...
flagrag Posted November 15, 2016 Author Report Share Posted November 15, 2016 The purpose of this thread is to ask for clarification whether a business or individual not involved with a club can still hold rider assets ? Another example would be could David Hemsley not be involved but still get loan fee for S Wozniak,Jan Graverson etc It would be nice if Mr Frost was to come into Leicester as the club would be run well and I am sure could help attract good riders but as others have said he plans to take a rest from Speedway for a while. 1 Quote Link to comment Share on other sites More sharing options...
Reliant Robin Posted November 15, 2016 Report Share Posted November 15, 2016 As I understand it, the 'Rick Frost Assets' taken from Peterborough when Ged Rathbone took over were all transferred across to Poole's asset list. So Rick Frost does not personally hold the assets, they had to 'go' somewhere on paper. I would imagine Poole will collect loan fees that will then be paid out to Readypower in turn. But as far as BSPA regulations go, they are held on Poole's retained list. Quote Link to comment Share on other sites More sharing options...
Starman2006 Posted November 15, 2016 Report Share Posted November 15, 2016 As I understand it, the 'Rick Frost Assets' taken from Peterborough when Ged Rathbone took over were all transferred across to Poole's asset list. So Rick Frost does not personally hold the assets, they had to 'go' somewhere on paper. I would imagine Poole will collect loan fees that will then be paid out to Readypower in turn. But as far as BSPA regulations go, they are held on Poole's retained list. Appart from Dak and Buzz, any assets i would asume will now be held by the BSPA. Quote Link to comment Share on other sites More sharing options...
Sir Jasper Posted November 15, 2016 Report Share Posted November 15, 2016 Why not revert the registrations to the BSPA, the BSPA can then collect the loan fee's which is then used to fund team GB etc... 2 Quote Link to comment Share on other sites More sharing options...
robert72 Posted November 15, 2016 Report Share Posted November 15, 2016 I said that Rick Frost was interested in Leicester months ago and it's a possibility as he has business interests in the city but if it is him and he can take full control of everything including the stadium that would be awesome for the future of the club. 2 Quote Link to comment Share on other sites More sharing options...
BurntFaceMan Posted November 15, 2016 Report Share Posted November 15, 2016 Why not revert the registrations to the BSPA, the BSPA can then collect the loan fee's which is then used to fund team GB etc... I'm sure the money will make its way back to Team GB Quote Link to comment Share on other sites More sharing options...
Lenny Lion Posted November 16, 2016 Report Share Posted November 16, 2016 How does it all stand legally regarding the Readypower asset base? Can the BSPA just strip them of things that Readypower have paid thousands of pounds for with no re-imbursement ??? Quote Link to comment Share on other sites More sharing options...
A ORLOV Posted November 16, 2016 Report Share Posted November 16, 2016 (edited) How does it all stand legally regarding the Readypower asset base? Can the BSPA just strip them of things that Readypower have paid thousands of pounds for with no re-imbursement ??? It would depend what contract the bspa had with Rick Frost or Readypower with ref to neither being a speedway promoter. If there was no clause to that situation then the riders should be free to ride wherever they want and it would be up to the riders to just walk away from Frost. Edited November 16, 2016 by A ORLOV Quote Link to comment Share on other sites More sharing options...
flagrag Posted November 16, 2016 Author Report Share Posted November 16, 2016 The BSPA would come to an agreement with them or any other individual about keeping them as company or personal assets. Otherwise the whole rider asset system in Speedway would be flawed so no clubs could ask for loan fees and all become free agents. Quote Link to comment Share on other sites More sharing options...
Daniel Smith Posted November 16, 2016 Report Share Posted November 16, 2016 I was of the understanding that: An outgoing promotion has 3 seasons to sell their rider assets if they don't intend to return to the sport. What they're not allowed to do is claim loan fee's, these are set by and paid too the BSPA. Quote Link to comment Share on other sites More sharing options...
Vincent Blachshadow Posted November 16, 2016 Report Share Posted November 16, 2016 (edited) I was of the understanding that: An outgoing promotion has 3 seasons to sell their rider assets if they don't intend to return to the sport. What they're not allowed to do is claim loan fee's, these are set by and paid too the BSPA. That may well be what they'd like to see happen, but I'd love to see a legit precedent that allows a body of promoters get their collective claws on any fees paid for riders Frost paid 20k or more each for. Edited November 16, 2016 by Vincent Blackshadow Quote Link to comment Share on other sites More sharing options...
waiheke1 Posted November 16, 2016 Report Share Posted November 16, 2016 That may well be what they'd like to see happen, but I'd love to see a legit precedent that allows a body of promoters get their collective claws on any fees paid for riders Frost paid 20k or more each for. Tbh I suspect if any case went to court the whole asset system would collapse.To class as assets contractors, whose contracts seemingly allow either party to effectively "terminate for convenience" seems dubious at best from a legal and/or accounting stand point. 1 Quote Link to comment Share on other sites More sharing options...
SteveLyric2 Posted November 16, 2016 Report Share Posted November 16, 2016 Whatever the arrangement is between Readypower and Poole regarding Rick Frost's rider assets, the 'sponsorship deal' doesn't actually run out til 31st December 2016, so presumably MF would still have first call on any of those riders - if he wanted to?! Quote Link to comment Share on other sites More sharing options...
Vincent Blachshadow Posted November 16, 2016 Report Share Posted November 16, 2016 (edited) Tbh I suspect if any case went to court the whole asset system would collapse. To class as assets contractors, whose contracts seemingly allow either party to effectively "terminate for convenience" seems dubious at best from a legal and/or accounting stand point. There's two different sorts of 'assets'. Those that became club assets by riding a requisite number of matches for a club and those that were paid for by an individual or club. Should it ever get to court I believe they would be treated as separate issues - though I doubt it would ever get as far as a court room. Whatever the arrangement is between Readypower and Poole regarding Rick Frost's rider assets, the 'sponsorship deal' doesn't actually run out til 31st December 2016, so presumably MF would still have first call on any of those riders - if he wanted to?! But that doesn't solve the financial aspect for next season. Edited November 16, 2016 by Vincent Blackshadow Quote Link to comment Share on other sites More sharing options...
Humphrey Appleby Posted November 16, 2016 Report Share Posted November 16, 2016 The question is what happens to the asset base that Rick Frost/ReadyPower hold ? As I believed that it was against BSPA regulations for riders contracts to be held by persons not involved in the sport. I have a vague recollection that former promoters could retain assets for up to 3 years, or at least could benefit from any transfer or loan fees. That might be incorrect though, or even have changed. Quote Link to comment Share on other sites More sharing options...
robert72 Posted November 19, 2016 Report Share Posted November 19, 2016 I am Not sure Rick would take Leicester on unless he is in charge of everything. Quote Link to comment Share on other sites More sharing options...
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