The Glayser, Jillet & Hocks Partnership is pleased to announce the formation of a new youth soccer club in Michigan. The partnership has purchased the assets of the previously non-profit Homespun Soccer Club, which will be re-launched as Michigan Leverage in the fall 2010 season. By using cutting-edge financial techniques the partnership has been able to purchase the club despite the fact that it does not have any money. Michigan Leverage will borrow money from the recently bailed out AGI Group and will use the cash to buy itself. The loan will be easily serviced provided enough parents continue to pay the new fee structure and none of the kids in the club ever leave, or their parents have to withdraw them due to financial hardship.
The partnership’s business plan calls for them to rack up huge debts by hiring professional coaches from English league outfit Leeds United, and renting every available hour at the Ultimate Star Soccer Complex. In year 3 or 4 of the new club’s existence the plan is to declare bankruptcy at a point in the season where the penalty of a loss of a state cup spot for not being in good standing won’t matter a damn. At that point in the proceedings, one of the partners who bought the club with someone else’s money, and oversaw the fantastic growth in it’s liabilities, will again buy the club out of receivership for a fraction of its value provided AGI agrees to write off it’s debts in a financial technique termed a ‘double whammy’.
Michigan Leverage is pleased to be able to offer the youth soccer players of Michigan, and their parents, the techniques used by only the finest soccer clubs and financial institutions in the world.
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