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Pablo Cortacero had promised to pay part of the financial arrears today. He later said the money would arrive next week, then the amount was turned into a bank guarantee letter. And the term was extended to 14-15 days.
Fans of the DDB project contacted a lawyer, who explained what this guarantee meant and said that Cortacero’s methods resemble “The Tactics Used by the ‘Smart Guys’ of the’ 90s”.
Statement issued by Peluza Cătălin Hîldan:
“You have the right to know the truth and we have an obligation to tell you. We are not trying to discredit anyone, but the correct information must reach the fans. We trust the discernment of Dinamo players who will weigh all the information, gather it and form an opinion as close to reality as possible.
I do not understand that we do not want a solution and an unlocking of the financial situation. All Dinamo players want this. At the same time we must be realistic and pass all the information through the filter of reason. How good it would be if the money appeared and that the new owners of the club made a capital increase of 10 million euros! We are the first to admit that we did not have total confidence, blind confidence in his promises. That would be the last problem.
Today some money was expected for the salaries of the players. Your majority shareholder Dynamo He said last night that the money would arrive “next week.” Today he added that the money problem will be solved by the end of the week, but not through the appearance of money, but through the appearance of a bank guarantee letter, which will cover an amount of 19 million euros. Then he said that this solution will arrive in about 14-15 days. Let’s not forget that Negoita also rejected a bank guarantee letter in the negotiations with Cortacero, before giving up the club. Then he gave up when he saw the first 200,000 euros. Not everyone understands what a bank guarantee letter represents and what it is worth. To find out as much as possible, we spoke with lawyer Mihail Marian, member of DDB Elite, member of the Bucharest bar association, specialist in sports management.
- DDB: Lawyer, can you explain what a bank guarantee letter means? It sounds pretty good, especially since the term “banking” gives it extra weight.
- lawyer: The bank guarantee letter, as its name suggests, is a guarantee instrument. It is used to guarantee the fulfillment of an obligation, most of the time, to pay a price. A bank guarantee letter of X Euro does not mean that someone has X Euro in the bank, but rather that the bank would be willing, within the limit of X Euro, to cover a possible breach of an obligation.
- DDB: How can such a document help the Dinamo club?
- lawyer: Dinamo now needs working capital to pay off its old and current debts, and the bank guarantee letter for the working capital does not make sense both from a legal point of view and from a business point of view.
- DDB: We are talking about 19 million euros. If the letter guarantees this amount, isn’t that good news?
- lawyer: Flapping those letters or bank statements with fabulous amounts, but that do not belong to the club, does not help anyone and is similar to the tactic used by the “smart guys” of the 90s, in the era of those “foreign investors” who they left a ruin behind them.
- DDB: But we are not talking about a false document, but a valid document. Is not sufficient?
- lawyer: And if it’s true, it doesn’t say anything or help. If, for example, they had to give Negoita money on stocks, they could use a letter of guarantee for something like that.
In 2014, lawyer Marian Mihail graduated from the Johan Cruyff Institute in Barcelona. He coordinated the activity of the jurisdictional commissions within the Bucharest Municipal Football Association, from 2016 to 2019, and from 2011 to 2015 he was UEFA match agent, activity in which he collaborated with several academies of the clubs of the first league in Europe ”, is shown in the statement issued by Dinamo fans.
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