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Something has to change at this club

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Author Topic: Something has to change at this club  (Read 3106 times)
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Shoemaker
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« Reply #40 on: December 21, 2013, 22:19:54 pm »

So the club was bought for £500,000 with a debt of £5M which wasn't cleared and has now risen to £8M and although the running costs are being met the overall debt keeps increasing??

A bit like an interest only mortgage?
Have I got that right?
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Carlo Corazzins Corduroy
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« Reply #41 on: December 21, 2013, 22:21:35 pm »

And you think we should expand the budget a bit more yeah
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Another Pedj
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« Reply #42 on: December 21, 2013, 22:22:37 pm »

No. You are now showing you are simple. The club was brought for 500 k with debts of 5 million taken on by the current owners and cleared by them. What do you need to be explained.
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Shoemaker
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« Reply #43 on: December 21, 2013, 22:31:03 pm »

Sorry for being thick.
So the Cardoza/Ellis/good consortium payed £500,000 and then immediately cleared a. £5M debt??
If so why we're they not continuing to clear the debts rather than put them to one side.

If indeed the consortium cleared a £5M debt then of course the sale price should be £5.5m if it was to go on the market.

I'm just trying to find out if there are any extra debts that need to be cleared by the board or picked up by perspective future buyers.
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Turner Street Cobbler
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« Reply #44 on: December 21, 2013, 22:33:47 pm »

I was under the impression that the 'new debts' are in fact all the built up loans that the Cardoza's have 'invested' in to the club.

Feel free to correct me if I am completely wrong on this.
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Another Pedj
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« Reply #45 on: December 21, 2013, 22:37:25 pm »

Sorry for being thick.
So the Cardoza/Ellis/good consortium payed £500,000 and then immediately cleared a. £5M debt??
If so why we're they not continuing to clear the debts rather than put them to one side.

If indeed the consortium cleared a £5M debt then of course the sale price should be £5.5m if it was to go on the market.

I'm just trying to find out if there are any extra debts that need to be cleared by the board or picked up by perspective future buyers.

No problem we can all make allowances for the lower intellects. The debt is now approx 9 million so that's what should nbe expected as the min. If you can negotiate .5 m I will pay tomorrow.
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« Reply #46 on: December 21, 2013, 22:45:39 pm »

Cheers for that tel you seem to have a grasp of what's going on.

In fairness within 30 minutes of asking questions on the clubs finances/debt levels I've received answers of £9.5M,£8M and £8M-£5M=£3M!!

The fact that no one seems to know what debts we have,whose paid off what debt and whose run up what debt says a hell of a lot really.

For what it's worth I don't think anyone should come into a football club and run it on an interest only basis.
That applies whether you are the cardozas at northampton or the glazers at man utd.
If you can afford to buy a club you should pay the debts as you go along in my humble opinion.
There are still chairman like Milan mandarin who do this and I think these are the type of people who should run clubs.
I'm sure there are many owners who are following the interest only model at all levels but it just doesn't sit we'll with me.
In fairness mcritchie was servicing the day to day running costs twenty years ago but ran up debts and was castigated.
It's good to see that football in general has learnt nothing finance wise in that time.
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« Reply #47 on: December 21, 2013, 22:50:05 pm »

I was under the impression the current increase were loans directly from Cardoza etc, not bank loans?
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« Reply #48 on: December 21, 2013, 22:52:50 pm »

No problem we can all make allowances for the lower intellects. The debt is now approx 9 million so that's what should nbe expected as the min. If you can negotiate .5 m I will pay tomorrow.

The debt is £7.5 million and has been around that for five years.
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« Reply #49 on: December 21, 2013, 23:03:28 pm »

Cheers for that tel you seem to have a grasp of what's going on.

In fairness within 30 minutes of asking questions on the clubs finances/debt levels I've received answers of £9.5M,£8M and £8M-£5M=£3M!!

The fact that no one seems to know what debts we have,whose paid off what debt and whose run up what debt says a hell of a lot really.

For what it's worth I don't think anyone should come into a football club and run it on an interest only basis.
That applies whether you are the cardozas at northampton or the glazers at man utd.
If you can afford to buy a club you should pay the debts as you go along in my humble opinion.
There are still chairman like Milan mandarin who do this and I think these are the type of people who should run clubs.
I'm sure there are many owners who are following the interest only model at all levels but it just doesn't sit we'll with me.
In fairness mcritchie was servicing the day to day running costs twenty years ago but ran up debts and was castigated.
It's good to see that football in general has learnt nothing finance wise in that time.

So just to clarify.  You are moaning about the level of debt but want DC to loosen the purse strings.  You want him to pay money for signings but you want the club run in a break even way/profitable way.  You blame him for the budget cuts at the start of the season but don't want the budget to exceed income i.e. Increase debts further.

Are you able to see the contradiction?
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« Reply #50 on: December 21, 2013, 23:09:21 pm »

So just to clarify.  You are moaning about the level of debt but want DC to loosen the purse strings.  You want him to pay money for signings but you want the club run in a break even way/profitable way.  You blame him for the budget cuts at the start of the season but don't want the budget to exceed income i.e. Increase debts further.

Are you able to see the contradiction?

I do and so to bed with a chuckle - well done Matey
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