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| |  Posted 01/11/2006 09:08:56 | |
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| It was reported over the weekend from several sources that our debt. (when the clubs accounts are published shortly), will have dropped to around the £30m mark. Also we made a very healthy operating profit in the last financial year. Anyone else heard this rumour?
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| | | Posted 01/11/2006 09:14:36 | |
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| | I read a couple of reports on the web and in the paper (I think) saying that this was the case. Apparently our "external" debt ie what we owe to banks and other lenders is down to £35m but Wardle and Makin are still owed thier cash of around £17m. It depends on how those two view their investment. If they're wanting it back or to earn interest on it we are still pretty deep in hock. If not, I would say we were in pretty good shape for a Prem side with a stadium like ours.
Avoid, rather than check. Check, rather than hurt. Hurt, rather than maim. Maim, rather than kill. For all life is precious, nor can any be replaced. |
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| | | Posted 01/11/2006 09:18:29 | |
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| East Stand Massive (01/11/2006)
It was reported over the weekend from several sources that our debt. (when the clubs accounts are published shortly), will have dropped to around the £30m mark. Also we made a very healthy operating profit in the last financial year. Anyone else heard this rumour?Yes, I heard that we now owe 32m and that we made about 5.1m profit on the year. I suppose the fact that the debt's coming down may help to attract investors, but it also shows that, maybe, Wardle has got at least an idea of what he's doing. Much as we'd like a bit of money from somewhere, it's good to know that the board seems to be operating with some sort of financial plan until that happens.
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| | | Posted 01/11/2006 09:23:41 | |
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| Cloudy O'Reyna (01/11/2006)
I read a couple of reports on the web and in the paper (I think) saying that this was the case. Apparently our "external" debt ie what we owe to banks and other lenders is down to £35m but Wardle and Makin are still owed thier cash of around £17m. It depends on how those two view their investment. If they're wanting it back or to earn interest on it we are still pretty deep in hock. If not, I would say we were in pretty good shape for a Prem side with a stadium like ours. Didn't sound as if it was the club trying to massage the figures though. It basically said that one of the major factors in the reduction was down to the fantastic job thats been done in attracting non-footy events to the club, gigs, corporate do's etc.
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| | | Posted 01/11/2006 09:28:16 | |
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| East Stand Massive (01/11/2006)
Cloudy O'Reyna (01/11/2006)
I read a couple of reports on the web and in the paper (I think) saying that this was the case. Apparently our "external" debt ie what we owe to banks and other lenders is down to £35m but Wardle and Makin are still owed thier cash of around £17m. It depends on how those two view their investment. If they're wanting it back or to earn interest on it we are still pretty deep in hock. If not, I would say we were in pretty good shape for a Prem side with a stadium like ours. Didn't sound as if it was the club trying to massage the figures though. It basically said that one of the major factors in the reduction was down to the fantastic job thats been done in attracting non-footy events to the club, gigs, corporate do's etc. If we can continue to generate cash from these kind of events (Uefa cup final should be a nice earner) our debt should look very manageable in a year or so especially with the new tv deal coming in next year.
Avoid, rather than check. Check, rather than hurt. Hurt, rather than maim. Maim, rather than kill. For all life is precious, nor can any be replaced. |
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| | | Posted 01/11/2006 09:33:21 | |
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| Cloudy O'Reyna (01/11/2006)
our debt should look very manageable in a year or so especially with the new tv deal coming in next year.Isn't that only worth a lot if you're in the Premiership?
you know, you know, if a feller named Monroe never fathered bluegrass
he would still be unrecognised as the grand wizard of speed metal 
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| | | Posted 01/11/2006 09:36:07 | |
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| Mr Badger (01/11/2006)
Cloudy O'Reyna (01/11/2006)
our debt should look very manageable in a year or so especially with the new tv deal coming in next year.Isn't that only worth a lot if you're in the Premiership? Of course a drop to the Championship would be devastating, but Wardle has said there's money to spend in January, which makes a change, just depends if we feel that SP is the right man to be spending it.
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| | | Posted 01/11/2006 09:36:55 | |
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| Sounds like the financial prudence of the past couple of years is starting to pay dividends (though the loss of SWP is still a shame). I wonder how low the debt would have to go for us to be in line with other similar-sized clubs, and whether our spending will be adjusted to a similar level as those clubs when that milestone is reached?
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| | | Posted 01/11/2006 09:39:38 | |
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| East Stand Massive (01/11/2006)
just depends if we feel that SP is the right man to be spending it.I know SP has to take some blame for our lack of form at the moment but I do feel he's getting some unfair criticism as well. At the end of the day a lot of our players just aren't good enough and SP is like anyone else, he can't polish a turd.
you know, you know, if a feller named Monroe never fathered bluegrass
he would still be unrecognised as the grand wizard of speed metal
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| | | Posted 01/11/2006 09:40:05 | |
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| Seattle Blue (01/11/2006)
Sounds like the financial prudence of the past couple of years is starting to pay dividends (though the loss of SWP is still a shame). I wonder how low the debt would have to go for us to be in line with other similar-sized clubs, and whether our spending will be adjusted to a similar level as those clubs when that milestone is reached?I think you'll find that a lot of clubs have a similar sized debt, some, (Rags, Chelsea, Arsenal etc), make ours look like small change. The fact is that the media seem to have some sort of fixation with City and the word 'debt'.
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