cheltred69
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« Reply #555 on: Sunday, June 2, 2013, 11:53:04 » |
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little to no evidence of investment to cover the transition from where we are now onto sustainability
This is the bit that really gives me some concern. Despite all of Jed's optimism that we'll be challenging for promotion again, it may well need some more asset (player) sales to bridge this gap. |
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Simon Pieman
Original Wanker
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« Reply #556 on: Sunday, June 2, 2013, 11:59:45 » |
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My hunch is that Jed had the promise of investment from another party(ies) and they pulled out. Hence the drastic measures.
The many boardroom changes and the fact he said he had investors who were family people and wanted to remain anonymous, but later on stating he still owns 100% of the holding co. points to this.
I think if the deadline had not been so tight it may have been the case that the club didn't actually sell, even to Jed.
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sonicyouth
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« Reply #557 on: Sunday, June 2, 2013, 12:14:24 » |
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I'm surprised nobody has trawled through obituaries and the like to try and figure out who our potential new owner was. I can't help but wonder what might have happened.
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ChalkyWhiteIsGod
TOLD YOU SO
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« Reply #558 on: Sunday, June 2, 2013, 13:16:42 » |
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I'm surprised the trust didn't offer to buy the club debt free for £1 if I'm honest. The more I think about it the more I see it as a golden chance missed.
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Flashheart
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« Reply #559 on: Sunday, June 2, 2013, 13:22:23 » |
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I'm surprised the trust didn't offer to buy the club debt free for £1 if I'm honest. The more I think about it the more I see it as a golden chance missed.
How would the trust service the ongoing losses? |
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ChalkyWhiteIsGod
TOLD YOU SO
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« Reply #560 on: Sunday, June 2, 2013, 13:24:42 » |
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How would the trust service the ongoing losses?
The same way Jed appears to be, player sales and season ticket sales until things balance out with the cuts being made. |
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Shaw Rosso
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« Reply #561 on: Sunday, June 2, 2013, 13:27:28 » |
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48 hours later...?
54..... |
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Flashheart
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« Reply #562 on: Sunday, June 2, 2013, 13:27:59 » |
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The same way Jed appears to be, player sales and season ticket sales until things balance out with the cuts being made.
You are forgetting Jed's loan to the club to keep things going** Where would the trust get that kind of money from. And why would we want the trust running the club anyway? Are they at all qualified for the job? **yeah yeah, I know some people think it is all lies. |
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RobertT
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« Reply #564 on: Sunday, June 2, 2013, 13:43:05 » |
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If the Trust had purchased the club then we'd be a slightly worse position financially right now because the timescales to adhere to at the time would probably have not been possible for a democratic group to achieve. We'd therefore have been placed in Admin first and sold off any sellable player asap. Basically we'd look a bit like Portsmouth. If a few months notice had been given then it might have been possible to achieve the same as the current board managed to achieve. To get a viable club in the hands of the fans would probably need a good 6-12 months of prep to ensure the structure was right, the finances were secured etc.
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Flashheart
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« Reply #565 on: Sunday, June 2, 2013, 14:24:36 » |
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I also think a lot of people are misunderstanding the Ritchie money.....
Whatever you may choose to believe about who made the decision to sell, we know the sale was made when Black was still the owner. The proceeds from the Ritchie sale would have gone into the club's coffers when the last lot were in charge.
Do people think that when the handover was made Black handed over the club for nothing, wrote of a silly amount of debt AND left Jed et al with a nice gift off 500k (or whatever) from the Ritchie money to tide them over?
I think that is highly unlikely. What's more like is that the new lot had to cover running losses their selves. How would an organisation like the trust manage to do this?
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pauld
Aaron Aardvark
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Absolute Calamity!
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« Reply #566 on: Sunday, June 2, 2013, 14:39:07 » |
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I also think a lot of people are misunderstanding the Ritchie money.....
Whatever you may choose to believe about who made the decision to sell, we know the sale was made when Black was still the owner. The proceeds from the Ritchie sale would have gone into the club's coffers when the last lot were in charge.
Do people think that when the handover was made Black handed over the club for nothing, wrote of a silly amount of debt AND left Jed et al with a nice gift off 500k (or whatever) from the Ritchie money to tide them over?
I think that is highly unlikely. What's more like is that the new lot had to cover running losses their selves. How would an organisation like the trust manage to do this?
It was said at the time by Watkins that selling Ritchie would enable the club to keep running (i.e. cover losses) until the end of the season. So unless you think Watkins was lying, it's not "highly unlikely" it's what happened. After the end of the season of course they've had the season ticket money to cover the running costs. If there is to be a crunch it will come in the autumn when that runs out and the general revenue streams don't match the ongoing running costs. So they've got between now and then to find someone to buy it off them, find a source of investment to cover the losses or increase the revenue streams/cut the costs so the two are a bit closer to matching. An organisation like the Trust would manage to keep the club running by doing much the same, I'd imagine. |
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ChalkyWhiteIsGod
TOLD YOU SO
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« Reply #567 on: Sunday, June 2, 2013, 14:42:20 » |
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You are forgetting Jed's loan to the club to keep things going** Where would the trust get that kind of money from.
And why would we want the trust running the club anyway? Are they at all qualified for the job?
**yeah yeah, I know some people think it is all lies.
I see no reason why the monthly losses could not be covered by season ticket sales and the Ritchie sale until the books are balanced. I don't believe Jed has loaned anything because I don't think it was needed given this sort of money coming in along with the imminent sale of Flint. I don't see why the trust taking the club over when Black wanted out wouldn't have been viable. I'm not saying they would be qualified but it seems as though fan ownership is the way forward. At least we'd trust the correct intentions are there. In the future the trust could have looked to have sold shares to investors, people like Jed who may think there's a few quid to be made, but only up to 49% of the club ala Dortmund. |
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Kinky Tom
Snow Master Sandwich King.
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« Reply #568 on: Sunday, June 2, 2013, 14:50:06 » |
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How would we feel about this sort of arrangement? Would be weird, not for me I don't think although there would no doubt be some gifted players on show. |
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ChalkyWhiteIsGod
TOLD YOU SO
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« Reply #569 on: Sunday, June 2, 2013, 14:55:12 » |
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Parler Anglais?
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