Trust should help buy Brezovan

[DV]

bart you're talking big piles of shite again.

I could be wrong, but I think the reason the club doesnt make a profit year after year is thw £14million pounds worth of debt.

Unless of course you know for a fact we have make £25million a year, then I would be worried!

[yeo]

You mock Bart at your peril.

[STFC Bart]

DV you are being seriously conned

Read Reg Smeetons post on here- here is spot on

The figures do not add up- all this board have brought us is more debt and 2 relegations. face facts

[Simon Pieman]

We do pay lots of money out in financing if you look at the cash flows. Not saying nobody is wrong but I don't think you can deny that.

However we haven't been run well we all know that. The accounts are shite and  I'm surprised we haven't been wound up. If we weren't a football club and another business we wouldn't exist.

[Simon Pieman]

But how are we still losing £700k per year?

Our wage bill aint a fortune, it does not add up. Until i see transparancy i refuse to believe anything that comes out from the club including the financials

Our wage bill is only just covered by our income unfortunately Bart. But worringly we are still losing money and profit.

[RobertT]

We do pay lots of money out in financing if you look at the cash flows. Not saying nobody is wrong but I don't think you can deny that.

However we haven't been run well we all know that. The accounts are shite and  I'm surprised we haven't been wound up. If we weren't a football club and another business we wouldn't exist.

We exist because of the 2nd company which has an agreement until 2008 to fund any losses (I think it states that in the accounts).  So basically our shitness is underwritten until 2008 by SSW and St Modwen.

On the debt subject, didn't Diamandis release a statement to say we now had a positive balance sheet (although he meant this year, not 2004)?

[Piemonte]

We do pay lots of money out in financing if you look at the cash flows. Not saying nobody is wrong but I don't think you can deny that.

However we haven't been run well we all know that. The accounts are shite and  I'm surprised we haven't been wound up. If we weren't a football club and another business we wouldn't exist.

We exist because of the 2nd company which has an agreement until 2008 to fund any losses (I think it states that in the accounts).  So basically our shitness is underwritten until 2008 by SSW and St Modwen.

On the debt subject, didn't Diamandis release a statement to say we now had a positive balance sheet (although he meant this year, not 2004)?

he did. Not really sure how that is possible though :?

[RobertT]

well, given that our accounts didn't get the auditors seal of approval, I suppose they can just rub the numbers out when they want....that or someone paid a chunk off and we've completely managed to shove a load of it somewhere else.

[Piemonte]

The only way it could be positive that I can think off is if the Wills have written off their debt

[pauld]

As I understand it, the debt owed to the Wills family has been restructured into a long-term loan note which takes it off the day-to-day balance sheet (presumably it still gets mentioned in the published accounts but more by way of a footnote). So it's really shuffling money around, although to be fair it does have a real impact (apparently, so I'm told by those who understand these things) in that it makes the business a more attractive prospect for investors. So Rob's "we've completely managed to shove a load of it somewhere else" is a pretty good summary really.

Erm, this is no way forms a statement, of any form, critical or otherwise. Homeowners who secure loans against their property should be aware their home may be at risk if they do not keep up repayments. Terms and conditions apply. Standard Variable rate may vary. Contents may not be as shown on box.

[Piemonte]

But even id they have restructed into a long term loan it would still show up on the balance sheet as "Creditors falling due after one year" and still result in the £-14m position as before :?

[DV]

DV you are being seriously conned

so we dont have debt to pay off?

The figures do not add up- all this board have brought us is more debt and 2 relegations. face facts

They probably dont, but that doesnt mean the board have their hand in the till...

[RobertT]

on the Brez deal (and yes, this might be considered a childish point scoring effort), should we sign him for the reputed negligible fee, and then later sell him at a profit, will the person responsible for contract dealings over the past summer at STFC be held responsible for the increased revenue?


Seriously though, it does now seem to have been a great piece of work, to have held Brezovan's name from other teams and get a loan deal with a small fee agreed (should he make the full reocvery we all hope for).  Well done to Wise and a n other(s).

[Arriba]

is the money wills has put in a loan?
i thought it was donated,or owned as shares?

[RobertT]

is the money wills has put in a loan?
i thought it was donated,or owned as shares?

It's a mixture.

He wrote off £3m to £4m in the CVA.

He has in the main loaned the business money, or allowed his land to act as security for loans from other sources (mainly St Modwen).

I doubt if the loans are normal commercial rate loans though, more loans that don't attract monthly repayments but remain outstanding on the balance sheet.

He did underwrite a large share issue about 10 years ago, which I think (Reg will no doubt have the facts) was the time when he ended up acquiring the majority share holding.