Trust should help buy Brezovan

[pauld]

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 :?

You may be right, I'm just repeating what we were told, that it had been restructured so it was off balance sheet. Quite how that works (or even whether it does) I don't know.

[hansgruber]

you can have contingent loans, which are only repayable from future profits. As they don't have to be paid, they don't have to be shown on balance sheets

[Piemonte]

good point hans.

but    :ha:  STFC Future proifits

[hansgruber]

well exactly. But if it's a case of that or nothing...

[DribblingSissy]

god....this still going on in the Brezovan topic!
start a different thread please, i keep logging on and thinking there is news on Brez! :evil:

[Simon Pieman]

Hi. I have some news on Brezovan:

He is Slovakian.

[deltaincline]

I have copied an extract of the statement put out by someone at Dunwoody in the name of Diamandis during the summer. If we believe what he said then we should be able to piss signing up Brezovan even allowing for the alleged 750,000 overspend by Devlin and Power.  As I see things the gates are well up on last season, Diamandis told us we would £3-4 million up without Bill Powers money being put in and we are still in the shit? People like Diamandis cant go making wild statements like this and not expect serious questions. With one or 2 exceptions, fans are not stupid.


I found myself in the unenviable position of being responsible for putting the necessary resources together to ensure the club’s survival. The Wills family would not have continued to support the Club had I not been involved. Since then every year through one method or another, I have been able to raise approximately £750,000 a year to keep the Club going. During this period before Bill Power joined, more than £5.5 million was raised through my leadership, through my own company, with the dynamic share coming from the Wills’ family and St. Modwen.

Through successful negotiation we have been able to negotiate with all the creditors so that for the first time in the next month or so our balance sheet will go from a minus to a plus £3-4 million and, with Bill Powers total monies raised will top £6.5 million. The Club will still however require the average gate to rise for it to be safe and in the long term we do require a new stadium to ensure the future stability of the Club.

[STFC Bart]

And Bob Holt said in the meeting with fans on 25 September that no funds had been obtained from any outside investors other than Power in the last 5 years

So doesnt this statement totally contradict that?

[Piemonte]

I'm not standing up for diamandis here, but to me that says the STFC operating shortfall has been funded mainly by the wills and partiailly by st modwen for the last few years, which we basically knew anyway

[STFC Bart]

No it doesnt it says

"I have been able to raise £750k" regular to keep the club going. This and Sandy Grays comments at the fans forum last October suggested this as well.

Yet Holt said outside of the Wills family theonly money to come in has been through Bill Power who was brought in by Devlin.

Therefore Diamdnis has failed in the past 5 years to bring any investment into the club outside the Wills family

[deltaincline]

our balance sheet will go from a minus to a plus £3-4 million and, with Bill Powers total monies raised will top £6.5 million.

Thats the important part of the Diamandis statement. Only a couple of months ago we were apparently well in the black. WITHOUT BILL POWER PUTTING ANYTHING IN! So, why have we gone from that situation to one of being poor again and unable to sign Brezovan? Even if Devlin and Power pissed away 750k, according to Diamandis we should still be a couple of million in the black what with increased gates etc. So why are we now skint? Where has all the money gone?

[Piemonte]

jj

[Piemonte]

No it doesnt it says

"I have been able to raise £750k" regular to keep the club going. This and Sandy Grays comments at the fans forum last October suggested this as well.

Yet Holt said outside of the Wills family theonly money to come in has been through Bill Power who was brought in by Devlin.

Therefore Diamdnis has failed in the past 5 years to bring any investment into the club outside the Wills family

I really dont see what your point is. No-one - even diamandis himself - is claiming there has been any investment from anyone other than power

"with the dynamic share coming from the Wills’ family and St. Modwen."

I dont really know what dynamic share means in his context, I'm taking that as meanin "the vast majority"

[Piemonte]

our balance sheet will go from a minus to a plus £3-4 million and, with Bill Powers total monies raised will top £6.5 million.

Thats the important part of the Diamandis statement. Only a couple of months ago we were apparently well in the black. WITHOUT BILL POWER PUTTING ANYTHING IN! So, why have we gone from that situation to one of being poor again and unable to sign Brezovan? Even if Devlin and Power pissed away 750k, according to Diamandis we should still be a couple of million in the black what with increased gates etc. So why are we now skint? Where has all the money gone?

I suspect the money was never physically there Delta. All that happened was the restruturing of loans etc with some clever accounting to make things look better on paper.

It would'nt change the reality of the clubs costs being too high unless all the loans had been written off altogether and interest was no longer being paid on them.

I'd be very interested to hear something from the club regarding this. as per ususal we are all just trying to have educated guesses.

[DMR]

Not read any of this (sorry) other than the title but the Trust MUST use all their funds to establish a place on the board, otherwise there's no point in signing anyone as we'll be fucked sooner rather than later