So where exactly is all this money going!?!

[redbullzeye]

We're being fucked over by these barrow boys - we all know it the great question is what the hell we can do about it.

[flammableBen]

Simply the money goes to pay off the interest and capital on loans raised against the properties of SSW.

I think it has to go through the holding company first. Didn't SiPie highlight the auditors saying that the loans from the holding company to the football club didn't mean anything? That doesn't mean they aren't claiming it back with interest. Which is sort of what you said reg.

[Reg Smeeton]

Simply the money goes to pay off the interest and capital on loans raised against the properties of SSW.

I think it has to go through the holding company first. Didn't SiPie highlight the auditors saying that the loans from the holding company to the football club didn't mean anything? That doesn't mean they aren't claiming it back with interest. Which is sort of what you said reg.

 Its similar to the situation at Liverpool and ManUre, whereby the owners take out massive loans to gain the ownwership, then the money generated by the club goes to pay that money back.   Of course its a difference of scale, though no doubt that Newbury takes a chunk for services provided and consultancy fees etc.

[Richard4acre]

around £1.5m in 'admin expenses'.

Is that per financial period!?! Expect to see Mr Diamandis' 'consultancy' fees! For god sake the running of this club is rediculous!

Surely the board realise they have lost all confidence from the fans! So why does SSW who we believe to 'have the best intrests of the club at heart' allow these idiots to drive this club to the limit!

Surely even the board of STFC can realise that with Paul Sturrock at the helm, we have the best chance since Hoddle to reach new heights given his proven track record. So for god's sake, give the man some financial backing and lets do it! Right now i couln't give a toss as to what radio station we're on, whether we have a new staium or not, but all i care about is seeing some sucess for one that doesn't crumble due to a lack of balls by the people upstairs!

[Samdy Gray]

IIRC, Mr Diamandis is paid a salary of £80,000 but has not drawn it for a number of years. It was mentioned in the Adver's 'At home with Mike' article last year.

[stfctownenda]

I think you'll find the latest accouts published had around £1.5m in 'admin expenses'. This is bigger than most of the budgets in the bottom two divisions.

Unfortunately, the club no longer gives a breakdown of these 'admin expenses'.

Yes that was what I was trying to say but in a much more backward way that they are taking money out whether it be salaries or not.  

Diamandis was quoted in paper last year saying he hadn't been paid in months.  

So wouldn't surprise me with all these latest lets make a quick buck schemes that he is taking all his back pay now.  

Still baffles me that no one in the adver really wants to get there teeth into the overall story of our board.  The accounts alone should have covered a full page with an accountant giving there opinions of them, then they should be querying despite increased income why we run at the same loss, why wont they enter an NDA with Bill Power, the list goes on and on.  This kind of story could make a career for a journalist.

[pauld]

IIRC, Mr Diamandis is paid a salary of £80,000 but has not drawn it for a number of years. It was mentioned in the Adver's 'At home with Mike' article last year.

If we are to believe Mike D on this (and obviously there is no reason why we shouldn't) while it may well be the case that he personally has not drawn his salary, that doesn't mean that Dunwoody aren't charging the club a substantial amount for the consultancy and "marketing expertise" (stop sniggering) they provide. There's more than one way to skin a cat or wreck a football club come to that.

[Simon Pieman]

I think you'll find the latest accouts published had around £1.5m in 'admin expenses'. This is bigger than most of the budgets in the bottom two divisions.

Unfortunately, the club no longer gives a breakdown of these 'admin expenses'.

Yes that was what I was trying to say but in a much more backward way that they are taking money out whether it be salaries or not.  

Diamandis was quoted in paper last year saying he hadn't been paid in months.  

So wouldn't surprise me with all these latest lets make a quick buck schemes that he is taking all his back pay now.  

Still baffles me that no one in the adver really wants to get there teeth into the overall story of our board.  The accounts alone should have covered a full page with an accountant giving there opinions of them, then they should be querying despite increased income why we run at the same loss, why wont they enter an NDA with Bill Power, the list goes on and on.  This kind of story could make a career for a journalist.

They wouldn't be able to afford paying an accountant for their opinion. You might be able to get someone to do it, but if they work for a company they're likely to want to remain anomynous and so it would destroy the credibility of the article.

An accountant wouldn't really provide an opinion on the accounts anyway, just a commentary on them. If they don't have the source documents they wouldn't want to start making statements about facts and figures which were their own opinion.

In an ideal world you'd have someone who knew what they were talking about interviewing a board member about the accounts and asking them the questions.

[RobertT]

We paid £300k in interest charges in the 2004/05 period, which was at least 2 times the rent payment that has so often been dragged out in public to show why we can't possibly expect to break even.

Add in the £1.5m Admin expenses and we are over £2m a year in basic operating costs before we even put a football team out.

At this level, that is a hefty set of costs to work with but we have no idea what the £1.5m is made up from.  £2m in costs is above some clubs overall level!  Effectively I think it costs more to run the club now than it did in the season we won promotion to the Premier League.  Granted that was a long time ago, but it's those seasons that we were told caused our club to hit decline, plus we were probably paying more in wages then than we do now.

[Simon Pieman]

Yes annoying as it is, the detailed profit and loss account does not form part of the statutory accounts and so isn't on the Companies House website

[RobertT]

Actually, 300k interest works out at about 5% of £6m

[Simon Pieman]

It's 200k up on the previous year

[RobertT]

Presume there is little we can do to judge if any of the loan itself is being repaid other than try and compare the balance sheet year on year?

Imagine having a £6m loan sitting there and just paying the interest on it, someone could make a lot of money over time from that.

[ronnie21]

I have no idea where all this money is going, but I am sure they have a rather large contract with a national stationer to provide lots  of brown envelopes!!  In my day the "expenses" were placed in your footy boots, guess now they are in the inside pockets of Saville Row suits!

[Summerof69]

I personally think most of the 'Admin expenses' are going to the Bank of Newbury, a subsidary of BCCI !!!