New beginnings - 25% Truth, 80% Bollocks

[Bennett]

STFC in that latest accounts (filed feb 23 for period up to June 22) suggests their tangible assets are valued at ~£3m.
Add in half a CG and that goes up...but I can't see anyone buying the club (ie the value of assets and potential income) inclusive of the £6m debt Clem's got against it.
My guess is that value would need to be £10m+, which I don't think is a sensible investment for a league 2 club

Companies House Link https://find-and-update.company-information.service.gov.uk/company/00053100/filing-history


edit - am definitely not a financial expert, happy to be told the assets don't mean what I think they mean

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

I’m pretty sure the club will be a much better investment prospect when Clem leaves to when Clem took over. But there are 72 clubs in the EFL …. how many good investors are there knocking around?

Quite a few in this league......which is why we're struggling to compete.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

As Batch said, even with 5k season tickets and gates regularly between 8.5-10k we're losing money each year. The state of the ground can't be helping, I'd imagine a fair chuck of money has to go into it just to make it 'healthy and safe'.

For the life of me I cannot work out how this is the case.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Didn’t the CEO essentially come out and say that we’re losing money because of debt repayment to clem? In the interview he did with the adver. Rather than it all being interest free loans that clem wasn’t going to call in unless he sold the club (as I’m sure has been said before)

“ It is a perfectly fair point [that Swindon have larger attendances than most League Two clubs], however Clem [Morfuni] inherited seven million pounds worth of debt when he bought the football club.

To work through that debt and become sustainable, we have to keep working the way that we are.”

If we're running at a low budget because we're paying Clem off to become truly debt free, that at least makes sense. I'd argue he may be better off getting less back now and getting us out of the basement and selling up to get it back though.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Think one of the most telling things I found from the recent interviews was when Clem was going through the legal process to acquire the club from Power, he believed the debt position to only be high six figures, rather than the inevitable £6+ million. He may have had more capital to take us forward if that had been the case, but the final debt position probably put that to bed. Only way it will get cleared I feel is if a new owner/consortium cleared it out right in the purchase. Otherwise that will continue to hover over us.

Didn't he say he was willing to pay well in to the millions and ended up getting it for a few hundred thousand?

Negates that pretty quickly.

[Audrey]

Didn't he say he was willing to pay well in to the millions and ended up getting it for a few hundred thousand?

Negates that pretty quickly.

Quite. When all this took off Clem said he’d offered more than the mythical Able offer of £7.5m. He ended up paying £212,500. So Clem must have had access to £7m or thereabouts. Just think of the shit we’d be in if Clem HAD paid £7m and then found a similar amount of debt that needed clearing.

[Audrey]

What’s the chances that once the Power/Standing case is settled Standing may invest properly in the club.

[ThreeDrawsMentality]

Didn't he say he was willing to pay well in to the millions and ended up getting it for a few hundred thousand?

Negates that pretty quickly.

Ah yes he did! I forgot about that. His bid supposedly being better than Able's £7mn offer.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Quite. When all this took off Clem said he’d offered more than the mythical Able offer of £7.5m. He ended up paying £212,500. So Clem must have had access to £7m or thereabouts. Just think of the shit we’d be in if Clem HAD paid £7m and then found a similar amount of debt that needed clearing.

So really, the £7m owed to Clem he should have been willing to write off and increase the budget so we're making use of the great gates and high ticket prices we have.

Unless of course he was just always full of shit.

[Posh Red]

Ah yes he did! I forgot about that. His bid supposedly being better than Able's £7mn offer.

But isn’t the whole point that Able never actually offered £7m+, thanks to inside info (presumably from Austin) Clem was aware what the actual agreed selling price was. So he was in a position to better that.

I’m assuming it was Power that leaked the £7m figure to the press, just like he leaked info about us trying to sign players who we were never really going to sign.

[ThreeDrawsMentality]

But isn’t the whole point that Able never actually offered £7m+, thanks to inside info (presumably from Austin) Clem was aware what the actual agreed selling price was. So he was in a position to better that.

I’m assuming it was Power that leaked the £7m figure to the press, just like he leaked info about us trying to sign players who we were never really going to sign.

So many hypotheticals. Every chance at that point of expression of interest for £7mn and Bogle sell on that Able were legit, Keravouri and the lawyer firm etc were real people, but yeah we know that at some point it did become Curran's vehicle.

[Mooneyraker]

So many hypotheticals. Every chance at that point of expression of interest for £7mn and Bogle sell on that Able were legit, Keravouri and the lawyer firm etc were real people, but yeah we know that at some point it did become Curran's vehicle.

It's been alleged and winked at by ITKers but do we 'know'?

[Batch]

For the life of me I cannot work out how this is the case.

Nobody can. There's no information in the accounts released that help AFAIK.

What we really need to know is what's the day-to-day picture when all historical debt is converted to money owed to Clem? Obviously it'll fluctuate with infrastructure and transfer fee (!) payments.

Also, did he confirm the money "loanded" by 'keily' and secured with shares incur interest?

nothing wrong with Clem making his money back  + a bit of interest when the club is sold btw - more that the financial health of the club isn't clear to me.

[Bennett]

That's where finding out the terms of the loan/shares for Keily gets interesting (to me at least).
If Clem borrowed the dosh from Keily to pay off the debentures are the club liable for any payments?

[Audrey]

Whatever has been borrowed will attract interest surely. You can get 5-6% in a bog standard savings account nowadays so I’d expect it’d be more than that. I have it in my mind Power was charging 14% on anything ‘lent’ to the club - I may have made that up!

At 10% that would be adding £200,000 to the debt every year.