[cite]Posted By: Scoham[/cite]The club have said (quite recently as well, sometime last season) it's around £20m, and the annual report from last December/January says that's made up of around £14m - the money borrowed from the directors, ie "friendly" debt and the rest of the £20m is made up of 2/3/4 loans. Since then Derek Chappell gave the club £500k. Still nowhere near £40m, pretty sure we are nowhere near £60m in debt.
We have been here before. The clubs total debt as shown in the last published R&A was £37M (From memory that was the figure quotes by Bryan Mathew in his blog atricle a while back). That would include debts like trade debtors, money owed on transfers. There may also be contingent liabilities. Of course it would not inciude the value of creditors. The £20M is money owed for loans made to the club. These are made up largely of "soft" loans by directors. On the clubs balance sheet will also be its assets, principally the ground, the leasehold value of the training ground and whatever value relates to players contracts.
The club needs working capital in order to fund the payment of trade creditors/overheads etc at a time when it's current revenues my not be sufficient to meet the immediate commitments.
Any buyer, assuming they intend for the club to continue to trade must firstly reach an agreement as to net value of the club. (Factors like the current boards ability to keep bailing the club out is going to be a major consideration and its a buyers market!). The club is solvent (although reliant upon the rischesse of the directors) and so will be sold as a going concern. That means the new majority shareholders will pick up the responsibility for the debt. Some of that debt will just sit there on the balance sheet and be paid for out of revenue as and when needed (or by liquidating Capital), some like the convertable bonds may well need to be paid up. It will, I assume, be part of the negotiations, as to whether all are repaid, some or all are written off, or some or all are deferred. The club will need to have access to working capital to enable it to continue trading. One assumes that the new owners will be able to bring that in, either from their own coffers as new directors loans, or from a third party funding arrangement that they will guarantee, and/or have secured (against the assets).
This is not an easy negotiation. I suggest the Southampton one would be much easier. There the Admimistrator needs to get the best price he can for the club. Such price being used to repay creditors starting with HMRC and other preferential creditors. The trade creditors are unlikely to get much and the shareholders zilch.
[cite]Posted By: ShootersHillGuru[/cite]Very very lost now !!!!!! WTF
Same here SHG how'd we get from takeover to cricket to Nigella?
The Ashes started today, and we all know who the first Yorkshire Captain to go to Australia was James COOK, although he never departed from Liverpool.
Doesn't that just take the American biscuit COOKIE. It's enough to make Fat Boy Slim Norman COOK join the Sex Pistols. I'm gonna get Status Quo to write him a letter.
Lunch anyone ?
I'm not that good at solving cryptic clues but I'm guessing we're being taken over by Thomas Cook
[cite]Posted By: Valiantphil[/cite]"Can I just say that my comments are based on genuine surprise that the new investors identity has not leaked into the public domain by now. Practically nothing from the highest government to the local chip shop can keep things hush hush these days. I am not suggesting its a bad thing just that I am surprised."
The Ashes started today, and we all know who the first Yorkshire Captain to go to Australia was, although he never departed from Liverpool.
Doesn't that just take the American biscuit. It's enough to make Fat Boy Slim join the Sex Pistols. I'm gonna get Status Quo to write him a letter.
Lunch anyone ?
Tut! Youve got it all wrong. The clue is in the capital letters....... We're being takenover by some bloke called TAYCA DAFBSSPSQ.
Henry (sorry I cant get the system to quote from the last page) You asked Floyd and Harvey
"Maybe you could point us to the accounts where it says we came down from the Prem with £45 to £50m of debt. Not my re-collection of the figures at all."
The accounts to point you to are those from the year we came down from the prem. The annual report and accounts for the year ended 30 June 2007. The bottom of page 27 and the top of page 28.
33,003,000 - Creditors: amounts falling due within 1 year (Group) plus
6,513,000 - Creditors: amounts falling due within 1 year (Company) plus
11,565,000 - Creditors: amounts falling due after more than 1 year.
I.E. Gross debt 51,081,000
As FloydandHarvey pointed out the accounts also had about 17,000,000 of Debtors mostly due to our player sales.
I'm not an accountant and can't remember very much from my A level accounting from 30 yeras ago so this may be rubbish but it is probably where Fand H got the numbers from.
11,565,000 - Creditors: amounts falling due after more than 1 year. would be the mortgage on the North Stand plus any outstanding portions of transfer fees to be paid.
[cite]Posted By: Henry Irving[/cite]11,565,000 - Creditors: amounts falling due after more than 1 year. would be the mortgage on the North Stand plus any outstanding portions of transfer fees to be paid.
The mortgage is £1m a year I think
The mortgage on the WHAT? do we have a north stand? I know we have a south
[cite]Posted By: Henry Irving[/cite]11,565,000 - Creditors: amounts falling due after more than 1 year. would be the mortgage on the North Stand plus any outstanding portions of transfer fees to be paid.
The mortgage is £1m a year I think
The mortgage on the WHAT? do we have a north stand? I know we have a south
I watched her in programme with the wife the other day, where she spent part of it in a black satin dressing gown :P apparently she was cooking something
Comments
We have been here before. The clubs total debt as shown in the last published R&A was £37M (From memory that was the figure quotes by Bryan Mathew in his blog atricle a while back). That would include debts like trade debtors, money owed on transfers. There may also be contingent liabilities. Of course it would not inciude the value of creditors. The £20M is money owed for loans made to the club. These are made up largely of "soft" loans by directors. On the clubs balance sheet will also be its assets, principally the ground, the leasehold value of the training ground and whatever value relates to players contracts.
The club needs working capital in order to fund the payment of trade creditors/overheads etc at a time when it's current revenues my not be sufficient to meet the immediate commitments.
Any buyer, assuming they intend for the club to continue to trade must firstly reach an agreement as to net value of the club. (Factors like the current boards ability to keep bailing the club out is going to be a major consideration and its a buyers market!). The club is solvent (although reliant upon the rischesse of the directors) and so will be sold as a going concern. That means the new majority shareholders will pick up the responsibility for the debt. Some of that debt will just sit there on the balance sheet and be paid for out of revenue as and when needed (or by liquidating Capital), some like the convertable bonds may well need to be paid up. It will, I assume, be part of the negotiations, as to whether all are repaid, some or all are written off, or some or all are deferred. The club will need to have access to working capital to enable it to continue trading. One assumes that the new owners will be able to bring that in, either from their own coffers as new directors loans, or from a third party funding arrangement that they will guarantee, and/or have secured (against the assets).
This is not an easy negotiation. I suggest the Southampton one would be much easier. There the Admimistrator needs to get the best price he can for the club. Such price being used to repay creditors starting with HMRC and other preferential creditors. The trade creditors are unlikely to get much and the shareholders zilch.
hang in there.............while they just make sure the books haven't been......er..er er.....I mean, all is financially in order.
The Ashes started today, and we all know who the first Yorkshire Captain to go to Australia was James COOK, although he never departed from Liverpool.
Doesn't that just take the American biscuit COOKIE. It's enough to make Fat Boy Slim Norman COOK join the Sex Pistols. I'm gonna get Status Quo to write him a letter.
Lunch anyone ?
I'm not that good at solving cryptic clues but I'm guessing we're being taken over by Thomas Cook
One way of ensuring he gets a game...
Or to lead us some but not all the way....
Little Chef. They probably think Andy Reid still plays for us:-)
Jim Davison Hell's kitchen
No, not Little Chef.
Wan King, the Chinese takeaway. Isn't there one in Lewisham .... ?
There actually is a Chinese takeaway of that name near me in Liskeard, Cornwall.
I kid ye not.
Tut! Youve got it all wrong. The clue is in the capital letters....... We're being takenover by some bloke called TAYCA DAFBSSPSQ.
Retards!
"Maybe you could point us to the accounts where it says we came down from the Prem with £45 to £50m of debt. Not my re-collection of the figures at all."
The accounts to point you to are those from the year we came down from the prem. The annual report and accounts for the year ended 30 June 2007. The bottom of page 27 and the top of page 28.
33,003,000 - Creditors: amounts falling due within 1 year (Group) plus
6,513,000 - Creditors: amounts falling due within 1 year (Company) plus
11,565,000 - Creditors: amounts falling due after more than 1 year.
I.E. Gross debt 51,081,000
As FloydandHarvey pointed out the accounts also had about 17,000,000 of Debtors mostly due to our player sales.
I'm not an accountant and can't remember very much from my A level accounting from 30 yeras ago so this may be rubbish but it is probably where Fand H got the numbers from.
It doesn't reflect the club's financial commitments today.
Not sure if that includes all the player sales as I think Bent was sold after the accounts were closed.
It does include the Bent sale (It says so specificly when listing the Debtors) but i don't think it includes Young or Diawara.
I do agree with oggy though that it is not particularly relevent to where we are now as I know a substantial part of the debt was converted to bonds.
The mortgage is £1m a year I think
And Nigella's brother Dominic used to edit one of the Telegraph titles. And there was a story in the Telegraph about the CAFC takeover.
Now it's all beginning to make sense!
The mortgage on the WHAT? do we have a north stand? I know we have a south
Isn't it called the Richard Murray stand?
Thats "The Nigella Lawson Upper Tier" ; )
The view's good