Can we not just declare ourselves bankrupt and start again?
My mate's a builder and he's done it a few times.
Simples.
My mate's a builder and he's done it a few times.
Simples.
they may not go out of business but look at Portsmouth for what can happen to a club with massive debts.Natasha Whittam wrote:Why does anyone give a shit? Football clubs of our size and stature simply don't go out of business. If the debt was £300m would anything really change?
I wish we would go out of business, but I'm not that lucky.
Norpig wrote:
they may not go out of business but look at Portsmouth for what can happen to a club with massive debts.
Norpig wrote:they may not go out of business but look at Portsmouth for what can happen to a club with massive debts.Natasha Whittam wrote:Why does anyone give a shit? Football clubs of our size and stature simply don't go out of business. If the debt was £300m would anything really change?
I wish we would go out of business, but I'm not that lucky.
Natasha Whittam wrote:Why does anyone give a shit?
I'd imagine that would be the worst case scenario, we could end up like Pompey, but at least the club would still be there.Breadman wrote:Can we not just declare ourselves bankrupt and start again?
My mate's a builder and he's done it a few times.
Simples.
Reebok Trotter wrote:
We give a shit because we are passionate about our club. We have seen what has happened to teams like Leeds, Portsmouth and Coventry and we genuinely care about the future of our great club.
Natasha Whittam wrote:
Leeds are above us with a much better squad - I'm happy to go the same way as them.
Reebok Trotter wrote:What would happen if heaven forbid, Uncle Eddie, were to pop his clogs? I'm sure I read somewhere that neither his son or daughter have any interest in football.
bwfc71 wrote:Just had a briefest look at the accounts.....
Firstly Burnden Leisure is registered at Companies House and as such is classed as a separate entity from owner Eddie Davies. Therefore is doesn't matter how much Eddie is worth as Burnden Leisure is completely separate from his own personal wealth.
MIL is, I assume, referring to the Investment Funding company that is based in The Bahamas or British Virgin Islands, ahich again I am presuming, Eddie has a personal stake in.
Also lets not forget that Eddie does not pay the same rate of personal tax as any other "millionaire" who lives in the UK as he lives in the Isle of Man which is a tax-haven.
Finally lets not forget that due to various Data Protection laws one can only guess at Eddie's personal wealth due to his own assets and what he has owned previously - WE DO NOT KNOW WHAT REAL WEALTH EDDIE ACTUALLY HAS - therefore a good educational guess is that it is much more that popular speculation - unless one has access to all his financial accounts!!!!!
From the accounts there are 4 exceptional costs which have attributed to the rise in the debt:-
1. Buying out De-Vere's with regards to the Hotel
2. Buying the Sports Educational company
3. Removing Coyle and his team and bringing in Freedman and his team
4. New catering contracts
What, also, hasn't helped are the new sponsorships which are approximately 70% lower in value than the previous ones. Then of course there are the mundane costs such as utlities, like for everyone else, have gone up in value and costing much more now than 12 or even 18 months ago.
With regards to MIL, again, as I have stressed before they will probably have many financial products with which to help with the investment of BUrnden Leisure - such as revolving facilities, ForEx, long-term loans etc etc etc which also help with the spread of the cost and the lower interest rates which Eddie seems to have gained for the company.
But when you consider what the assets we do have such as prime land, the Arean, The Stadium, The Hotel, The Academy, the new office block and educational block (when completed) - add all those up and the financial worth still outstrips what we owe! (But fair enough the debt cant continue to spiral upwards like it currently is doing).
What did surprise me in the cost cutting out of the auxillary staff only 3 have left during the last financial year!!!! I thought that would have been quite a few more, but why bring in new Directors??? Also , if anything, they now need to look at their more peripheral costs such as the continuation of the funding of the "Match Day" buses and the one-off bargain bonanaza cheap ticket matches as well as the pre-match drinks hall/venue.
To be fair, if you take out the exceptional costs (Hotel, Educational company and Coyle sacking) then the debt is actually just fractionally higher than last year (not even by a million!!!).
Yes it looks bad, from from a detailed popint of view looking at all areas then its not as bad as one thinks - its just the large numbers that look frightening!!!
Natasha Whittam wrote:bwfc71 wrote:Just had a briefest look at the accounts.....
Firstly Burnden Leisure is registered at Companies House and as such is classed as a separate entity from owner Eddie Davies. Therefore is doesn't matter how much Eddie is worth as Burnden Leisure is completely separate from his own personal wealth.
MIL is, I assume, referring to the Investment Funding company that is based in The Bahamas or British Virgin Islands, ahich again I am presuming, Eddie has a personal stake in.
Also lets not forget that Eddie does not pay the same rate of personal tax as any other "millionaire" who lives in the UK as he lives in the Isle of Man which is a tax-haven.
Finally lets not forget that due to various Data Protection laws one can only guess at Eddie's personal wealth due to his own assets and what he has owned previously - WE DO NOT KNOW WHAT REAL WEALTH EDDIE ACTUALLY HAS - therefore a good educational guess is that it is much more that popular speculation - unless one has access to all his financial accounts!!!!!
From the accounts there are 4 exceptional costs which have attributed to the rise in the debt:-
1. Buying out De-Vere's with regards to the Hotel
2. Buying the Sports Educational company
3. Removing Coyle and his team and bringing in Freedman and his team
4. New catering contracts
What, also, hasn't helped are the new sponsorships which are approximately 70% lower in value than the previous ones. Then of course there are the mundane costs such as utlities, like for everyone else, have gone up in value and costing much more now than 12 or even 18 months ago.
With regards to MIL, again, as I have stressed before they will probably have many financial products with which to help with the investment of BUrnden Leisure - such as revolving facilities, ForEx, long-term loans etc etc etc which also help with the spread of the cost and the lower interest rates which Eddie seems to have gained for the company.
But when you consider what the assets we do have such as prime land, the Arean, The Stadium, The Hotel, The Academy, the new office block and educational block (when completed) - add all those up and the financial worth still outstrips what we owe! (But fair enough the debt cant continue to spiral upwards like it currently is doing).
What did surprise me in the cost cutting out of the auxillary staff only 3 have left during the last financial year!!!! I thought that would have been quite a few more, but why bring in new Directors??? Also , if anything, they now need to look at their more peripheral costs such as the continuation of the funding of the "Match Day" buses and the one-off bargain bonanaza cheap ticket matches as well as the pre-match drinks hall/venue.
To be fair, if you take out the exceptional costs (Hotel, Educational company and Coyle sacking) then the debt is actually just fractionally higher than last year (not even by a million!!!).
Yes it looks bad, from from a detailed popint of view looking at all areas then its not as bad as one thinks - its just the large numbers that look frightening!!!
I say this without any sarcasm - that was a good post. Thanks.
Natasha Whittam wrote:You're missing the point - clubs just don't go out of business these days. Leeds owed millions and millions, yet just a few years later they're in a healthy position and doing better than us.
The same will happen to us. Although we'll need to sack Freedman if we're going to stay in this division for much longer.
Natasha Whittam wrote:Mr Amos - in these accounts do the club have to value the playing squad?
That would be a laugh if they do.
Recent stories have claimed QPR and Blackburn in particular could face huge fines pushing £60m if they are promoted.
FFP wrote:Championship clubs are permitted losses of £8m (£5m funded by shareholders) in 2013-14
Championship sanctions start in January 2015
Copper Dragon wrote:I really can't see this working........
Recent stories have claimed QPR and Blackburn in particular could face huge fines pushing £60m if they are promoted.FFP wrote:Championship clubs are permitted losses of £8m (£5m funded by shareholders) in 2013-14
Championship sanctions start in January 2015
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