£37 million debt?

[bottletree]

According to a few piggy friends of mine, they seem to think we have a huge debt bigger than theirs.
Can anyone spread light on this argument?
:fishbowl: Have a fishbowl for trying.

 

[beightonblade]

According to a few piggy friends of mine, they seem to think we have a huge debt bigger than theirs.
Can anyone spread light on this argument?
:fishbowl: Have a fishbowl for trying.

I wish i had £37million of debt..................along with the assets the Blades have....... its called being solvent

 

[bottletree]

Do we have £37 mill in assets BB?

 

[Trigger Blade]

I know you're not asking me but, according to the latest SU plc accounts, tangible assets are £46 million, . That figure does not include players who are recorded as intangible assets and are amortised over the period of their contract, says he as though he knows what he's talking about.

Your deluded friends are clutching at pointless straws. I believe the essence is that we're solvent and they're in the clarts, to use a technical term.

 

[Flatulent_Bob]

It's just the latest soundbite that they have caught onto because it sounds huge on it's own.

 

[beightonblade]

Do we have £37 mill in assets BB?

even in todays trading conditions yes, more than enuff.

 

[bottletree]

oh i see. They are focusing on our debt, but overall we are actually in the black, if you were to sell everything blades off?
So when do we start selling up then to pay this £37 million?

 

[Flatulent_Bob]

BB, what you expect our current assets to be worth once the markets start the pick up?

 

[Micalijo]

Where do you get £37m from?

Page 29 accounts say 'net debt increased during the year to £47m from £39m.'

Bob - supporting a football team shouldn't involve keeping a close eye on the property markets. McCabe has created a situation where it goes hand in hand and I wish he hadn't.

 

[beightonblade]

BB, what you expect our current assets to be worth once the markets start the pick up?

Its very difficult to tell whats what with The Blades and McCabe, thats not meant as a negative comment its the same with most group campanies.
the 'gearing' at BDTBL reight now is low now compaired with most football clubs.

If McCabe has got his property values reight and i'm sure he has in the short to middle term ie 5 years maximum i see a minimum increase of 50-60% based on todays values.

Just my opinion.

 

[puppet]

Where do you get £37m from?

Page 29 accounts say 'net debt increased during the year to £47m from £39m.'

Bob - supporting a football team shouldn't involve keeping a close eye on the property markets. McCabe has created a situation where it goes hand in hand and I wish he hadn't.

Yes... so much for him having great foresight to see the recession coming....

 

[alcoblade]

oh i see. They are focusing on our debt, but overall we are actually in the black, if you were to sell everything blades off?
So when do we start selling up then to pay this £37 million?

My take on this (an accountant would do it far better);

The only reason any business goes bust is because it runs out of cash. You can make huge losses, but that's just the value of your assets reducing from one year to the next. You have assets and debts, and in a well run business your assets produce more than enough income to cover the cost of the debt, wages etc.

We have plenty of income producing assets outside football. Wendy have next to none. Though I think McCabe spins our story far too positively, I think we're in enormously better shape than the porkers. It's our wage bill that needs attention, and it will be far lower next year as Speed and Naysmith are removed, and other contracts are renegotiated.

UTB

 

[Flatulent_Bob]

Where do you get £37m from?

Page 29 accounts say 'net debt increased during the year to £47m from £39m.'

Bob - supporting a football team shouldn't involve keeping a close eye on the property markets. McCabe has created a situation where it goes hand in hand and I wish he hadn't.

I don't think this aspect has had that bigger effect on the football side. As the Wendies are stating our debt is £37 Million our football debt is closer to £2 Million.
The football club isn't immune to the world markets and we would of had to cut our cloth and reduce our football debt.
I don't think the likes of the Kyles or BT were sold because of our off the field activities. We needed to reduce our debt and get a realistic wage structure, we've done that. Let's see where we go from here?

 

[Flatulent_Bob]

We have plenty of income producing assetts outside football. Wendy have next to none. Though I think McCabe spins our story far too positively, I think we're in enrmously better shape than the porkers. It's our wagebill that needs attention, and it will be far lower next year as Speed and Naysmith are removed, and other contracts are renegotiated.

UTB

I think Speeds deal has already reverted to a coaching contract.

Naysmith and Billy would make a big difference although I think the wage bill is now within manageable limits.

 

[beightonblade]

Just a word of caution in a depressed market asset values can be very misleading owd saying : its only worth what sumbody will pay

cash is KING ! well it is reight now.

 

[Flatulent_Bob]

I'd amend that to Gold is King BB. Cash is no more stable than anything else in these interesting economic times. Gold is always the favoured currency when things start to go breasts upwards.

 

[alcoblade]

I think Speeds deal has already reverted to a coaching contract.

Naysmith and Billy would make a big difference although I think the wage bill is now within manageable limits.

I can't see it myself. Speed's players contract ends this season. I doubt very much he found it in the goodness of his heart to give up lots of money for our sakes.

UTB

 

[raul]

Hasn't he announced his retiirement? Can't see how a playing contract can still apply if he has.

 

[Flatulent_Bob]

I can't see it myself. Speed's players contract ends this season. I doubt very much he found it in the goodness of his heart to give up lots of money for our sakes.

UTB

Not 100% sure (more 75%) but I was under the impression that his last playing contract had it written into it that it became a staff contract in its last season.

 

[Brightonblade]

Yes... so much for him having great foresight to see the recession coming....

Maybe he didn't, but he sold most of his property business to Valad for £850 million in June 2007 which was either lucky or very good timing

 

[beechblade]

Where do you get £37m from?

Page 29 accounts say 'net debt increased during the year to £47m from £39m.'

Bob - supporting a football team shouldn't involve keeping a close eye on the property markets. McCabe has created a situation where it goes hand in hand and I wish he hadn't.

That 47 m also has the wage budget in brackets 12 m. Isn't it 49? which then would give the 37 m Net Debt.