beightonblade
On yer bike !
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I don't think we have ....... but i might be wrong.
What did we get for £50m debt?
- Thread starter lenners
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I don't think we have ....... but i might be wrong.
Working on the assumption that your using sarcasm, care to elaborate?
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- #33
That's too much of an open goal, I'll pass...
Worksop II
Defectum Heroicis
Did anyone ever get their head around SUFC buying that Health Club down South ? 
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- #35
Did anyone ever get their head around SUFC buying that Health Club down South ?
I forgot about that. We've since sold it though and made a few hundred grand in the process.
shorehamview
Pink Sambuca drinking World Champion.
De quelle surprise.
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- #37
It didn't really go over your head did it?
Or are you quibbling over whether it's £48m or £50m?
I'd have to re-check the accounts but I think there was an argument for it being £50m but I'll settle for us being in much better shape at just £48m.
Worksop II
Defectum Heroicis
Yeh, I remember it getting sold, its just that I have woken up some mornings and wondered how and why, but never woke up owning a Health Club.
That McCabe must be able to put it away
Its NOT £48m either. £48m is the total of a combined £22m NONE ASSET BASED DEBT and £26m debts to the McCabe family/Scarborough group
So we are £26m in debt!
Can someone else take the lead on this as im fed up of explaining it over and over again
Trigger Blade
Cheerful twaddle
Are you a bit slow on the uptake len? I ask because the accounts were out in November and the AGM was early December and you've apparently only just noticed.
You were at the AGM and I don't recall you ripping into the Board about the shambles they're presiding over.
Why not? Surely a great mind like yours could be put to better use than just tedious repetitive keyboard whingeing?
shorehamview
Pink Sambuca drinking World Champion.
Don't try to shag a camel, there's not enough room?
Don't piss up, it'll come back at you?
Have a crafty wank, nobody will see?
Step out of it?
Look for gold?
Look for a ladder?
Borrow a periscope?
Have another wank?
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- #46
It's because I'm thick and the only information I read before the agm was the official site telling us we'd made a £12m profit.
Ask and ye shall receive
£22m is secured against the assets of the PLC, one of which is the Hotel. The hotel earns money through operation of itself ergo it pays towards the debt that it has created.
Over time this operation will reduce its own debt. Its also against the PLC and not the club so if times get harder and the PLC's position gets worse then the assets for which it hold would be sold to reduce/eliminate the debt.
All of this equals the football club still remains.
This is not new information, its just the information that the ones who choose to bleat about it forget to include.
Would you rather that the club BE in £50m debt? or would you rather that the club have £26m bank debts just to prove you right?
not quite quick enough at typing Micalijo
See answer above ^^^^^^^^^^^^^^^^^^^^^^^^^^^
Happy?
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- #49
The gold would certainly come in handy for repaying the remaining £26m.
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- #50
What happens if Copthorne say 'no ta', we're pulling out?
People say it is watertight - well we thought that with Walker.
I totally disagree with your assessment of it MAQ.
We owe £48m. The assest are depreciating. I don't think the fee we get from Copthorne covers all the mortgage but might be wrong
People say it is watertight - well we thought that with Walker.
I totally disagree with your assessment of it MAQ.
We owe £48m. The assest are depreciating. I don't think the fee we get from Copthorne covers all the mortgage but might be wrong
shorehamview
Pink Sambuca drinking World Champion.
What abou the periscope, or shagging the camel? You know you'd at least give it a quick snog.
"You've got a sexy hump baby. Spit at me, humpy."
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- #52
MAQ, thanks - it's debt. It's money that has to be repaid.
McCabe's debt will also reduce as it's repaid.
Money will have to be found within the business to repay both.
We are £48m in debt and that money has to be repaid. Not tomorrow or next week but it has to be repaid.
McCabe's debt will also reduce as it's repaid.
Money will have to be found within the business to repay both.
We are £48m in debt and that money has to be repaid. Not tomorrow or next week but it has to be repaid.
shorehamview
Pink Sambuca drinking World Champion.
Oh for fuck's sake, kiss the camel.
Of course the Copthorne could pull out, however they will have signed a lease for a number of years minimum, which if they broke would have to buy out.
The hotel is a franchise and if they did the PLC could bring another franchise in. Wether that be another hotel or a change of use. Either way its viable and the property alone is probably worth at least a third of the debt against the PLC
Jim Chimmerney
Can hear the 'Cod Army' roar from his back garden
What is interesting is that we went UP to the Prem with a debt of around £11M if memory serves. Promised land my arse.
Noone is debating that any debt has to be repaid, What im stating is that the £22m against assets is a debt of the PLC and not the Club. They are two Seperate entities.
SotonBlade
Well-Known Member
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- #58
Some people just read and understand what they want to. Those who don't actually understand the figures properly will believe what they want, those who are trying to explain it i'd just give up, you're fighting a losing battle.
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- #60
No, he hasn't got a clue what he's talking about.
The £48m is owed by the business. The notion that because it's not owed by the football club it's ok is a complete red herring.
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