| The £100 Million Debt 12:58 - Dec 2 with 782 views | El_Fenix |
ITFC reportedly pays interest at a rate of 5.4% on loans it has received from Marcus Evans and his companies. If this is the case, and the loans total around £100 million, the annual interest payable is over £5 million.
Deferred interest may be being added to the loan balances; and this could represent a portion of the approximately £6 million that Mr. Evans contributes annually to ITFC.
The loan arrangements were almost certainly set up in a way that provides legal tax benefits to Mr. Evans and his companies.
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| ITFC shall rise like a phoenix from the ashes of its long decline! |
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| The £100 Million Debt on 13:12 - Dec 2 with 680 views | WubbleU |
Absolutely both the interest and the £6m loss or 10m if that is what is, its all funny money on balance sheets. No way is Marcus dipping in his pocket and pulling out 6m every year. He runs the club at a loss and then charges interest on that debt. All funny money but the loss reduces tax in his group and the interest puts money back onto the balance sheet. Net outcome, Marcus gets rich, ITFC gets f*****.
I'm sure this wasn't plan A when he invested, that would have been Prem promotion and skim off profits into the wider group but this was always plan B. However until more realise what he is doing acceptance will be there. Also there is still nothing we can do. The damage is done now and the most likely way out is AFC Ipswich starting in the Thurlow Nunn League. Seems like a lot of fun to me...bring it on. [Post edited 2 Dec 2020 13:13]
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| The £100 Million Debt on 13:16 - Dec 2 with 642 views | Swansea_Blue |
Here we go again. |  |
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| The £100 Million Debt on 13:20 - Dec 2 with 612 views | JammyDodgerrr |
He is taking nothing out of the club. If he is charging interest it is just on the debt owed to him - even if he did take money out we still lose over £6m a year - so any tax benefits will be massively offset by you know, losing all that money. |  |
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