| Evans wrote off £96m in debt in sale to Gamechanger20... 07:12 - Jul 1 with 4771 views | Kieran_Knows |
... nothing that we didn’t already, but just confirmation of it.
Thread of Towns finances with one post which covers the debt part.
[Post edited 1 Jul 2021 7:14]
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:26 - Jul 1 with 653 views | RegencyBlue |
Simple question, what choice did he have?
Nobody was going to buy the club whilst it was saddled with that level of debt and I think even Evans had finally realised his time here was done. Had he remained and continued with his inept ownership there are no scenarios I can see where he would have got any of his money back either.
Glad to see the back of him frankly! |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:27 - Jul 1 with 641 views | PhilTWTD |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:59 - Jul 1 by clive_baker |
Goes to show the scale of the task to stay within the SCMP spending rules without any intervention or equity grants from the backers. If we assume turnover is again around £10m (increase in ticket sales partly offsetting reduction in parachute payments). Plus an additional £3m of player sales (Dozzell, Downes + a few smaller ones), which are included in the revenue calculation, that that would allow c £8m on player wages, less than half of what we spent last season. |
SCMP only covers wages for players aged over 21. The wage figures quoted in the accounts are for overall wages, so not quite as stringent. |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:28 - Jul 1 with 641 views | wkj |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:26 - Jul 1 by RegencyBlue |
Simple question, what choice did he have?
Nobody was going to buy the club whilst it was saddled with that level of debt and I think even Evans had finally realised his time here was done. Had he remained and continued with his inept ownership there are no scenarios I can see where he would have got any of his money back either.
Glad to see the back of him frankly! |
Damage limitation wasn't it - Evans knew he was beyond the point of no return, just as we did. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:31 - Jul 1 with 629 views | PhilTWTD |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:28 - Jul 1 by wkj |
Damage limitation wasn't it - Evans knew he was beyond the point of no return, just as we did. |
There had also always been the expectation that he would have to write off the debts when the club was sold, same as had happened with other clubs, Bolton for example. | | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:33 - Jul 1 with 620 views | linhdi |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:23 - Jul 1 by Cheltenham_Blue |
We need to get rid of the rhetoric that Saint Marcus 'wrote off' the debt.
He exchanged it for 5% of GameChanger20, (the same percentage as all 3 of the three lions put together), and took a payment of £30m for his 87.5% of shares.
If the plan works well, and we get to the Prem, Evans will earn far far more that if we had paid him his £96m back at some other point. None of the risk, all of the benefits. |
We would have to be worth as much as Real Madrid for that to happen. |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:37 - Jul 1 with 592 views | wkj |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:31 - Jul 1 by PhilTWTD |
There had also always been the expectation that he would have to write off the debts when the club was sold, same as had happened with other clubs, Bolton for example. |
Through your channels, do you have any clue if Evans was looking to sell sooner? I cant help but feel that after Paul Jewell was sacked and Mick was bought in to steady the ship, that the subsequent lack of player investment was around the time that Evans may have been 'not actively looking, but actively looking' to offload the club.
I base this on the idea that I feel ITFC was meant to be a quick financial turn around - get in the premier league within a couple of seasons, have a season or two in the premier league, then sell. | |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:38 - Jul 1 with 589 views | clive_baker |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:29 - Jul 1 by jayessess |
Admin, academy, taxes, non-playing staff, maintenance, policing costs, rent, stock, transport, accommodation etc. |
I would've thought they would largely be within indirects costs. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:45 - Jul 1 with 560 views | Skip_Intro |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:27 - Jul 1 by PhilTWTD |
SCMP only covers wages for players aged over 21. The wage figures quoted in the accounts are for overall wages, so not quite as stringent. |
Thanks for the clarification Phil.
However that makes the decision to release Nydam and not get Gibbs signed up slightly puzzling as both could have provided decent cover for the squad without impacting on SCMP... |  | | |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:48 - Jul 1 with 540 views | jayessess |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:45 - Jul 1 by Skip_Intro |
Thanks for the clarification Phil.
However that makes the decision to release Nydam and not get Gibbs signed up slightly puzzling as both could have provided decent cover for the squad without impacting on SCMP... |
Nydam is old enough to count for SCMP now. [Post edited 1 Jul 2021 10:48]
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:50 - Jul 1 with 526 views | clive_baker |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:27 - Jul 1 by PhilTWTD |
SCMP only covers wages for players aged over 21. The wage figures quoted in the accounts are for overall wages, so not quite as stringent. |
Interesting, I don't think I was aware of that. Perhaps a consideration in moving on the likes of Lankester and Nydam, they're just a touch too old to be valuable squad players. By my crude maths, and assuming we sell Downes for something north of £1m, we've got approximately £150k a week to allocate towards our 21+ playing squad. We should be able to do something with that.
As we knew already, the more bums on seats, the more cash we have to invest in players. | |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:50 - Jul 1 with 524 views | wkj |
Abuse Reported...
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:56 - Jul 1 with 504 views | Skip_Intro |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:48 - Jul 1 by jayessess |
Nydam is old enough to count for SCMP now. [Post edited 1 Jul 2021 10:48]
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Good point - I need more coffee!! | | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 12:12 - Jul 1 with 462 views | PrideOfTheEast |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:23 - Jul 1 by Cheltenham_Blue |
We need to get rid of the rhetoric that Saint Marcus 'wrote off' the debt.
He exchanged it for 5% of GameChanger20, (the same percentage as all 3 of the three lions put together), and took a payment of £30m for his 87.5% of shares.
If the plan works well, and we get to the Prem, Evans will earn far far more that if we had paid him his £96m back at some other point. None of the risk, all of the benefits. |
Haha - post of the decade!
Aside from the stupidity re numbers I particularly liked the reference to no risk, all of the benefits. So he gets 5% of the benefits and has incurred tens of millions (the risk) to get to potentially get that. | | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 12:31 - Jul 1 with 431 views | jeera |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:53 - Jul 1 by Keno |
yep but Elly think of all the millions of tax he saved by racking up those losses, it must have made him a fortune |
That should be Nelly, surely? |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 12:39 - Jul 1 with 419 views | BiGDonnie |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:24 - Jul 1 by PhilTWTD |
The mad nature of football in the Championship is the primary issue behind the debt. And if he'd had the funds to compete at the top level of the Championship for probably two-thirds of his time here the debt would have been even higher, probably double where it ended up. |
Can you refrain from setting my angry posts straight with facts, please? |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 13:42 - Jul 1 with 376 views | Freddy |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:59 - Jul 1 by clive_baker |
Goes to show the scale of the task to stay within the SCMP spending rules without any intervention or equity grants from the backers. If we assume turnover is again around £10m (increase in ticket sales partly offsetting reduction in parachute payments). Plus an additional £3m of player sales (Dozzell, Downes + a few smaller ones), which are included in the revenue calculation, that that would allow c £8m on player wages, less than half of what we spent last season. |
Worrying when you put it like that | | | |
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