| Evans wrote off £96m in debt in sale to Gamechanger20... 07:12 - Jul 1 with 4772 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 07:32 - Jul 1 with 3979 views | Coastalblue |
£160K a week losses to go hurtling downward, that is scary. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 07:35 - Jul 1 with 3963 views | trncbluearmy |
Least he could do, most of it caused by his own incompetence |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:05 - Jul 1 with 3768 views | jayessess |
Turnover £10.6m
Operating Loss £8.6m
So, overall our outgoings were £19.2m? That seems extraordinary to me. What on Earth were we spending all that on?
Average wage not only twice the divisional average (£6k a week v. £2.5k a week) but presumably also much bigger in total because that works out at 36 players on first team wages. Just shows how badly we were using our budget under Evans/Lambert that we had this over-powered budget for the league and were just pissing it up the wall. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:11 - Jul 1 with 3715 views | davblue |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 07:35 - Jul 1 by trncbluearmy |
Least he could do, most of it caused by his own incompetence |
thing is if he had put proper people in charge and given them the ability to make decisions we probably wouldn't be in this position.
He kept the club afloat which im thankful for but we were on the road to nowhere under him the decisions he was making were putting the club further and further down. |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:41 - Jul 1 with 3516 views | Keno |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:11 - Jul 1 by davblue |
thing is if he had put proper people in charge and given them the ability to make decisions we probably wouldn't be in this position.
He kept the club afloat which im thankful for but we were on the road to nowhere under him the decisions he was making were putting the club further and further down. |
"He kept the club afloat"
what you mean id he just about kept a slowing sinking boat afloat but for every bucket full of water he bailed out a bucket and half kept coming in |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:42 - Jul 1 with 3507 views | ElephantintheRoom |
You've answered your own question. How DO you lose so much money in such a small business with so few employees all doing the same thing in the same place?
Answer is you don't. Most of those losses will be down to cross charging. There was never any flesh on the accounts during the Evans era.
However, to his credit he did pare the club down to the bone after the excesses of the Sheepshanks era - but that policy of living within your means (whilst racking up huge and mysterious losses) has been abandoned by the debt pedallers who are employing hangars on as though they are going out of fashion.
Be interesting to see how the Ohio property investors massage the accounts of their Suffolk sideshow. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:53 - Jul 1 with 3419 views | Keno |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:42 - Jul 1 by ElephantintheRoom |
You've answered your own question. How DO you lose so much money in such a small business with so few employees all doing the same thing in the same place?
Answer is you don't. Most of those losses will be down to cross charging. There was never any flesh on the accounts during the Evans era.
However, to his credit he did pare the club down to the bone after the excesses of the Sheepshanks era - but that policy of living within your means (whilst racking up huge and mysterious losses) has been abandoned by the debt pedallers who are employing hangars on as though they are going out of fashion.
Be interesting to see how the Ohio property investors massage the accounts of their Suffolk sideshow. |
yep but Elly think of all the millions of tax he saved by racking up those losses, it must have made him a fortune | |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:59 - Jul 1 with 3356 views | 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. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:05 - Jul 1 with 3294 views | jayessess |
| 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. |
Thread says £11,589,000 on player wages and an average wage of £6000/wk for first teamers. So more like a 1/3 reduction to get to £8m.
Reduce your squad size by 1/3 and you're probably most of the way there. | |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:14 - Jul 1 with 3215 views | clive_baker |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:05 - Jul 1 by jayessess |
Thread says £11,589,000 on player wages and an average wage of £6000/wk for first teamers. So more like a 1/3 reduction to get to £8m.
Reduce your squad size by 1/3 and you're probably most of the way there. |
Ahh I didn't see there was more in the thread, I was just taking the Cost of Sales line of £18m. Not sure what else makes that up? [Post edited 1 Jul 2021 9:15]
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:14 - Jul 1 with 3202 views | hype313 |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:14 - Jul 1 by clive_baker |
Ahh I didn't see there was more in the thread, I was just taking the Cost of Sales line of £18m. Not sure what else makes that up? [Post edited 1 Jul 2021 9:15]
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Paint? |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:16 - Jul 1 with 3180 views | Skip_Intro |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:41 - Jul 1 by Keno |
"He kept the club afloat"
what you mean id he just about kept a slowing sinking boat afloat but for every bucket full of water he bailed out a bucket and half kept coming in |
No I think he means that ME prevented us from going into administration again and potentially ending up bankrupt in the longer run and kicked out of the league...
I'm not an Evans apologist and agree he slowly ripped the heart out of our club - however without him or another big investor there is a pretty good chance that we might have gone under given our woeful (and ongoing) financial situation at the time... |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:23 - Jul 1 with 3125 views | 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. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:29 - Jul 1 with 3064 views | jayessess |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:14 - Jul 1 by clive_baker |
Ahh I didn't see there was more in the thread, I was just taking the Cost of Sales line of £18m. Not sure what else makes that up? [Post edited 1 Jul 2021 9:15]
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Admin, academy, taxes, non-playing staff, maintenance, policing costs, rent, stock, transport, accommodation etc. | |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 09:42 - Jul 1 with 2980 views | davblue |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:41 - Jul 1 by Keno |
"He kept the club afloat"
what you mean id he just about kept a slowing sinking boat afloat but for every bucket full of water he bailed out a bucket and half kept coming in |
That's true yes, but more about keeping the club going with his money.
How he spent it is an entirely different thing. | | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:00 - Jul 1 with 2881 views | dirtyboy |
| 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. |
I like the way you've written that, factually correct in that he did exchange debt for a stake, but...
Even if we do make it to the Premier League, what's the club going to be realistically worth? Even half of Everton was only £90m so to recoup the £96m written off, less £30m for his shares, we're talking say £60m for his 5% which would value ITFC at £1.2b.
Without taking into account the losses we'll likely incur getting there...(if)
He's not going to earn back his £96m in a hurry is he? Or ever, really....although I really hope he does. |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:06 - Jul 1 with 2830 views | Churchman |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 08:42 - Jul 1 by ElephantintheRoom |
You've answered your own question. How DO you lose so much money in such a small business with so few employees all doing the same thing in the same place?
Answer is you don't. Most of those losses will be down to cross charging. There was never any flesh on the accounts during the Evans era.
However, to his credit he did pare the club down to the bone after the excesses of the Sheepshanks era - but that policy of living within your means (whilst racking up huge and mysterious losses) has been abandoned by the debt pedallers who are employing hangars on as though they are going out of fashion.
Be interesting to see how the Ohio property investors massage the accounts of their Suffolk sideshow. |
Have you ever posted anything positive or do you save that for WOTB? |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:07 - Jul 1 with 2811 views | footers |
Money well spent. Thanks, Marcus. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:11 - Jul 1 with 2778 views | chrismakin |
They said only 400k remains from the debt
Wheres the other £15 mill of debt? (£111 mill debt - £96 mill mentioned in the report.
Have the New guys paid those off? Or had the debt grown to 111 but before sale Evans had got it done to 96? |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:11 - Jul 1 with 2783 views | HighgateBlue |
| 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. |
I'm sorry, are you really asserting that Evans, a 5% shareholder, will earn "far more" than £96m if we get to the Premier League? That's so obviously bonkers on any basic arithmetic.
Assuming we get to the Prem, and assuming that shareholders are paid all of the profits in dividends every year, in proportion to their shareholdings, we would need to make £1.92 BILLION in clear profit for him to earn £96m back. Not turnover, profit.
How much profit are you supposing we would make each year, and how many years are you supposing we'll stay in the Prem for? Oh, and how many hundreds of years are you supposing Evans will live for?
Either there's no grasp of arithmetic, or some people have more interest in hating Evans than basic facts.
Do you know how many Premier League teams make a profit, and how big that profit is...? I imagine you haven't bothered to think about that question.
If you exclude the most valuable six premier league clubs, the mean average value of the other 14 according to the Price of Football is something in the order of £250m, which means a 5% shareholding would be worth something like £12.5m. And that's having already made it to the Premier League, not still stuck in league 1.
Marcus Evans has written off huge amounts of debt, he's retained a shareholding of comparatively tiny value, and there's no chance whatsoever of his ever recouping it. He made some terrible decisions, fine, but let's at least acknowledge that he put nearly £100m into the club, because it's just true. |  | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:12 - Jul 1 with 2774 views | portmanking |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:06 - Jul 1 by Churchman |
Have you ever posted anything positive or do you save that for WOTB? |
It's definitely that obsessed Budgie that's been posting here for decades, isn't it? Think his name is Bill on Pinkun. | | | |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:12 - Jul 1 with 2761 views | C_HealyIsAPleasure |
| 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. |
Sorry but that’s nonsense, there’s not a chance that owning 5% of the club could equate to the amount lost
However, I don’t really disagree with your general point. Reality was he was stuck with the club and continuing to fund it, and no one was going to pay him what he had lost. There isn’t any noble gesture in writing off the debt, he simply took what was an attractive offer to sell the club |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:20 - Jul 1 with 2713 views | wkj |
A lot of vitriol and conspiracies around Evans still.
Let's face the facts, there is no greater conspiracy at all. Quite simply - Evans was crap at running a football club.
Yes, we should be angry at him for that, but the greater conspiracy theories around him pocketing the money and making shed loads of dosh on taxes is silly, and always has been. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:23 - Jul 1 with 2688 views | BiGDonnie |
It's the absolute minimum he should have done considering he's the primary issue behind the debt. |  |
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| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:24 - Jul 1 with 2680 views | PhilTWTD |
| Evans wrote off £96m in debt in sale to Gamechanger20... on 10:23 - Jul 1 by BiGDonnie |
It's the absolute minimum he should have done considering he's the primary issue behind the debt. |
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. |  | | |
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