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Comment | No Dividends For PLC Shareholders
at 08:12:02
Poor form - why would they do this - any dividends would be de minimus to shareholders (who own less than 1% & will be diluted to a fraction of that with the new investment). The admin costs are also tiny as they have to send shareholders the PLC documents in any case.
Is this the first signs of a US clamour for a Premier League pot of cash?
The timing stinks too, especially in such an important week - it's not the money, it's the principle of protecting minority rights that should be upheld - seem so odd after Gamechanger haven’t put a foot wrong so far - a real shame to disenfranchise loyal fans & shareholders by simple greed when the costs are so minimal!
The email was also sent from a no-reply address & the document was password protected (with no password given (hmm!)
Best
James |
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Comment | Ipswich Town 6-0 Exeter - Highlights
at 14:56:04
Need the highlights with the commentary - the only one with commentary on YouTube is an EFL one with good extended highlights but unfortunately not the usual iFollow guys… |
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Comment | Ex-Blues Owner Set for 65 Per Cent Stake in Huddersfield
at 19:07:47
I don't know how much Evans lost (or even made, using tax loss offsets?!)with Ipswich but I suspect it was nowhere near £60 million that he wrote off. He only paid a few million quid to take over the £35n debt from Aviva and Barclays but he then charged 10% compound to himself which pushed the debt up to £100m - saddling the club with more & more interest due to himself is very different to putting in money I.e. that is not money he put in! It was just interest he charged to the P&L to say that he was funding £6-7m losses every year (which seems to have misled loads of us) It made it look like he was forking out six or 7 million a year when actually he was just increasing the “IOU” interest due to him. Whereas the cash required to run the club was mostly from the sell down & sell on fees from all our best players! |
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Comment | Town Accounts Show Evans Waived or Settled £96m in Loans
at 13:51:06
I suspect people may have misunderstood the write off etc.
We should understand that the huge debt & accumulated losses were NOT as a result of Marcus Evans investing £100m of cash into the club - it was by him assuming the £40m debt (for a knockdown price) from Aviva & Barclays & then charging notional interest at c.10% compound every year - which was charged to the P&L - by the end it was probably running at c.£10m in interest accumulated per year - all owed to himself - this is not money he invested, just money Aviva & Barclays we're owed that he paid them £8m to have reassigned to be owed to him instead (so he could return a healthy profit one day on promotion after racking up the interest owed each year on year) A clever “private equity” approach had the dream of promotion come true, as he could have “repaid” the accumulated interest to himself & made a fortune on his initial £8m outlay for the debt. His shares would also have rocketed in value! in the first couple of years
He was charging the club huge interest on the old Aviva & Barclays debt (which he bought them out of for a rumoured £8m) - so in theory the 10% interest charged by him on the whole £40m debt he took on from Aviva & Barclays would have covered his initial outlay in the first couple of years (it didn't work out as planned!)
When we didn't get an early promotion payday - he battened down the hatches & sold off the best players (Mings/Webster/Wickham etc etc) to keep his cash investments to a minimum (see Alan Lee's interview )
It's all very complicated - but I think many supporters have misunderstood the financials & misinterpreted two things:-
1) his ever increasing charging of compound interest on the £40m debt he bought from Aviva/Barclays
& this has been confused with:-
2) real cash investment into equity of the club or even a cash loan (the two are NOT the same - as the losses each year were largely due to the interest charges - not further cash loans or investment)
I hope this goes some way to explaining why the £96m write off is not money he has paid in & lost.
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Comment | Departing Skipper Chambers Truly Humbled
at 18:32:57
Very Best of luck Chambo - a real credit to the game - never say die attitude & a true leader. Also, the most candid & honest (no bull!) pro at the club - interviews which never hid from the truth at some difficult times & a skipper who helped so many of the youngsters - thanks you Luke - I hope this is the start of rich new pastures in the game for you…
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Comment | Lambert on Salary Cap: Players Will Be in a For a Rude Awakening
at 20:49:13
Agree with the comments above, Evans could actually start making a profit with the new wage cap - so it probably suits him to stay in this division - no need to put any more money in as there's no point in buying players when your not allowed to pay them a salary!
With c.10,000 season tickets at say a £300 average gives him £3m plus commercial / Merch / hospitality revenues etc) - he can carry on claiming the tax losses which are mostly the huge interest charges that add millions to the debt pile owed to him year on year...the rumour was that he only paid £7m to take the £35m debt off the banks in any case - & now we are £85million or so in debt to him - I'm not an accountant but this all looks like a clever tax scheme...if we ever become profitable due to the low wage bill & big money player sales he can start taking some nice debt repayments...
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Comment | Lambert Facing Dressing Room Unrest - Report
at 21:26:13
Not sure how a 4 year redundancy package would work with the salary cap etc - all pre-existing contacts are treated as a fraction of what they actually are (until renewal, whereupon the “real” salary cap hits) - so I'm not sure the club can afford a replacement of any calibre... |
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Comment | Legend Mariner Thanks Fans For Messages of Support Following Surgery
at 19:43:17
I just loved watching him play at first with Trevor Whymark (the most underrated Town no.10 who was also one of the top English strikers of the day)& then with Alan Brazil - he's was unplayable at times - I remember an interview with a Barcelona defender in Shoot magazine, where he said Mariner was the best player he'd had to play against.
So many great goals - the winning header against Liverpool, the cracker v WBA & and a stunner past Shilton in front of the packed North Stand - TWTD ! |
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Comment | Stoke and Birmingham Linked With Jackson
at 12:03:25
Spot on BlueBlood - the club may have excess cash from bigger crowds (than our peers) & sale proceeds of our best players but can only buy players on a fraction of the wages now - the whole salary cap should be based on a % or revenues, not the lowest common denominator - it's crazy (might be great for Evans tho - he can use the excess revenues to collect the £80-£90m of debt owed to himself! |
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Comment | Hyam Leaves Southend
at 12:52:43
28!!??? I still think of him as being 21 or 22! Wish him the best - proper 100% player who was proud to wear the shirt - wouldn't cost much to have him back..? Maybe a pay as you play oriented with hi injury record... |
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Comment | Hurst: Both Goals Were Very Avoidable
at 18:58:40
With the summer departures of our forwards we have lost 42 goals (league & cup) from last season (Waggy, Garner, McG & Celina) - crazy!
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Comment | Knudsen Unused Sub as Denmark Draw
at 15:18:31
It will be interesting to see if he plays in the final warm up match (v Mexico), as the manager may have just been checking out Larson at left full back as back up.
Bear in mind Jonas has looked pretty comfortable in a back 3 set up (& could be considered as a pretty good stand in option as a Centre Back for Denmark)
Anyway, let's hope he makes the plane as I love his attitude & passion, despite him not being in the same class as Cresswell or Mings. |
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Comment | Sheepshanks Targeted McCarthy
at 23:23:13
Carley - administration was a nightmare - not all Sheepy's fault (ITV did going bust etc) but it has to be one of the worst negotiations of any club's Administration ever ... Local businesses (that could least afford it) got 5p in the pound whilst the banks & lenders (Barclays & Aviva/Norwich Union) kept the ENTIRE debt in our books!
If you are going to go into Administration, at least clear your debts... Sheepy's was so afraid of embarrassing himself in his position at the Football League (& the prospect of losing the Club's FL "share" i.e. the right to be a member of the League) that he didn't use the threat of us going out of business as the stick to negotiating a reduction in the £30m owed to the banks. The banks HAD to negotiate or risk getting nothing (the Club didn't even own the ground so had real value as collateral) - instead Sheepy's legged over the little guys & merely extended the repayment terms of the entire bank debt - thereby leaving the club in a hopeless long term debt spiral with no hope of ever reducing the debt, unless we got promoted - which was always going to be tough when Joe Royle had no budget to play with).
Marcus Evans did the deal that Sheepy's should have done - buying out the debt form a fraction of the total due - but worryingly for the Club, he's kept the total figure in the books as still owing to him plus huge amounts of interest which have rapidly doubled the amount owed to him). If we ever do get promoted to the £120m Premier League pot of gold, the strewn Mr Evans could pocket the entire debt pile now owed to him & sail off with an enormous windfall ! |
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Comment | Town Make Loss of £15.96m
at 14:01:50
If we ever get promoted to the £100m a year PL bonanza, Marcus could decide to pay back the ever increasing £80m he's "owed" from the ever increasing debt to himelf - not a bad return considering he was rumoured to have only paid £8m or so for bought the original £35m Norwich Union/Barclays debt - still, beggars can't be choosers |
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Comment | Town's Bid Only Offer Accepted for Posh Duo
at 17:51:58
I heard the Pompey players we were after (from the last Jan transfer window) were demanding a 300% wage increase from us!
I wonder if the Posh players share the same agent!? |
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Site Scores| Forum Votes: | 0 | | Comment Votes: | 22 | | Prediction League: | 0 | | TOTAL: | 22 |
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