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Post by Cantankerous Gas on Feb 12, 2015 9:04:28 GMT
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Post by Mark Ash on Feb 12, 2015 9:55:14 GMT
Interesting. Thanks for posting.
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Post by newmarketgas on Feb 12, 2015 9:58:25 GMT
Wow, just like any other club that is smart enough to have sell on clauses.
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Post by peterparker on Feb 12, 2015 10:01:58 GMT
The important bit is we have borrowed to fund the court case (which need to be paid back this year some time) and the club have basically confirmed sh*t or bust with the legal challenge
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Post by Henbury Gas on Feb 12, 2015 10:05:27 GMT
What the article failed to say is that we expect more money from the Lambert Sale if he plays 25 games this season....
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Post by newmarketgas on Feb 12, 2015 10:34:27 GMT
How many has he played so far ?
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Post by Deleted on Feb 12, 2015 10:46:19 GMT
How many has he played so far ? 25 overall, 18 league. Wonder which they count.
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Post by newmarketgas on Feb 12, 2015 10:49:19 GMT
Thanks for that <<< Lazy
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Post by daniel300380 on Feb 12, 2015 11:49:07 GMT
The important bit is we have borrowed to fund the court case (which need to be paid back this year some time) and the club have basically confirmed sh*t or bust with the legal challenge How much has trash cost us so far??? The board must be confident taking out that loan and paying those costs. Hopefully we have a strong case, Sainsburys might have thought that we wouldn't have the finance's to get this far.
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Post by Topper Gas on Feb 12, 2015 13:19:16 GMT
What the article failed to say is that we expect more money from the Lambert Sale if he plays 25 games this season.... Surely it's a review of last seasons accounts they can hardly start suggesting we're going to get money last season, unless it's something guaranteed? What's clear is the hopeless Higgs has almost driven the club to bankruptcy, what happens if Sainsbury's win the trial a £6m+ debt plus two firms of solicitors costs to pay, a £2.5m wonga type loan needing repaying with nothing but potentially Lambert's money to pay it.
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Post by Severncider on Feb 12, 2015 13:48:24 GMT
What the article failed to say is that we expect more money from the Lambert Sale if he plays 25 games this season.... Surely it's a review of last seasons accounts they can hardly start suggesting we're going to get money last season, unless it's something guaranteed? What's clear is the hopeless Higgs has almost driven the club to bankruptcy, what happens if Sainsbury's win the trial a £6m+ debt plus two firms of solicitors costs to pay, a £2.5m wonga type loan needing repaying with nothing but potentially Lambert's money to pay it. My concern is if we lose the case against Sainsbury, how are we going to service the loan of £2m+, yet alone the current outstanding unsecured loans to the Directors.
I would image we are paying a hefty interest rate and assume it is much more than the Barclays loan rate.
Unfortunately, I will not get an answer to this question at the AGM, as the information will be deemed to be confidential.
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Post by Topper Gas on Feb 12, 2015 13:56:03 GMT
Surely it's a review of last seasons accounts they can hardly start suggesting we're going to get money last season, unless it's something guaranteed? What's clear is the hopeless Higgs has almost driven the club to bankruptcy, what happens if Sainsbury's win the trial a £6m+ debt plus two firms of solicitors costs to pay, a £2.5m wonga type loan needing repaying with nothing but potentially Lambert's money to pay it. My concern is if we lose the case against Sainsbury, how are we going to service the loan of £2m+, yet alone the current outstanding unsecured loans to the Directors.
I would image we are paying a hefty interest rate and assume it is much more than the Barclays loan rate.
Unfortunately, I will not get an answer to this question at the AGM, as the information will be deemed to be confidential.
"The loan, part of which was used to repay former director Geoff Dunford £200,000 of what he is owed, is accumulating interest of 1.2 per cent per month and has to be paid back later this year" So £24K a month or £288K p.a. compound rate!!
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Post by Severncider on Feb 12, 2015 14:03:36 GMT
My concern is if we lose the case against Sainsbury, how are we going to service the loan of £2m+, yet alone the current outstanding unsecured loans to the Directors.
I would image we are paying a hefty interest rate and assume it is much more than the Barclays loan rate.
Unfortunately, I will not get an answer to this question at the AGM, as the information will be deemed to be confidential.
"The loan, part of which was used to repay former director Geoff Dunford £200,000 of what he is owed, is accumulating interest of 1.2 per cent per month and has to be paid back later this year"
So £24K a month or £288K p.a. compound rate!! Where did you get that info from as it would be highly confidential.
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Post by Deleted on Feb 12, 2015 14:19:11 GMT
Its not confidential its in the accounts
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Post by Deleted on Feb 12, 2015 14:19:47 GMT
Its also on top of the £6m so that including interest in a massive debt.
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Post by gasincider on Feb 12, 2015 14:19:52 GMT
It's in the accounts. However we are paying £31,200 per month interest which means £374,400 per annum in interest which equates to 14.4% in real money.
That is obviously unsustainable.
As for Lambert, I am led to believe that The second part of the sell on that is included in these accounts amounted to £358,000
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Post by Deleted on Feb 12, 2015 15:04:24 GMT
We're f**ked aren't we.
We will be bust within 3 years at this rate.
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Post by Henbury Gas on Feb 12, 2015 15:32:26 GMT
We're f**ked aren't we. We will be bust within 3 years at this rate. Na 3 days after the Sainsbury court case
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Post by Severncider on Feb 12, 2015 15:35:02 GMT
Its not confidential its in the accounts Apologies, you are correct.
Although I have a copy of the accounts, I did not read all the pages and to be honest would not have expected that info to be included for the financial year ending 30/06/2014 as these transactions were not within that financial year.
I am still concerned that if we do not win against Sainsbury, how can we afford £30k+ a month.
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Post by Deleted on Feb 12, 2015 17:35:02 GMT
The main reason i have been so disillusioned with those who run this club (other then the innability to develop the club structures, commercial arm or achieve footballing success) has been that for as long as they have been in charge they have been completely incapable of counting. How hard is it to set a budget that realistically matches the anticipated income???. There has long been a culture at this club of overbudgeting on the off chance of a player sale or cup run (luck and chemistry) rather then sensible budgetting that would have put an end to crazy wages and contracts a club like ours cant maintain a generation ago.
Whilst we were blowing £2.5m a year on wages when we could only afford £2m clubs paying half that have achieved more becase they pay sensible wages and invest in recruitment. This £500000-£1m a year loss year on year has led to us being £8m in debt with sh** favcillities, no scouting set up and very unattractive to buyers.
Its pure incompetance and it astounds me more fans don't agree with me on this issue.
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