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#121 Rudeboy spireite

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Posted 01 December 2016 - 08:52 AM

It is not rocket science is it, we are loosing approx. £150K per month on average, whilst DA keeps making up this shortfall we survive and the second that he decides not to we go into administration. We have been fortunate enough to recoup these loss's over the last three years or so and who knows we may well continue to do so, but it is a very precarious way to run a business and still involves stumping up the money in the first place. Now if DA pledges to continue to run the club in this way we can all rest assured, but will he. The ball (all of it) is well and truly in his court and that is why he can literally do what he likes and if that means keeping Chris and AC then we better get used to it.

#122 Mrhappy

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Posted 01 December 2016 - 08:54 AM

Rudeboy spireite, on 01 December 2016 - 08:52 AM, said:

I'm getting used to nothing, I'm done!

#123 Rudeboy spireite

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Posted 01 December 2016 - 09:08 AM

Can't say that I blame you pal

#124 whittman

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Posted 01 December 2016 - 10:34 AM

What I cannot get my head round is AC saying that DA now has no say in the running of the club but then
admitting that it was DA who deposited the £200000 last week to keep the club solvent

So what did DA say when the money was put in the bank "I know you will do a good job of squandering this
money like you normally do"

#125 dim view

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Posted 01 December 2016 - 11:50 AM

whittman, on 01 December 2016 - 10:34 AM, said:

I've just listened carefully.

CT putting the blame for this mess squarely with the old Saltergate Board. He says proper costings on moving were never done and if they had been, we would not have moved.

BH, rip, made two particular allegations about the additional costs that DA continually carps on about to me personally. One was that JC made unrealistic promises about very large sums of Community grants that would be forthcoming, but wern't. The second was that AC made a last ditch attempt to influence the sale of Saltergate, due to be signed off on the day of the big party on the pitch, which failed and subsequently cost the club a fortune. I'd be very interested to know what our two Board members have to say on these subjects.

Whatever they say, the chances of BH not mentioning these facts to DA are nil. So who's failed to do the due diligence?

Get it on, bang the gong , get it on

#126 azul

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Posted 01 December 2016 - 12:10 PM

freelander2, on 01 December 2016 - 06:50 AM, said:

He's massively overvalued his business for starters, suggesting that he's not interested in selling.

I think his saviour strategy will consist of him writing off some debt in exchange for him / A&S taking ownership of the stadium's freehold.

I was thinking that myself after last night

AC used the term "wipe out" when referring to the ex directors debenture which indicates to me he is after more than them just relinquishing any charge on the ground as discussed previously. I think the sum he stated was £1.8M. Presumably his negotiating stance is that DA would do similar.

It would remove so many obsticles, you can see the advantage to him here...

He could remove over £3M debt overnight thus making the possibility of selling more likely, or
It could make spliiting the football club from stadium more attractive and/or
If the worst comes to the worst he could recover more of his money

Anything else? More importantly what on earth is the advantage to the ex directors? I don't know how rich these ex directors are; is he hoping that they have an emotional attachment to the club and they'll do the "right thing" by writing off the debentures.

However, AC said DA had sole charge on the ground via A&S, was he wrong or perhaps he was predicting the outcome?

Apologies, having listened to the audio again is response to the question, although is said yes he went on to use the term "first charge" which presumably is not quite the same as "sole charge"

This post has been edited by azul: 01 December 2016 - 12:54 PM

Accentuate th Positive, eliminate the negative

#127 ELTON 2020

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Posted 01 December 2016 - 12:14 PM

Rudeboy spireite, on 01 December 2016 - 08:52 AM, said:

The only way to get an accurate picture of what's happening is to put our club against similar ones with a similar turnover/ground - i.e with attendances of 6000 and 5.5m turnover excluding player sales. Clubs like: Peterborough Southend, Oxford maybe. If they are losing £1-2million plus each year then surely there's no case to answer. If they aren't, fair enough.

#128 azul

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Posted 01 December 2016 - 12:28 PM

Elton John 1866, on 01 December 2016 - 12:14 PM, said:

That is a good point to be honest although I wouldn't say "no case to answer"

I'm sure you provided loads of links to clubs finacial statement a few weeks back, some were detailed and others were headline reports. Trouble is they weren't detailed enough, every clubs situations are different regarding stadium ownership, banqueting, etc. Also I noted Ryan wrote of £4M which obviously had a massive effect on their balance sheet

Try to analyse them and report back

Accentuate th Positive, eliminate the negative

#129 dim view

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Posted 01 December 2016 - 01:01 PM

azul, on 01 December 2016 - 12:10 PM, said:

Anything else? More importantly what on earth is the advantage to the ex directors? I don't know how rich these ex directors are; is he hoping that they have an emotional attachment to the club and they'll do the "right thing" by writing off the debentures.

I think there is at least one non director who has a debenture. This person/these people are all life long supporters so his/her/their position needs clarifying sharpish. Thinking on, perhaps this be might linked to the club receiving an inheritance in the accounts.

This post has been edited by dim view: 01 December 2016 - 01:01 PM

Get it on, bang the gong , get it on

#130 The Black Triangle

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Posted 01 December 2016 - 01:55 PM

dim view, on 01 December 2016 - 11:50 AM, said:

Is there a link to the recording?

#131 dim view

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Posted 01 December 2016 - 02:03 PM

The Gimp, on 01 December 2016 - 01:55 PM, said:

Is there a link to the recording?

through the main site.

Get it on, bang the gong , get it on

#132 The Rev.

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Posted 01 December 2016 - 03:17 PM

freelander2, on 01 December 2016 - 06:50 AM, said:

Am I correct in thinking that for this to happen, the four directors with debentures will have to accept DA's offer to get their money back - and this would give him (AS Leisure)total control of the ground and facilities - and if they refuse to relinquish, he's threatening us with administration, in which case they would lose their money anyway?
Sounds very much like corporate blackmail to me, but wouldn't he be cutting his nose off to spite his face?
Makes one wonder just what the `end game' is - perhaps a football stadium to fulfill the designated requirements on the use of the land - with a dog track and a casino?

#133 azul

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Posted 01 December 2016 - 03:44 PM

SaltergateBlue01222, on 01 December 2016 - 03:17 PM, said:

AC made it clear last night that DA wanted the directors to wipe out their debentures thereby reducing the debt by £1.8M. That appears to be DA starting position.

Accentuate th Positive, eliminate the negative

#134 Sammy Spireite

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Posted 01 December 2016 - 04:48 PM

azul, on 01 December 2016 - 03:44 PM, said:

DA wanted the directors to wipe out their debentures thereby reducing the debt by £1.8M

I'm guessing that in the big scheme of things, this is plan B.

Plan A being getting the council to waive their loan.

Should we be fearful of Plan C then?

#135 azul

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Posted 01 December 2016 - 05:24 PM

Sammy Spireite, on 01 December 2016 - 04:48 PM, said:

I'm guessing that in the big scheme of things, this is plan B.

Plan A being getting the council to waive their loan.

Should we be fearful of Plan C then?

I think DA has as much chance of getting the directors to waive their loans as he had with council

Accentuate th Positive, eliminate the negative

#136 Guest_freelander2_*

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Posted 01 December 2016 - 06:54 PM

Goku, on 30 November 2016 - 06:43 PM, said:

Hearing Chris Turner brag about how well he thinks he's done is vomit inducing. What an egotistical deluded fool.

When they've done congratulating one another, it would be nice to hear their detailed analysis on the attached PDF file. Why have we consistently performed so badly against one of the better run clubs in the lower leagues?

How can Walsall operate on a much smaller headcount and wage bill, when on average, they deliver greater success on the pitch and still trade profitably?

Attached File(s)

CFC Versus Walsall.pdf (155.54K)
Number of downloads: 63

#137 Dancingwilldoit

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Posted 01 December 2016 - 07:21 PM

freelander2, on 01 December 2016 - 06:54 PM, said:

Yes but Walsall didn't build a new ground on 100% borrowed money selling their old ground when the market was rock bottom. How much do you think the interest payments are on the loaned money? I would think its in the region of 400-500k per year maybe more and that probably accounts for our losses. Its very easy to move that around in the accounts by not paying one year and put it back in when it suits.
Did we really need £200k to survive to the end of the year or have we seen a sleight of hand with a £200k input and nearly the same going back out to our lord and master in interest payments?

#138 Stockholm Spireite

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Posted 01 December 2016 - 08:02 PM

The Gimp, on 01 December 2016 - 01:55 PM, said:

Is there a link to the recording?

Try this: Here you go

If that doesn't work, go from here: My link , then click the avatar to the left. You'll get a pop-up window and then click the "1 showreel item" and listen from there