Re: Club Statement : Tue Aug 19, 2014 2:33 pm  

saint at wire wrote:

Not quite!
... I believe a 10,000 average crowd was considered to take us into modest profits.
...

No. The original business plan for the stadium said an average attendance of 14k would bring about break even.

Re: Club Statement : Tue Aug 19, 2014 2:41 pm  

Donkey OTay wrote:

No. The original business plan for the stadium said an average attendance of 14k would bring about break even.

The original business plan was also against the rental of the stadium for football purposes (This is a rugby stadium for rugby I seem to recall being a tagline) - once liverpool u21s threw silly money (in relative terms) - the figure was rounded down accordingly. Whether it was as low as 10k I cant remember, but certainly significantly lower than 14k

Re: Club Statement : Tue Aug 19, 2014 5:18 pm  

Donkey OTay wrote:

No. The original business plan for the stadium said an average attendance of 14k would bring about break even.

I think the 14k figure was what they were hoping to achieve in the first season, the actual break even figure was around 10 to 11k but with extra revenue streams that at a guess will be closer to 10k now.

The business plan was not based on pure rugby match attendances the extra revenue streams was always a big factor on turnover figures.

Re: Club Statement : Tue Aug 19, 2014 7:39 pm  

Magic Superbeetle wrote:

It ain't as bad as most on this thread are trying to make out money is moving through the club just as much as before (despite the highlighted drop in turnover) and overall we owe roughly 200k less than we did this time last year. And having the stadium means if the investors walked away, we could afford to pay em off and keep going (albeit at the cost of the stadium most probably).

Our short term liabilities sum roughly 1.1m - I read on another thread wigans last year totalled over 4m for a quick comparison.

Not wishing to put a downer on things but a certain Mr Coleman is owed an extra £2.3M at the end of the year and is now owed over £10M; so we actually owe a lot more than the previous year.

The good thing is that if the club can't pay him, the only thing he can do is convert some or all his debt to extra shares. It's his call, not the club's.

Re: Club Statement : Tue Aug 19, 2014 8:32 pm  

FearTheVee wrote:

Haven't seen the accounts yet but happy to give a view when iI do (as a qualified accountant)

As for Rogues comparing his grunty administration job with Mike Coleman's - just lol.!

Oh good. But can you talk in Key Stage 1 language please?

I don't like this mention of £10 million. Where the googlies did that come from?

Re: Club Statement : Tue Aug 19, 2014 8:46 pm  

saint at wire wrote:

Not wishing to put a downer on things but a certain Mr Coleman is owed an extra £2.3M at the end of the year and is now owed over £10M; so we actually owe a lot more than the previous year.

The good thing is that if the club can't pay him, the only thing he can do is convert some or all his debt to extra shares. It's his call, not the club's.

I've been going through the paperwork slightly more carefully - we also have a deferred tax asset worth 2.4million for use against future profits ... Look how well that balanced out

I can't immediately see where the figures you mentioned come from, though i am pretty unaware of our parent company structure so I guess it's tied into the debts to the parent company...

Re: Club Statement : Wed Aug 20, 2014 8:55 am  

saint at wire wrote:

Not wishing to put a downer on things but a certain Mr Coleman is owed an extra £2.3M at the end of the year and is now owed over £10M; so we actually owe a lot more than the previous year.

The good thing is that if the club can't pay him, the only thing he can do is convert some or all his debt to extra shares. It's his call, not the club's.

Currently you would have to assume he has no reason to pull the plug and call his debts in. If he did, the club could sell/mortgage the stadium to raise the money needed to pay him off.

Going forward, the club will be profitable and have significant assets. When the time comes to sell the club, it should have a value that easily covers the repayment of any investment that Coleman and others have made.

We have been exceptionally lucky to have a Chairman like McManus, with wealthy and influential contacts in the finance sector, without which we would more likely be in Bradford's position now. Hopefully, he is now working on a succession plan that will a) recoup the investments made, and b) bring in a new owner with the best interests of the club at heart.

Re: Club Statement : Wed Aug 20, 2014 1:42 pm  

Eamonn McManus should have been a politician. He's telling everyone how things are getting better and never mentioned the £2.4 million loss last year, or the fact the the total losses for the past five years is close to £9 million.
Not to mention Bank Loans And Overdrafts And Long Term Loans of almost £16 million.

Re: Club Statement : Wed Aug 20, 2014 3:43 pm  

Rogues Gallery wrote:

Eamonn McManus should have been a politician. He's telling everyone how things are getting better and never mentioned the £2.4 million loss last year, or the fact the the total losses for the past five years is close to £9 million.
Not to mention Bank Loans And Overdrafts And Long Term Loans of almost £16 million.

Better than being homeless #bowtowhelansdemands

Re: Club Statement : Wed Aug 20, 2014 5:11 pm  

I'm as worried as the fans of Chealsea and Man City are of their wealthy backers leaving and demanding the clubs pay back £1billion each. As in not at all because it'll never bloody happen!

Did you get any straws with all that clutching Rogues?