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Post by Rossy on Apr 29, 2019 10:58:31 GMT
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Post by Deleted on Apr 29, 2019 11:07:55 GMT
Anyone know if Pendleton Church is free anytime soon?
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Post by lemmy on Apr 29, 2019 11:33:58 GMT
I'm not clued up on accounting matters at all, but how are we still haemorrhaging money like that? I thought we were supposed to be living strictly within our means? Is there not a more up-to-date financial statement, i.e. to the year end of January 2019?
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Post by Deleted on Apr 29, 2019 11:54:28 GMT
It's not really the big exclusive that League Express are making out, as the accounts have been on Companies House website since April 25th.
To reduce the losses from £800k to £180k is not bad going to be fair. The accounts suggest a small profit for this year although I would suggest that is unlikely.
Our biggest problem is the liabilities which is essentially the CVA agreement. No investor wants to take it on (even Marwan) and we have nothing in the pot to pay it back with.
On a side note if every ST holder was to join the squad builder at the lowest package it would wipe out last years losses in an instant.
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Post by Deleted on Apr 29, 2019 12:01:30 GMT
This is a definite case of a statement from the board/club being needed ASAP to steady a few nerves as this will turn into a major drama fuelled by Chinese whispers online.
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Post by kitch on Apr 29, 2019 12:10:55 GMT
Right, this is nothing like the crisis that the headline makes it seem like. This is for accounts ENDING over 15 months ago. In the year before that, we reduced losses to £180k from £800k. Some time after that we sold Gaz O'Brien to steady cashflow, which was dispiriting, but clearly sensible. Clearly the club is pretty close to break even now, or we'd be seeing problems. Things that would scare me include; Wages not being paid. Winding up order. Tax bill not paid. Creditors not paid. None of these things have happened or even been suggested. This is a scary headline designed to attract attention, and it will undermine what looks to me like a stable situation. Yes we are not made of money, and we already suspect that we will have to offload a couple of higher earners at the end of the season, which is a real shame, but to me that says the directors are being sensible rather than reckless.
Squad builder scheme came in after this, and suggests cutting our cloth to match our finances.
We know there's not much money, but what I actually take from this, looking at it closely, is that the directors have worked very hard to make us sustainable, which is a GOOD thing. Bloody irresponsible journalism, if you ask me. |
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Post by osrd on Apr 29, 2019 14:37:03 GMT
Right, this is nothing like the crisis that the headline makes it seem like. This is for accounts ENDING over 15 months ago. In the year before that, we reduced losses to £180k from £800k. Some time after that we sold Gaz O'Brien to steady cashflow, which was dispiriting, but clearly sensible. Clearly the club is pretty close to break even now, or we'd be seeing problems. Things that would scare me include; Wages not being paid. Winding up order. Tax bill not paid. Creditors not paid. None of these things have happened or even been suggested. This is a scary headline designed to attract attention, and it will undermine what looks to me like a stable situation. Yes we are not made of money, and we already suspect that we will have to offload a couple of higher earners at the end of the season, which is a real shame, but to me that says the directors are being sensible rather than reckless.
Squad builder scheme came in after this, and suggests cutting our cloth to match our finances.
We know there's not much money, but what I actually take from this, looking at it closely, is that the directors have worked very hard to make us sustainable, which is a GOOD thing. Bloody irresponsible journalism, if you ask me. Kitch, thanks for your assessment of the newspaper item plus what has bring going on at the club. The people who are running the club now, have in my opinion been doing a good job in difficult circumstances and have reduced the spending in a way that has enabled the club to recruit players who towards the end of last season and for most of this one up to now, who have started to prove the doubters wrong. Years ago newspapers and the media used to report the news, now they continually try to make it and in doing so it shows the media industry in a very bad light, in that many newspapers cannot sell papers like they used to, they give them away and some of their reporters rely on social media for their stories. Anyone just has to see the local rags around this area to see that these reporters appear clueless in that they usually cannot spell, have no idea about the area and on a regular basis rarely get the story correct in every detail. One example Manchester Weekly News (Salford Edition) has main articles about Stockport,Hyde,Lyme Park plus many others no wonder they have to give it away. |
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Post by dixon13 on Apr 29, 2019 16:27:44 GMT
Right, this is nothing like the crisis that the headline makes it seem like. This is for accounts ENDING over 15 months ago. In the year before that, we reduced losses to £180k from £800k. Some time after that we sold Gaz O'Brien to steady cashflow, which was dispiriting, but clearly sensible. Clearly the club is pretty close to break even now, or we'd be seeing problems. Things that would scare me include; Wages not being paid. Winding up order. Tax bill not paid. Creditors not paid. None of these things have happened or even been suggested. This is a scary headline designed to attract attention, and it will undermine what looks to me like a stable situation. Yes we are not made of money, and we already suspect that we will have to offload a couple of higher earners at the end of the season, which is a real shame, but to me that says the directors are being sensible rather than reckless.
Squad builder scheme came in after this, and suggests cutting our cloth to match our finances.
We know there's not much money, but what I actually take from this, looking at it closely, is that the directors have worked very hard to make us sustainable, which is a GOOD thing. Bloody irresponsible journalism, if you ask me. Kitch, thanks for your assessment of the newspaper item plus what has bring going on at the club. The people who are running the club now, have in my opinion been doing a good job in difficult circumstances and have reduced the spending in a way that has enabled the club to recruit players who towards the end of last season and for most of this one up to now, who have started to prove the doubters wrong. Years ago newspapers and the media used to report the news, now they continually try to make it and in doing so it shows the media industry in a very bad light, in that many newspapers cannot sell papers like they used to, they give them away and some of their reporters rely on social media for their stories. Anyone just has to see the local rags around this area to see that these reporters appear clueless in that they usually cannot spell, have no idea about the area and on a regular basis rarely get the story correct in every detail. One example Manchester Weekly News (Salford Edition) has main articles about Stockport,Hyde,Lyme Park plus many others no wonder they have to give it away. The local paper is printed by the Daily Mirror. |
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Post by osrd on Apr 29, 2019 16:41:53 GMT
I rest my case Dixon 13.
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Post by bonitared on Apr 29, 2019 17:17:30 GMT
Papers have space to fill.
Accounts for the period to January 2018 are almost meaningless.
The long term debt is irrelevant as no one expects it to be repaid and,as far as I’m aware,is interest free.
The debt won’t put off future investors because it’s not an investment.
As regards new owners ,be careful what you wish for.
We are a fans club,we just need people good at sums to make the numbers add up.
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Post by russ on May 1, 2019 18:23:08 GMT
Do other sports suffer these kinds of stories or just RL?
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