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 GrimRob |
| September 22, 2011, 1:08pm |
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an incredible post, fenty (& the board) have overspent to a ridiculous extreme. we are out of money, fenty just continued to add to his loans secured on the ground. fenty (& the board) has taken us to a financial position that isn't entirely disimilar to chester & rushden, it's just that we owe fenty himself rather than hmrc & other creditors
They have overspent trying to achieve success. They didn't have to. They could have offered contracts half of what we have been paying and we wouldn't owe Fenty all the money we did (which he doesn't expect to get back anyway). Then he would have been really slated! We could still go down this route. We could halve the staff budget next season and our income would equally our outgoings. It's not rocket science. Our main bill is players wages and they are totally under our control. JF has put together a budget with his own money with no expectation of it ever being returned to try and get us promoted and you still have a go at him. That's what I call incredible. |
| 'Tis better to have loved and lost than never to have loved at all.
~ Alfred Lord Tennyson
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| Roast Em Bobby |
| September 22, 2011, 1:12pm |
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I thought that they were forecasting a 900K loss this year, and that the playing budget was also 900K. That basically means we can't really afford to pay any players doesn't it?
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| voice of reason |
| September 22, 2011, 1:14pm |
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I thought that they were forecasting a 900K loss this year, and that the playing budget was also 900K. That basically means we can't really afford to pay any players doesn't it?
Correct.. I can't believe people are trying to defend the financial state we are in... Even JF admits the finances aren't too clever... |
| "I am surprised that Bright pratt like you fails to get a grasp of the queens English been as your allways pulling up anyone who fails to follow your thoughts and if they don't give you verbal pats on the back get real and grow up this is a free speech site.UTMM".(Cleefish, 2012)  |
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| pontoonlew |
| September 22, 2011, 1:14pm |
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Does losing 1 million a year not equate to a financial mess...???
That's something Fenty was covering himself and i'd be absoloutely shocked if you could name me 10 proffesional clubs in the whole of England operating at a profit. If we did operate at a profit we'd be a Conference North side, now to soften that loss without Fenty we must cut our budget. Something i've JUST gone through. But yeah, still some people think Fenty going is a good thing... |
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| Quagmire |
| September 22, 2011, 1:15pm |
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assurances he will never demand it back
Never demanding the money back is a lot different to not actually wanting it back. He said he'll never put the club in jeopardy by demanding his loans back, he's never said you can write those loans off as I never want that money back. |
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| GrimRob |
| September 22, 2011, 1:16pm |
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I thought that they were forecasting a 900K loss this year, and that the playing budget was also 900K. That basically means we can't really afford to pay any players doesn't it?
If the wage bill is 2700 and the income is 1800 that's a 900 loss. It's just a conicidence the two figures are the same. To break even we'd just have to cut the wage bill by whatever the forecasted loss is, 900 in this case. |
| 'Tis better to have loved and lost than never to have loved at all.
~ Alfred Lord Tennyson
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| headingly_mariner |
| September 22, 2011, 1:17pm |
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Others, though, have appreciated the personal wealth he has invested in the club to keep them afloat, amounting to more than £2-million with assurances he will never demand it back
Thats been taken from the Grimsby Telegraphs inital report so i'd beg to differ with you on that one.
As for the second point, he hasn't because we owe no money out? When, we did owe 700k out. So if you pay of a debt meaning you have no debt left, does that mean you've made a terrible mess? I dont understand your logic at all, how are we in a mess FINANCIALLY?
That is a misquote from the telegraph. He has never said he does not want it back, he said he would not demand it back to sink the club. but what those loans do is stop the club from going forward as they leave him in a position of power over the club knowing that no one would be stupid enough to take control of the club knowing that they would eventually have to pay the money back. We lose a million pound a year under his control, these are the kind of losses that kill a football club at this level, i think that is clearly a financial mess. |
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| pontoonlew |
| September 22, 2011, 1:23pm |
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That is a misquote from the telegraph. He has never said he does not want it back, he said he would not demand it back to sink the club. but what those loans do is stop the club from going forward as they leave him in a position of power over the club knowing that no one would be stupid enough to take control of the club knowing that they would eventually have to pay the money back.
We lose a million pound a year under his control, these are the kind of losses that kill a football club at this level, i think that is clearly a financial mess.
Our crouds are higher than the average club at this level, as is our general revenue. We can afford to operate at a loss for the minute, which what most clubs do. All that happens is the budget is cut (do I have to go through this again) to match what we can realistically afford to lose. |
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| Kris Mustampa |
| September 22, 2011, 1:23pm |
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Well judging by the fact Fenty has written off the 2 million we owe him, it actually says to me that we are financially in a better position now because we dont owe any money out. We are not 'out of money' yet, we will survive this season and probably seasons to come because we owe NOTHING. All that happens is, is the budget gradually begins to shrink and it becomes harder to get out of this league. If you did your homework on Rushen and Chester, you'd realise that they did owe money out in the persuit of success, we haven't done anyway near what they did and nobody is looking for money back from us.
Chesters chairman drained all the profits out the club for his own wealth, Fenty has drained all the debt out for nothing but love of the club. Seriously, it's not that difficult to comprehend and I know the IQ of the average fan of this club is not the highest, but it's really not that difficult.
That said, Fenty leaving is a disaster but not for the reasons most people seem to think. It's the same fans who wanted Fenty out who also want an immediate return to the FL, well im afraid there isn't a chance of the two happening in tandum unless we get more money from a man who doesn't want it back. Fenty didn't do the best job on occasions, but he did an absoloutely wonderful job of keeping us afloat. Say he chucked money away on managers & players all you like, but they were gambles that didn't pay off. He didn't risk the clubs money and risked leaving us skint, he risked his OWN money to try make some of you miserable illegitimates content.
Ask Lloyds TSB to clarify that for you!!! With the current impasse it is bound to have an effect on the players. Those that have a contract beyond this season will see that there is no money to meet those commitments unless someone stumps up a large wedge. Fenty,IMO, now needs to follow things through. Leave the club altogether. It may mean melt down BUT there isnt a hope in hell of anyone getting involved whilst his loans are hanging over the club. It is the ONLY chance of survival |
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| pontoonlew |
| September 22, 2011, 1:24pm |
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I thought that they were forecasting a 900K loss this year, and that the playing budget was also 900K. That basically means we can't really afford to pay any players doesn't it?
Jesus christ... |
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GrimRob
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