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GTFC Huge loss

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935
September 9, 2010, 2:32pm Report to Moderator
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You must be very lucky. I doubt most people's pay has gone up by nearly 40% in that time period. Most has probably stayed still for the last 2 years.



Firstly the time period i was discussing was 5 years and in that time even minimum wage has gone up 20% so would be massively suprised if no-ones pay has responded to that... its simple economics
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pier39
September 9, 2010, 2:46pm Report to Moderator
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Quoted from 935


Could you tell us all the operating budgets of those clubs? do you know for a fact that they make more/less than we do??

I hate all this Fenty bashing. The guy bankrolls our beloved footie club, yup he makes some decisions which are criticised but he rarely fails to get behind his manager by putting his hand in his pocket. We couldnt do without him, cos like it or not there really arent that many people mad enough to lose a few million on a football club when they get no thanks whatsoever from people who wouldnt understand how to operate a business if it bit them in the face


whatever people agree or disagree on we are man utd compared to those 3 in financial terms and has for thanking fenty,no thanks hes the main culprit in all this we where crap before newell arrived
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The Old Codger
September 9, 2010, 3:05pm Report to Moderator
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To be picky, strictly speaking ours do. They've been around the £830k mark for 4 years (excepting the Wembley boost)
Obviously doesn't leave much of a playing budget!


Especially when £170k is taken out for pensions a year.....
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TWAreaTownSupporter
September 9, 2010, 3:21pm Report to Moderator
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Quoted from 935


Firstly the time period i was discussing was 5 years and in that time even minimum wage has gone up 20% so would be massively suprised if no-ones pay has responded to that... its simple economics


NMW was widely acknowledged as having invcreased faster than average pay inflation. At least 2 of those 5 years saw pay inflation reduce to barely a flicker (only kept alive by public sector pay) and have been below general inflation (and will be again this year). Unemployment rose. Part-time working increased. Reduced working weeks (with pay pro rata). The country was in recession from late 2008 to this year. Even in the boom years pay was kept in check with massive immigration.

There is no way on God's Earth that UK pay inflation was 40% over those 5 years. We haven't seen that sort of level for 30 years. I repeat, if you have had a 40% pay increase over 5 years for the same job, you are very lucky.

Simple economics. I assume you are a banker.

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moosey_club
September 9, 2010, 3:48pm Report to Moderator
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Dont think there are any great suprises with the figures are there? The chairman has been praying for a cup run/wembley appearance for long enough to help balance the books out.
As i have said previously and others on here we are similar to pompey, rotherham etc etc in the fact we live beyond our means, turnover means that is but are fortunate that we have a chairman and director who pay the right bills first to avoid winding up orders.
A club 3 or 4 times in debt over its income is not in good health even if that debt is into two directors loans.
Every passing season just mounts the debt like an unpaid credit card, i appreciate both parties have stated the loans are benign but even if they are how much longer will they both support the club so unconditionally?
Next years figures will drop even further at current attendance levels so a big club away in fa cup rd 3, the final of the vase/trophy and play off final may all be required to get income up to maybe just break even..


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Helgy
September 9, 2010, 4:03pm Report to Moderator
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The GTST have been running this type of scheme for years. Always order my mum flowers through this site.

http://buy.at/gtst



This one has every retailer and it runs along side what else we do.

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arryarryarry
September 9, 2010, 4:14pm Report to Moderator
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Quoted from 935



THE ONLY FINANCIAL IDIOT HERE IS YOU. THERE IS THIS THING YOU SEE, CALLED INFLATION, AND THE WAY INFLATION WORKS IS IT MEANS THAT OVER TIME PRICES FOR GOODS AND SERVICES RISE, SO FIVE YEARS AGO THE COST OF 20 FAGS BY WAY OF AN EXAMPLE WAS 4 POUNDS, THEY NOW COST 6 POUNDS, WAGES RESPOND TO THIS.


No need to shout, anyway as regards wages and inflation, my wages haven't seen an increase in over two years.
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Denby
September 9, 2010, 4:53pm Report to Moderator

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Quoted from 935

THE ONLY FINANCIAL IDIOT HERE IS YOU. THERE IS THIS THING YOU SEE, CALLED INFLATION, AND THE WAY INFLATION WORKS IS IT MEANS THAT OVER TIME PRICES FOR GOODS AND SERVICES RISE, SO FIVE YEARS AGO THE COST OF 20 FAGS BY WAY OF AN EXAMPLE WAS 4 POUNDS, THEY NOW COST 6 POUNDS, WAGES RESPOND TO THIS.


i can see i'm really out of my depth here so i'd better stay quiet
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Lord Sommet
September 9, 2010, 5:00pm Report to Moderator
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Three questions I asked Fenty earlier today:

1.What are the club doing to minimize costs given we are continuing to lose on average 500k a year?

With football fortune, we will not lose as much and could make a profit particularly if we were successful in a cup run. We have projected 6 to £700 thousand pounds loss for the coming season. But of course the danger this could get worse if we don’t meet budget because of personnel changes and fitness.

2. When Mike Parker was appointed was it not you who stated Mr. Fernaux was to stand down, yet in the accounts he is to stand for re-election?

I have never related PF position as a director of the club with Mike Parkers appointment. I have previously said that if there is someone out there who can help the club and Peter and or myself stands in the way then this would be considered.

3. What would happen/what securities are in place if the bank loan was to be recalled given we are in financial mess?

The Bank is asking for our overdraft to be replaced by a repayment schedule something we are resisting; I suspect the Bank will achieve this in part. They are fully secured by a 200k personal guarantee from me and the rest on Blundell Park. Do not like it, but that’s the banking world right now hence this is alluded to in the accounts.
As you know, Mike and I are converting loans into share capital or at least proposing to do that which will strengthen the balance sheet.
You say ‘mess’ but we have not committed the club to funding exposure that we will not stand by, we are proud that this club has never been into administration.


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theicenian
September 9, 2010, 5:01pm Report to Moderator

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Quoted from Denby


i can see i'm really out of my depth here so i'd better stay quiet



Unlike you to be intimidated Denby.


And I must be buying smuggled fags cos the ones I buy aren't 6 quid a packet.

And wages aren't keeping up with inflation which is why we can say we are still in recession isn't it or am I thick too.

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