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WHY GTFC IS IN DEBT

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BPMariner
May 9, 2018, 9:51pm
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The Grimsby Town Football Club Plc is issuing this brief statement to complement the publication of the financial statements for the year ended 31st May 2017.

The Club continues to invest prudently in the first team and management staff in order to play at the highest level possible and progress plans for relocation to the new community stadium.

An operating surplus for the year has enabled a further reduction of the Club’s historic external debt that arose before the collapse of the ITV Digital.

Specifically, a £300K repayment to the Bank eliminating the company’s bank loan.

Comparing debt of 15 years ago. The Club had historic debts of circa £2 million which threatened the Clubs existence. This was owed to the HMRC, the Bank and past directors. A sum that in today’s value would be well in excess of £3 million.

Cumulative trading losses over the same period in time have in the main been financed by an increase in the issued share capital.

Currently the Clubs total indebtedness is significantly less than £2 million, demonstrating the prudent management of the Clubs financial affairs.

This sum, should not be confused with the accumulated tax losses of £5.3million disclosed in the accounts.

Often onlookers have confused this sum of £5.3million, to be the Clubs indebtedness, which it is not.

These tax losses have been accumulated over 30 years, and include tax allowances for capital expenditure, such as, converting Blundell Park to an all seater stadium, and the construction of the Findus stand, and income that is not subject to tax.

They remain in the accounts and available to offset against future profits.

Additionally, the Club has invested substantially in the infrastructure for the Youth Academy and training facilities, in the form of changing rooms, technical equipment, staffing levels and the overall facilities.

https://www.grimsby-townfc.co.uk/news/2017/november/club-statement---2017-accounts/
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Bigdog
May 9, 2018, 10:11pm
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However the statement is dressed up with self-congratulatory praise, without Mike Parker and the Trust's investment the club would be now be in debt to the tune of over £3m not just the nearly £2m as it is now and the £2m as it was then 15 years ago and that's after the Bogle sale. The debt has just shifted over to JF after all this time and would be worse without the generosity of others.

As a fan, I hate reading these over egged claims which are written as though you're too thick to see through to the actual truth which is far different from the tone of the statement..
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MuddyWaters
May 9, 2018, 10:23pm
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Quoted from Bigdog
However the statement is dressed up with self-congratulatory praise, without Mike Parker and the Trust's investment the club would be now be in debt to the tune of over £3m not just the nearly £2m as it is now and the £2m as it was then 15 years ago and that's after the Bogle sale. The debt has just shifted over to JF after all this time and would be worse without the generosity of others.

As a fan, I hate reading these over egged claims which are written as though you're too thick to see through to the actual truth which is far different from the tone of the statement..


But this statement was made in November - pre the collapse in form and even the Fans Forum. I doubt we will ever be told how much the board were cacking theirselves about the prospect of relegation and ever seeing the debt reduce.
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nomorefourfiveone
May 9, 2018, 10:36pm
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Quote “Currently the Clubs total indebtedness is significantly less than £2 million, demonstrating the prudent management of the Clubs financial affairs.”

So, John Fenty’s ‘benign loans’ are ‘significantly less than £2 million’???
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Bigdog
May 9, 2018, 10:42pm
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Quoted from nomorefourfiveone
Quote “Currently the Clubs total indebtedness is significantly less than £2 million, demonstrating the prudent management of the Clubs financial affairs.”

So, John Fenty’s ‘benign loans’ are ‘significantly less than £2 million’???


They take into account the value of BP on the balance sheet so it deducts from JF's £2m..
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moosey_club
May 9, 2018, 10:48pm
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Quoted from Cambs Mariner
Forgive me if I have got this wrong Bigdog but what you are saying is that basically all the debts are now the monies that John Fenty has loaned to GTFC. Sounds like some very clever accountancy to me.


Always is....didn't Man Utd have a very healthy bank balance  one day and following their last takeover instantly become a highly in debt club.


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nomorefourfiveone
May 9, 2018, 10:49pm
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Ah, forgive my accounting ignorance - so ‘significantly less’ is about a quid then?

Out of interest, how much is that ‘asset’ on the books for?
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Bigdog
May 9, 2018, 10:55pm
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Quoted from nomorefourfiveone
Ah, forgive my accounting ignorance - so ‘significantly less’ is about a quid then?

Out of interest, how much is that ‘asset’ on the books for?


From memory around £650k

Depreciating rapidly over the past few years..

One the one hand, the board haven't done too badly by roughly balancing the books, on the flip side, we had to get relegated, struggle in League Two or drop into non league while they've done so. I'm not advocating the club going further into debt but surely a club of our size shouldn't have gone through so many poor seasons on the trot with the size of our income..
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KingstonMariner
May 9, 2018, 11:04pm
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Quoted from moosey_club


Always is....didn't Man Utd have a very healthy bank balance  one day and following their last takeover instantly become a highly in debt club.


Yes. I think the Glazers somehow mortgaged the club to buy it for themselves. May have been some intermediate steps.


Through the door there came familiar laughter,
I saw your face and heard you call my name.
Oh my friend we're older but no wiser,
For in our hearts the dreams are still the same.
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nomorefourfiveone
May 9, 2018, 11:06pm
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So, however you cut it (and I bow to your accounting jiggery pokery) if the club has debts of ‘considerably less than £2 million’ and Blundell Park is valued at £650k, of which, John Fenty being the ‘major shareholder’ - and therefore having a ‘major’ holding in the value of that asset.... the word ‘significantly’ should probably come under some scrutiny?
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