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GTFC Net debt in the Fenty era

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lew chaterleys lover
May 6, 2019, 8:18pm Report to Moderator
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Quoted from Getyourfactsright
Can you not let it go Guys it really is pointless seeing the nonsense spouted about where debt came from.

1, My company in effect loaned  GTFC  650k at the point of the ITV debacle.  

This effectively hit the balance sheet in later years with pension payments to me. The final balance i wrote off  in favour of the club. That is why the debt grew each year for several years. To reconcile those payment my loans grew in part equal to that sum in respect of the principle sum.

2, Balance sheet debt grew as a result of writing off aborted stadium costs. Without checking the sum it was around £650K, approx £350K of that was related to the last attempt to relocate to Great Coats in 2005/8  the previous reaches back to pre 2000.

3, Since i joined the board (other) yes other directors have been replayed £650k. Another reason why the clubs debt has grew significantly.

4, When i joined the board the overdraft was circa £550k or more. We now have no bank debt.

5, When i joined the board there was circa £720k of tax unpaid. We now have no bank debt.

If you do the sums you can see where the money went for your self.

6, Relegation to the Conference did not cost the club £3mill. Relegation saw a reduction in basic award of circa £500k, costs were realigned. Notwithstanding that we continued to have a competitive budget.

7, We have salary cap management protocol in play. Even if the club wanted to spend more on the budget it could not use monies replayed to me. They are not eligible income and therefore cannot be use for the playing budget. Notwithstanding that we had a reasonable budget this season which i acknowledge we would like to see a little higher.

Notwithstanding cash in hand. Yes a strong bank balance we cannot use those monies to bolster the playing budget.

We will need to inject funds from a different source to increase the playing budget which is in hand.  

Guys its never as simple as it looks so give it a rest for the closed season.








Sounds great. You should have been an accountant.

Is there any chance of any success ON the field in the forthcoming years? Or indeed a new stadium?

I guess this being a fans forum we will continue to discuss all things GTFC during the close season.
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fishboyUTM
May 6, 2019, 8:28pm Report to Moderator
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Quoted from moosey_club
its all benign so it doesnt matter...


Until he wants it back at 4k a week. Still, we've got Cardwell up front.
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fishboyUTM
May 6, 2019, 8:32pm Report to Moderator
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Quoted from Getyourfactsright
We will need to inject funds from a different source to increase the playing budget which is in hand.


This interests me, any chance of expanding on this quote please?
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KingstonMariner
May 6, 2019, 8:34pm Report to Moderator
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Quoted from Getyourfactsright
Can you not let it go Guys it really is pointless seeing the nonsense spouted about where debt came from.

1, My company in effect loaned  GTFC  650k at the point of the ITV debacle.  

This effectively hit the balance sheet in later years with pension payments to me. The final balance i wrote off  in favour of the club. That is why the debt grew each year for several years. To reconcile those payment my loans grew in part equal to that sum in respect of the principle sum.


2, Balance sheet debt grew as a result of writing off aborted stadium costs. Without checking the sum it was around £650K, approx £350K of that was related to the last attempt to relocate to Great Coats in 2005/8  the previous reaches back to pre 2000.
So £350k wasted on your watch.
3, Since i joined the board (other) yes other directors have been replayed £650k. Another reason why the clubs debt has grew significantly.
That doesn't make sense. If other directors were owed £650k that would be part of the club's debt. If they were paid £650k then the debt would have reduced £650k. If they were paid off by money lent by you then there would have been no net change as a result of those transactions.

4, When i joined the board the overdraft was circa £550k or more. We now have no bank debt.
Bank debt would have still been debt. Either current or long-term liabilities. Despite it being paid off total debt has still grown over the years Golly listed.

5, When i joined the board there was circa £720k of tax unpaid. We now have no bank debt.
That was still in the club's debt figures. Debt has grown despite that being paid off.

If you do the sums you can see where the money went for your self.

6, Relegation to the Conference did not cost the club £3mill. Relegation saw a reduction in basic award of circa £500k, costs were realigned. Notwithstanding that we continued to have a competitive budget.
We still lost a lot of income. Fair enough the spending was reduced. Debt still rose .

7, We have salary cap management protocol in play. Even if the club wanted to spend more on the budget it could not use monies replayed to me. They are not eligible income and therefore cannot be use for the playing budget. Notwithstanding that we had a reasonable budget this season which i acknowledge we would like to see a little higher.


Notwithstanding cash in hand. Yes a strong bank balance we cannot use those monies to bolster the playing budget.

We will need to inject funds from a different source to increase the playing budget which is in hand.  

Guys its never as simple as it looks so give it a rest for the closed season.









Might not be as simple as it looks but the picture is still the same.

As for giving it a rest for the close season, what has that got to do with the price of fish? Do these things only matter between August and May? Or is it like the grouse season - 'I say old bean, that's dashed unsporting to shoot foul before 12 August! Eyebrows will be raised in Pall Mall.'


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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Mallyner
May 6, 2019, 8:38pm Report to Moderator
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We can debate over who's fault the debt is for ever and ever but the main thing that is causing debt in football and has for many years, is player's wages.

I know a footballer's life is a short career, but obscene wages bear no comparison with most club's financial means, which is why do many clubs are struggling with debt.

I am not interested in Premier league football. but I saw recently that one player who has hardly featured for I believe was Man U, was on 300,000 a week.

The wages we will need to pay to have a competitive budget for promotion, will far outstrip the funds the club can generate; and the Bogle money was a drop in the ocean, in the period mentioned.

We really need a new ground to generate anything like the income required, but God knows where that money will come from.



Supporting Town for 64 years.  
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nightrider
May 6, 2019, 8:46pm Report to Moderator
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Baring in mind how well hes done  financially, im really surprised that hes struggling to find a buyer


"Grimsby Town - Punching above our weight for 5 years"
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LH
May 6, 2019, 8:47pm Report to Moderator

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Quoted from fishboyUTM


This interests me, any chance of expanding on this quote please?


We’re not getting the fans to sort it again are we?
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OllieGTFC
May 6, 2019, 8:48pm Report to Moderator
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Quoted from Getyourfactsright
Can you not let it go Guys it really is pointless seeing the nonsense spouted about where debt came from.

1, My company in effect loaned  GTFC  650k at the point of the ITV debacle.  

This effectively hit the balance sheet in later years with pension payments to me. The final balance i wrote off  in favour of the club. That is why the debt grew each year for several years. To reconcile those payment my loans grew in part equal to that sum in respect of the principle sum.

2, Balance sheet debt grew as a result of writing off aborted stadium costs. Without checking the sum it was around £650K, approx £350K of that was related to the last attempt to relocate to Great Coats in 2005/8  the previous reaches back to pre 2000.

3, Since i joined the board (other) yes other directors have been replayed £650k. Another reason why the clubs debt has grew significantly.

4, When i joined the board the overdraft was circa £550k or more. We now have no bank debt.

5, When i joined the board there was circa £720k of tax unpaid. We now have no bank debt.

If you do the sums you can see where the money went for your self.

6, Relegation to the Conference did not cost the club £3mill. Relegation saw a reduction in basic award of circa £500k, costs were realigned. Notwithstanding that we continued to have a competitive budget.

7, We have salary cap management protocol in play. Even if the club wanted to spend more on the budget it could not use monies replayed to me. They are not eligible income and therefore cannot be use for the playing budget. Notwithstanding that we had a reasonable budget this season which i acknowledge we would like to see a little higher.

Notwithstanding cash in hand. Yes a strong bank balance we cannot use those monies to bolster the playing budget.

We will need to inject funds from a different source to increase the playing budget which is in hand.  

Guys its never as simple as it looks so give it a rest for the closed season.









Personally I think we will go out of business sooner than we think, if Lincoln can get the investment then surely we can 🤔 it doesn’t make sense really doesn’t, how about stop being stubborn and do the right thing, then maybe just maybe we may see the glory days back at our club and doubt we will be getting a new stadium with them figures


We're on our way back, we’ll was now on our way back to non league 👍🏻
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FishOutOfWater
May 6, 2019, 8:51pm Report to Moderator
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Quoted from Mallyner
We can debate over who's fault the debt is for ever and ever but the main thing that is causing debt in football and has for many years, is player's wages.

I know a footballer's life is a short career, but obscene wages bear no comparison with most club's financial means, which is why do many clubs are struggling with debt.

I am not interested in Premier league football. but I saw recently that one player who has hardly featured for I believe was Man U, was on 300,000 a week.

The wages we will need to pay to have a competitive budget for promotion, will far outstrip the funds the club can generate; and the Bogle money was a drop in the ocean, in the period mentioned.

We really need a new ground to generate anything like the income required, but God knows where that money will come from.



Do you have any particular one in mind.... there are a fair few to choose from, but even if they exert their almighty power, it probably won't be enough to give us a relocation any time soon



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denni266
May 6, 2019, 8:55pm Report to Moderator

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All this talk about a new ground makes me laugh.. We dont have two pennies to rub together, let alone money for a new ground. We cant even afford decent players
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