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Town are above Scunny in the League

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toontown
September 9, 2019, 9:07pm Report to Moderator
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Those figures are absolutely staggering at scunny - 9 mill in debt and blowing 4k a week on interest, to be bottom of the league! If they go down this year could  be curtains for them.
Who is the director getting paid 190k a year - more than Danny Cowley is on for utterly transforming Lincoln in 3 years, winning at Wembley and beating a prem club isn't it?

The pressure on Hurst is even greater than I thought - surely swan can't afford anything other than promotion back to league 1 and the tv money that at least keeps their losses down to 5 figures each week!!!  
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KingstonMariner
September 9, 2019, 9:28pm Report to Moderator
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Quoted from rancido



At one stage they were paying Swanns' company £4,000 a week interest on the loans from his company. Maybe the " benign loans " from JF don't look so bad after all and as far as I know the club doesn't pay interest on them.


I think you're right that the club doesn't pay Fenty interest


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Mariner_09
September 9, 2019, 10:50pm Report to Moderator
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Fenty is a fan of the club and therefore doesn’t view us a golden goose and really does want the best for us (hence his loans are interest free and benign). There’s never been any suggestion of ulterior motives with JF. The exact opposite is true of Swann, I’m happy we’re not in that situation to say the least.


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KingstonMariner
September 10, 2019, 12:46am Report to Moderator
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Quoted from Mariner_09
Fenty is a fan of the club and therefore doesn’t view us a golden goose and really does want the best for us (hence his loans are interest free and benign). There’s never been any suggestion of ulterior motives with JF. The exact opposite is true of Swann, I’m happy we’re not in that situation to say the least.


I don't know how you know what Swann's motives are. Maybe you could share your source with us. There doesn't seem to be any prospect of him getting his money back from Scunny. That article hinted at some tax benefit for the Swann company that made the loan but that would only be tax relief on £4m (I think it mentioned) of the loans, so a fraction of what he's put in to Scunny. It's possible he is in it for the kudos, which could be viewed as 'an ulterior motive'.

As for JF not having ulterior motives. Again, same standards apply. How do you know? I don't think he's in it for the money. But it's possible there would be some kudos/ego involved. Which is understandable, many of us fancy the idea of being the 'saviour' of or having control over our own football club (having long since given up on fantasies of playing for, or even managing )


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mimma
September 10, 2019, 1:18am Report to Moderator
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They have done a similar breakdown of GTFC.

http://priceoffootball.com/tag/grimsby/

Had to laugh at their visit to Cleethorpes and an offer by a "lady" of a romantic encounter behind a skip!!

We are comparatively financially stable compared to some teams mentioned. Credit to JF for that.  
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Mariner_09
September 10, 2019, 11:26am Report to Moderator
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Quoted from KingstonMariner


I don't know how you know what Swann's motives are. Maybe you could share your source with us. There doesn't seem to be any prospect of him getting his money back from Scunny. That article hinted at some tax benefit for the Swann company that made the loan but that would only be tax relief on £4m (I think it mentioned) of the loans, so a fraction of what he's put in to Scunny. It's possible he is in it for the kudos, which could be viewed as 'an ulterior motive'.

As for JF not having ulterior motives. Again, same standards apply. How do you know? I don't think he's in it for the money. But it's possible there would be some kudos/ego involved. Which is understandable, many of us fancy the idea of being the 'saviour' of or having control over our own football club (having long since given up on fantasies of playing for, or even managing )


What I meant is you can be sure Fenty’s motives are purely for the benefit of the club, whereas you can’t have the same certainty about Swann. He’s probably not up to anything but given he’s apparently been sniffing round at Blackpool and is more interested in horse racing, his heart may well never truly be in it. Which is more precarious for Scunny.


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rancido
September 10, 2019, 12:18pm Report to Moderator

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Quoted from KingstonMariner


I don't know how you know what Swann's motives are. Maybe you could share your source with us. There doesn't seem to be any prospect of him getting his money back from Scunny. That article hinted at some tax benefit for the Swann company that made the loan but that would only be tax relief on £4m (I think it mentioned) of the loans, so a fraction of what he's put in to Scunny. It's possible he is in it for the kudos, which could be viewed as 'an ulterior motive'.

As for JF not having ulterior motives. Again, same standards apply. How do you know? I don't think he's in it for the money. But it's possible there would be some kudos/ego involved. Which is understandable, many of us fancy the idea of being the 'saviour' of or having control over our own football club (having long since given up on fantasies of playing for, or even managing )



But surely if the loan is to a company that Swann owns ( Coolsilk ) then in the event of the club folding Swann will still get his money back because Coolsilk is a creditor to the club? I must admit I know very little about the world of finance but that is how it seems to me.
As far as the " kudos " aspect is concerned I'm not too sure about that either. Didn't he try to develop Gainsborough with a " vision for the future " but when things didn't work to plan he jumped ship? Even the fact that Scunnie receive money from a hotel he is involved with due to naming rights shows a degree of " feathering his nest ". I get the impression that he is a bit of a chancer and now that our Ferrous Friends are at the bottom of the Football League then I wouldn't be surprised if he " jumped ship " again.


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KingstonMariner
September 10, 2019, 2:02pm Report to Moderator
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Quoted from rancido



But surely if the loan is to a company that Swann owns ( Coolsilk ) then in the event of the club folding Swann will still get his money back because Coolsilk is a creditor to the club? I must admit I know very little about the world of finance but that is how it seems to me.
As far as the " kudos " aspect is concerned I'm not too sure about that either. Didn't he try to develop Gainsborough with a " vision for the future " but when things didn't work to plan he jumped ship? Even the fact that Scunnie receive money from a hotel he is involved with due to naming rights shows a degree of " feathering his nest ". I get the impression that he is a bit of a chancer and now that our Ferrous Friends are at the bottom of the Football League then I wouldn't be surprised if he " jumped ship " again.


I like that. 'Ferrous Friends".

Coolsilk are not a football creditor though so the chances of them getting anything will be affected by how much Scunny owe in transfer fees (not a lot I'd expect, but when push comes to shove and there's no cash...) and players' wages (which could be considerable if they start to fall behind.

With regard to the naming rights, that's money out from a Swann linked organisation to what benefit? Advertising. Not really feathering his nest.

The fact he jumed ship from Gainsborough to go to Scunny doesn't mean he's not after kudos - could be it's just more kudos running Scunny.

Anyway, I'm not here to defend Swann. I certainly wouldn't want Town to be in that situation, beholden to one man to that extent.


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RonMariner
September 10, 2019, 4:40pm Report to Moderator

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I somehow doubt that Glumford Park is very valuable, and so the club have little by way of assets to repay a £9mill debt. Hard to see Swann getting much of his money back if they went into administration.

The real question is how long will he continue to pour his cash down this particular drain? £90k a month. Wow, that's eye-watering. And it's not as if the investment is being rewarded on the pitch either.
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Marinerz93
September 10, 2019, 8:50pm Report to Moderator

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Maybe Swann is waiting for that bit of football fortune to come along,

Swann maybe pouring cash in to keep the scunts alive as he gets that feel good factor, I mean walking round glumford park with all the scunts gurning at each other he must think to himself, I'm the most normal and handsome person here and bless them, the poor mutants, I'll pour money into their ickle club and they will worship me. Little does he know they already pray to a ferrous God whilst wafting around in methane, they love it.


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