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diehardmariner |
February 27, 2023, 12:38pm |
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Bit confused and would welcome some correction on what is no doubt the interpretation of my non-financial mind please.
I previously thought that a repayment plan had been agreed with Fenty for his 'benign' loans whereby it would be repaid within an agreed schedule, although any such income such as transfers. would allow this to be paid off earlier.
If, as appears the case from above, the loans were paid back to Fenty by 1878 who in turn transferred them into their own loans to the club, why was the repayment line previously stated and also what has happened to the Pollock, Dembele, Grist etc. money?
Not a criticism of anything, just can't get my head round it.
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MarinerDevil |
February 27, 2023, 12:49pm |
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Bit confused and would welcome some correction on what is no doubt the interpretation of my non-financial mind please.
I previously thought that a repayment plan had been agreed with Fenty for his 'benign' loans whereby it would be repaid within an agreed schedule, although any such income such as transfers. would allow this to be paid off earlier.
If, as appears the case from above, the loans were paid back to Fenty by 1878 who in turn transferred them into their own loans to the club, why was the repayment line previously stated and also what has happened to the Pollock, Dembele, Grist etc. money?
Not a criticism of anything, just can't get my head round it.
We made a profit of just over £400K in player sales last year, which may have been used to clear the last £400K of loans (we won't know until we see next year's accounts). It sounds like 1878 decided to clear the other £1m early so they can start afresh.
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Yoda |
February 27, 2023, 1:07pm |
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Didn’t the Grist, Pollock and McAtee money go to paying fenty off early.
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GollyGTFC |
February 27, 2023, 1:18pm |
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Bit confused and would welcome some correction on what is no doubt the interpretation of my non-financial mind please.
I previously thought that a repayment plan had been agreed with Fenty for his 'benign' loans whereby it would be repaid within an agreed schedule, although any such income such as transfers. would allow this to be paid off earlier.
If, as appears the case from above, the loans were paid back to Fenty by 1878 who in turn transferred them into their own loans to the club, why was the repayment line previously stated and also what has happened to the Pollock, Dembele, Grist etc. money?
Not a criticism of anything, just can't get my head round it.
Fenty was repaid via an agreed repayment plan. My understanding is that he was “owed” £1.5m when the club was bought and they paid around £375,000 almost immediately with 3 further payments of £375,000 due in December 2021, 2022 & 2023 unless the club received a windfall that allowed earlier repayment. Which we did. The accounts indicate on 31st May he was still owed in the region of £400,000. Fenty would have been due £375,000 in December 2022 anyhow as per the original repayment plan, but since 31st May we’ve had the promotion final, been promoted with the huge increase in TV and solidarity money that brings and got a decent fee for McAtee. I think AP said at the fans forum that Fenty has now been repaid in full which backs that up. It is worth noting that we owed 1878 £1.5m on 31st May 2022 and I seem to remember them saying we’d make another loss this season so that figure is probably already significantly higher.
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diehardmariner |
February 27, 2023, 1:46pm |
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Thanks Golly and MarinerDevil.
So the Fenty repayment plan happened as intended. The loan from 1878 partly went into the initial payment to Fenty and then towards infrastructure/improvements?
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TheRealJohnLewis |
February 27, 2023, 1:54pm |
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Mappers |
February 27, 2023, 1:54pm |
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I dont know how much of a reality it is that we can be self sustainable and succesful with the game is now and these accounts show it , how much would the lads have to had forked out if we had ,had a mediocre season ? It pretty much all went our way and still 900k down. I think their hope is that once the infrastructure is improved losses will be a lot less ,but the way its going they will have to either raise a lot more or put more in if they want to take the club through to league 1 and and compete which Jason has definitely said he wants to numerous times -that league is on a different level to league two and would take millions more (look at lincoln )
Would love to see the accounts of Wrexham , Notts County, Gillingham ,Colchester etc they must be insane the level of spend ,especially the teams who get 3 or 4k who blow us out the water for players .
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Mappers |
February 27, 2023, 2:00pm |
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Thats the Only thing that irks me when jason says 'we cant fill BP aatm ' because if we did go through to league 1 there would be 10 teams probably capable of bringing 3k+ on a good , so if we evwn dis go through now the lack of capacity would inhibit potentially quite a lot of income,irrelevant how many home fans we manage to get in .
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MarinerDevil |
February 27, 2023, 2:09pm |
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I dont know how much of a reality it is that we can be self sustainable and succesful with the game is now and these accounts show it , how much would the lads have to had forked out if we had ,had a mediocre season ? It pretty much all went our way and still 900k down. I think their hope is that once the infrastructure is improved losses will be a lot less ,but the way its going they will have to either raise a lot more or put more in if they want to take the club through to league 1 and and compete which Jason has definitely said he wants to numerous times -that league is on a different level to league two and would take millions more (look at lincoln )
Would love to see the accounts of Wrexham , Notts County, Gillingham ,Colchester etc they must be insane the level of spend ,especially the teams who get 3 or 4k who blow us out the water for players .
The football side is already sustainable. The owners are not bankrolling players' wages, as our wage bill is 70-77% of total income (depending on what you count as income). The losses were down to a combination of improvements at Blundell Park (pitch improvements, sprinkler system and glass barrier in the Upper), improvements at Cheapside (irrigation, new gym) and some increased overheads due to the academy resuming full operations after Covid (along with some other investments in that area). These are "good" losses as they are investments in the future. I suspect other clubs like Wrexham and Stockport will have wage bills far exceeding ours.
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HertsGTFC |
February 27, 2023, 2:42pm |
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I'm not that worried about these accounts, the owners know what they're doing, have the best interests of the club in hand and I've no reason not to trust them.
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| "Crombie you would have got to that if you weren't such a fat ba%$@rd" - George Kerr, inspiration from the dug out 70s style |
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