Matt

He's put in a lot of money over recent seasons, I wonder if this means cuts to next season's budgets. I had heard murmurs that some of their players were looking for moves as this was coming, but those sorts of stories have emerged in the past.

Honestly. Just give one of the players the player manager role for the remaining games. The squad fighting for themselves might actually get us a win. Not a daft idea at all. Only the players can get us out of this now, remove the pariah and it's all on them.

FCUM started in 2005 and have just won promotion to the Conference North. I speak from experience when I say this is the first part of the pyramid where you really feel part of something which leads to professional leagues. It's been a challenge for them, but with £7m invested in a new ground they are well equipped to fight their way into the league, which they may do one day. NUFC don't need this. We don't have the widespread support needed to bring the funding in. Nor are we facing a long-term investor at a club which is an un-movable money-making machine. NUFC is a crap business with a brittle grip on a fat TV cheque with agents planning how that will be spent as soon as it is banked. Ashley will not be part of NUFC in 2025, assuming an NUFC sides took as long as FCUM. Far better that fans do two things: -Concentrate on how funds can be brought together to buy the club when the opportunity arises (unlikely while we are in the PL) and to put in place a long-term supporter ownership structure at the club which houses all of our history and can only fall so far before it is up for grabs -Get their arses to the multitude of local clubs, run by volunteers, who scrap by week-by-week because most locals are either at SJP or sitting watching foreign telly in the boozer. If 5,000 fans sacked off NUFC and went to the biggest 20 sides in the region that would have a serious impact on the long-term prospects for those clubs, most of whom also run junior sides in the community.

Any premium would be applied to an enterprise value, which deducts cash. You wouldn't pay a premium to book value of net assets.

Where we're going, we won't need Rhodes.

Edwards is talking rubbish.

Don't.

Other clubs' results support the suspicion that there is something very odd about our profit figure. The accounts were due on 31st March at Companies House so this is now showing as being overdue.

It would probably be shot down by the minority shareholders, MA is restricted in what he can do with related party transactions when you are a plc.

It doesn't make selling the club any harder or easier- this misconception one crops up with every set of results. Businesses are sold based on Enterprise Value- that is the value of the operations of the business, regardless of capital structure and there are various approaches on how EV is calculated which aren't important here. Equity value = Enterprise value - net debt So if the operations of NUFC are worth £200m and it has debt of £129m, then the equity in the business is worth £71m and Ashley would get £200m when he sells. If the club was only worth £100m then the equity value would be MINUS £29m. Ashley would get £100m for the club. It's all about the value of the operations- not shareholder loans.

Those numbers suggest that our cost base rose by 30% (£29m) despite no significant additions to the wage bill. Given all the noise around how 'cost conscious' the club is when it comes to the day-to-day operations we can assume the tea lady hasn't had a big pay rise, that's £550k per week equivalent wage bill increase. Something is not quite right...

Media income was three times more than matchday revenue, the club won't feel the need to listen to the fans any time soon.

It's in Ashley's interests for Rangers to keep running out of cash.

His financing has a Material Adverse Change clause in it (mentioned in the official RNS announcements). I wouldn't be surprised if he claims this is the case (as it cuts across his right to appoint directors) and considers the financing arrangement terminated and repayable on demand.

Corporation tax is based on profit- repaying debts at their face value wouldn't have any impact on P&L, so wouldn't change the tax bill. Charging interest however, would reduce taxable profit at NUFC but this would simply create taxable income elsewhere in the MASH structure. It may be that he can offset interest income from NUFC with losses on some of the more unusual bits of business he's been up to over the last couple of years (at least where it's not been done via SD).

Last Obertan did that we conceded a minute later.

Yep UV, It's absolutely wrong, Colo has it right. Buying a player is not an expense, because you change one asset (cash) for another (player registration) of the same value. From that day on, the depreciation of the player in a non-cash expense which impacts the P&L, usually applied on a straight-line basis over the contract life- the profile can be re-based if the player gets a new deal. I also don't think you can divorce operations and transfer activity, unless you can confidently state that a club can consistently produce youth players or find free transfers which will produce results sufficient to maintain revenue streams (ie stay in the PL). If a club has an operating profit of £5m a year but has to spend £10m each year on players to stay in the PL, that I don't think you can label that as sustainable.

If he sells the club, that would include repaying / cancelling the shareholder loans. No-one would be mental enough to buy a club then allow Ashley to control it by proxy- as he does at Rangers. The terms of shareholder loans are largely irrelevant- they can be amended as and when Ashley sees fit to be repayable on certain dates, or for interest to be paid, increased or waived. So it could have been in the 2011 accounts or Monday's accounts- he still could have completely altered them yesterday. Ignore them- they are not debt, but equity.

The extra £2bn+ equates to £700m each year Aggregate attendances in the PL are just under 14m per season So as of today, clubs will (on average) pick up an extra £50 from the TV deal for every attendee from this deal alone Decent gates used to be a strength of NUFC, but it's utterly irrelevant now, getting 5,000 through the door would barely make a difference.

So top level football becomes even more removed from reality. Have been considering binning Sky for a while and this may clinch it.

Once the TV deals are signed is the perfect time to sell. You have the promise of even greater riches without any of it driving up the cost base through inflated wages.

This is likely intended to remove any doubt about who is in charge at Ibrox. Ashley will be the only show in town to save one of Scotland's big two and the SFA will either have to let them die (again) or accept Ashley's eventual dual ownership. If they allow the current situation to persist, then there is not much difference to Ashley owning the club outright.

I only attend non-league now and it's bloody marvellous. PL is TV only, might consider a jaunt to St James next season but only as it's been so long.

Yep, same as any of his businesses. Unfortunately, lessons from SD show that he is likely to be right and the stadium will still be filled.

As long-standing fans hand in their STs, the club are happy to drop the price point to attract those who have been raised on the club's BS and simply see going to games as 'the thing you do'. Thanks to new TV deals, only a mass desertion would have a material impact on the club's income.