Colos Short and Curlies

And its the same 2-3 posts repeated and repeated and repeated.

Do you really think it'd be close? Waste of time, it'd be a landslide. For Smudger/Eminem obviously

Cheers. I'm sat here doing something very dull and you've reminded me of the joys of the sort of in-house training courses i used to have to do and everything doesn't seem so bad! I always thought that a material misstatement was one which would affect the economic decision-making of users of that information. Not sure about the duty of care thing, but the audit procedures undertaken would comfortably cover anything that would affect a takeover decision. No it wouldn't, we set out our terms so that we are only liable to the shareholders of the company at the time of the audit, every engagement has a disclaimer regarding third party use - hence the usual use of Due Diligance Essentially an audit should uncover anything untoward, but for anyone to use published accounts as a base for a takeover is asking for trouble tbh, you get the figures but not how they are made up. If we were to get hold of the audit file however I'd agree that a sensible decision could be made. The review should be enough evidence that MA didn't believe that the published accounts had enough information in them for him to run the club

On football365 he's in talks with West Ham

No that's true, but in the grand scheme of things they are fairly minor details. If there are liabilities, they'll be on the balance sheet. Sure auditors won't concern themselves with a few hundred grand here or there on a company like NUFC, but these dubious reports suggest something major which simply can't have been the case if everyone was doing their job. More likely that this lack of spending was always the intention. You'd be surprised! Unless there's been errors made by the auditors, there shouldn't be anything in the way of material undeclared liabilities that have been turned up since Ashley's purchase. If there are, whoever signed the last audit report can expect a call from Ashley's lawyers. Seriously though, you don't really think that in a business as uncomplicated as a football club, the auditors have missed some huge hole in the balance sheet? It's not like this is a bank with complicated hedge funds or something, it's a fairly simple business to understand. You're right, auditing ManU was one of the easiest jobs I've done. Wasn't implying that PKF or whoever does the audit have missed anything, just that they may have been slghtly lenient in offsetting liabilities and assets etc or been creative wth capitalising various costs - nowt illegal like! Also, I'm fairly sure that Ashleys lawyers wouldn't be able to sue the auditors if he used the accounts to base his decision to buy on, its only existing shareholders who the auditors have a duty of care to interms of investment decisions - or thats how I understood my last training course to be saying?

No that's true, but in the grand scheme of things they are fairly minor details. If there are liabilities, they'll be on the balance sheet. Sure auditors won't concern themselves with a few hundred grand here or there on a company like NUFC, but these dubious reports suggest something major which simply can't have been the case if everyone was doing their job. More likely that this lack of spending was always the intention. You'd be surprised!

This is what has puzzled me with these reports of skeletons in the closet. With nearly a decade of audited plc accounts, there shouldn't be too many big surprises otherwise the lawyers would already have sprung into action. To be fair audit accounts still show the company in the way that the direcotrs want it to be shown! There's very little analysis on how the interest (for example) is incurred or the length of any less than ideal purchase agreements are for. Thats why we have due dilligence, to get the real story

Also, just noticed from the 2006 accounts that we are paying £6m a year in interest. Thats a lot of interest!

Fair call, and I would have said the same had we still had Shepherd and the Halls in charge. But I don't think it is to much to ask (After Abramovic immediately wiped out Chelsea's debts, or when we see West Ham and Man City significantly boost their squads despite (certainly Man City) having significant debt issues) to not have supporters still feel the need to worry for the clubs financial health rather than the squad on the pitch post takeover. Jaysus, Man U have spent big again and they have 3 times our debt, but they can service the interest on that debt comfortably, primarily due to it not amounting to any more than they had previously payed out in dividends and corporation tax as a publicly quoted company. That is surely something we should also be benifiting from. Being a perdantic accountant here but you pay the same corporation tax regardless of you being a plc or limited company. Also ManU may have 3 x our debt, they also have at least 3 times our imcome!

And what, for Ashley, is this 'manageable level' exactly? I'm finding it difficult to believe that servicing Ashleys debt is concerning anybody more than the club investing in our absurdly small squad which, to make matters worse, is seemingly inherently prone to injuries. Or am I right in thinking that this thread is ultimately just trying to find yet another excuse for the boards misjudged lack of backing for their manager. It doesn't matter who you are and how much you own, paying debt interest is dead money, particularly if you are not paying the best possible rate. I'm sure MacBeth could tell us how much the club paid in interest over the past 4 years, and from what I remember its quite significant. I wouldn't advocate using an entire years transfer budget to reduce the debt, but if it cost £5m to restructure so we paid £1m less per year over the next 15 years then its a price worth paying in the short run

People go on about our lack of investment in the defence, but it is the one area of the pitch where you can make do with workmanlike players. We got into the champions league with a back four of Hughes, O'Brien, Dabizas and Bernard. We failed when you add £7m Woodgate and £5m Bramble. If we were to go into the season with Carr, Taylor, Roz, Babayaro and Ramage i'd be worried, if we add at least one experienced and strong centre back, a competent left back and another who could cover right back and centre back I'd be happy that this would be strong enough (injuries allowing) to allow us to progress towards top 6 where hopefully in Jan or next summer we can atttract a better calibre of defender to the club. What is important however is that we adequaely replace Dyer and anyone else who may leave, and I would still like to see another defensive midfielder to be bought. As for the debt, its far better to get this to a manageable level as soon as possible

Not too fussed if he goes, had resigned myself to that fact at the end of last season. But to Fulham for £3m??? Jesus Christ on a bike weeping buckets, its worse than when Bernard wanted to go to West Ham ffs

Replacement for Dyer. Will probably play left wing until Duff is back unless Sam is planning on keeping Milner there and Nobby on the right

Best post of the whole thread tbh. Some people on here want their heads checking. Not saying that Smith is a bad player (quite like him as it happens), its just that the £6m could be better used elsewhere. Zoggy would be a better replacement for Dyer, leaving £6m for a centre back or dare i say it a left back even. So good player, but not what we need

The chronicle is fairly useless. I have no idea whether the echo is any good but you could understand why they would be interested in the story due to the everton link. The Echo reckoned Everton had signed Emre and Parker ahead of us

Should also be pointed out that the board had tried to sell Ferdinand inbetween Shearer signing and Keegan walking. That was one reason for him leaving - although granted its all linked to the plc floatation malarky

FYP

Solano and Dyer in the middle of the park! Sam taking the prevebial now, what next Harper upfront?

Fatti Patti to score. Thats my bold prediction for the second half

Walking in a Carroll Wonderland!

Good cheers for Luque there. New player it would seem - in confidence terms at least

Oh and its Mick Martin doing co-commentating so maybe a bit of positivity coming through for a chnage

Century is working online for me if anyone wants radio coverage

Read the match report on Sky Sports text, Milners goal 'after good work by Harper'. Written as if it wasn't a strange event. Brought a smile to the chops

Actually going to agree (a bit) with James. On song Dyer does give us something that most teams would love to get hold of - the ability to switch defence into attack instantaneously without simply hoofing it up to the big man (so to speak). Hes far from being the best in the world, but he does have immense pace, he can run with the ball, and he does have the ability to find the back of the net (given not enough though). If we can replace that for £5m or bring in someone to give us something different (eg Deco) then go for it, based purely on the risk of another breakdown. If we can't (and I suspect we can't) then it makes no sense to sell him unless Kieron has explicity asked to leave as he can no longer stay in the NE