Baggio Posted September 25, 2007 Share Posted September 25, 2007 It was the main reason I wanted a takeover, the clubs debts were something that could hold us back if it wasn't paid off sooner rather than later. I'm not sure if the club would have folded or not as the new tv money would have came in just in time, we would have been fucked without it though. Certainly, how on earth FS slept at night i do not know. He must be glad as a fan to have sold when he did. If you want to look at a club servicing massive debt look no further than ManU. Or Liverpool. Link to post Share on other sites More sharing options...
Parky Posted September 25, 2007 Share Posted September 25, 2007 It was the main reason I wanted a takeover, the clubs debts were something that could hold us back if it wasn't paid off sooner rather than later. I'm not sure if the club would have folded or not as the new tv money would have came in just in time, we would have been fucked without it though. Certainly, how on earth FS slept at night i do not know. He must be glad as a fan to have sold when he did. If you want to look at a club servicing massive debt look no further than ManU. £20m a year on interest alone last i heard. But Manu can just about afford to live like that. I don't think it will be long until ownership changes hands again, 3-4 years max. If they stutter in Euro it will get very interesting. Link to post Share on other sites More sharing options...
NG32 Posted September 25, 2007 Share Posted September 25, 2007 This debt was a pain in the @rse. I am Glad to see the back of it. Link to post Share on other sites More sharing options...
relámpago blanco Posted September 25, 2007 Share Posted September 25, 2007 This debt was a pain in the @rse. I am Glad to see the back of it. Aye I hope we can invest the money saved from the debt repayment's in the playing staff. Just think how much extra money the club will have. The future is bright. Link to post Share on other sites More sharing options...
ross magoo Posted September 25, 2007 Share Posted September 25, 2007 It makes a lovely change to see the club being rebuilt from the bottom up instead of throwing money at a "star" signing and hoping that our problems will just disappear. This gesture seems to give encouraging vibes about Ashley's long term commitment and ambition. 10/10 so far, Mike Link to post Share on other sites More sharing options...
Leazes1986 Posted September 25, 2007 Share Posted September 25, 2007 And to think some people were criticizing him a couple of month ago for not throwing massive money about. Link to post Share on other sites More sharing options...
NoU Posted September 25, 2007 Share Posted September 25, 2007 I like this bit: “Mike has two roles to play – to sign the cheques and to be a supporter in the normal sense of the word,” smiled Chris. “And that’s the way he wants it, which is why you see him at our matches in a black-and-white striped shirt. “He has a very busy life and he doesn’t want to run yet another company. That’s the way it was from day one. “I guess in some ways Mike is like Roman Abramovich at Chelsea – although Abramovich appears to have much more involvement these days than Mike has up here. The owner should never be as involved in the signing of players as Abramovich (or FS for that matter, though he tecnically wasn't the owner). We payed for it and Chelsea is paying right now. Still I'm not entirely sure if Mike and Mort isn't just playing a businessman's charade... Link to post Share on other sites More sharing options...
Big Geordie Posted September 25, 2007 Share Posted September 25, 2007 Fair play to Big Mike for doing this - he seems like a very shrewed businessman and if clearing the debt's has added to the value of the club, then fair enough. Like many I sincerely hope that he's here for the long term. A new broom has indeed worked wonders. Link to post Share on other sites More sharing options...
Guest shaun11177 Posted September 25, 2007 Share Posted September 25, 2007 Mike must feel that he could sell the club for 200m if he wanted to and still break even 133+70 debt. The season we missed out on the Champions Lge from then on the finances just got out of control. Link to post Share on other sites More sharing options...
Guest elbee909 Posted September 25, 2007 Share Posted September 25, 2007 In certain circumstances, for tax reasons, it actually pays to have a fair amount of debt. Link to post Share on other sites More sharing options...
UV Posted September 25, 2007 Share Posted September 25, 2007 Regarding Mort, just how down to earth and sensible does he seem? No soundbites, no big talk, no promises, no bigging anything up, just plain old straight to the point sensible talk. Very refreshing. I mean many new owners/chairman would on the back of "almost going bust" comments take that opportunity to build themselves up as a saviour to be thanked eternally and to ridicule the old board. Isn't that exactly what he just did in that article? "almost going bust" Or was MajorMajor right all along... The owner should never be as involved in the signing of players as Abramovich (or FS for that matter, though he tecnically wasn't the owner). We payed for it and Chelsea is paying right now. Yup, far better to leave that to a lawyer. Link to post Share on other sites More sharing options...
NoU Posted September 25, 2007 Share Posted September 25, 2007 The owner should never be as involved in the signing of players as Abramovich (or FS for that matter, though he tecnically wasn't the owner). We payed for it and Chelsea is paying right now. Yup, far better to leave that to a lawyer. It is actually, because that lawyer is an employee, which means he has to do what he thinks is best for the club or for making money or both. But he can't just go around buying x player and firing y manager because of how he feels about them, like Shepherd and Abramovich. Link to post Share on other sites More sharing options...
BONTEMPI Posted September 25, 2007 Share Posted September 25, 2007 Only £5m outstanding if reports are accurate. Well lets sell smith and break even! Link to post Share on other sites More sharing options...
macbeth Posted September 25, 2007 Share Posted September 25, 2007 Isn't that exactly what he just did in that article? "almost going bust" Or was MajorMajor right all along... Major Major was suggesting this when we were in the CL and had second best wages structure in the Premiership. Link to post Share on other sites More sharing options...
Dokko Posted September 25, 2007 Share Posted September 25, 2007 Isn't that exactly what he just did in that article? "almost going bust" Or was MajorMajor right all along... Major Major was suggesting this when we were in the CL and had second best wages structure in the Premiership. He was that good? Link to post Share on other sites More sharing options...
Ally Posted September 25, 2007 Share Posted September 25, 2007 Fantastic to hear that. Link to post Share on other sites More sharing options...
Guest sicko2ndbest Posted September 25, 2007 Share Posted September 25, 2007 Its about time they got their name cheered. Walking in an Ashley wonderland Have any chants gone round at SJP for them yet Link to post Share on other sites More sharing options...
macbeth Posted September 25, 2007 Share Posted September 25, 2007 Tom Farmer (owner of Kwikfit) put piles of money into Hibs around 1990. They had huge debts and were about to go under. What he did was set up a new company called HFC Holdings which became the new owners of the company that was Hibernian Football Club. Farmer's money meant that there was no pressure from the banks who were petrified that they weren't going to get their lendings back. Farmer took the lomg term approach. He lent the club the money at a commercial rate of interest, but he did not ask for any immediate repayments on the money. This again allowed them to sort themselves out. 17 years on the debt is all but gone, down to tens of thousands rather than ~£20m. Farmer has got all his money back, with interest, but the club survived purely due to his intervention. In Hibs case this all happened at the time the Hearts chairman was lookign to by out Hibs and create Edinburgh United. Ashley has set up a company called SJP Holdings, has put stacks of his own cash in to coever debt problems. At some point in the distant future he'll want, and hopefully get, his money back and we'll all live happily ever after. (Hibs have fixed themselves thro youth development and selling off kids at big profits, they also sold a part of the club car park ofr £9m.) http://www.football-finances.org.uk/hibs/ Have to say it's lucky Mort hasn't come on here and said what he's said in the Chronicle. NE5 would rip him to bits for his scurrillous lies Link to post Share on other sites More sharing options...
EthiGeordie Posted September 25, 2007 Share Posted September 25, 2007 It is very pleasing news to be honest. I always fear that we might be the next Leeds I never trusted FFS. What kind of managment is it to hire Sounese and then spend all the sponser money in one player. Very much cosmetic style of recovering deep seated problems. I don't mind if we don't spend a penny in January. We can wait untile the summer and see what all these changes inflict on our side and decide something. Link to post Share on other sites More sharing options...
Guest mr quimbys beard Posted September 25, 2007 Share Posted September 25, 2007 Brilliant news for the club and the fans, very optamistic for the future, can see a trophy in the next coupla years as well, icing on the cake. Link to post Share on other sites More sharing options...
Guest SmileyCulture Posted September 25, 2007 Share Posted September 25, 2007 Clearing the scum from both the backroom staff and team, startng to wipe our debts out, bringing in a decent manager, investing money in improving the team, bringing in a chairman that doesnt think hes the manager.. starting the bring back to atmosphere to ST James.. i think were on to a winner with him - even if he just tries to sell us on when hes sorted us out hes done us nothing but good. Link to post Share on other sites More sharing options...
Baggio Posted September 25, 2007 Share Posted September 25, 2007 Clearing the scum from both the backroom staff and team, startng to wipe our debts out, bringing in a decent manager, investing money in improving the team, bringing in a chairman that doesnt think hes the manager.. starting the bring back to atmosphere to ST James.. i think were on to a winner with him - even if he just tries to sell us on when hes sorted us out hes done us nothing but good. Shepherd brought Allardyce in tbf. Link to post Share on other sites More sharing options...
Guest gggg Posted September 25, 2007 Share Posted September 25, 2007 There's only one way you're heading if everything coming in is going out before you even see it leaving no room to move if things go wrong on the pitch. Ridsdale/Shepherd one and the same. Link to post Share on other sites More sharing options...
Guest NUFC4 Posted September 25, 2007 Share Posted September 25, 2007 i would like to claim my one quid of that lot Link to post Share on other sites More sharing options...
Chrissy Bee Posted September 25, 2007 Share Posted September 25, 2007 You realise all he's doing is adding value to the club? He simply now owns a club which is worth £45m more than last week. Link to post Share on other sites More sharing options...
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