Guest sicko2ndbest Posted March 22, 2008 Share Posted March 22, 2008 United's big pay-off Mar 22 2008 by Adam Jupp, Evening Chronicle FORMER Toon boss Sam Allardyce has received a lump sum pay-off understood to be in the region of £4.5m. And it has emerged ex-chairman Freddy Shepherd is to receive around £1.5m after leaving the club, which is on top of the £1.17m paid to ex-director Douglas Hall. The Chronicle today reveals the true cost of Mike Ashley’s Toon takeover. In an exclusive interview with the Chronicle, United’s new financial controller, John Irving, has revealed club bosses have also put plans to expand St James’s Park on ice but instead plan to refurbish the inside of the ground. Following Mr Ashley’s huge outlay since buying the Magpies from the Shepherd and Hall families, the club is now debt-free for the first time in decades. And we can reveal he transferred tens of millions of pounds from his personal bank account into the club’s coffers in January as a transfer war chest. But new boss Kevin Keegan was unable to secure any of the signings he wanted so the kitty went unused. Sports Direct boss Mr Ashley launched his bid to take over the Toon last May and by the end of June he was mopping up the final shares, having shelled out around £250m to buy out Sir John Hall and the Shepherd family. Among those drafted in, along with new chairman Chris Mort, was lifelong season ticket holder Mr Irving, who now looks after the club’s finances. Allardyce arrived at St James’ Park in May last year but was sacked as Toon boss in January and sensationally replaced by Kevin Keegan. And we can reveal Allardyce was paid off in full, unlike previous bosses who have had their compensation staggered over a number of years. The club cannot reveal the exact amount Big Sam was paid until its accounts are published next year. But we understand the value is between £4m and £5m. Some reports had also hinted Allardyce’s back-room staff received payouts totalling as much as £10m, but the real figure is believed to be less than £500,000. Earlier this month, we revealed non-executive director Douglas Hall was paid £1.17m when he left the club, having commanded a salary of more than £400,000. Mr Irving said: “In the past, previous managers have been settled over time. With Glenn Roeder, there was a settlement of about £1m but that was over a period of time and the last accounts refer to payments to Graeme Souness. “But in Sam’s case, the new ownership decided it was best to settle directly in one payment.” Accounts have revealed the takeover sparked a clause that meant a loan of £45m secured against St James’s Park had to be paid back within 60 days, while £5m also had to be given back to casino firm MGM Mirage after plans to build a super-casino fell through. It had also recently doubled its overdraft to £10m. Mr Irving has admitted Mr Ashley and the new board underestimated how much debt the club was in and that prevented then boss Sam Allardyce being given a large kitty ahead of the closing of the transfer window. He said: “From a financial point of view, when Mike bought the club there were a few things that cropped up in the first couple of months. “The money that Mike paid in was intended for other things but, with the takeover, certain things became payable, for example securitisation bonds, which had to be paid back immediately.” In total, Mr Ashley had to plough £75m into the club to pay off loans and significantly reduce its bank overdraft. Mr Irving said: “Personally I was surprised at how much had to be spent to pay off the debt. I can’t speak on Mike’s behalf but I think the state of play when he bought the club was a surprise to both him and Chris. “I am sure that, coming to the club for what he paid for it, he would have expected any money to have gone on the football side of things. I would suggest it was not earmarked to be paying off things like that.” The accounts also revealed the previous board had launched plans to refinance the club and the costs associated with scrapping that deal cost nearly £3m. Mr Irving said: “Costs of the aborted takeover were an extra expense which had to be covered when we came in. That is money which could have been used for better purposes, as a fan might see it. “Where we are now isn’t where we want to be in terms of the league table but financially we are on a very stable footing. The fan has some interest in that but I am sure they would have preferred us to have been able to have bought 10 players with that money.” Mr Irving added: “The aim when Mike came in was to put the club on a firmer financial base, which we have done, and that includes trying to clear off the overdraft. It is now down to a workable level.” Mr Irving also revealed that extra cash was put in the Magpies’ coffers by Mr Ashley in January in a bid to secure transfers to help avoid relegation. He said: “That was money that could have just been sitting in his personal account.” Link to post Share on other sites More sharing options...
Dave Posted March 22, 2008 Share Posted March 22, 2008 Robbed. Link to post Share on other sites More sharing options...
Guest sicko2ndbest Posted March 22, 2008 Share Posted March 22, 2008 I feel a bit sorry for Big Mike, hope to god he can turn us around Link to post Share on other sites More sharing options...
Guest ObaStar Posted March 22, 2008 Share Posted March 22, 2008 Thank you Mike Ashley. I am not worried about him backing the managers when he as already poured ovre 100 million into the club plus the amount he paid to buy it. If the club had been in good shape that cold have been on players. Link to post Share on other sites More sharing options...
Syrette Posted March 22, 2008 Share Posted March 22, 2008 This (thread) will not end well. Link to post Share on other sites More sharing options...
Mike Posted March 22, 2008 Share Posted March 22, 2008 I can fuck up and run like a girl with a pink scarf too. How do I get paid? Link to post Share on other sites More sharing options...
Decky Posted March 22, 2008 Share Posted March 22, 2008 Stuff like this makes me admire KK even more, walked out instead of staying to get sacked and recieve a huge payment. Legend. Link to post Share on other sites More sharing options...
Guest elbee909 Posted March 22, 2008 Share Posted March 22, 2008 This (thread) will not end well. It won't if people keep biting incessantly. Link to post Share on other sites More sharing options...
Karjala Posted March 22, 2008 Share Posted March 22, 2008 Wish i got paid £4.5m for doing my job poorly. Link to post Share on other sites More sharing options...
Dan Gleebals Posted March 22, 2008 Share Posted March 22, 2008 There are not too many jobs that payout the full value of your contract when you are SACKED for POOR results. In fact, I cannot think of any. Link to post Share on other sites More sharing options...
Yorkie Posted March 22, 2008 Share Posted March 22, 2008 Shouldn't have sacked him then. Link to post Share on other sites More sharing options...
Liam Liam Liam O Posted March 22, 2008 Share Posted March 22, 2008 This thread is missing someone. Its going to be like a red rag to a bull though once he sees it Link to post Share on other sites More sharing options...
Mick Posted March 22, 2008 Share Posted March 22, 2008 This thread is missing someone. Its going to be like a red rag to a bull though once he sees it It's OK, I've seen it. Link to post Share on other sites More sharing options...
Guest Alan Shearer 9 Posted March 22, 2008 Share Posted March 22, 2008 Stuff like this makes me admire KK even more, walked out instead of staying to get sacked and recieve a huge payment. Legend. Gillitt's a knob tho' isn't it bretheren Link to post Share on other sites More sharing options...
junkhead Posted March 22, 2008 Share Posted March 22, 2008 There are not too many jobs that payout the full value of your contract when you are SACKED for POOR results. In fact, I cannot think of any. pisses me off actually.. win/lose.. either way they're rich, so what's their motivation.. Link to post Share on other sites More sharing options...
Mick Posted March 22, 2008 Share Posted March 22, 2008 pisses me off actually.. win/lose.. either way they're rich, so what's their motivation.. The motivation is to get another job and a further pay-off from another set of mugs. Link to post Share on other sites More sharing options...
Guest Edd Posted March 22, 2008 Share Posted March 22, 2008 Can't blame the manager if someone's stupid enough to give them a contract like that. Link to post Share on other sites More sharing options...
S.S.R. Posted March 22, 2008 Share Posted March 22, 2008 There are not too many jobs that payout the full value of your contract when you are SACKED for POOR results. In fact, I cannot think of any. Golden handshakes can't be that rare, or there wouldn't be a name for it. They happen all the time in high earning, high profile professions. Makes you sick to the stomach when you think of the unlucky ones at Northern Rock, who'll get a fraction of what their redundancy should be. All the pricks who made the bad decisions wont lose out, I'd imagine. Link to post Share on other sites More sharing options...
Syrette Posted March 22, 2008 Share Posted March 22, 2008 Can't blame the manager if someone's stupid enough to give them a contract like that. Trademark Freddy Shepherd really. Link to post Share on other sites More sharing options...
Dave Posted March 22, 2008 Share Posted March 22, 2008 Might as well lock this here. Link to post Share on other sites More sharing options...
Mick Posted March 22, 2008 Share Posted March 22, 2008 Trademark Freddy Shepherd really. http://img145.imageshack.us/img145/1609/fgfuf1.jpg Link to post Share on other sites More sharing options...
Syrette Posted March 22, 2008 Share Posted March 22, 2008 Sorry, had to. Link to post Share on other sites More sharing options...
Skirge Posted March 22, 2008 Share Posted March 22, 2008 £4.5 mill for him to fk off BARGAIN!! Link to post Share on other sites More sharing options...
lovejoy Posted March 22, 2008 Share Posted March 22, 2008 thank fuck for mike ashley. i hope we do well from next season, for his sake as well as ours Link to post Share on other sites More sharing options...
thewellander Posted March 22, 2008 Share Posted March 22, 2008 There was a lot of irritating sh*t in that article, but the bottom line is that Mr. Ashley has come in and essentially saved our club. There's a lot of blame to go around about why we're in our current position, but we should do nothing but thank Ashley for what he's come in and done. Link to post Share on other sites More sharing options...
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