Guest gggg Posted May 30, 2009 Share Posted May 30, 2009 Wouldn't be the first club Barclays have put in admin this summer. Link to post Share on other sites More sharing options...
cp40 Posted May 30, 2009 Share Posted May 30, 2009 Ashley wont let a 100million asset be lost for the sake of a 20 million debt, unless he is a total ,,,,oh shit!,, Link to post Share on other sites More sharing options...
GG Posted May 30, 2009 Share Posted May 30, 2009 Wouldn't be the first club Barclays have put in admin this summer. Yep. Southampton shoved into admin over their overdraft by Barclays bouncing cheques, despite having reduced their overdraft from £6M to £4M during Rupert Lowe's latest tenure, despite this reduction they decided to put a stop to it. Ridiculously harsh, but will turn out better in the long-term. Link to post Share on other sites More sharing options...
Matt Posted May 30, 2009 Share Posted May 30, 2009 If we're maxing out our overdraft then someone needs shooting. Banks have every right to reduce or totally pull an overdraft- it's the nature of the deal. Equally, if you're going to need that money on a heavily-drawn basis, then you need to ensure there are sufficient committed facilities in place. Barclays will not be banging down the door and looking to put us into administration. They just don't want £40m of uncommitted line out to a business that has just lost a huge chunk of it's revenue stream with no real reduction in the cost base. Barclays will also be VERY reluctant to be seen to be putting the sword to a football club with out habit of being in the headlines. There are other high-profile clubs who are almost getting preferential treatment on the basis that the banks need to avoid the headlines. Clearly, that sympathy dimished with league position. I'm very surprised that Ashley has done this and clearly he's not totally flush with millions himself. He is the main creditor of the club and in the event of Barclays actually escalating things, he then loses the control over how he is repaid, though he would still be the majority voteholder in the event of a CVA. One way or another, if we're 100% on this overdraft, then we're going to have to locate £20m pretty quickly. I don't think we'll get it in the transfer market- foreign deals are paid in instalments and I'm not sure we'd get £20m from likely UK-bound players. We don't have incoming sponsorship cash and ST money is yet to come- bear in mind those who paid up front- that cash has already gone. Ashley clearly doesn't have any so the only real source is from new equity and the speed of the sale required will force the price down even further. Link to post Share on other sites More sharing options...
Matt Posted May 30, 2009 Share Posted May 30, 2009 Also, we have a mortgage debenture as security so the bank could take assets to the fair value of any amount owed. However, given that our main assets are a single-use building and players registrations, it would be very messy. Link to post Share on other sites More sharing options...
Keefaz Posted May 30, 2009 Share Posted May 30, 2009 Also, we have a mortgage debenture as security so the bank could take assets to the fair value of any amount owed. However, given that our main assets are a single-use building and players registrations, it would be very messy. Could try flogging our silverware. Oh, hang on... Link to post Share on other sites More sharing options...
Newcastle Fan Posted May 30, 2009 Share Posted May 30, 2009 News of the world to news is what MTV is to Music. Link to post Share on other sites More sharing options...
Keefaz Posted May 30, 2009 Share Posted May 30, 2009 News of the world to news is what MTV is to Music. No, it's a newspaper, not a TV channel. Link to post Share on other sites More sharing options...
pedro111 Posted May 30, 2009 Share Posted May 30, 2009 I have it on good authority that our overdraft is £100. Link to post Share on other sites More sharing options...
JH Posted May 30, 2009 Share Posted May 30, 2009 But before they can start the job of leading the club back into the Premier League, Newcastle's bankers have insisted Ashley puts a new business plan in place. That will include a staggering 50 per cent reduction in Newcastle's £40m overdraft and a major overhaul of a pay structure which has been allowed to spiral. That means Shearer's deal has been shelved while talks between Ashley and the club's financiers continue this week. Shearer and Dowie were prepared to walk away from St James' Park last week after an initial breakdown in talks. Ashley said he was unable to provide any funds for players and the managerial duo said they could not do the job under those circumstances. But within hours, Ashley changed his mind and said he would give them a transfer kitty of up to £20m - on the understanding they unload some of Newcastle's overpaid and underachieving players. That will have to form part of the business plan demanded by the bank. Managing director Derek Llambias has a series of meetings scheduled with both lawyers and financiers this week with a deadline of Friday expected to be set for an agreement. Link Link to post Share on other sites More sharing options...
Dave Posted May 30, 2009 Share Posted May 30, 2009 I have it on good authority that our overdraft is £100. Link to post Share on other sites More sharing options...
9 Posted May 30, 2009 Share Posted May 30, 2009 wish the media would fuck off, why are they out to shit stir a championship club, go bother one of the big boys, wigan or burnley or someone! Link to post Share on other sites More sharing options...
Stifler Posted May 30, 2009 Share Posted May 30, 2009 But before they can start the job of leading the club back into the Premier League, Newcastle's bankers have insisted Ashley puts a new business plan in place. That will include a staggering 50 per cent reduction in Newcastle's £40m overdraft and a major overhaul of a pay structure which has been allowed to spiral. That means Shearer's deal has been shelved while talks between Ashley and the club's financiers continue this week. Shearer and Dowie were prepared to walk away from St James' Park last week after an initial breakdown in talks. Ashley said he was unable to provide any funds for players and the managerial duo said they could not do the job under those circumstances. But within hours, Ashley changed his mind and said he would give them a transfer kitty of up to £20m - on the understanding they unload some of Newcastle's overpaid and underachieving players. That will have to form part of the business plan demanded by the bank. Managing director Derek Llambias has a series of meetings scheduled with both lawyers and financiers this week with a deadline of Friday expected to be set for an agreement. Link Sounds like it is already under control and they are just hopeing to put it under even more control, something which every club will be doing right now. Link to post Share on other sites More sharing options...
Mistle17 Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? Link to post Share on other sites More sharing options...
quayside Posted May 30, 2009 Share Posted May 30, 2009 Last reported overdraft at 30 June 2008 was about £5 mllion, and that was the only external debt the club had. Don't know what's happened since then tbh - but everything thats been communicated points towards Ashey avoiding too much borrowing. Link to post Share on other sites More sharing options...
jimmymag Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? I don't think so because we don't owe any third party, such as a bank, any money. Ashley has financed the club with his own money so we're safe from administration if that's what you mean. And we are still a very viable business for someone with just a little bit more nous than Mike fucking Ashley. Link to post Share on other sites More sharing options...
Matt Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? I don't think so because we don't owe any third party, such as a bank, any money. Ashley has financed the club with his own money so we're safe from administration if that's what you mean. And we are still a very viable business for someone with just a little bit more nous than Mike fucking Ashley. Erm, I think the whole gist of the the thread is that actually we owe Barclays quite a lot of money. Link to post Share on other sites More sharing options...
Stifler Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? I don't think so because we don't owe any third party, such as a bank, any money. Ashley has financed the club with his own money so we're safe from administration if that's what you mean. And we are still a very viable business for someone with just a little bit more nous than Mike f***ing Ashley. Erm, I think the whole gist of the the thread is that actually we owe Barclays quite a lot of money. Really, I thought the only bank we would be dealing with would be Northern Rock, hmmmm, and didn't Ashley transfer alot of the debt that he couldn't pay off onto Sports Direct, so we only owe them money. Link to post Share on other sites More sharing options...
quayside Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? I don't think so because we don't owe any third party, such as a bank, any money. Ashley has financed the club with his own money so we're safe from administration if that's what you mean. And we are still a very viable business for someone with just a little bit more nous than Mike f***ing Ashley. Erm, I think the whole gist of the the thread is that actually we owe Barclays quite a lot of money. Really, I thought the only bank we would be dealing with would be Northern Rock, hmmmm, and didn't Ashley transfer alot of the debt that he couldn't pay off onto Sports Direct, so we only owe them money. No. Link to post Share on other sites More sharing options...
quayside Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? I don't think so because we don't owe any third party, such as a bank, any money. Ashley has financed the club with his own money so we're safe from administration if that's what you mean. And we are still a very viable business for someone with just a little bit more nous than Mike f***ing Ashley. Erm, I think the whole gist of the the thread is that actually we owe Barclays quite a lot of money. But there is no certainty or published financial record that we actually do owe Barclays that money. Just a newspaper article says so tbh... Link to post Share on other sites More sharing options...
Guest fading star Posted May 30, 2009 Share Posted May 30, 2009 Does anyone reckon that the future of Newcastle United is in danger? It has been for a few years. Shepherd isn’t blameless, but relegation and financial implosion wasn’t the only future when he left. A decent a manager, a bit of front end investment, and some patience would have seen us recover in 2-3 years. Even as late as January this year there was still hope of escaping the worst case scenario, but Ashley stuck to his business principles and our fate was as good as sealed. Link to post Share on other sites More sharing options...
Matt Posted May 30, 2009 Share Posted May 30, 2009 But there is no certainty or published financial record that we actually do owe Barclays that money. Just a newspaper article says so tbh... And there's nothing to say that the overdraft is used, it just might be being cut and we need to ensure our finances are in shape to deal with that- very different to having someone knocking on the door asking for the money back yesterday. Link to post Share on other sites More sharing options...
Guest Heneage Posted May 31, 2009 Share Posted May 31, 2009 There's actually less bullshit being written about us than I expected. Link to post Share on other sites More sharing options...
oldtype Posted May 31, 2009 Share Posted May 31, 2009 So worst case scenario: Ashley fucks up the sale, no prospective buyer in sight, Shearer walks, club goes into administration, docked 10 points, all the players are sold, relegated to League One. And there's not a fucking thing we can do about it. I hate life. Link to post Share on other sites More sharing options...
Magpie Posted May 31, 2009 Share Posted May 31, 2009 HONESTLY THIS FUCKING RAG. AND THE BASTARD FUCKING SUN. WHY DO PEOPLE TAKE ANY NOTICE OF THESE PIECES OF SHIT?!?! Link to post Share on other sites More sharing options...
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