quayside Posted March 22, 2011 Share Posted March 22, 2011 The club accounts for 2010 are not yet available but the first accounts of MASH Holdings Ltd have been filed. MASH is Ashley’s ultimate holding company and seems to have all his business interests included .i.e. his 71% holding in Sports Direct, his 100% of the football club and his various brands. Because of all the different businesses that are included in these accounts they are quite complex, they also cover a slightly different time frame to the club accounts as they cover a period ending 30th April 2010. However the following information can be extracted: - Club turnover was down by 39%, which would mean that we went from £86m in 2009 to about £52m in 2010, so the drop in income due to relegation was £34m. - The club’s loss before exceptional items and amortisation was increased by 84%, this would mean it went to £22m. There was a profit on selling players of £15m and amortisation of £13m. Assuming nothing else much happened (.e.g. exceptional items) the club would have lost £20m overall I think. - Ashley has a facility to borrow £126m to build a hotel next to St James Park. This seems to be being done through a subsidiary company called MGM Grand Newcastle Ltd, a company of which Llambias is a director. I’ve got the MGM accounts for 2009 and they show that it owns a long leasehold on land adjacent to SJP for which it paid £2.5m, and the company is “considering development opportunities”. - Ashley’s loan stands at £139m although he also advanced a further £13m to the club against future revenues from player sales, so the club assigned the debt on the revenues to Ashley. - There is still weird stuff going on with the cash flows on buying and selling players. The cash flow shows that the club received £44m from transfers and shelled out £14.5m. Seeing as the period covered included the transfer window immediately post relegation and the January 2010 window neither of those figures seem to me to relate to the actual business done in the period, so it looks as though there is still deferral of payments both in and out. The different time frames may give slightly different results to the club accounts and, of course, the club accounts will give more information (such as wage costs) but the MASH accounts give us a bit of a preview of what to expect. Edit: Correction to the comment above about the loan to build the hotel. It is not just a facility, Ashley has actually borrowed £126m to finance the construction. Link to post Share on other sites More sharing options...
Dave Posted March 22, 2011 Share Posted March 22, 2011 Interesting stuff, cheers. Link to post Share on other sites More sharing options...
madras Posted March 22, 2011 Share Posted March 22, 2011 why would a reduction in the wage bill affect the overall turnover ? Link to post Share on other sites More sharing options...
quayside Posted March 22, 2011 Share Posted March 22, 2011 Btw wouldn't the turnover drop include reduction in the wage bill as well as income? No. Turnover is another word for income, wage bill is a cost. Link to post Share on other sites More sharing options...
TBG Posted March 22, 2011 Share Posted March 22, 2011 This should be good. Link to post Share on other sites More sharing options...
Dave Posted March 22, 2011 Share Posted March 22, 2011 Btw wouldn't the turnover drop include reduction in the wage bill as well as income? No. Turnover is another word for income, wage bill is a cost. Ignore me, I was thinking of the whole business (in and out) the club did. Link to post Share on other sites More sharing options...
Guest toonlass Posted March 22, 2011 Share Posted March 22, 2011 When are the club's accounts due to be filed? Link to post Share on other sites More sharing options...
quayside Posted March 22, 2011 Share Posted March 22, 2011 When are the club's accounts due to be filed? Before the end of March. Link to post Share on other sites More sharing options...
JH Posted March 22, 2011 Share Posted March 22, 2011 - Ashley has a facility to borrow £126m to build a hotel next to St James Park. This seems to be being done through a subsidiary company called MGM Grand Newcastle Ltd, a company of which Llambias is a director. I’ve got the MGM accounts for 2009 and they show that it owns a long leasehold on land adjacent to SJP for which it paid £2.5m, and the company is “considering development opportunities”. Aye. The tour guide was saying the other week that the club/Ashley owns the land where the Strawberry carpark is, opposite the Club Shop. They want to build a hotel/conference complex on it, as well as extend the Gallowgate to Level 7 height. But they put the brakes on it while Ashley "concentrated on reducing the club's debts". Link to post Share on other sites More sharing options...
AyeDubbleYoo Posted March 22, 2011 Share Posted March 22, 2011 Thanks quayside, very useful as usual. Link to post Share on other sites More sharing options...
Dave Posted March 22, 2011 Share Posted March 22, 2011 - Ashley has a facility to borrow £126m to build a hotel next to St James Park. This seems to be being done through a subsidiary company called MGM Grand Newcastle Ltd, a company of which Llambias is a director. I’ve got the MGM accounts for 2009 and they show that it owns a long leasehold on land adjacent to SJP for which it paid £2.5m, and the company is “considering development opportunities”. Aye. The tour guide was saying the other week that the club/Ashley owns the land where the Strawberry carpark is, opposite the Club Shop. They want to build a hotel/conference complex on it, as well as extend the Gallowgate to Level 7 height. But they put the brakes on it while Ashley "concentrated on reducing the club's debts". Do you mean as part of the same construction? Link to post Share on other sites More sharing options...
JH Posted March 22, 2011 Share Posted March 22, 2011 Didn't make it clear. I would assume so though, as a Gallowgate extension would surely take the stand over the road and into that carpark area. Link to post Share on other sites More sharing options...
TBG Posted March 22, 2011 Share Posted March 22, 2011 That poor tramp will have nowhere to go on matchday if the build a hotel in that carpark. Link to post Share on other sites More sharing options...
Guest toonlass Posted March 22, 2011 Share Posted March 22, 2011 Didn't make it clear. I would assume so though, as a Gallowgate extension would surely take the stand over the road and into that carpark area. What about the road though? Link to post Share on other sites More sharing options...
Greg Posted March 22, 2011 Share Posted March 22, 2011 These plans were drawn up by Shepherd and shelved by Ashley when he took over. The triangle shaped parcel of land on the other side of Barrack Road has since been acquired with a view to a smaller hotel development. Link to post Share on other sites More sharing options...
BottledDog Posted March 22, 2011 Share Posted March 22, 2011 Didn't make it clear. I would assume so though, as a Gallowgate extension would surely take the stand over the road and into that carpark area. What about the road though? Would run under the stand presumably. Just cannot see them ever getting arond to extending it though. Massive cost for a few extra seats. Link to post Share on other sites More sharing options...
David Icke - Son of God Posted March 22, 2011 Share Posted March 22, 2011 These plans were drawn up by Shepherd and shelved by Ashley when he took over. The club has since bought the triangle shaped parcel of land on the other side of Barrack Road with a view to a much smaller hotel development. If you're talking about where the old supporters club stood the club has owned that for a while. It was part of the initial MGM Grand casino/conference centre/hotel plans. There was going to be new buildings on the Metro station car park, the aforementioned supporters club site and the multi-story car park out the back of the Leazes. Link to post Share on other sites More sharing options...
UV Posted March 22, 2011 Share Posted March 22, 2011 MGM Grand Newcastle (Holdings) Limited's been a subsidiary since before Ashley. The plans for the hotel/extension were also pre-Ashley, and were put on hold as soon as he bought the club. Link to post Share on other sites More sharing options...
David Icke - Son of God Posted March 22, 2011 Share Posted March 22, 2011 MGM Grand Newcastle (Holdings) Limited's been a subsidiary since before Ashley. The plans for the hotel/extension were also pre-Ashley, and were put on hold as soon as he bought the club. Aye, it was initially the brainchild of Shepherd, MGM and the council during the whole super casino stuff. I've no idea how this works but how come Llambias is now director? Is it possible MGM Grand Newcastle was part of the deal for the club? Link to post Share on other sites More sharing options...
UV Posted March 22, 2011 Share Posted March 22, 2011 MGM Grand Newcastle (Holdings) Limited's been a subsidiary since before Ashley. The plans for the hotel/extension were also pre-Ashley, and were put on hold as soon as he bought the club. Aye, it was initially the brainchild of Shepherd, MGM and the council during the whole super casino stuff. I've no idea how this works but how come Llambias is now director? Is it possible MGM Grand Newcastle was part of the deal for the club? Yeah, it would be. Link to post Share on other sites More sharing options...
NG32 Posted March 22, 2011 Share Posted March 22, 2011 I wonder if the hotel thing is the old breweries building next to me at the moment at City Gate, we heard it was going to be convereted into a hotel...the work is on going as we speak, must be that. Link to post Share on other sites More sharing options...
Guest neesy111 Posted March 22, 2011 Share Posted March 22, 2011 That land with Science City being built will go further up in value and it's a prime location. Link to post Share on other sites More sharing options...
David Icke - Son of God Posted March 22, 2011 Share Posted March 22, 2011 There's a good thread on Skyscraper City about what was dubbed the "Number 1 St James' Park" development under Shepherd. http://img.photobucket.com/albums/v293/throwaway/stjames.jpg I think it is like this, phases 1 and 2 in red with the Gallowgate Expansion in green. Not sure where the convention centre would be, but the club also owns the carpark in yellow and has some other plans for there (was a proposed site for the supercasino but that is dead in the water). Perhaps the Convention Centre would be here, or simply as part of the ground expansion. http://img454.imageshack.us/img454/8683/010278316948400ax7.jpg http://img454.imageshack.us/img454/4177/010278316948600ue9.jpg http://img454.imageshack.us/img454/345/010278316948700se7.jpg http://www.skyscrapercity.com/showthread.php?t=458915 Link to post Share on other sites More sharing options...
NG32 Posted March 22, 2011 Share Posted March 22, 2011 That land with Science City being built will go further up in value and it's a prime location. I think he bought the existing building...its currently being worked on now. Link to post Share on other sites More sharing options...
Greg Posted March 22, 2011 Share Posted March 22, 2011 That land with Science City being built will go further up in value and it's a prime location. I think he bought the existing building...its currently being worked on now. This is being turned into a hotel but has nowt to do with NUFC iirc. Link to post Share on other sites More sharing options...
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