Accounts - May 2017

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stainrod's elbow
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Re: Accounts - May 2017

Post by stainrod's elbow » Thu Mar 08, 2018 7:55 pm

SheepRanger wrote:
Thu Mar 08, 2018 11:46 am
Yes Ux, I can see now that the current position is 51% which I assume has grown from the capitalisation of the interest being converted into shares.

It would seem that two things are going to happen:

- If we get promoted half the new sky money will be going to Ruben to pay off the £46m debt which is due for refinancing this May
- If we don't get promoted Tony's and the Mittal's shareholding will be diluted to the point where their holdings will become insignificant.

Fair play to Ruben for coming up with the cash to bail out Tony's mistakes. I'm sure that capitalisation of future interest into shared will see his holding increase and may get him over 90% to enforce compulsory acquision and boot the other lot out.
Ruben's old man is a billionaire among the top 50 richest humans in Malaysia - if not East Asia, I should have thought. So Ruben's 'fair play', I'd suggest, is cold-eyed business opportunism on a rather less sentimental reading; at any rate, he's clearly a rather sharper-eyed creditor - I'd better not say loan shark - than Uncle Tony. He's hardly short of, ooh, a few million with his business involvements, and these interest rates seem colossal to me, so draw your own conclusions as to his motivations!

You hardly have to be Karl Marx to see how this kind of thing is what allows the filthy rich to get even filthier.
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stainrod's elbow
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Re: Accounts - May 2017

Post by stainrod's elbow » Thu Mar 08, 2018 8:11 pm

PS As I failed all the accountancy exams I never took, the 'capitalisation' rider may have sailed over my head! But I still take exception to a naive phrase like 'fair play' to describe entrepreneurial/venture capitalists and the behind-the-scenes economic shenanigans at professional football clubs.
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Re: Accounts - May 2017

Post by SheepRanger » Thu Mar 08, 2018 8:57 pm

When challenged about the loses in the past Tony has stated, if my memory serves me right, that they are big boys and will accept what happens. As Ux said when Hoos was asked about the arrangements he said that if there are other alternatives he'd be happy to hear about them. Whatever the arrangements with Ruben they were the best out there and the Board would have approved it.

If Ruben didn't put this money in then who do you think would? The only asset is the ground and that had a covenant on it so is not valued at full commercial rates. His investment is totally at risk and comes at a high price. Tony has only got himself to blame for his mismanagement and Ruben deserves a bigger slice for proping up a firm that is still losing money.

One day Ruben might own 100% of sweet FA or get his money back through a stadium development. He may be filthy rich and get richer, but it will be at the expense of another filthly rich guy who will come out of this less so. No old ladies had their life saving robbed here.

stainrod's elbow
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Re: Accounts - May 2017

Post by stainrod's elbow » Thu Mar 08, 2018 11:57 pm

Another way of looking at it, on your own implicit admission, is that Ruben has us over a barrel. Though I take your point that, if the company goes tits up, he'd either have to take the hit or foreclose and send us under. I can see why this kind of thing sometimes attracts Mafia-like people with guns into football, as in the glorious Paladini era.
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Re: Accounts - May 2017

Post by Rbee » Fri Mar 09, 2018 12:25 am

Or another scenario is that Tony takes his turn to put more money in. The Forbes Malaysian rich list has both Tony and Ruben as being worth 330 million USD.

If Ruben does keep putting money in and Tony doesn't that would be a good indication of they way things are going to pan out.

This summer will also be pivitol in the club's future when we see players being released, sold and hopefully a few come in.

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Re: Accounts - May 2017

Post by DG » Fri Mar 09, 2018 9:36 am

Total revenue before tax a shade under 50 million. Gate receipts 5 million. TV money 35 million. Fans who watch on tv are worth 7 times as much as fans who turn up. Fans who go to games contribute about 10% to income, and that is dropping. Tells you everything about the way football is going in this country.
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Re: Accounts - May 2017

Post by RType » Tue Apr 03, 2018 11:33 am

Just bumping this up as the excellent Swiss Ramble did a comprehensive breakdown of these numbers over a series of tweets. Very encouraging stuff. The full thread can be found here for anyone interested:

https://threadreaderapp.com/thread/9810 ... 92385.html

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Andy_N19
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Re: Accounts - May 2017

Post by Andy_N19 » Tue Apr 03, 2018 12:04 pm

Thanks RT, those numbers don't look too bad.
We know that off the pitch things are run with a grand degree of sanity now,
Even 1 or 2 seasons in the Premier League would boost us considerably.

We do need new infrastructure though, has to be said which was also alluded
to in that financial report.
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Re: Accounts - May 2017

Post by Satch » Tue Apr 03, 2018 1:00 pm

DG wrote:
Fri Mar 09, 2018 9:36 am
Total revenue before tax a shade under 50 million. Gate receipts 5 million. TV money 35 million. Fans who watch on tv are worth 7 times as much as fans who turn up. Fans who go to games contribute about 10% to income, and that is dropping. Tells you everything about the way football is going in this country.
I watch on live TV and using the streaming service since i emigrated, when i can i start lording it over you all as a 'proper fan' ?

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Re: Accounts - May 2017

Post by deadendjob » Tue Apr 03, 2018 6:29 pm

Thanks for posting RT. This is pretty insane:

Image


As is this:

Image
Image

ZENITH R
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Re: Accounts - May 2017

Post by ZENITH R » Tue Apr 03, 2018 6:41 pm

All of this surely strengthens our argument regarding FFP too.
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Esox Lucius
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Re: Accounts - May 2017

Post by Esox Lucius » Wed Apr 04, 2018 7:13 am

The season that Harry was in charge :shock:
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